Wise Review 2026

What is Wise?

Wise (formerly TransferWise) was founded in London in 2011 with one mission: make international money transfers cheap and transparent. Today it's used by over 16 million people worldwide and has expanded from a transfer tool into a full multi-currency account — with local bank details in 10+ currencies, a debit card, and virtual cards.

Is Wise good for expats?

Wise is the best option for expats who regularly send or receive money internationally. If you earn in GBP or USD but live in Portugal spending in EUR, Wise saves you significant money compared to traditional banks — and even compared to Revolut on larger transfers.

With a Wise EUR account you get a real Belgian IBAN (BIC: TRWIBEB1XXX) that you can give to your employer, freelance clients, or government agencies. It works for SEPA transfers just like any European bank account.

Wise fees and exchange rates

Wise uses the mid-market exchange rate — the rate you see on Google — with a small transparent fee on top (typically 0.4–0.6% for EUR/GBP). There are no hidden markups. You see the exact fee before you confirm any transfer, which is rare in this industry.

Compare this to traditional banks which typically charge 2–4% in hidden exchange rate markups plus fixed transfer fees. On a €2,000 salary transfer, Wise can save you €40–80 per month.

Wise card and account

The Wise account is free to open. A physical debit card costs a one-time fee (around €6–8 depending on your country). You also get unlimited virtual cards for free — useful for online shopping or subscriptions in different currencies.

ATM withdrawals: 2 free per month up to €200, then a 1.75% fee applies. Not ideal for heavy ATM use, but fine for occasional withdrawals.

Wise vs Revolut for expats

Both are excellent but serve different primary needs:

• Use Wise if international transfers and receiving payments in multiple currencies are your main use case.
• Use Revolut if you want a more feature-complete everyday app with budgeting, crypto, and a free card.
• Many expats use both — Wise for receiving salary and making transfers, Revolut for everyday spending.

How to open a Wise account

Go to wise.com, sign up with your email, verify your identity with a passport or ID card, and your account is active within minutes. The physical card is ordered separately and arrives in 1–2 weeks. No local address required.

Bottom line

If you move money across currencies regularly, Wise is essential. The exchange rates are the best you'll find outside of a currency broker, and the multi-currency account with local IBANs makes it genuinely useful for expats — not just a travel card.