Wise Multi Currency Account Review
Banking is normally pretty straightforward, but it can be tricky and expensive if you receive money in a variety of currency types. Saving or spending money in several currencies can also be difficult, especially if you have to manually convert one currency to another each time you wish to make a purchase.
The US Multi Currency Account solves that with a flexible, user-friendly savings account. As a multi currency savings account, the US Multi Currency Account allows you to store and spend currencies from dozens of countries quickly and easily.
Let’s jump right in!
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Quick Takes
Wise (formerly TranserWise) has a 4.5/5 star rating on Trustpilot which is considered “Excellent”. 84% of the users gave this digital bank a solid 5-star rating citing lots of currencies (which is super important when traveling to foreign countries).
The reviewers further cited that the platform has an awesome support team that’ll get you unstuck whenever you experience any issues.
| ? Established | January 2011 |
| ?♀️?? Number of clients | 15 million active users |
| ? Currencies supported | Add money to 21 currencies – AUD, BGN, BRL, CAD, CHF, CZK, DKK, EUR, GBP, HRK, HUF, JPY, MYR*, NOK, NZD, PLN, RON, SEK, SGD, TRY and USD. *Only Malaysian residents can top up their MYR balance directly by MYR You can additionally hold and convert money in 54 currencies in your account. |
| ? APY | None |
| ? Physical Offices | No physical offices for people to visit – 100% digital bank |
| ? Availability | the web/cloud, iOS, Android |
| ? Security | Enterprise-grade security |
| ⭐️ Reviews | 4.5/5 stars on Trustpilot from 184,500+ active users which is “Excellent” |
| ? Offical Website | Visit Wise Multi Currency website |
1. What Can you do with Wise Multi Currency Account?
Wise Multi Currency Account is a flexible hybrid between a checking and savings account. It allows you to store, send, and receive a variety of currencies used across many countries. In total, the US Multi Currency Account allows you to:
- Hold up to 53 different currencies.
- Receive money in 10 currencies, including US dollars, Euros, British pounds, and New Zealand dollars among others.
- Send money to 80 countries.
- Shop through overseas online stores.
- Receive money from around the world.
Think of the US Multi Currency Account as a way to keep a variety of currencies in the same, convenient place. With the US Multi Currency Account, saving money is made easy, even if you are an international traveler or receive money in a currency you don’t normally spend. You can additionally store different currencies in “savings jars” to help you reach specific savings goals.
Furthermore, the US Multi Currency Account allows you to bank those currencies, then spend them in your native currency almost instantaneously. Conversion fees are deducted automatically and at the lowest possible rate for your benefit. The US Multi Currency Account works with the Wise Debit Card, which costs $9 USD (one-time fee).
Once you acquire the card, you can use it in 174 different countries. That’s not all, there’s more – it can be integrated with Google Pay and Apple Pay.
It is essential to note that opening a US multi currency account attracts a monthly maintenance fee. This fee is not standard – it varies depending on one bank to another. You should expect to pay between $10 to $12 for a standard checking account. However, you can avoid paying these fees if you meet certain requirements. Check out whether you meet the waiver requirements.
2. Is the Wise US Multi Currency Account Right for You? (And When It’s Not)
Check out this comprehensive analysis to help you quickly find out if Wise US multi currency account is ideal for you:
When it’s right for you
- If you are in need of a multi-currency checking account and card
- If you are looking for an easy way to transfer money internationally
- If you want a checking account for transferring small amounts of money
- If you are in need of a business account on a digital banking platform
- If you are an expat, traveler, or earn money overseas
When it’s not right for you
- If you want to earn interest on your savings (no APY)
- If you may need to overdraw money
- If you need a wider network of supported countries
2.1 When Wise US Multi Currency Account Right for You?
At its core, the US Multi Currency Account is ideal for expats, frequent travelers, freelancers, digital nomads, and similar working professionals. Because you can receive and spend currencies in several currencies, the US Multi Currency Account is ideal for those who don’t just receive and spend one currency.
Imagine this; You are a freelancer working on an SEO campaign for a client who is in France. The client sends you money via Wise in Euros – meaning you cannot spend the money in the US until its converted to USD. Luckily, Wise allows you to easily and quickly convert currency from Euros to USD.
What if you don’t have US dollars in your account? The US Multi Currency Account will automatically convert the Euros into US dollars for your transaction. Alternatively, Wise will convert whatever currency balance is cheapest in terms of conversion fees for you.
That way, the US Multi Currency Account helps you avoid dynamic currency conversion fees. Plus, you don’t have to do a lot of mental math or worry about the hassle of conversion fees or rates each time you want to spend from your pooled currencies!
2.2 When is Wise’s US Multi Currency Account Not the Right Choice?
While it has its benefits, the US Multi Currency Account may not be the right choice if:
- You may need to overdraw from your account
- You wish to earn interest on your savings (no interest is earned on the US Multi Currency Account)
- You want to be able to send large amounts of money (there is a limit on the amount of money you can transact + number of transactions you can make)
2.3 Wise Multi-Currency Account Alternatives
| Platform(s) | User’s Needs | Why we think it’s better |
| PayPal | More location coverage (more convenient) & no limits on number of transactions | Paypal has a vast network compared to Wise. It supports 200 countries while Wise supports 80 countries only. You might find Paypal ideal for you if you need more location coverage. In addition to location coverage, Paypal does not have a limit on the number of transactions you can make (You should, of course, have a verified account). |
| OFX | No limits on money transfers or how many transfers you can make | OFX is ideal for you if you need to transfer large amounts of money. In addition, the platform does not have any limit on how many transfers you can make. Wise has a limit on the amount of money you can transact and how many transfers you can make. |
3. Real Fees (including Hidden Fees)?
Using the US Multi Currency Account is super-affordable, especially since there are no hidden fees or surprise charges except for a base $7.50 USD fee when you make a USD wire transfer. Note that any currency conversions do come with minor fees, but these vary depending on the current market rates.
Wise regularly updates its market rates so you get the lowest conversion fees possible. The US Multi Currency Account does not have a monthly fee for continued use or funds storage. It also does not require a minimum opening deposit.
| Service | Fees |
|---|---|
| Currency Conversion Fee | 0.35% – 2.85% |
| Debit Card Fee | $9 (one-time fee) |
| ATM | £200/$250 per month free (after that 1.75% for the UK and 2% for the US) |
| Annual Fee | 0.40% (For over EUR 15,000) |
| Transfer Fee | EUR (0.28), GBP (0.32), USD (0.93) |
| Overdraft | Not allowed |
| Annual Percentage Yield (APY) | None |
4. How to Sign Up and Tips to Use Wise’s US Multi Currency Account
Signing up for the US Multi Currency Account is quick and simple:
- Click on “get an account in minutes”
- Then provide your personal information so your identity may be verified
- Once verified, your account will be created and you can transfer funds into the account or order a Wise Debit Card
To use the US Multi Currency Account effectively:
- Take advantage of Wise’s 24/7 live customer support
- Get a debit card so you can make purchases or withdrawals even easier
- Use the savings jar feature to save up for specific goals
5. What Do Wise’s Customers Say About the US Multi Currency Account (including Negative Reviews)?
Wise’s current customers broadly appreciate the US Multi Currency Account, as seen with reviews from Apple and Google Play users. The Account has an average rating of 4.7 out of 5 from Apple users and an average rating of 4.3 from Android users.
Unfortunately, some customers (on the App store) cited difficulties adding new recipients using the app which can be really frustrating.
Other customers (on Google’s Play Store) cited identity verification issues. Luckily, Wise’s customer support was able to help them to get things going again.
The Good
Wise’s customers like
- Quick and simple money transfer
- Competitive rates and afordable fees
- Excellent customer suppport
- Good customer service response
- State-of-the-art mobile app
Here’s what a user said about Wise:
“I have used WISE for many years. WISE is so easy to use, with the best rates, lowest cost and the speed of the transfer is brilliant.”
“Wise is my go-to for the best exchange rates! I love that they show you their competitors’ rates and let you decide. Once set up, it’s a simple and easy app to use. The fees are far less than my bank. Grateful for this app.”
The Bad
Most complaints were about
- Transaction delay
- Application rejection
- Identity verification issues (specifically on Google’s Play Store)
Here’s what dissatisfied users said:
“To long for one transcaction ( 5 days)????”
“Said they were verifying my documents, which was strange as they hadn’t asked me to submit any, then after 2 days they cancelled and refunded my transfer, no reason was given, i emailed support twice asking why, no reply.”
6. Is the US Multi Currency Account Safe?
As far as we can tell, the platform is indeed safe. Here’s why:
Your US Multi Currency Account is an electronic money account safeguarded by Wise. Remember, Wise operates differently compared to a traditional bank account.
But your money is still safe because:
- Wise is very proactive about security and safety including 2FA
- This safeguarding guarantees you that your money won’t be lent to customers as it would be with a traditional bank
- Importantly through regulations, Wise safeguards your money by keeping it in separate, secure accounts which are separate from their operational accounts.
In addition, mobile applications have enterprise-standard security. When signing up, Wise requires you to use a 9-character password that contains at least one number and letter. Even better, we recommend using at least 12 characters with a combination of uppercase and lowercase letters + numbers and special characters.
The password should also not be a name in the dictionary (or your name, a friend’s, or pet’s name). It should also be different from your previous passwords. That way, you’ll stop hackers on their tracks by making your account hard to access.
7. Final Word
At the end of the day, the US Multi Currency Account is an excellent choice for expats, international professionals or frequent travelers who want to save several currency types. It’s also ideal if you need maximum spending flexibility without having to convert your money with each individual payment.
Does Wise Accept Checks?
No – Wise does not accept checks or cash in any currency it is a digital – online only service.
How long does a transfer take with Wise?
According to Wise, the transaction should not last more than 2 business days. The transfer speed also depends on your recipient’s bank’s ability to process the transaction which in affect means the money could take up to 5 days.