We’d like to offer currency accounts to everyone. But there are a few countries and US states where you can’t open any currency accounts just yet.
Wise Multi Currency Account Review
Having bank accounts in multiple currencies can be messy and expensive for international people or businesses.
But the worst part may not be the inconvenience or extortionate costs.
Not spending your money freely and accepting payments in many different currencies (easily) often leads to missed opportunities for you and your business (perhaps you haven’t even considered).
But is Wise the solution?
The reality is that Wise is focused on what you need without the fluff.
Which is mostly awesome, but simplicity means limitations. For example, what does it mean that Wise is not a bank?
Sometimes, Wise may NOT be right for you. We will uncover the alternatives as well.
First things first – can you get one?
The easiest way – is check here by selecting the dropdown.
Disclosure: This post contains affiliate links. For more information, see my disclosures here.
Countries where you can’t open currency accounts
- Central African Republic
- Congo Republic
- Crimea (sub-territory)
- Democratic Republic of the Congo
- Hong Kong
- Malaysia (business accounts only)
- North Korea
- Sevastopol (city)
- Sri Lanka
- Republic of South Sudan
- State of Libya
- Syrian Arab Republic
- Territories of the United States
- United Arab Emirates
US state where you can’t open currency accounts
- Nevada (NV)
We can’t offer everyone USD account details yet. Check which countries you can get USD account details in.
BRL accounts only in Brazil
You can only open a BRL account if you reside in Brazil.
1. What the Wise Account?
The online account is one of the best multi-currency accounts. It lets you keep over 50+ currencies, but the biggest perk is that you can convert them at the real exchange rate whenever you need and it whatever currency you need.
This means no more waiting for funds to clear between banks.
It also means fees are far less. They say, “6x cheaper multi-currency account. For international people.”
But it gets better.
Having a Wise account automatically means you can accept payments with local bank details in USD, CAD, GBP, EUR, AUD, NZD, SGD (Singapore dollars), TRY (Turkish lira), RON (Romanian lei), and HUF (Hungarian Forint).
You will then be able to use these details to receive direct payments from friends, businesses, or customers from around the world.
You can also order the optional Wise debit card (review) which means you can pay for things in any currency and get cash around the world without the crazy fees. (get multiple cards if you are a business)
The debit Mastercard means:
No fees for payments made in any currencies you hold in the account
Free ATM withdrawals up to $250/£200 per 30 days
Small conversion fees between 0.35% and 2.85%
As you can expect, you can use the debit card in all places where Mastercard is accepted.
You can still use this money transfer feature (and send money at the mid-market rate) to small amounts below $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AU.