Wise review: fees, safety and how it compares for getting paid abroad
Wise is the account many remote workers use to receive a salary or client payments in dollars, euros or pounds without the bank's exchange markup. This review covers what it costs to receive, hold, convert and spend, how safe the money is, what users complain about, and how it compares with Revolut, PayPal, Remitly and Western Union.
Updated 8 October 2026. Written by the Big World Jobs team from the providers' own pages and from regulators, listed at the end.
Transparency: Wise is a partner of Big World Jobs. If you open an account or buy through our links, we may be paid a commission. The price is the same for you. We have no other relationship with Wise, and the facts below come from its own pages and from regulators, read on 8 October 2026. How partner links work.
Our verdict
For someone paid from abroad, Wise does one thing very well: it gives you local account details in the main currencies, so a client or employer pays you as if you lived there, and it converts at the mid-market rate with the fee shown before you confirm. Receiving a domestic transfer in USD, EUR or GBP is free, and conversion starts at 0.23% on its US price page. It is not a bank: money is safeguarded, not deposit-insured, and accounts can be closed after compliance reviews without a reason given. Use it as a receiving and conversion account, and keep a local bank account as well.
Partner link. Big World Jobs may be paid if you sign up. Nothing changes in the price.
What the Wise account is
The Wise account holds money in 40+ currencies, converts between them at the live mid-market rate, and comes with a debit card you can use in 150+ currencies (Wise). For getting paid, the part that matters is the account details: a US routing and account number, a UK sort code, a European IBAN and others, in your own name.
Currencies you can receive by bank transfer, according to Wise's help centre (Wise, currencies):
| How you can receive | Currencies |
|---|---|
| Local transfers and SWIFT | USD, EUR, GBP, AUD, CAD, NZD, SGD, HKD, HUF, PLN, RON (PLN and RON with restrictions) |
| SWIFT only | CHF, CZK, CNY, ZAR, UGX, AED, ILS, DKK, JPY, NOK, SEK |
| Local only | PHP, MYR (Malaysian residents only), TRY (not for residents of Türkiye) |
Which account details you get also depends on where you live: Wise does not offer USD details in every region.
Wise fees, line by line
| What you do | Fee | Source |
|---|---|---|
| Get account details (personal account) | Free | Wise, receive |
| Receive a domestic transfer in USD, EUR, GBP, AUD, CAD, NZD, SGD, HUF or PHP | Free | Wise, receive |
| Receive a USD wire or SWIFT payment | USD 6.11 per payment | Wise, receive |
| Receive a SWIFT payment in GBP or EUR | GBP 2.16 or EUR 2.39 per payment | Wise, receive |
| Convert or send money | From 0.23%, varies by currency pair: a percentage plus a fixed fee, shown before you confirm | Wise, pricing (US) |
| Large volumes | Discount on the rest of the month once you pass USD 25,000 | Wise, send money |
| Wise card (US) | USD 9 to order, USD 5 to replace | Wise, card fees (US) |
| ATM withdrawals (US) | Free up to USD 250 a month, then USD 1.95 plus 1.95% per withdrawal | Wise, card fees (US) |
| Wise card and ATM (UK) | GBP 7 to order. Free up to GBP 250 a month, then 2.69% above that | Wise, card fees (UK) |
Read on 8 October 2026. Wise reviews its fees regularly and they differ by country: check the price page for where you live.
The fee that matters most for a salary is how your employer sends it. A domestic ACH payment in the US, SEPA in Europe or Faster Payments in the UK reaches your Wise account details free. An international wire costs USD 6.11 per payment on Wise's side, and the sending bank may add its own charges. If your employer or platform can pay locally, ask them to.
How to get paid into Wise
- Open the account and verify your identity. Verification usually takes one to two working days.
- Open a balance in the currency you are paid in and copy its account details.
- Give them to your employer or platform. On Upwork, for example, you add a "Direct to US Bank (USD)" method with your Wise USD details; Upwork sends one or two test deposits that take one to three days. Wise recommends being paid in USD rather than letting Upwork convert at its own rate (Wise, Upwork). On Deel, Wise is one of the withdrawal options and Deel charges no fee for it (Deel).
- Hold, convert or spend. Keep the dollars if you will spend them later, convert when you need local money, or pay with the card.
Is Wise safe?
Wise is regulated in every region it serves. In the UK, Wise Payments Ltd is an electronic money institution authorised by the FCA (number 900507). In the EU, Wise Europe SA is supervised by the National Bank of Belgium. In the US, Wise US Inc. is registered with FinCEN and licensed as a money transmitter by the states. It is also regulated by the central banks or financial authorities of Brazil, India, Singapore, Australia and Canada, among others (Wise, regulation).
Wise is not a bank, and this matters. Your money is safeguarded: kept separate from Wise's own money and held as cash in banks and in government bonds. It is not covered by deposit insurance: in the UK the FSCS does not cover it (Wise, UK safeguarding), and in the US balances are not FDIC insured unless you turn on the USD interest feature, which adds pass-through FDIC cover up to USD 250,000 (Wise, US protection).
Why was Wise investigated?
In January 2025 the US Consumer Financial Protection Bureau found that Wise had misled US customers about ATM fees, had not disclosed some fees properly and had missed refund deadlines. The order required about USD 450,000 in refunds to customers and a penalty (CFPB, January 2025). In May 2025 the CFPB amended the order and reduced the penalty, while the refunds stayed (CFPB, May 2025).
What is the downside of Wise?
Strong points
- Local account details in the main currencies
- Mid-market rate, fee shown before you convert
- Free domestic receiving in USD, EUR and GBP
- Regulated in every region it serves
A closed account is the risk users mention most. Wise says support staff cannot see the reason, refunds take from two to ten working days to most destinations and longer for ACH, and you can hold only one personal account. Keep your documents ready, use the account for what you declared, and do not keep all your money in one place.
Wise vs Revolut, PayPal, Remitly and Western Union
| Service | Best for | How it charges for currency exchange | Account details to receive a salary |
|---|---|---|---|
| Wise (partner) | Receiving and converting salary or client payments | Mid-market rate plus a fee shown upfront, from 0.23% | Yes, 20+ currencies |
| Revolut | Everyday spending and travel, with a banking app | On the free plan, exchanges are free up to a monthly allowance, with extra charges above it and at weekends, according to its plan pages | Yes, in fewer currencies, depending on your country |
| PayPal | Getting paid by clients who only use PayPal | A spread of 3% to 4% over the base rate on conversions, on its US fee page (updated 19 May 2026) | No local account details |
| Remitly | Sending money home to family | Prices each country route separately; first-transfer promotions | No: it sends, it does not receive a salary |
| Western Union | Cash pick-up in places without bank accounts | Earns from the exchange rate margin; fees and rates shown as estimates | No |
Wise vs Revolut. Both convert close to the market rate. Wise is the stronger receiving account, with local details in more currencies and accounts for residents of most countries outside the sanctioned list. Revolut is a full everyday banking app, but only in the countries where it operates, so check that it serves yours. Many people paid from abroad use both: Wise to receive, Revolut or a local bank to spend.
Wise vs PayPal. For converting a payment, PayPal's own fee page lists a spread of 3% to 4%, which on a USD 3,000 monthly payment is USD 90 to 120. On Wise the same conversion is a fraction of that. PayPal is still useful when a client insists on it: receive there and move the money out in the same currency.
Wise Business for freelancers
If you invoice clients as a freelancer, Wise Business adds invoices in the client's currency, withdrawals from Upwork and Freelancer.com, and connections to accounting tools such as Xero, and gives US, euro, UK, Australian and New Zealand account details without a local address (Wise, freelancers). In the UK it costs a one-off GBP 50 to unlock all features, with the same receiving fees as a personal account (Wise, business pricing (UK)).
Partner link. Big World Jobs may be paid if you sign up. Nothing changes in the price.
Frequently asked questions
Is Wise legitimate and safe?
Yes. Wise is regulated in every region it serves: by the FCA in the UK, the National Bank of Belgium in the EU, FinCEN and state regulators in the US, and others. It is not a bank: your money is safeguarded, kept apart from Wise's own funds, but it is not covered by deposit insurance such as the FSCS or, unless you turn on USD interest, the FDIC.
What is the downside of Wise?
It is not a bank, so normal balances have no deposit insurance; accounts can be closed after a compliance review without a reason given; it is not available in some countries; and receiving a USD wire costs USD 6.11.
Why is Wise under investigation?
In January 2025 the US CFPB found that Wise had misled US customers about ATM fees, failed to disclose some fees and missed refund deadlines. It ordered refunds of about USD 450,000 and a penalty, which was reduced in May 2025.
Are there fees to use Wise?
Opening an account and getting account details is free for personal accounts, and receiving domestic transfers in the main currencies is free. You pay to convert or send money (from 0.23% in the US, varying by currency), to receive wires in some currencies, for the card, and for ATM withdrawals above the monthly free allowance.
Which is cheaper, PayPal or Wise?
For converting currency, Wise is usually much cheaper. PayPal's US fee page lists a conversion spread of 3% to 4%, while Wise converts at the mid-market rate with a fee from 0.23%.
How long do Wise transfers take?
Domestic transfers to your Wise account details usually arrive in the same time as any local payment. Verification of a new account usually takes one to two working days, and longer if Wise asks for documents during a transfer.
Does Wise require a bank account?
No. You can receive money into Wise account details and spend with the Wise card without another bank account. To move money out to a bank, you need one.
Is Wise good for receiving a salary from abroad?
Yes, that is one of its main uses: an employer or platform pays your local USD, EUR or GBP details as a domestic payment, which costs you nothing to receive, and you convert when you choose.
Related guides
- How to get paid from abroad without losing money on the exchange
- Deel review: what it means when a company pays you through Deel
- Employer of record: how a company abroad can hire you legally
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Sources, read on 8 October 2026: Wise, what is a Wise account; Wise, currencies you can receive; Wise, receive pricing (US); Wise, pricing (US); Wise, send money pricing (US); Wise, card fees (US); Wise, card fees (UK); Wise, where you can open an account; Wise, regulation; Wise, UK safeguarding; Wise, US protection; Wise, closed accounts; CFPB, January 2025 order; CFPB, May 2025 amendment; PayPal, consumer fees (US); Wise, receiving from Upwork; Wise, freelancers; Wise, business pricing (UK); Western Union, fees. Fees, prices and terms change: check the provider's current page before you sign up.