A Comprehensive Guide to Wise Multi-Currency Account

Wise Debit Card: Cost-Effective Payments

To maximize the benefits of your Wise multi-currency account, get the Wise debit card:

• Use in 150+ countries for free foreign currency payments.

• Automatic conversion from other balances at the lowest exchange fee if the payment currency is unavailable.

Key Features:

• Freeze, replace, or order digital cards via the app.

• Real-time usage notifications for enhanced security.

• Budgeting tools for expense tracking and savings.

Costs:

• One-time issuance fee: 1,200 JPY.

• No annual or renewal fees.

Make Payments with the Wise Debit Card

To maximize the convenience of your Wise Multi-Currency Account, get a Wise debit card. With it, you can make fee-free foreign currency payments in over 150 countries.

If you don’t hold a balance in the transaction currency, the card will automatically convert funds from another currency (e.g., Japanese yen) at the lowest exchange fee. This ensures you always get the best value.

The Wise app allows you to manage your card effortlessly—freeze or replace it, obtain a digital card, and receive instant transaction notifications. This ensures quick action against fraud or theft. Additionally, the app offers spending analysis, budgeting tools, and savings features for effective money management.

You can order a Wise debit card immediately after opening your Wise account. While there’s a one-time issuance fee of 1,200 JPY, there are no annual, monthly, or renewal fees thereafter.

Use Your Wise Multi-Currency Account Funds

Funds in your Wise Multi-Currency Account are easily accessible:

• Withdraw to your domestic bank account at any time.

• Send international transfers with low fees.

• Use the Wise debit card to withdraw local currency at ATMs worldwide.

Wise makes international transfers simple through its app or online platform. Transfers to other Wise users are free and instant in the same currency. For recipients without a Wise account, you can send money to their regular bank account more affordably than using traditional banks.

Wise always uses the real exchange rate (mid-market rate) for transfers. There’s no hidden markup, and the fee structure is completely transparent. Before sending money, you can use the simulator to see the exact fees and the amount the recipient will receive.

Currency Exchange with Wise

With your Wise Multi-Currency Account, you can exchange funds into any currency whenever you need. Currency exchanges are done at the actual mid-market exchange rate, with a low conversion fee starting at 0.68%, making it more cost-effective than traditional cards or multi-currency accounts.

Wise Exchange Rate

Wise uses the mid-market rate for all currency exchanges. This is the midpoint between the buy and sell rates in the forex market and is the rate you often see when searching on Google. Wise does not add any markup to this rate, ensuring complete transparency.

This rate applies in the following cases:

• When sending money abroad and converting currencies.

• When exchanging balances within your Wise Multi-Currency Account.

• When making payments in a currency you don’t hold using the Wise Debit Card.

By avoiding hidden fees and inflated rates, Wise ensures you get the best value for your money.

Wise Foreign Transaction Fees

With most credit and debit cards, foreign transaction fees are incurred when making payments in foreign currencies overseas or online. However, with the Wise debit card, there are no foreign transaction fees whatsoever.

If your Wise multi-currency account has a balance in the payment currency, you can make payments completely free in the foreign currency. If there is no balance in that currency, the payment is automatically converted from another currency with the lowest conversion fee. Conversion fees vary by currency but start as low as 0.68%, significantly cheaper than typical foreign transaction fees.

Safety of the Wise Multi-Currency Account

Wise Payments Japan Co., Ltd., which provides Wise services in Japan, is registered and licensed as both a Type I and Type II Funds Transfer Business Provider by the Kanto Local Finance Bureau. While Wise is not a bank, it operates with the same level of security as financial institutions. Additionally, in other countries, Wise complies with local regulations and operates under rigorous oversight, ensuring safety worldwide.

To prevent fraud and unauthorized activities, Wise uses the latest technology to monitor transactions 24/7. Robust identity verification processes also play a crucial role in preventing criminal activities.

Wise is a publicly traded company with over 5,500 employees and more than 16 million customers worldwide. It processes quarterly transfer volumes of £25 billion globally, making it a trusted name in financial services. Wise has been operating in Japan since 2016.

Is Wise a Bank?

While Wise offers financial services, it is not a bank. In Japan, Wise is registered as a funds transfer business provider with the Kanto Local Finance Bureau. It uses fraud detection tools and security technology comparable to banks, ensuring secure transactions.

Customer funds entrusted to Wise are securely held separately from the company’s own funds in partner banks. This means that even in the unlikely event of Wise's insolvency, your money remains protected.

Who Should Use a Wise Multi-Currency Account?

The Wise multi-currency account is suitable for individuals, corporations, and sole proprietors, offering flexible solutions for various needs. It is especially recommended for the following:

For Individual Users of the Wise Multi-Currency Account and Debit Card

• Those who frequently travel or go on business trips abroad.

• People who often shop online in foreign currencies.

• Freelancers and others who regularly receive payments from overseas.

• Individuals who frequently send money to family members living abroad.

• Users looking to manage foreign currency funds easily online or via a smartphone.

Wise Business Account

Recommended for Businesses:

• Businesses frequently sending money to overseas suppliers or clients.

• Companies looking to streamline international payroll via batch transfers.

• Businesses often receiving payments from overseas partners.

• Organizations withdrawing funds in foreign currencies from platforms like Stripe or Amazon.

• Businesses wanting to integrate with accounting software for seamless international expense management.

For a detailed comparison between Wise personal and business accounts, please refer to the relevant section.

How to Open a Wise Multi-Currency Account

Opening a Wise account is free and can be done online with ease. Follow these simple steps:

1. Register using your email, Facebook, Google, or Apple account.

2. Provide personal details like your name and address as instructed.

3. Upload identification documents.

4. Once verification is complete, you can start using the multi-currency account.

For more details on the verification process, refer to the dedicated page.

Documents Required for Verification

Verification is a critical process for preventing financial crimes. Required documents may vary, but typically include the following:

Acceptable Identification Documents

• Passport (photo page only)

• National ID card (we only accept the most recent version of the Nigerian national ID card)

• Photo driving licence (there are some exceptions)

Acceptable Proof of Address Documents

• Utility bills (electricity, gas, or landline telephone; mobile phone bills not accepted).

• Bank or credit card statements.

• Local tax notices, such as those issued by HMRC (UK).

• Vehicle registration or tax documents.

• Driver’s license (showing address and validity).

• Documents issued by financial institutions or government agencies.

You can save or cancel the verification process at any time for your convenience.

You can read more about the verification process in their help page.

Time Required for Verification

Verification times vary. In some cases, it is instant, while in others, it can take up to 10 business days. Results will be sent via email.

Wise Multi-Currency Account Limits

For residents in Japan, the maximum balance in a Wise multi-currency account is ¥1,000,000. The combined total of all currencies held must not exceed this limit. Additionally, the transfer limit is ¥1,000,000. Exceeding this limit requires withdrawing funds within 30 days.

For more details on account limits, refer to the dedicated page.

Summary

In this guide, we explored the Wise multi-currency account and debit card, a versatile service for managing money across borders.

Key Benefits:

• Hold and manage up to 40 currencies.

• Send and receive money internationally with ease.

• Use the Wise debit card for transactions in foreign currencies.

The Wise multi-currency account is particularly useful for frequent travelers, international freelancers, or anyone managing cross-border financial transactions.

If you're looking for a solution to hold foreign currencies, make payments in foreign currencies, or simplify international transfers, the Wise multi-currency account is worth considering.