Wise is a non-bank payment provider. This means your Wise account is an electronic money account.
This makes your Wise account different from a bank account. Some of the differences are:
Your money is safeguarded and not covered by the Financial Services Compensation Scheme (FSCS), or another protection scheme that you would get with a bank account
You can’t get an overdraft or loan
You won’t earn interest
The main benefit to having a Wise account, over a traditional bank account, is being able to manage your money without borders — without international transaction fees or outrageous exchange rates. You’ll always get the real exchange rate and low fees with Wise.