Your Wise account is an electronic money account — we don’t actually hold physical cash for you.
This makes your account slightly different from a bank account. Here are some of the differences:
You can’t get an overdraft or loan
You won’t earn interest
Your account details are just “addresses” to your electronic money account
Your money is protected and safeguarded , but not covered by the Financial Services Compensation Scheme (FSCS) or another protection scheme that you may get with a bank account
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 the lowest possible fees with Wise.