Your Wise account is an electronic money account. It’s different from a bank account because:
you won’t be able to get an overdraft or loan
you won’t earn interest on your account
your account details are unique and you can receive payments to them. They don’t represent real bank accounts, but simply "addresses" for your electronic money account
your money is protected and safeguarded , but not guaranteed by the Financial Services Compensation Scheme (FSCS) or another protection scheme that you may get with a bank account
The main benefit of using your Wise account over traditional accounts is that you won’t be charged international transaction fees or outrageous exchange rates.
You can send, receive and convert currencies all in one account. You’ll always get the real exchange rate and the lowest possible fees.
Plus, you can spend the money in your balances around the world with your Wise card .