What can you use a Wise account for?

Gabriela Peratello

If you’re considering a multi-currency account from a non-bank digital provider you might have heard of Wise. But what can you actually do with a Wise account? Join us as we explore.


What is a Wise account?

A Wise account is a multi-currency account you can manage from your phone or computer.

Wise isn’t a bank, but a money services provider (MSB), so you won’t get all the same features you might get from a bank account - but you'll be able to:

  • Hold and exchange 40+ currencies

  • Exchange between currencies with the mid-market rate and low fees*

  • Order a Wise card for international spending and cash withdrawals

  • Receive payments with local account details for currencies including USD, GBP, EUR and more

  • Send payments to others in 160+ countries with fees from 0.42%

  • Get an overview of your account, and instant transaction notifications, in the Wise app

Get started with Wise

Who can get a Wise multi-currency account?

Wise offers accounts in the US and in many other countries around the world. To get a Wise account you’ll need to be 18 or older, and have a valid ID document and proof of address.

If you’re opening a Wise US account you’ll be asked to enter your SSN as verification, as well as upload an image of your ID and address documents.

If you don’t have a SSN you can enter an ITIN - and if you don’t have either and are a non-US citizen you’ll be prompted to upload an alternative local ID from your home country¹.

Wise may request additional documents to verify a customer's identity

What are the different ways you can use your Wise account?

1. Wise as your primary account

Wise Accounts have lots of convenient features for managing your money day to day which means you could use Wise as your primary account.

You can get a Wise card for easy spending, sending payments to others, paying bills, and for getting cash at an ATM — and you can manage it all from your phone.

But how do you add money to Wise in the first place? You can add money yourself by topping up in any of the 20 or so supported top up currencies - but maybe you’re wondering: can you use your Wise multi currency account for converting money you earn?

The good news is that in many cases, you can receive your salary to your Wise account in the currency of your choice, and convert to any of the 40+ supported currencies if you’d prefer.

Simply give your employer your Wise account details and ask them to deposit your salary there- you can get paid in USD, AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD, or TRY in this way.


2. To hold money in other currencies

With Wise you can hold your balance in any of 40+ supported currencies. This is handy if you have to manage your money across different currencies - if you get paid in USD but send money to a loved one abroad, pay regular foreign currency bills, or travel a lot for example.

It can also be handy if you get paid by others in foreign currencies - if you’re a freelancer with international clients for example. Your clients can pay you in their preferred currency using your Wise account details, and then you can choose to hold your balance in that currency, or convert to USD or a different currency if you’d prefer. There’s no need to convert back to USD every time if you don’t want to, which can cut the costs of currency exchange significantly.

3. As a travel account

Another common use of a Wise account is for travelers, digital nomads, expats, backpackers and people taking a working vacation abroad. Wise accounts are flexible enough that you can use them on multiple trips in multiple destinations, with convenient and seamless currency conversion wherever you are in the world..

Use your Wise account to save for foreign travel by adding money and converting to the currency you need for your trip when you see a good exchange rate. Or, use Wise to hold a balance in several different currencies to cover a multi-destination trip - you can spend and make withdrawals with your Wise card easily in most places you go.

Finally, if you’re on a working vacation abroad or getting paid in foreign currencies as a digital nomad, Wise can help there too, with easy ways to get paid in a selection of major foreign currencies.

Bottom line: can you use the Wise multi-currency account for converting money you earn?

Yes, you can use your Wise account for converting the money you earn. Just top up your account yourself by ACH, wire or with a card - or have your employer deposit your salary directly to Wise with your Wise USD account details.

You’re then free to hold, exchange, send or spend the money anyway you want.


  1. Wise - getting verified in the US

Source checked on 03.19.2024

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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