What Is Wise and Why Do People Use It?

Wise (formerly TransferWise) is an online money transfer and multi-currency account service used by millions of people for international transfers, travel spending, and managing money in multiple currencies. It's particularly popular because it uses the mid-market exchange rate with a small, transparent fee — unlike traditional banks that often hide costs in poor exchange rates.

This step-by-step guide walks you through setting up a Wise account from scratch.

What You'll Need Before You Start

  • A valid email address
  • A smartphone or computer with internet access
  • A government-issued photo ID (passport, national ID card, or driver's licence)
  • Proof of address may be required for some features (utility bill or bank statement)

Step 1: Create Your Account

  1. Visit wise.com or download the Wise app from the App Store or Google Play.
  2. Click "Register" or "Get started".
  3. Choose whether you're registering as an individual or a business. Most personal users select individual.
  4. Enter your email address and create a strong password, or sign up using your Google or Apple account for convenience.
  5. Verify your email address by clicking the link Wise sends you.

Step 2: Complete Your Profile

  1. Enter your full legal name exactly as it appears on your ID.
  2. Provide your date of birth and home address.
  3. Select your country of residence — this determines which features and currencies are available to you.
  4. Provide a phone number for two-factor authentication. This is strongly recommended for security.

Step 3: Verify Your Identity

Wise, like all regulated financial services, is required to verify your identity before you can send money. This is known as KYC (Know Your Customer).

  1. Navigate to the verification section and select your ID document type.
  2. Take a clear photo of the front and back of your ID, or upload a scan.
  3. Take a selfie or a short video selfie as prompted — this confirms the ID belongs to you.
  4. Submit and wait. Verification is often completed within a few minutes, though it can take up to a few hours in some cases.

Step 4: Add a Payment Method

To fund transfers or your Wise balance, you'll need to link a payment source:

  • Bank transfer: Usually the cheapest funding method.
  • Debit card: Faster, but may carry a small additional fee.
  • Credit card: Available but typically carries higher fees and may be treated as a cash advance by your card issuer.

Step 5: Set Up a Multi-Currency Account (Optional but Recommended)

Wise offers a multi-currency account that lets you hold balances in many different currencies. You can also get local bank account details in several currencies (USD, EUR, GBP, AUD, and more), which is useful for receiving payments internationally.

  1. In the app, go to "Open a balance".
  2. Select the currencies you want to hold.
  3. To get local account details, select a supported currency and follow the prompts.

Step 6: Make Your First Transfer

  1. Click "Send money".
  2. Enter the amount and select the currencies (sending and receiving).
  3. Wise will show you the exact exchange rate and fee before you confirm — review these carefully.
  4. Enter the recipient's bank account details.
  5. Confirm and fund the transfer.

Tips for Getting the Most from Wise

  • Enable two-factor authentication immediately after setup for security.
  • Use bank transfer (not card) to fund transfers for lower fees.
  • Order a Wise debit card if you travel frequently — it lets you spend in local currencies at the mid-market rate.
  • Set up rate alerts to be notified when an exchange rate reaches your target.

Setting up a Wise account takes most people under 15 minutes. Once verified, it's one of the most cost-effective tools available for anyone who regularly deals with multiple currencies.