What Wise is, in 2026
Wise is an electronic money institution — FCA-authorised EMI; EU EMI passport (FCA, ) — not a bank. It cannot take deposits. Customer funds are ring-fenced at partner credit institutions (Barclays, J.P. Morgan, others) under "safeguarding" rules; they are not covered by a Deposit Guarantee Scheme.
In practice it is a multi-currency wallet (40+ currencies), a card that converts at mid-market rates with FX from as low as 0.43% (Wise, ), a cross-border payments rail with some of the best pricing in the industry, and — for EU customers via the Belgian entity (NBB EMI (Wise Europe SA, Belgium) — issues EU IBAN (NBB, )) — a euro account with local SEPA details. The personal plan carries €0 (Wise, ) in monthly fees and €0 (Wise, ) to open.
Safety and regulation
Safeguarding is not insurance. If Wise fails, customer funds are returned from the safeguarding account at the partner bank — but there is no statutory payout window, no state-backed top-up, and no seven-day settlement like a DGS claim. Historically no EMI of Wise's size has failed, but the legal protection differs from a bank in kind, not just degree.
That said, Wise is listed on the London Stock Exchange, reports publicly, and is one of the most transparent financial institutions in the category — reflected in a Trustpilot score of 4.3 count (Trustpilot, ). The risk is structural, not behavioural.
Hands-on UX
Fast, clean app. Sending money is genuinely two taps after the first use. The FX rate shown before a transfer is what you pay — this is the product's superpower, with a published 2026 floor of 0.47% (Wise, ). Support is responsive and chat-based.
Where Wise is weaker than a bank: you cannot receive a salary into it in most countries (some EU jurisdictions don't accept Belgian IBANs for payroll), no overdrafts, no lending, no savings product with a real interest rate.
Who Wise is for
Choose Wise if: you earn or send money in multiple currencies, you value FX transparency above all, and you will pair it with a proper bank account for salary and protected savings.
Look elsewhere if: you want a primary day-to-day EU account with deposit insurance (N26, Revolut, bunq), or a travel card (Revolut is more fully-featured at Plus/Metal).
Premium plans
- Free to hold; €50 one-time fee for full international bank details; variable conversion fees from 0.43%
- €50 one-time setup; per-transfer fees apply; volume discounts available
How it stacks up.
Or compare side-by-side
Capital at risk. Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Read the full FCA risk warning at fca.org.uk before investing. EMI customer funds are safeguarded under the Electronic Money Regulations 2011 and are NOT FSCS-protected.