Wise
If you often find yourself waking up in one country and going to sleep in another, managing money across borders can be difficult. Repeatedly exchanging cash for foreign currencies can cost a lot in fees.
Wise, a company focusing on “borderless banking,” makes managing money in multiple currencies a breeze. It’s also possible to do regular money transfers through the platform without setting up its borderless bank account. (Disclaimer: The author of this post had a borderless bank account with Wise under its former name, TransferWise.)
How it works: Setting up a borderless bank account with Wise is free, and each section of the bank account can be designated for a certain currency. For example, if you add a euro balance, the bank account comes with a SWIFT number, just as it would in Europe; if you add a British pound (GBP) balance, that balance will have a sort code. The bank account can hold and manage more than 50 currencies.
For a one-time fee of $9, Wise offers its own debit card—the “Wise card”— and funds can be added in a variety of ways. The account has the ability to convert currencies across balances (for a small fee), and two ATM withdrawals per month are free, within limits.
Payment options: Direct debit, wire transfer, debit card, credit card, Apple Pay. Fees for payment options depend on the currency being paid or converted to.
Fees: $0 monthly account fee; converting currencies using your card is subject to a fee of at least 0.41%; ATM withdrawals of up to $100 per month are free, while anything over that is subject to a 2% fee.
Speed: The time it takes to receive funds on the debit card depends on how they’re added—some are available within seconds.
Transaction limits: There are no limits for how much you can receive and keep in all currencies other than USD. For sending, in most of the U.S. there is a $50,000 limit per day and a limit of $1 million on local transfers.
