What Is Wise? A Beginner's Guide to the Wise App

Road map

What is Wise?

Wise is a money transfer company. You open a free account with no monthly fees, then send money from your bank account or card to a bank account in another country. Wise says it uses the mid-market rate with no markup, and charges a small, upfront fee you see before you confirm.

What a Wise account lets you do:

• Send money to a bank account abroad, in the local currency in many countries. Wise says it sends in local currency to 70+ countries.
• Hold 40+ currencies, depending on where you live.
• Spend with the Wise card in 150+ countries, but the card is only available to residents of certain countries (no Arab country is on the list).

Is Wise a bank?

No. Wise's Customer Agreement says: "Wise is not a bank, and your Wise Account is not a bank account", and money held with Wise isn't covered by a deposit protection scheme. Instead, Wise safeguards customer money: it keeps it separate from its own money and doesn't lend it out.

So the "Wise bank" label you'll see on many sites isn't accurate.

Is Wise safe?

What Wise says about protecting your money:

• Customer money is kept apart from company money, held in cash or secure liquid assets, mostly EU, UK and US government bonds and money market funds.
• Wise doesn't lend out customer money.
• Logging in needs 2-step verification with your phone.
• Wise will never ask for your password, PIN, card CVV or a one-time password (OTP) by email, text or phone. Anyone who does is a scammer.

Our advice: don't share your account, and don't accept money from people you don't know into it, because Wise may restrict the account. More in Wise account restricted

Who is Wise for?

Good fit: Arabs living in Europe, the UK, Switzerland, the US or Canada who pay from a local bank account there:

• an Egyptian in Germany sending EGP to family's bank account in Egypt;
• a Moroccan in France sending MAD to a Moroccan bank account using the RIB;
• someone in Switzerland paying in CHF from a Swiss bank.

Not a good fit when:

• you live in an Arab country: Wise doesn't accept payment in any Arab currency, and the card isn't available to you. Details in Wise in Arab countries;
• the recipient wants a mobile wallet like Vodafone Cash, or cash pickup: Wise pays out to bank accounts only in Arab countries;
• the recipient is in Iraq, Syria, Yemen, Sudan or Libya: Wise doesn't operate there;
• you want to buy crypto: Wise doesn't allow bank transfers to exchanges like Binance. See Wise and Binance.

How a Wise transfer works

According to Wise's help page, once you're verified:

1. Select Send. A steps bar appears at the top: Recipient · Amount · Review · Pay.
2. On the "WHO ARE YOU SENDING TO?" screen, search for an existing recipient (Name, email, phone number) or pick one from Recents, or select + Add for a new one.
3. After + Add you see "Select their currency": choose the currency they'll receive (for example EGP for Egypt).
4. On "Add a recipient", choose Bank details and enter their bank account information. (There's also Upload screenshot or invoice, where Wise fills in the details from a screenshot, photo or PDF, and Search on Wise if the recipient has a Wise account.)
5. In the Amount step, enter the amount in From (what you send) or To (what arrives), and choose how to pay. A bank transfer is usually cheaper than a card.
6. In the Review step, check the fee, the rate and the expected arrival, then select Continue and Send and pay in the Pay step.

The fee depends on the amount, the currencies and how you pay, and it's shown in the calculator before you confirm. Full details: Wise fees.

Step 1: Open an account

You need an email address and a password (or a Google, Apple or Facebook account). Then you choose a personal account, add a phone number for 2-step verification, pick your country of residence, and enter your legal name, date of birth and address. Signing up is free with no monthly fees. Each person may have one personal account only. → Full guide

Step 2: Get verified

Wise asks for a photo ID (passport or national ID card), and sometimes proof of address and a live photo or a selfie with your ID. If your passport wasn't issued by the country you live in (for example an Egyptian passport with an address in Germany), you'll also need a residence document from your country of residence. Wise says this usually takes 1 to 2 working days. → Full guide · → If verification failed

Step 3: Your first transfer

Pick the recipient's country in the table above and open its guide. Each country needs different details: a 29-character Egyptian IBAN, a 24-digit Moroccan RIB, a UAE IBAN starting with AE, or a Swift transfer for the Gulf and others. Saudi riyals, for example, go to a bank account only: Wise shows "You can't currently send SAR to a Wise account", so choose Bank details when you add the recipient. → Check Wise's fees before you start

FAQ

Is Wise a bank?

No. Wise says plainly that it is not a bank and a Wise account is not a bank account. It's a licensed e-money institution that keeps customers' money separate from its own.

Is Wise safe to use?

Wise keeps customer money apart from its own money, doesn't lend it out, and protects logins with 2-step verification. And remember: Wise never asks for your password or an OTP by message or phone.

Is it free to open a Wise account?

Yes. Signing up is free and there's no monthly fee. You pay a fee when you send money, and you see it before you confirm.

Can I use Wise if I live in Egypt or Saudi Arabia?

You can usually sign up, but you can't pay in EGP or SAR, and the card isn't available. Country by country: Wise in Arab countries.

Can Wise send money to Vodafone Cash?

No. Wise pays out to an Egyptian bank account only; the account holder can move the money on from there.

Can I send money from Wise to Binance?

Wise doesn't allow bank transfers to crypto exchanges and may close the account. Details in Wise and Binance.

Get started

Open your Wise account →

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Last updated: 23 October 2026 · All facts from the official Wise help pages listed above.