URL: https://exchangesteps.com/wise-guide
Updated: 2026-10-23
Sources: https://wise.com/help/articles/2897226/what-is-a-wise-account , https://wise.com/gb/legal/terms-of-use-personal , https://wise.com/help/articles/2949821/how-wise-keeps-your-money-safe , https://wise.com/help/articles/2977959/how-do-i-send-money-with-wise , https://wise.com/help/articles/2522717/fees-for-sending-money , https://wise.com/help/articles/2978049/where-can-i-use-wise , https://wise.com/help/articles/2968915/can-i-get-the-wise-card-in-my-country

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

> **Quick answer**
> Wise is an app and website for **sending money between countries**: you pay in your currency (EUR, GBP, CHF, USD and others) and the money arrives in a **bank account** in another country. Wise uses the **real mid-market exchange rate** and shows the **full fee before you confirm**. In Wise's own words it is **not a bank**: it's a licensed e-money institution that keeps customers' money separate from its own.
> It works best for **Arabs living in Europe, the UK, Switzerland, the US or Canada** who send money to family back home. The steps: **(1) open an account**, **(2) get verified**, **(3) make your first transfer**.
>
> **[Open your Wise account →]**

## Road map

| Topic | Full guide |
|---|---|
| Does Wise work in your country? | [Wise in Arab countries](https://exchangesteps.com/wise-supported-countries) |
| 1. Open an account | [How to open a Wise account](https://exchangesteps.com/how-to-create-wise-account) |
| 2. Get verified | [Wise identity verification](https://exchangesteps.com/wise-identity-verification) |
| Verification problem | [Wise verification failed: fixes](https://exchangesteps.com/wise-verification-failed) |
| 3. Fees and limits | [Wise fees and limits](https://exchangesteps.com/wise-fees) |
| Send to Egypt | [Send money to Egypt with Wise](https://exchangesteps.com/wise-send-money-to-egypt) |
| Send to Morocco | [Send money to Morocco](https://exchangesteps.com/wise-send-money-to-morocco) |
| Send to the UAE | [Send money to the UAE](https://exchangesteps.com/wise-send-money-to-uae) |
| Send to Saudi Arabia | [Send money to Saudi Arabia](https://exchangesteps.com/wise-send-money-to-saudi-arabia) |
| Send to Kuwait | [Send money to Kuwait](https://exchangesteps.com/wise-send-money-to-kuwait) |
| Send to Qatar | [Send money to Qatar](https://exchangesteps.com/wise-send-money-to-qatar) |
| Send to Bahrain | [Send money to Bahrain](https://exchangesteps.com/wise-send-money-to-bahrain) |
| Send to Oman | [Send money to Oman](https://exchangesteps.com/wise-send-money-to-oman) |
| Send to Lebanon | [Send money to Lebanon](https://exchangesteps.com/wise-send-money-to-lebanon) |
| Send to Tunisia | [Send money to Tunisia](https://exchangesteps.com/wise-send-money-to-tunisia) |
| Send to Algeria | [Send money to Algeria](https://exchangesteps.com/wise-send-money-to-algeria) |
| Send to Mauritania | [Send money to Mauritania](https://exchangesteps.com/wise-send-money-to-mauritania) |
| Wise card | [Wise card: who can order it and what it costs](https://exchangesteps.com/wise-card) |
| Wise and Binance | [Can you send money from Wise to Binance?](https://exchangesteps.com/wise-to-binance) |
| Account restricted or closed | [Wise account blocked or suspended: what to do](https://exchangesteps.com/wise-account-restricted) |

## 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](https://exchangesteps.com/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](https://exchangesteps.com/wise-supported-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](https://exchangesteps.com/wise-to-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](https://exchangesteps.com/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](https://exchangesteps.com/how-to-create-wise-account)**

## 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](https://exchangesteps.com/wise-identity-verification)** · **→ [If verification failed](https://exchangesteps.com/wise-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](https://exchangesteps.com/wise-fees)**

## 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](https://exchangesteps.com/wise-supported-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](https://exchangesteps.com/wise-to-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.*