Wise (TransferWise) Multi-Currency Account review for Germany | Finder DE

Wise (TransferWise) Multi-Currency Account review for Germany

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Hold over 50+ currencies in your account and get local bank details in nine countries.

The Multi-Currency Account will be a useful account for shoppers, sole traders, travellers, or anyone else needing to bank in more than one country or currency. You will receive local bank details for nine areas including Europe, the UK, the US, Australia and Singapore. Find out what you need to know in this review to see if this account is right for you.

€0

Monthly fee

€0.50

ATM fee for Euro withdrawals

1.75% per payment

Currency conversion fee

Details

Product NameWise Multicurrency Account
Monthly fee€0
Card deliveryUp to 14 working days
Supported currencies

16

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More Info

Must read: TransferWise has rebranded to Wise

TransferWise has changed its name to Wise. Nothing will change if you are a current customer.

How does the Wise Multi-Currency Account work?

The Wise Multi-Currency Account (formerly the Wise Borderless Account) is a bank account that lets you hold multiple currencies, spend worldwide and transfer money at better ranks than the banks. It’s designed as a global bank to help you manage your finances in multiple currencies and countries.

You will get local bank account details including an IBAN, UK sort code, US routing number and Australian BSB so you can shop and spend like a local in multiple countries at once. You’re also able to hold and convert money in up 50+ currencies and transfer money to over 70 countries. If you need access to multiple currencies for travel, to send or receive money from home or to shop online with overseas websites, this multi-currency account is a great option to consider.

Key features

Wise accounts are free to open and come with an assortment of useful features.

  • Local bank details. Your Multi-Currency Account is really multiple accounts in one as you will get local bank details in nine countries, including the UK, Singapore, Australia, the UK, Europe and the US.
  • Spend abroad. You can use your card in 200 countries, with your money being converted into the local currency using the real exchange rate.
  • Multiple currencies. Hold and convert 50+ currencies in your account.
  • Mobile payments. You can spend in Germany and abroad using Apple Pay and Google Pay.
  • Low-cost foreign transfers. Wise boasts a transfer rate that is up to seven times cheaper than traditional banks. You can send money to over 70 countries.
  • Debit card security. Freeze and unfreeze your card if it’s lost or stolen, receive spending notifications and access PIN reminders.
  • Multiple language support. You can get help from Wise in a range of languages.

Wise’s currency transfer service

Fees and rates

  • €0 monthly fee
  • There is a currency conversion fee of 1.75% depending on the currency you’re transferring to
  • A one-off 7 € fee for your debit card
  • You won’t pay for ATM withdrawals if you make under 2 withdrawals up to 200 € per month. After this, you’ll pay a fee of €0.50 per withdrawal.
  • No fee to spend in currencies held on in your account
  • If you hold more than €15,000 you will be charged 0.4% annually.

Verdict

If you need to bank using more than one currency, the Wise Multi-Currency Account is definitely one to consider. Not only does it let you hold multiple currencies but you can essentially spend like a local in nine countries with local bank details. You can also hold 50+ currencies in your account and transfer money to more than 70 countries.

However, there are some fees to note, including the card delivery fee of 7 € and ATM fees if you go over the limit.

The account is worth it for those that will use the international spending features, but there are other digital bank options available if this account comes with too many bells and whistles.

How to sign up for the Wise Multi-Currency Account

It only takes a few minutes to open an account with Wise online, but verifying your identity takes about two days to process. Anyone over the age of 18 and residing in Germany can sign up for an account.

Here is how to sign up:

  1. Click “Go to Site” from this page to be securely redirected to the Wise website
  2. Enter your email address and password and select your country of residence, then click “Sign up”
  3. Verify your identity using your government ID
  4. Add money to your account and order your card. It’s now ready to use!

Compare a range of digital banks in Germany

Data updated regularly
Name Product Monthly fee Card delivery Supported currencies
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1

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Data updated regularly
Name Product Monthly fee Card delivery Supported currencies
Fidor Smart Current Account
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N/A

1

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Please note these products are not licenced as banks. Check our product review pages for details.
Data updated regularly
Name Product Monthly fee Card delivery Supported currencies
Wirex Multi-Currency Card
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Up to 4 business days

19

Get a Welcome Bonus of 1,000 WXT when you sign up with Wirex through Finder.

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Up to 3 working days

14

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1

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Frequently asked questions

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