Wise
If you regularly wake up in one country and go 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 account. (Disclaimer: The author of this post had a borderless account with Wise under its former name, TransferWise.)
How it works: Setting up a borderless 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.
