Wise, formerly known as TransferWise, is a leading fintech company that has evolved into a neobank, primarily focused on providing international money transfers and multi-currency account services.
Initially founded in 2011, Wise was created to address the high fees and markups associated with traditional foreign exchange services. Today, it offers customers the ability to hold, convert, and manage funds in over 40 currencies through its multi-currency accounts, making it an ideal choice for individuals and businesses dealing with cross-border transactions.
Likewise, Wise has gained a reputation for its user-friendly mobile app, efficient international transactions, and commitment to cost transparency, positioning itself as one of the most trusted names in cross-border financial services.
In this post, we take a look at Wise availability worldwide and uncover some of the alternatives for users who are not eligible to open a Wise account!
Where is Wise available?
Currently, Wise is available for legal residents of 74 countries and territories, being the following:
- Andorra, Australia, Austria
- Bahrain, Belgium, Bouvet Island, Brazil, Bulgaria
- Canada, Cayman Islands, Chile, China, Colombia, Croatia, Cyprus, Czechia
- Denmark
- Estonia
- Finland, France, French Guiana
- Georgia, Germany, Gibraltar, Greece, Guadeloupe, Guam, Guernsey
- Hungary
- Iceland, India*, Ireland, Isle of Man, Italy
- Japan, Jersey
- Kuwait
- Latvia, Liechtenstein, Lithuania, Luxembourg
- Macao, Malaysia, Malta, Martinique, Mayotte, Monaco
- Netherlands, New Zealand, North Macedonia, Norway
- Philippines, Poland, Portugal
- Qatar
- Réunion, Romania
- Saint Barthélemy, Saint Martin, Saint Pierre and Miquelon, Saudi Arabia, Singapore, Sint Maarten, Slovakia, Slovenia, South Africa, South Korea, Spain, Sweden, Switzerland
- Taiwan, Thailand
- United Kingdom, United States
Where is Wise restricted (not available)?
Currently, users from the following countries cannot create an account with Wise, until further notice and also Wise cards issued anywhere won’t work here:
Afghanistan, Belarus, Burundi, Central African Republic, Chad, Democratic Republic of the Congo, Republic of the Congo, Cuba, Eritrea, Iran, Iraq, Libya, Myanmar, North Korea, Russia, Somalia, Sudan, South Sudan, Syria, Venezuela, Yemen
What are the best Wise alternatives?
In this section, we will be discussing 3 alternatives that share comparable features with Wise:
- Vivid Money
- Monese
- N26
Vivid Money
Vivid is a e-money institution platform offering a range of financial services directly through a user’s smartphone. Designed to provide a comprehensive and seamless banking experience, it aims to integrate everyday banking needs with innovative financial management tools.
Moreover, users can expect features such as a checking account, savings accounts with competitive interest rates, and instant notifications on transactions.
Overall, it has a strong focus on user-friendly interfaces and security, tailoring to both tech-savvy customers and those looking for a simple, powerful way to manage their finances.
However, if you still have doubts about Vivid Money being the right fit for you, just click here and find out more!
Monese
Monese, founded in 2015, is a mobile-first financial platform that simplifies access to banking services for people without traditional banking options, such as migrants and expatriates. It operates as an electronic money institution, meaning it offers digital financial services but is not a licensed bank.
The app allows users to open an account without a local address or credit history, supporting multiple currencies and enabling easy international transactions. It provides features like direct debits, money transfers, and the option for a contactless debit card for use worldwide.
Monese offers transparent pricing with free and premium account options to meet the needs of digital nomads, freelancers, and international students. It prioritizes security with biometric login and segregated accounts, ensuring that customer funds and personal information are protected.
However, if you still have doubts about Monese being the right fit for you, just click here and find out more!
N26
One of N26’s standout features is its flexible banking accounts, which allow users to manage their finances across multiple currencies and benefit from competitive exchange rates. This service is especially favored by frequent travelers and those who need to handle transactions in different countries.
Furthermore, N26 has expanded its offerings to cater to business customers, with accounts designed for freelancers and small businesses that include features like multi-currency management and expense tracking.
However, if you still have doubts about N26 being the right fit for you, just click here and find out more!
Final Thoughts
We hope you’ve found our breakdown of Wise and its alternatives useful!
With so many different services to choose from, you’re bound to find one that fits your money needs — whether you live in Europe or elsewhere. Explore the companies you’ve found interesting and decide for yourself!
A reminder that the above should not be construed as financial advice and should be considered information only. Users should do their own research and diligence about the services and opportunities best suited for their needs and profile.
Why use a digital bank?
Affordable fees and attractive pricing
With their digital-first approach and reduced operating costs, neobanks often offer highly competitive fees compared to traditional banks. Many neobanks minimize or eliminate fees for services like account maintenance and transactions, and some even provide enhanced interest rates on savings and loans. This cost-efficiency appeals to individuals and businesses focused on maximizing financial value without the typical expenses of traditional banking.
Quick account setup and hassle-free onboarding
Opening an account with a traditional bank is often a slow, paperwork-heavy process. Neobanks streamline this experience by using technology to offer a quick, fully online onboarding. Some even provide instant approval, allowing users to start banking within minutes. This efficiency and ease make neobanks an attractive option for people who want fast, paperless access to financial services.
Intuitive design for easy navigation
Advanced budgeting and financial tracking tools
Neobanks often come equipped with advanced financial tools built right into their apps, giving users insights into spending patterns, budgeting help, and real-time transaction categorization. For businesses, this translates into improved financial control and clear visibility over cash flow. With features like expense tracking and financial analysis, neobanks empower individuals and businesses to make informed, data-driven financial decisions, setting them apart with their strong focus on financial management.
Responsive support and community involvement
Neobanks focus on customer satisfaction with quick, accessible support through multiple channels like in-app chat, email, and even social media. Traditional banks can sometimes have slower, more bureaucratic service, but neobanks use technology to deliver faster, more tailored responses. Many also build a sense of community through online forums and events where users can exchange tips and insights, fostering a collaborative approach to banking.
