How to Open a Wise Account in the UK: Step-by-Step Guide 2024

This guide to opening a Wise account in the UK covers all you need to know about types of Wise accounts, getting set up, making payments and more.

How to open a Wise account

Wise accounts are opened and managed online or in the Wise app, with a fully digital account registration process. Once you’ve opened your Wise account you can send payments to 160+ countries, hold a balance in 40+ currencies, and access local bank details for up to 10 currencies to get paid conveniently. If you’d like, you can also order a Wise international debit card for cheap and easy spending and withdrawals around the world.

Here’s how to open a Wise account step by step:

1. Open the Wise desktop site or app and click on Create account

2. Enter your email address

3. Tap the type of account you want to open - personal or business

4. Confirm your country of residence

5. Verify your mobile number with a code

You’ll be asked to complete a verification step for security, usually by uploading images of some ID documents and confirming your personal and contact information. More on that, next.

What do I need to open a Wise account?

You can open a Wise UK account entirely from your computer or smart device. To open a Wise account you’ll need to have the following:

• Your personal and contact information

• Valid proof of ID

• Valid proof of address

Wise can accept a range of documents to verify customers’ identity and address - all you’ll need to do is to take a quality image of the documents you’re using, and upload them within the Wise app. If you have any problems you can simply reach out to the Wise team using the chat feature to get advice.

Here are some common examples of the documents used to prove your ID and address when getting verified with Wise:

Wise account verification

As a financial service provider, Wise (formerly TransferWise) must verify customer accounts before they can be used. This is an important step in keeping customers and their money safe - and it can be done entirely online or in the Wise app.

Getting verified with Wise is pretty straightforward. For a smooth verification experience, make sure your ID document is valid, and use a clear photo which captures all the important details of the document. You’ll also need to check the document you’re providing includes your full name, current address and date of birth. Once everything is uploaded, the Wise team can verify your account pretty quickly, or at least within a day or two.

How to know if your Wise account is verified

Once your Wise account has been verified you’ll get an email notification. If you’re sending a Wise transfer you’ll also be notified that your payment is on its way.

And don’t worry if you’re looking to receive a payment with Wise - you can receive money with Wise without verification. Just make sure the person sending you money has all your bank details, and your transfer will be deposited right into your normal bank account.

How to set up a Wise account to receive money

When you open a Wise account you’ll be able to access local account details for up to 10 currencies.

You can then use these account details to receive money to your Wise account with a local transfer. Just get your local account information from the Wise app, and share them with the person sending you money - easy for you and easy for the sender, too.

There’s also a handy Wise request payments feature which lets you generate a payment link you can send to someone, to make getting paid even faster.

Read a full Wise Review here

How to open a currency balance in the Wise Account

With a Wise account, you can open balances easily from the Wise mobile app or desktop site.

Here’s how to open a currency balance in the Wise account:

1. Log into your account on the Wise app or desktop site

2. Select the currency you want to open a balance in

3. Click on Get account details, and top up your account using your bank account, Apple Pay, credit or debit card

4. You may need to complete a verification step - this can be done right from your phone

You can top up your account in any currency you'd like to have available, with the minimum initial top up amount the equivalent of 20 GBP. Any money you add will be available for you to spend after, using your Wise card if you have one, or you can use the balance to send a payment to someone in a currency of your choice.

Here’s how to find your Wise account local bank details:

1. Log into your account on the Wise app or desktop site

2. Tap the currency balance you need details for

3. Click Receive and View and share account details

4. You’ll be able to generate a shareable link which gives your account details

Once your account is up and running you can use the local account details to receive money from over 30 countries. It’s free to receive incoming payments in AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD, TRY, and to get paid by ACH in US dollars. If you’re receiving a USD wire, there’s a 4.14 USD fee to pay for incoming transfers, and if you receive a CAD payment via SWIFT, there’s a 10 CAD fee.

Do I need a bank account for Wise?

You do not need a bank account to receive a payment with Wise. You can simply open a digital Wise account and use your Wise local account details to get in 10 currencies.

If you’d prefer, it's also possible to receive money into your bank account with Wise, if you are the recipient of the transfer. You can simply give your bank account details to the sender, and they can use Wise to transfer money to your account, and the funds will be deposited there directly.

What is the minimum deposit for a Wise account?

There’s no minimum deposit requirement for a Wise account. To access some features for the first time you may be asked to top up your account, but the funds are yours to send, spend or withdraw however you’d like to once the feature has been activated.

How much money can I hold in my Wise account?

It’s free to hold money in your Wise account, and in most cases there’s no limit to the amount you can hold.

Does Wise charge a monthly fee?

There’s no monthly or annual fee to pay for a Wise account or Wise card.

You may be asked to pay a one time fee for some Wise features - like ordering a Wise card - but after that you’ll only pay Wise’s low transaction fees when you use your account.

Can I use Wise as a normal bank account?

Wise isn’t a bank, and the Wise account won’t necessarily come with all the same features you’d get from a bank. Wise accounts can be used for everyday transactions in the UK and abroad, but it’s important to read through the account’s terms and conditions so you understand the differences between Wise and a bank, to help you choose how to use your Wise account.

Can you open a Wise account without a UK address?

You’ll be asked to prove your residential address when you open a Wise account. That means that to open a Wise account in the UK you’ll need a UK address.

However, to open a Wise account you don’t need to be a UK citizen or passport holder. Wise accounts can also be opened from a broad range of other countries, so if you’re a foreign resident you may still be able to open your Wise account with your local proof of address from wherever is home for you.

How to open a Wise business account

Wise business accounts have all the perks of a Wise personal account with some extra business friendly features, too. You can hold 40+ currencies, get paid by customers around the world with local bank details for 10 currencies, and pay contractors, suppliers and staff in 160+ countries. Whenever you need to convert from one currency to another you’ll get the mid-market exchange rate, with low, transparent fees.

Here’s how to open a Wise business account step by step:

1. Open the Wise desktop site or app and click on Create account

2. Enter your email address and confirm you’re opening a business account

3. Add details about yourself and your business

4. Upload any required verification documents

5. Start a transfer and pay the one time fee for full Wise business account access

6. Once your verification is complete, you’ll be notified and can use your account freely

   Related: Wise personal vs busines

Requirements to open a business account

Wise business accounts are available to UK based freelancers, entrepreneurs and business owners. The exact documents and information you’ll need to register a Wise account can vary based on the business type. However, in general you’ll need:

• Personal and contact details of account representative

• Business name, entity type, registration number and sector

• Business address and trading address if different

• Information about the company directors or shareholders with a 25% or higher stake

• Details about what your business does

The account holders, and any team members you want to add to the account, will also need to be verified, usually by adding images of some ID and address documents. The whole process can be done online or in the Wise app, and the Wise team can always help if you’re not sure what documents or details are required in your situation.

How to set up Wise business account to receive payments

Wise UK business customers can get their own local account details for 10 currencies, to make it easy for customers to pay from a broad range of countries. Simply give the bank details to anyone sending you money, add to your invoices or generate a Wise payment request, to have funds deposited directly to Wise. You can also add your local account details to marketplace sites and PSPs to get paid in a selection of currencies easily.

Here’s how to open a currency balance in your Wise business account, and receive payments:

1. Log into your account on the Wise app or desktop site

2. Select the currency you want to open a balance in

3. Click on Get account details, and top up your account if you’re opening a balance for the first time

4. You may need to complete a verification step - this can be done right from your phone

   Once you have a currency balance set up you can give your local account details to anyone sending you a payment. To get your local account details with Wise here’s what you’ll do:

5. Tap the currency balance for the currency you want to be paid in

6. Click Receive and View and share account details

7. You’ll be able to generate a shareable link which gives your account details

   Go to Wise

What is Wise (formerly TransferWise)?

Wise is a fintech company which exists to make it easier for individuals and businesses to hold, send, spend and receive foreign currencies. You can open a Wise account online or on the Wise app, hold 40+ currencies, and order a linked international debit card for spending in 150+ countries.

Wise stands out because of its feature packed accounts which offer flexible and low cost ways to manage your money across currencies. Wise currency exchange uses the mid-market exchange rate, and fees which start from 0.43%. That can mean you save compared to using a bank - with no foreign transaction fees, minimum balances or maintenance costs to worry about.

What are the advantages of a Wise account?

Not sure if Wise is for you? Here are some of the features and benefits available with Wise, for you to consider:

• Open a Wise account online or in app, to hold 40+ currencies

• Get a Wise card for spending and withdrawals in 150+ countries

• Send payments to 160+ countries and get paid like a local with bank details for 10 different countries

• Convert currencies with the mid-market exchange rate and low fees from 0.43%

• Accounts available for personal and business customers around the world

Conclusion: How to open a Wise account in the UK

Wise accounts are flexible and low cost, with great international features, which makes them a good choice for anyone who loves to travel or shop overseas, business owners paying and getting paid in foreign currencies and more.

It’s easy to open a Wise account online or in-app, to hold 40+ currencies and spend around the world with your linked Wise international debit card.

Wise converts currencies with the mid-market exchange rate, with low, transparent fees for the services you need - which can mean that you get a better deal overall.

How to open a Wise account FAQ

Does Wise work in the UK?

Yes. Wise works in the UK, and in most countries around the world. Open a Wise UK account online or in the Wise app in just a few steps.

How can I open a Wise account online?

Head to the Wise desktop site and click Create an account to register your Wise UK account. You’ll just need to add a few personal and contact details, and to complete a verification step - which can all be done right from your phone or laptop.

How much does it cost to open a Wise account?

It’s free to open a personal Wise account, with a low one time fee to open a Wise business account. There’s no maintenance charge to worry about, so you’ll only pay Wise transaction fees for the services you actually need.

Can I open a Wise account in the UK if I’m not resident?

You’ll need to provide a proof of address document to verify your Wise account. That means that to open a Wise UK account you’ll have to have a UK address. However, Wise is also available in almost all other countries around the world, so if you’re not a UK resident you’ll likely still be able to register a Wise account in your home country.

Does Wise charge to open an account?

There’s no fee to open a Wise personal account, and no minimum balance or maintenance charge to pay either.

Why is Wise asking for ID?

As a financial service provider, Wise must verify customers to comply with the law and keep accounts safe. Banks have to do the same when you set up an account - asking for some ID is all part of the verification process used to ensure customers and their money are secure, and accounts can’t be used fraudulently.