Wise Multi-Currency Account [Comprehensive Guide]

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Wise Multi-Currency Account is a mobile wallet that allows users to hold Stellar's native cryptocurrency, lumens (XLM) as well as other currencies. Wise does not have servers, making it difficult for governments and criminals to censor or freeze accounts.

Wise also has an in-built decentralized exchange for on-the-go exchanges between lumen, bitcoin, and Ethereum. Wise users are able to store their lumens within Wise while trading other currencies directly from their wallets. Wise Multi-Currency Account is currently available on Android.

The Wise mobile wallet is a non-custodial wallet that allows users to store, trade, and buy cryptocurrencies directly from their mobile device.

Wise Multi-Currency Account gives users the ability to store their cryptocurrencies in a Wise wallet while trading other currencies directly from within the wallet. Wise has a decentralized server architecture that means Wise has no control over users' funds, leading to more safety and freedom. Wise is currently available on Android.

In order to make Wise Multi-Currency Account as simple as possible, Wise presents a very short list of understated features:

  • Store your cryptocurrencies in Wise Wallet, while trading other currencies directly from the wallet.
  • Decentralized server architecture means Wise has no control over users' funds, leading to more safety and freedom.
  • Spending limits that prevent large unexpected expenses. Wise requires you to enter how much you want to spend before making a purchase, preventing large expenses without your consent.
  • Wise connects users to decentralized exchanges within the wallet. This enables cross-chain and off-chain transactions. Wise's inbuilt decentralized exchange has support for on/off-chain bitcoin (BTC) and Ethereum (ETH) to lumens (XLM). Wise doesn't take custody of your funds, so there are no withdraw or deposit limits. Wise also has built-in regular on-chain exchange for lumen to other currencies. This means Wise is a multi-currency wallet with a built-in decentralized exchange, all within the same app.

Pros and Cons of Wise Multi-Currency Account


  • Holds 50+ currencies:

Wise Multi-Currency Account holds up to 50 different currencies, making Wise the most convenient multi-currency wallet.

  • Spending limits:

Wise asks you how much you want to spend before making a purchase, preventing accidental large expenses without your consent.

  • Fee-free transfers:

Wise doesn't take custody of your funds, allowing users to keep their funds in cold storage or on an exchange, helping users avoid paying withdrawal fees.

  • Can send money to 80+ countries:

Wise Multi-Currency Account can send money to any country except North Korea. Wise doesn't restrict users based on location or nationality and has support for most countries with a population of more than 80 million people.

  • Transparent process:

Wise never has access to your funds or private keys and Wise is decentralized, removing the risk of server downtime and possible insolvency. Wise also uses an escrow system, allowing users to trade cryptocurrencies while Wise holds both sides of the deal in a transparent escrow account.

  • No monthly fees:

Wise doesn't charge a monthly subscription or a per-transaction fee. Wise's revenue model is based on optional tips users can send to Wise, the team behind Wise, and/or their favorite currencies within Wise.

  • Mid-market exchange rates:

Wise doesn't use spread-based pricing, Wise always gives users the mid-market exchange rate. Wise doesn't take a percentage of the amount traded and Wise only charges fees when users trade between currencies on Wise's built-in decentralized exchange.

  • Customer Support:

Wise has a team available 24/7 to help solve any problems users might have.

  • Easy to set up:

Wise's setup is as easy as setting up a social media account. Wise guides users with step-by-step instructions on how to create an identity within Wise and store their first cryptocurrency, making Wise one of the most user-friendly multi-currency wallets.


  • Wise Multi-Currency Account is complicated:

Wise chooses to focus its time and energy on creating an intuitive user experience rather than add features that add bloat or make Wise too complex for mainstream users. Wise is the only multi-currency wallet with a built-in decentralized exchange. Wise believes this gives Wise an advantage over other multi-currency wallets, but it also makes Wise more complicated than most apps.

  • No physical branches:

Wise has no physical branches, so it can't provide in-person support or education. Wise tries to solve this by offering a FAQ section and live chat for help. Wise also provides users with self-serve support tickets.

  • No overdraft facility:

Wise doesn't have an overdraft facility, so Wise doesn't allow users to spend more than they have. Wise believes this helps make Wise a safer multi-currency wallet.

  • Limited payment methods:

Wise only supports cryptocurrencies and bank transfers, meaning Wise can't be used for paying bills or purchasing items in shops. Wise only allows cryptocurrency payments if the merchant accepts cryptocurrencies, and Wise offers tips for users to help get merchants on board.

  • Wise Multi-Currency Account is new:

Wise Multi-Currency Account has only been available since May 2018, leaving it unproven compared to wallets that have been around for years, such as Mycelium and Blockchain Wallet. Wise Multi-Currency Account is only available on iOS and Android, meaning Wise hasn't released a desktop or web version yet.

  • No two-factor authentication:

Wise doesn't offer 2FA to secure users' account information, making it easier for hackers to steal Wise users' information. Wise recommends using a hardware wallet to avoid having funds stolen from Wise.

How to open a Wise Multi-Currency Account?

  • Download Wise Multi-Currency Account on your mobile device or go to Wise. global and create an account.
  • Enter your country of origin and link a payment method if you want to purchase cryptocurrencies with fiat currency.
  • Buy cryptocurrencies through Wise's built-in decentralized exchange, which allows users to trade between currencies without paying any fees.
  • Send the purchased cryptocurrencies to Wise's Wise Wallet.
  • Set Wise Multi-Currency Account as your default wallet in the menu, and/or set Wise Multi-Currency Account as your default currency under Settings > Advanced options.

How to send Wise Coins?

1.) Click Wise Coins.

2.) Choose whether you want to send Wise coins to multiple wallets or send Wise coins to a specific wallet. If you choose the latter, enter your recipient's address and how many Wise Coins you'd like to send them.

3.) Enter an optional memo that will help identify the transaction if necessary (like sending it to your friend Ben).

5.) Click Send Wise Coins.

Who should use Wise Multi-Currency Account?

Wise Multi-Currency Account is perfect for anyone who wants to manage multiple cryptocurrencies in one place without having to manually trade between currencies. Wise Multi-Currency Account is also great for users who want to take advantage of Wise's built-in decentralized exchange.

Wise can also help crypto newcomers get acquainted with digital currency. Wise doesn't have the best security, so Wise is best for users who don't have large amounts of cryptocurrency. Wise also doesn't offer 2FA to secure its users' accounts. Wise Multi-Currency Account isn't available on all platforms, meaning Wise can't be used by everyone.

Is Wise secure?

Wise uses industry-leading security protocols, including AES-256 encryption for its mobile app version to protect users' accounts. Wise never stores user passwords, and Wise's Wise Wallet is completely decentralized, making it more secure. Wise can't access users' private keys or funds, so if Wise gets hacked (which hasn't happened yet), Wise users won't lose money.

Wise's Wise Vault feature allows Wise users to store some of their funds offline, making them even more secure. Wise also uses Hierarchical Deterministic wallets, which allow Wise users to keep track of transactions and balance by generating a "secret key" from the seed phrase Wise provides when creating new wallets.

How is Wise regulated?

Wise has been cleared by the Financial Crimes Enforcement Network as a money services business. Wise complies with KYC and AML requirements and is registered with FinCEN. Wise is also compliant with ISO 27001 (a standard for information security management), and Wise uses BitGo's multi-signature wallet system to ensure Wise Coins are secure.

As a result, Wise can be used in almost every country in the world - even places like China where cryptocurrencies are banned. Wise doesn't have to worry about being blocked by the government because Wise's compliance makes it legal to use in every country.

Two of the Wise alternatives are:


Revolut is the new online banking application that has revolutionized how people use money. It is similar to PayPal in allowing users to transfer funds around the world at the touch of a button, but Revolut also allows more than just transfers.

Revolut fees are among some of the cheapest you'll find on any budgeting platform and Revolut card payments are accepted by more than 36 million traders, a number that is growing all the time.

Revolut has been expanding rapidly since it was first founded in 2015 and has been widely acclaimed as one of the fastest-growing fintech companies in the UK. Revolut serves nearly 2 million customers worldwide and continues to grow as it attracts more Revolut users every day. Revolut is only five years old but has already become a household name in the finance industry, revolutionizing how people use their money all over the world.

Revolut allows users to buy and sell cryptocurrencies, including Bitcoin, Litecoin, Ethereum, XRP, Monero, and more. Revolut is a very popular app for everyday purchases and we can now include buying cryptocurrencies to Revolut's list of services.

Revolut allows users to buy up to 1000 USD/EUR per week through the Revolt App, without additional fees. You can also make unlimited exchanges from BTC or ETH to another cryptocurrency for free.


Monzo is a digital bank that is revolutionizing how people manage their money by focusing heavily on mobile technology, including an application (app) Monzo has been able to gather a substantial customer base.

Monzo currently serves over 3 million users and services its customers as a Monzo business as well as Monzo consumers. With the latest 2.0 update released on June 13th, 2018, Monzo has launched business accounts and a partner app for its current users to become more efficient with their Monzo banking.

Monzo's mission is to build a bank account for everyone, by helping small businesses grow faster. Monzo has identified that larger companies tend to have more Monzo customers than smaller shops, which Monzo aims to change with its recent business account changes.

Monzo's goals through this are to help both large and small businesses by allowing Monzo users greater access to their spending patterns, identifying trends in your money usage, as well as your employees.

The Bottom Line:

Multi-Currency Account is best because Wise users don't need to worry about any regulations, Wise Multi-Currency Account users can pay wherever they are in the world, Wise uses advanced open source technology instead of hidden algorithms. Wise is flexible and secure at the same time. Wise partners with BitGo, the leading multi-signature solution providing Wise with world-class technology and security.

Wise is already a popular app that has been growing exponentially since its launch in 2011. Wise looks to be one of the biggest money transfer apps on the market today. Wise promises to not charge you any fees, which essentially means Wise users will always have a favorable exchange rate over a bank or money transfer.

Michael Restiano

I lead product content strategy for SaltMoney. Additionally, I’m helping our broader team of 4 evolve into a mature content strategy practice with the right documentation and processes to deliver quality work. Prior to Instacart, I was a content strategy lead at Uber Eats and Facebook. Before that, I was a content strategist at SapientNitro, helping major Fortune 500 brands create better, more useful digital content.