Wise
The cheapest, clearest way to hold and move money in more than one currency. You get local account details in several countries, the real mid-market exchange rate, and a fee shown up front before you send. It won 4 of our 6 weighted criteria.
Open a Wise account →Why Wise wins
For someone who invoices clients abroad, buys from overseas suppliers, or lives in a different country from where they earn, the cost of a normal bank account is hidden in the exchange rate. Banks quote a "free transfer" and then take 2 to 4 percent on the conversion. Wise's entire model is to remove that. In our test transfers it was consistently the cheapest, and the only account that showed the exact fee and the rate before we confirmed.
The real exchange rate, with the fee shown
Every transfer we ran used the mid-market rate (the one you see on Google) plus a small, stated fee. Across US dollar, euro, and British pound transfers, Wise came out cheapest every time. Revolut matched it on some routes but only on higher-priced plans or within monthly limits.
Local account details in multiple countries
Wise gives you real account and routing numbers in the US, UK, Eurozone, Australia and several more, so clients and platforms can pay you as if you had a local bank there. In our test, a US client paid an ACH transfer into the Wise USD details with no issue.
Fast, and easy to open
Most of our test transfers arrived the same day, some within seconds on common routes. Signup was app-based and took under 20 minutes plus identity verification. No branch, no minimum balance.
How it scored against the field
| Criterion (weight) | Wise | Revolut | Payoneer | Traditional online bank |
|---|---|---|---|---|
| Transfer cost & exchange rate (25%) | Best | Good | Mid | Worst |
| Multi-currency hold & local details (20%) | Best | Good | Good | None |
| Transfer speed (15%) | Best | Best | Mid | Mid |
| Ease of signup & app (15%) | Best | Best | Mid | Good |
| Safety & regulation (15%) | Good | Good | Good | Best (insured) |
| Card & spending features (10%) | Good | Best | Mid | Good |
| Weighted score | 8.8 | 8.1 | 6.9 | 6.4 |
Ratings are relative to this field and this buyer (a freelancer or small business that deals in more than one currency). A person who only ever uses one currency and wants an insured savings account has a different best answer. Our methodology.
Where it's strong
- Cheapest currency conversion in our tests, fee shown up front
- Local account details in several countries
- Hold and switch between many currencies in one account
- Fast transfers, often same day
- No monthly fee, no minimum balance on the standard account
- Debit card that spends at the real rate abroad
Where it gives ground
- Not a bank: balances are safeguarded, not deposit-insured
- Limited or no interest on standard balances in many regions
- No overdraft, no lending, no cash deposits
- Support is chat and email, and can be slow at peak times
- Account can be frozen during compliance review, as with any money service
The runners-up, and why they came second
Revolut
The better all-round spending app, with budgeting tools, savings vaults, and strong card features. It matched Wise on speed and signup. It lost on transfer cost: the best rates are tied to paid plans or capped monthly free allowances, and fair-usage limits apply. Pick Revolut if you want a feature-rich account and a card first, and cross-border transfers second.
Payoneer
Widely accepted by marketplaces and gig platforms that do not support Wise, and useful if your income comes mainly through those. Conversion fees are higher than Wise and the fee structure is harder to read. Good as a receiving account alongside Wise, not as your main one.
A traditional online bank (for example Ally or SoFi in the US)
A real bank with deposit insurance, interest on balances, and lending products, all with no branches. It is the right choice if you operate in a single currency and want your money insured and earning. It is not built for international transfers, where its exchange rates were the worst in our field.
Who should not pick Wise
- You want deposit insurance and interest on your balance. Use a licensed online bank in your country.
- You need cash deposits, checks, an overdraft, or a loan. Wise does none of these.
- Your income comes through a platform that only pays out to Payoneer or a local bank. Match the account to how you actually get paid.
- You only ever deal in one currency. The multi-currency advantage is the whole point, and you would not use it.
FAQ
Is Wise safe?
Wise is regulated as an electronic money institution in the regions it operates in, and customer money is held separately from company funds at partner banks (this is called safeguarding). It is not the same as bank deposit insurance. Millions of people use it, but you should understand the difference before moving large balances.
Can I get paid by a US or EU client into Wise?
Yes. Wise gives you local account details in the US, UK, Eurozone and other regions, so clients pay you domestically in that currency and you hold or convert it yourself.
Does Wise charge a monthly fee?
The standard account has no monthly fee and no minimum balance. You pay a small stated fee per conversion or transfer. A one-time fee applies to order the debit card in most countries.
Wise vs Revolut, short version?
Wise for the cheapest cross-border transfers and multi-currency holding. Revolut for a richer everyday spending app and card. Many freelancers keep both.
Does OneOfBest get paid if I sign up?
The link on this page is a referral link. We may receive a reward if you open an account and use it. It does not affect the scorecard or the pick. Here is how that works.
Our pick for a multi-currency online account: Wise
Open a Wise account →Changelog
Aug 2026: first published. Wise selected over Revolut on transfer cost and multi-currency handling for a freelancer paid in several currencies.