The company on Monday (March 30) announced the launch of its UK Current Account, framing it as a challenge to Great Britain’s retail banking sector.
“Banks haven’t kept pace with what customers expect for their current account. People shouldn’t need separate accounts for home and abroad,” said Nilan Peiris, Wise’s chief product officer.
“With the Wise Current Account, we’re giving customers a smarter way to manage their daily financial needs. They can hold and fully access their money while getting a return, easily spend on everyday purchases and split bills, and send and receive money quickly across borders – all at a low cost with no hidden fees.”
With the new account come two new features: Airport Lounge Pass and Young Explorer cards. The former is designed to make international travel more convenient, letting customers in the U.K. and other markets purchase a one-off lounge access pass from the Wise App.
The Young Explorer cards for children under 18, and are aimed at helping kids learn the basics of financial management.
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“The card is directly linked to the parents’ Wise Current Account and can be topped up for spending and cash withdrawals,” the release said.
“It’s designed with safety in mind: parents and guardians can track spending, set up approvals for payments and will receive instant spend notifications.”
This offering comes as younger consumers continue to drive adoption of digital banking, with PYMNTS Intelligence research showing that this age group tends to manage financial tasks from the same apps used for shopping, communication and entertainment.
“That pattern does not reflect a preference for banks in the traditional sense. It reflects a preference for integrated digital environments where payments, savings and spending sit within the same interface,” PYMNTS wrote last week.
“For providers, the read-across is that the firm that captures daily engagement is more likely to become the primary account. For banks eyeing competition from the neobanks, some of the latter are beginning to operate with the same economic levers.”
The announcement follows a report from last year that Wise was considering becoming a full-fledged bank in the U.K.
The company is also at work on a dual listing, which will see the U.S. become its primary listing ahead of London. Wise is still waiting for regulatory approval on that move.
CEO Kristo Käärmann said in January that the dual listing will “further increase our profile in the U.S. as we remain focused on accelerating global growth and becoming the network for the world’s money.”