Wise has announced it will launch a current account in the UK with a range of features to challenge traditional UK banks.
The FinTech said the account is designed for people with “international needs,” giving customers over 20 local account details to receive money in different currencies.
Customers can set up direct debits for recurring payments and Wise said that customers can also send money to over 70 countries with no hidden fees.
Additionally customers can also create shared spending spaces to split bills with others or manage group expenses.
To keep the current account secure, Wise said that customers can quickly freeze and unfreeze cards, receive real-time notifications when they spend, and they may also receive dedicated warning messages when making a payment that Wise’s systems flag a potentially suspicious.
The current account also comes with a travel hub and airport lounge pass feature, which Wise said will make travel more convenient. The features allow customers to purchase lounge passes in the Wise app and get practical advice on making international payments. Wise added that more features will be added in the coming months.
Following a testing phase, Wise is also launching Young Explorer cards, which Wise said are cards for children under 18 to help them learn the basics of financial management.
The card is directly linked to the parents’ Wise current account and can be topped up for spending and cash withdrawals. Wise said that it is designed with a range of safety features such as allowing parents to track their spending, set up approvals for payments and receive instant spend notifications.
Wise said the launch of the current account comes as everyday use of its services in the UK has grown. Some three million people and businesses used Wise last year and hold over £8 billion in their accounts.
Wise said it serves more than 15.6 million active customers around the world, with 100,000 new customers joining Wise each week. In total, customers hold over £27.5 billion in their Wise accounts.
“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, chief product officer at Wise, “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.”