The Best Financial Companion For Expat's: wise.com

Our honest review after being customer for 10+ years

Managing finances across multiple currencies remains one of the most challenging aspects of expatriate life. Traditional banks typically charge excessive fees, offer poor exchange rates, and create needless complexity. As someone who's been a Wise customer since their early days as TransferWise around 2012, I've witnessed firsthand how this service has revolutionized cross-border financial management for the globally mobile.

What Sets Wise Apart as the Best Financial Companion for Expats

Transparent Fee Structure

Unlike traditional banks that hide fees in inflated exchange rates, Wise shows exactly what you're paying. This transparency has been consistent since their inception, making financial planning significantly more predictable for expats managing income and expenses across multiple countries.

Actual Mid-Market Exchange Rates

Wise offers the real mid-market exchange rate—the same one you'll find on Google or Reuters. This typically saves expatriates 3-5% on every currency conversion compared to traditional banking options, which can translate to thousands of dollars annually for frequent international transfers.

Multi-Currency Account Functionality

The Wise multi-currency account allows you to:

• Hold and manage money in 50+ currencies

• Receive payments with local bank details for 10 major currencies including USD, EUR, GBP, and AUD

• Spend internationally with the Wise debit card at the real exchange rate
  

This functionality essentially eliminates the need for multiple bank accounts across different countries—a significant simplification for global citizens.

Evolution from TransferWise to Wise: An Estonian Success Story

When I first became a customer in 2012, the company focused solely on international money transfers as TransferWise. Founded by Estonians Kristo Käärmann and Taavet Hinrikus, the company has become one of Estonia's most globally recognized unicorns and a shining example of Estonian digital innovation.

As an Estonian myself, I've taken particular pride in watching this homegrown startup evolve into a financial powerhouse valued at over $11 billion. The company exemplifies Estonia's digital prowess and entrepreneurial spirit that has produced an impressive number of unicorns per capita, placing this small Baltic nation on the global fintech map.

Over the years, I've watched them expand their services to become a comprehensive financial platform for international living. The 2021 rebrand to "Wise" reflected this broader mission beyond just transfers.

The platform now offers:

• International money transfers

• Multi-currency accounts

• Business accounts for global entrepreneurs

• Debit cards that work seamlessly across borders

• Mass payment options for international payroll

• Investment options in some markets
  

Each addition has addressed specific pain points in the expat financial experience, demonstrating the company's deep understanding of international lifestyle needs.

Practical Applications for Different Expat Scenarios

No matter which category you fall to, Wise still makes it as the Best Financial Companion for Expats.

For Remote Workers

Remote workers receiving payment in foreign currencies can save substantially by having clients pay directly to their Wise account's local bank details rather than through traditional wire transfers or payment processors.

For Property Owners Abroad

Expatriates maintaining properties in their home countries can manage mortgage payments, utility bills, and rental income through Wise, avoiding the double conversion penalties typical of traditional banks.

For Multi-Country Entrepreneurs

The business account features allow entrepreneurs operating across borders to invoice clients in their local currency, pay international suppliers, and manage contractor payments—all from a single platform.

For Retirees Abroad

Retirees receiving pension payments from their home countries can have these funds deposited directly to Wise, then convert and withdraw only what they need in local currency at the optimal exchange rate.

Security Considerations for Expatriates

Wise maintains strong security measures critical for expatriates who may not have immediate access to their home banking systems in case of issues:

• Regulatory approval in multiple jurisdictions

• Segregated user accounts separate from company operational funds

• Two-factor authentication and advanced encryption

• Rapid freeze capabilities if suspicious activity is detected

  
  

When Wise Might Not Be Sufficient

While extremely useful, Wise isn't a complete replacement for traditional banking in all scenarios:

• Cash deposits are not supported

• Loan and credit products aren't available

• Some countries have withdrawal or transfer limitations
  

Most expatriates find the optimal arrangement is maintaining both a Wise account and a local bank account in their country of residence.

The Go Borderless Perspective: Estonian Innovation for Global Citizens

At My Expat Go, we advocate for services that truly enable borderless living—tools that remove friction from international transitions and empower global citizens to move with confidence. Wise exemplifies this philosophy by dismantling one of the most significant barriers to seamless global mobility: financial friction.

The Estonian connection here is particularly meaningful to our Go Borderless philosophy. Estonia itself—with its e-Residency program, digital-first governance, and borderless business environment—represents a similar mindset. Estonian digital innovation, exemplified by companies like Wise, Skype, and Bolt, consistently creates solutions that transcend traditional boundaries and limitations.

Having personally relied on Wise through multiple international relocations, I can attest to its transformative impact on the expatriate financial experience. The platform continues to evolve alongside the changing needs of the globally mobile community, making it an essential tool in the modern expat's resource kit.

For those embarking on their global journey or seasoned expatriates looking to optimize their international finances, Wise represents a significant step toward truly borderless living.

Try Wise for Your Borderless Financial Needs

If you're considering Wise for your international financial management, you can sign up through our referral link.

Full transparency: 

As a long-time user who genuinely believes in this service, I've become a Wise affiliate. Using this link will give you a fee-free transfer up to a certain amount (typically €500), and My Expat Go will receive a small commission that helps support our work in the expatriate community. I only recommend services I personally use and trust, and this partnership allows us to continue providing valuable resources to our global community while helping you save on your international transfers.

Whether you use our link or sign up directly, I believe Wise is an essential tool for anyone pursuing a borderless lifestyle. The recommendation comes from over a decade of personal experience as a customer who has relied on their services through multiple international relocations.