Opening an account in the WISE payment system (United Kingdom)

Wise was established in 2011 in the UK. The payment system's activities and security are regulated by the Financial Conduct Authority (FCA). To date, the Wise payment system has successfully made money transfers to 59 countries around the world.

Wise uses peer-to-peer (p2p) technology, which connects the sender of the payment with the recipient directly or through an intermediary server. In practice, transferring funds with Wise looks like this:

1. You have EUR currency on your account.
2. You need to send a payment in UAH.
3. You send funds in EUR to the Wise account.
4. The technology developed by Wise finds another client who wants to make a transfer in the opposite direction (UAH to EUR).
5. The Wise system automatically adjusts currency flows in real time.
6. The recipient receives your transfer in UAH.
7. The transfer is paid out in UAH at a local bank.

Unlike other payment systems, Wise uses the average exchange rate and fixes the rate from the moment the payment is made. This ensures that the recipient will receive the full amount of your transfer. In addition, the sender's fee is always visible at the initial stage of creating a translation, and there are no fees for the recipient. Wise payment system, as an online service, does not accept or send cash. It takes 3 to 4 business days to open a Wise account completely remotely. Open a Wise account remotely.

Wise offers for individuals and legal entities:

• Opening a multi-currency account without commission
• No monthly fee for account maintenance
• Incoming payments - no commission
• Withdrawal of funds to a bank account - from 0% to 0.2%
• Ability to store and convert 44 currencies on the account at the same time
• Average exchange rate
• Convenient mobile application for Android and IOS 

Currently, the Wise payment system has restrictions on payments in USD via SWIFT to some countries. You can always use your Wise card when paying on Amazon, e-Bay, etc. Today, Wise is the easiest and cheapest way to receive an international transfer in Ukraine. Funds can be received through almost any Ukrainian bank - Oschadbank, Privatbank, Monobank, Raiffeisen Bank, etc. The transfer can be received in EUR and UAH.

The Wise payment system adheres to the principle of ‘know your customer’ and in each case reserves the right to request additional documents, which will lead to an increase in the time required to open an account, and may also refuse to open an account without giving any reason.