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How do I set up a Wise (formerly TransferWise) multi-currency account?

Last updated: February 23, 2024

Wise has a multi-currency electronic money account - You can sign up and get an account online, totally remotely. You can read about the benefits of the account in full on their website but here are some important features:

  • You can hold money in over 50 currencies, and convert between them in seconds at a low cost
  • You can get local account details for British pounds, euros, US Dollars, Australian Dollars, New Zealand Dollars, Hungarian Forints, Romanian Leus and Singapore Dollars, meaning you can send and receive transfers in these currencies like a local. Read more about the account details here
  • And you'll be able to get a business debit card for your Wise multi-currency account

To get the account, you'll need to create a Wise profile first, and then set up the multi-currency account. You'll need to go through some verification procedures, so be prepared for that. If everything goes smoothly, the account should be set up within a few hours.

To execute your accounting and compliance, Xolo needs to receive your Wise statements via API. To grant us access to this, so we can receive read-only statements from your account, log into your Xolo Leap self-service and go to 'Banking'. On the header of the page, under the 'Add bank account' button, click on 'Open banking' area, select 'Wise' from the 'Bank' drop-down list and proceed with the access granting activities.

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