Wise Referral: Get a Fee-Free Transfer up to £500 or a Free Wise Card

Last updated: 8 June 2026

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See the Wise welcome offer

What is Wise?

Wise (formerly TransferWise) is an international money transfer and multi-currency account service. Rather than adding a margin to the exchange rate, Wise uses the mid-market rate, which is the rate you see on Google, and charges a separate fee that is shown upfront before you send. You can also hold and convert more than 40 currencies and spend abroad with a Wise card.

What is the Wise referral offer?

New customers who sign up through a referral link can choose one of two welcome gifts. First, a fee-free international transfer of up to £500, where Wise waives its transfer fee on your first transfer (you must use it within six months). Alternatively, a free Wise debit card, which usually carries a small one-off order fee. You pick whichever suits you.

For context, the person who refers you may also receive a reward once you make a qualifying transfer, which is why this is a referral link. It does not change what you pay or the offer you receive.

How to claim the Wise welcome offer

1. Sign up through a Wise referral link and create your account.
2. Verify your identity by completing the standard ID checks.
3. Choose your welcome gift, either the fee-free transfer up to £500 or the free card.
4. Make your first transfer within six months to use a fee-free transfer reward.

Fees and how Wise makes money

Wise charges a fee per transfer, which varies by amount and currency and is always shown before you confirm. There is no hidden margin added to the exchange rate, which is the main difference from many high-street banks. The referral offer simply waives the fee on your first transfer up to £500. The Wise card has a small one-off order fee (waived if you choose the card as your welcome gift), and some ATM withdrawals above a monthly limit carry a small charge.

Is your money safe with Wise?

Wise is an e-money service, not a bank. As a result, your money is not lent out, and it is not protected by the Financial Services Compensation Scheme (FSCS). Instead, Wise safeguards customer funds in line with FCA rules by keeping them separate from its own money and holding them as cash in banks and secure, liquid assets. You can read the detail on Wise's safeguarding page.

Who Wise may suit

Wise may suit you if you regularly send money abroad, get paid in another currency, or travel and want to spend in local currency at the mid-market rate. It tends to be less useful if you only ever transact in pounds at home, where a standard current account is usually enough. If you are weighing up other sign-up offers, our best referral offers UK guide compares current deals across UK brands.

FAQs

What do I get with the Wise referral offer?

You choose one welcome gift: a fee-free international transfer of up to £500 (used within six months), or a free Wise debit card. You cannot have both.

Is Wise free to use?

No. Wise charges an upfront fee per transfer and uses the mid-market exchange rate with no hidden margin. The referral offer waives the fee on your first transfer up to £500. Card and ATM fees may apply beyond set limits.

Is my money protected by the FSCS?

No. As an e-money institution rather than a bank, Wise is not covered by the FSCS. It instead safeguards customer funds by holding them separately in line with FCA rules.

How is Wise different from my bank?

Wise typically shows the fee separately and uses the mid-market exchange rate, whereas many banks build a margin into the rate. Wise also makes holding and converting multiple currencies straightforward.

How long does the fee-free transfer last?

If you choose the fee-free transfer reward, you need to use it within six months of signing up.

Is Wise regulated?

Yes. Wise Payments Limited is authorised by the Financial Conduct Authority as an Electronic Money Institution (FRN: 900507). Being an e-money firm rather than a bank is why FSCS protection does not apply and safeguarding is used instead.

Disclaimer

This page is for informational purposes only and does not constitute financial advice. Wise is an e-money service, not a bank, and customer funds are safeguarded rather than FSCS-protected. Fees, exchange rates and offer terms can change, so always check Wise's current details before you send. This page contains a referral link; if you sign up through it I may receive a reward at no extra cost to you, and it does not affect my editorial view.

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