What makes Wise valuable for migrants

Wise is the most cost‑effective way for NRIs and new migrants to move money between the UK and India. It uses the mid‑market exchange rate and charges transparent fees, making it far cheaper than traditional banks.

Why migrants choose Wise

• Open before arriving in the UK
• Hold 40+ currencies including INR
• Lowest transfer fees
• No monthly charges
• Debit card works globally
• Fast transfers to India

Fees

• Transfer fee: ~0.6% of the amount
• FX rate: mid‑market
• ATM withdrawals: free up to a limit
• No monthly fee

Real example: Sending £1,000 to India

• Traditional bank cost: £35–£40
• Wise cost: ~£6
• Annual savings: £348–£408

Pros

• Cheapest INR transfers
• Transparent pricing
• Multi‑currency support
• Can open before moving

Cons

• Not a full UK bank
• No cash deposits
• No overdraft

Who should choose Wise

• NRIs sending money home
• Students
• Freelancers paid in multiple currencies
• Anyone wanting low‑cost FX

Who should avoid it

• People needing a full UK bank with overdraft
• Cash‑heavy users

How to open a Wise account

• Upload passport
• Add address
• Verify identity
• Order debit card

Alternatives

• Revolut
• Remitly
• Western Union