Wise has rolled out its UK Current Account, adding new functions aimed at everyday users and those who manage finances across borders.

According to the company, Wise handled accounts for 3 million active individuals and businesses in the UK over the past year, with total balances exceeding £8bn ($10.5bn).

Across its global operations, Wise says it serves 15.6 million active customers, with the total value of customer funds held in accounts reaching £27.5bn.

The company reports it is bringing on 100,000 new users each week.

The latest account comes with a Travel Hub feature, including an Airport Lounge Pass option that allows customers in the UK and selected other countries to purchase single-use access to airport lounges through the Wise app.

The Travel Hub also provides guidance on local payment methods for those travelling abroad.

Wise indicated that more features will be introduced to this hub in future updates.

A separate development is the official launch of Young Explorer cards, which follow a period of testing.

The cards are available to individuals under 18 and are managed via a parent or guardian’s Wise Current Account.

Parents can add funds for spending or cash withdrawals, monitor transactions, approve payments, and receive immediate notifications about their child’s spending activity.

Wise account holders can earn variable interest on GBP balances at a current rate of 3.26% without being required to lock away their money.

Additional features include access to local account details in GBP and over 20 other currencies, support for direct debits for recurring bills, the ability to send payments to more than 70 countries, spending at mid-market exchange rates, and tools to create shared spending spaces for managing group expenses or splitting bills.

Users can also freeze or unfreeze their cards and receive instant transaction alerts.

The system provides warnings on payments flagged as potentially suspicious.

Wise chief product officer Nilan Peiris said: “Banks haven't kept pace with what customers expect for their current account. People shouldn't need separate accounts for home and abroad. With the Wise Current Account, we're giving customers a smarter way to manage their daily financial needs.

“They can hold and fully access their money while getting a return, easily spend on everyday purchases and split bills, and send and receive money quickly across borders – all at a low cost with no hidden fees."

"Wise targets daily banking market with new UK account " was originally created and published by Retail Banker International, a GlobalData owned brand.

 

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