Wise banking focuses on its core value proposition: "money without borders." This is the company's own mission statement and an excellent way to frame the service for others.

Here’s a multi-faceted approach to explaining Wise, starting with the simplest concept and adding layers of detail:

1. The Simple Analogy:

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The most effective way to start is with a simple analogy. Think of Wise not as a traditional bank, but as a clever middleman for international payments.

• The Problem: When you send money to someone in another country using a traditional bank, your money has to travel through a costly and slow international network (the SWIFT network). Banks often give you a marked-up exchange rate and charge hidden fees.

• The Wise Solution: Wise built its own network of bank accounts all over the world. When you send money from the US to the UK, for example, your money goes to Wise's account in the US. Wise then instantly pays your recipient from its account in the UK. This means the money never actually crosses borders, which is what makes it so much faster and cheaper.

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2. Key Features to Highlight:

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Once they understand the basic concept, you can introduce the key features that make Wise so useful.

• International Money Transfers: The primary service. Emphasize that it's faster and significantly cheaper than traditional banks. Explain that they use the "real" mid-market exchange rate—the one you see on Google—with a low, transparent fee.

• Multi-Currency Account: This is a powerful feature for travelers, freelancers, or anyone who deals with multiple currencies. Explain that you can hold and manage money in over 40 different currencies, all from one account.

• International Debit Card: This card is linked to your multi-currency account. You can spend money in a local currency without paying foreign transaction fees. It automatically draws from the correct currency balance in your account, saving you money on every purchase abroad.

• Local Bank Details: For anyone who gets paid from abroad, Wise provides local bank details for up to 9 currencies (like a US routing and account number, or a UK sort code and account number). This allows people to get paid like a local without having to open a local bank account.

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3. Addressing Common Questions:

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Anticipate and address common concerns to build trust.

• Is it a bank? It's important to clarify that Wise is a financial technology company, not a traditional bank. While it offers many bank-like services, it operates as a licensed and regulated money transmitter. This means it can't offer things like loans or overdrafts, but it's held to high security and regulatory standards.

• Is it safe? Reassure them that Wise is regulated by financial authorities in every country it operates in, and it uses two-factor authentication and other security measures to keep money and data safe.

By starting with a simple analogy and then building on that with clear, concise points, you can demystify Wise and help people understand its true value.

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​Explained in Simple Terms:

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• How would you like to have an Australian, European, British and American bank account?

• You are able to transfer money to friends or family in seconds for under $2. (No crazy bank fees)

• Get paid from anyone from overseas.

• With a multi-currency accounts you can hold and manage money in over 40 different currencies, all within a single account when you travel.

• Low fees and fair exchange rates as Wise is known for its transparent, low fees and for using the mid-market exchange rate, which is the real rate you see on Google. This can be significantly cheaper than using a traditional bank for international transfers.

• International payments are a breeze, you can send money to over 160 countries with low fees.

• No monthly fees with a personal Wise accounts are free to open and do not have ongoing monthly subscription fees.

• It's a debit card! You can get a linked debit card that allows you to spend in different currencies around the world, with low conversion fees.​​​​​​​​​

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