Wise: information and detailed review

Wise is an online account for holding and moving money in several currencies. For a trader it is useful mainly for one thing: receiving payouts in dollars as if you had a US bank, and converting them to euros for very little.

According to the payout methods we keep in our firm profiles, 5 of the firms we cover pay through Wise: Alpha Futures, Bulenox, FTMO Futures, Klein Funding and Orion Funded. Many others pay by bank transfer, and you can give them your Wise details too.

We read its pricing tables, its usage policy, its help articles on crypto and regulation, and 941 Trustpilot reviews from 2026.

A warning first

Wise's usage policy for Europe, updated on 25 March 2026, excludes payments related to "platforms allowing the trading and/or exchanging of FX/CFD/options" and to crypto exchanges. It does not mention prop firms, and in the reviews we read there are no specific complaints from traders. But there is a risk that a review ends with the account restricted.

Our advice: do not use Wise as your only account for receiving payouts, and move the money to your bank as soon as you convert it.

Who is behind it

Wise is a publicly listed British company. In Europe it operates through Wise Europe SA, a payment institution authorised by the National Bank of Belgium, with a Madrid branch registered with the Bank of Spain. In the UK it is regulated by the FCA, and it has its own licences in the US, Brazil, Mexico, Australia, Singapore and other countries.

It is not a bank: money held as cash is protected differently, kept separate from the company's accounts, but without a bank's deposit guarantee scheme.

How you collect a payout with Wise

1. Open the account and verify your identity.
2. Add the currency your firm pays in, usually dollars.
3. Wise gives you US account details (account and routing number) to receive dollars like a local.
4. Give those details to your firm as your bank account.
5. When the payout arrives, convert it to euros and send it to your bank, or spend it with the card.

Fees

Item	Cost
Opening the account and details in 22 currencies	Free
Receiving through the local route (ACH in dollars, SEPA in euros)	Free
Receiving a dollar SWIFT transfer	$6.11 per payment
Receiving a euro SWIFT transfer	€2.39 per payment
Converting dollars to euros	Around 0.3% ($2.89 per $1,000)
Sending the euros to your bank	Under €1

Source: Wise pricing for Spanish residents and its official calculator, checked on 9 October 2026.

The key is how your firm sends the money. If it uses the US local route (ACH), receiving is free. If it uses an international transfer (SWIFT), you pay $6.11 per payout. Ask your firm before giving your details.

What you cannot do with Wise

• Anything with crypto. You cannot buy, sell or send money to exchanges like Binance or Coinbase. You can only receive from crypto platforms licensed in the UK or the European Union.
• Receive payments from FX and CFD trading platforms, according to its usage policy.

What users say

Wise scores 4.3 out of 5 on Trustpilot, from over 300,000 reviews. But more than half of those we read arrive through the company's own invitation links, and three in four of the positive ones. Our review analysis above breaks it down.

• Happy long-time customers: cheap, fast and with costs clear before you confirm.
• Accounts suddenly restricted or closed, sometimes with thousands of euros inside for days or weeks, and appeals that confirm the closure without explaining why.
• Document requests even for small transfers.
• Card fraud that is not recovered.

How to use it well

1. Ask your firm whether it pays by ACH or SWIFT before giving your details.
2. Have a second payout route in case Wise reviews your account.
3. Convert and move to your bank when the payout arrives; do not build up a balance.
4. If asked for documents, send your contract with the firm and the payout receipt.
5. Do not mix it with crypto: if your firm pays in USDT, use an exchange.

Verdict

For receiving dollar payouts and turning them into euros, Wise is one of the cheapest and most convenient options there is, and it is well regulated in Europe. But its usage policy excludes FX and CFD platforms, and when it closes an account it gives no explanation. Use it as a pass-through, not as the place where you keep your money.

Who it is for: traders whose firm pays by dollar transfer and who want to convert to euros cheaply.

Who it is not for: anyone paid in crypto and anyone wanting an account to hold money long term.

Alternatives

• Revolut: an account with a European IBAN and card, also for receiving transfers.
• Kraken: if your firm pays in crypto and you want to cash out to euros.
• Rise: if your firm pays through Rise, you can withdraw to your Wise dollar account.