The following dataset includes the performances of ready-made portfolios/funds offered by investment platforms and may include both actively and passively managed ready-made portfolios/funds. Performance indicated is also net of all fees to 31st January 2024, unless stated otherwise; any tiered fee structure will be disclosed. Ready-made portfolios/funds that include cryptocurrencies or any other securities outside cash and equities are not included in the dataset.
The dataset only includes ready-made portfolios/funds which are explicitly advertised by their respective platforms as being for ‘beginners’, and which are exclusively offered by the platform itself. Funds which are managed by other providers and may be identically offered across multiple platforms were not included in this dataset. For example, the Vanguard UK All Share Acc. ETF was offered by Plum, but as it is not directly managed by Plum and customers could reasonably access it on multiple platforms, it was not included for the purposes of this research. Other discretely advertised securities or investments are not included.
Avg. 5-year performance across all Wise ready-made portfolios
The industry average is the median average of all fund/ready-made portfolio performance figures we collated from 23 investment providers. To see the full dataset, visit X page.
All investing carries risk, the information provided is for educational purposes only. Investing Insiders does not offer advisory services, nor does it recommend or advise investors to buy or sell stocks, securities or other investment vehicles. Some or all of the products displayed on this page are from partners that compensate us. It does not influence the products we review or the location of the product on the page. Our research and analysis is 100% independent
The following dataset includes the performances of ready-made portfolios/funds offered by investment platforms and may include both actively and passively managed ready-made portfolios/funds. Performance indicated is also net of all fees to 31st January 2024, unless stated otherwise; any tiered fee structure will be disclosed. Ready-made portfolios/funds that include cryptocurrencies or any other securities outside cash and equities are not included in the dataset.
The dataset only includes ready-made portfolios/funds which are explicitly advertised by their respective platforms as being for ‘beginners’, and which are exclusively offered by the platform itself. Funds which are managed by other providers and may be identically offered across multiple platforms were not included in this dataset. For example, the Vanguard UK All Share Acc. ETF was offered by Plum, but as it is not directly managed by Plum and customers could reasonably access it on multiple platforms, it was not included for the purposes of this research. Other discretely advertised securities or investments are not included.
5-year performance across all Wise ready-made portfolios.
26.4%
The industry average is the median average of all fund/ready-made portfolio performance figures we collated from 23 investment providers. To see the full dataset, visit X page.
Industry average
Whether you are looking to send money abroad, keep your FX costs low when trading, or for somewhere to get a good deal on your holiday spending money, adding Wise to your wallet could be the smart move.
Wise offers the interbank exchange rate - the equivalent of trade costs - on all major currencies. That's something you won't find offered by many providers. If you're exchanging large amounts, using the interbank rate rather than other exchange rates where a mark-up has been added (looking at you, big banks), could result in significant savings.
There are other reasons to choose Wise too: up to £200 per month can be withdrawn from a foreign cash point for free, and the rates for using your debit card abroad are really very reasonable, especially when you factor in the low exchange rates you're also benefitting from with this provider.
You can hold and exchange 40+ different currencies in your Wise account, and there's even an option to invest any money you're holding so it can potentially be gaining stock market returns while it's not being used. Wise has a lot going for it.
Uses the interbank exchange rate (the real exchange rate) with no mark-up
Low foreign exchange fees
90% of all money transfers arrive within 24 hours
Lets you hold and convert 40+ currencies
82% of Trustpilot reviews are 5-star
Virtual and physical debit card available
Possible to have your salary paid directly into your Wise account in the currency of your choice
Offers investing opportunities direct from you Wise account
Cons
Physical debit card costs £7
Foreign exchange fees more expensive than Revolut
Transfer times can be slower than Revolut
Verdict5.0
Fees4.5
Account
Opening5.0
Safety5
Education4.0
Customer Service5.0
Portfolio View
Promotions
Clare's view:
Who do I recommend it for?
Average Success Rate
50%
The following dataset includes the performances of ready-made portfolios/funds offered by investment platforms and may include both actively and passively managed ready-made portfolios/funds. Performance indicated is also net of all fees to 31st January 2024, unless stated otherwise; any tiered fee structure will be disclosed. Ready-made portfolios/funds that include cryptocurrencies or any other securities outside cash and equities are not included in the dataset.
The dataset only includes ready-made portfolios/funds which are explicitly advertised by their respective platforms as being for ‘beginners’, and which are exclusively offered by the platform itself. Funds which are managed by other providers and may be identically offered across multiple platforms were not included in this dataset. For example, the Vanguard UK All Share Acc. ETF was offered by Plum, but as it is not directly managed by Plum and customers could reasonably access it on multiple platforms, it was not included for the purposes of this research. Other discretely advertised securities or investments are not included.
5-year performance across all Wise ready-made portfolios.
26.4%
The industry average is the median average of all fund/ready-made portfolio performance figures we collated from 23 investment providers. To see the full dataset, visit X page.
Uses the interbank exchange rate (the real exchange rate) with no mark-up
Low foreign exchange fees
90% of all money transfers arrive within 24 hours
Lets you hold and convert 40+ currencies
82% of Trustpilot reviews are 5-star
Virtual and physical debit card available
Possible to have your salary paid directly into your Wise account in the currency of your choice
Offers investing opportunities direct from you Wise account
Cons
Physical debit card costs £7
Foreign exchange fees more expensive than Revolut
Transfer times can be slower than Revolut
Verdict
5.0
Fees:
4.5
Account Opening:
5.0
Safety:
5
Education:
4.0
Customer Service:
5.0
Portfolio View
Promotions
Updates
Business Account
GIA
ISA
SIPP
Lifetime ISA
Cash ISA
Junior ISA
Trust
Demo
Junior SIPP
Joint Account
Available
Available
Not available
Not available
Not available
Not available
Not available
Not available
Not available
Not available
Not available
Funds
CFDs
Forex
UK stocks
US stocks
European stocks
RoW stocks
Fractional investing
Bonds and gilts
ETFs
Cryptocurrencies
Commodities
Indices
Futures
IPOs
Ready-made portfolios
Available
Not available
Not available
Not available
Not available
Not available
Not available
Not available
Not available
Not available
Not available
Not available
Not available
Not available
Not available
Not available
Who do I recommend Wise for?
There are three groups of people Wise would work for:
Traders buying non-GBP stocks, funds or other international assets wanting to avoid high FX fees charged by trading platforms
Holiday-makers and travellers looking to keep costs to a minimum when spending money away from home
Workers or business owners needing to transfer wages or income to other countries
The low foreign exchange fees and access to currencies at the interbank exchange rate, means it's possible to exchange currencies at the very best rates.
It's easy and free to set up and account with Wise, so even if you only need to send or spend money in a foreign currency once in a while, it could be worth it for the potential cost savings.
Fees
The ace up Wise's sleeve is undoubtedly the interbank exchange rate it is able to offer customers.
Also known as the mid-market rate or the real exchange rate, it's usually considered the preserve of big banks and large brokers trading large volumes of currency, and so is rarely available to us little people, as you can see from this table:
Unlike say, Starling Bank, Chase and Monzo, with Wise you'll need to pay a fee to use your debit card abroad if you're a traveller, and to use a foreign ATM once you go over the £200 free ATM withdrawal limit. However, the foreign exchange rates charged by Wise are reasonable and certainly still far lower than you'll pay to use a debit card issued by one of the big high street banks as you can see from the table below:
Wise provides a very helpful conversion calculator on its website, and – a feature that I really appreciate – a comparison tool where they are totally open and upfront about whether it's Wise, or a competitor, which can offer the fastest transfer, the best exchange rate, or the lowest fees. Nice work, Wise. It's that kind of transparency that makes me feel confident in a provider.
Wise is authorised by the UK Financial Conduct Authority which means customers should safeguarded by the rules authorised-companies are bound by. However, any foreign currencies you hold in a Wise account are not covered by the Financial Services Compensation Scheme so would be at risk of losing money if Wise went bust while you held foreign capital.
No, Wise is not a bank. It is a Money Services Business. The Wise Account does offer access to some features, however, which are similar to those available from bank accounts, such as the option to hold a balance, send and receive payments, and spend with a linked card.
Wise offers FX fees starting at 0.33% which is reasonably good when compared to its competitors. It also offers access to the interbank exchange rate – the real exchange rate – meaning you'll be able to keep costs lower when changing currencies.
Ask the Insiders
Have a question about Wise that we haven't covered? Ask it here and we will get back to you as soon as possible!
Fact
Checked
Disclosure
Share
Read more
Verdict
Available
Not available