Wise has launched a UK Current Account, a notable departure for a fintech built on cross-border transfers, as it targets the everyday banking market.
Wise launched a UK current account on March 30 2026, entering territory Monzo and Revolut have previously spent years building.
Both have grown to reach dominant positions in UK digital banking on the back of full banking licences – with Revolut’s protracted application recently getting over the line – as well as Financial Services Compensation Scheme (FSCS) deposit protection, and current accounts that customers use as their primary financial relationship.
Wise, which built its business on cheap international remittances, is now competing for the same customers.
The fintech’s non-cross-border revenue already accounts for 41% of its total underlying income, and customer holdings reached £25.3bn ($33.4bn) as of September 2025, up 37% year-on-year. Globally, it serves 15.6 million active customers, with 100,000 joining each week.
Wise’s own interim results note that account holders show higher retention and more diversified product usage than transfer-only customers, so the current account is a push to convert more of its base into that category.
Its new UK current account offers a 3.26% variable rate on GBP balances through Wise Assets with no lock-in period, set against an estimated £250bn sitting in UK current accounts earning nothing. The rate carries investment risk and is not guaranteed.
Nilan Peiris, Chief Product Officer at Wise, said: “Banks haven’t kept pace with what customers expect for their current account. People shouldn’t need separate accounts for home and abroad.”
The licence question
The most substantive gap between Wise and its two main rivals is, at present, a regulatory one – given it operates under a Financial Conduct Authority (FCA) electronic money institution (EMI) licence and does not have a full banking licence.
Using partner banks and regulated investment vehicles to generate returns, Wise does not currently offer the same FSCS deposit protection that Monzo and Revolut do.
A report from September 2025 in The Times had noted that Wise approached experienced financial services executives about roles related to starting a banking business in the UK, including processes for obtaining a full UK banking licence.
It doesn’t have one yet, so until that changes, Wise is asking customers to choose it over fully licensed competitors, which for some may be a harder sell than the interest rate alone can overcome.
Wise’s starting position is stronger than most new current account entrants, however. More than £4bn of the £8bn held by UK customers in Wise accounts is already in Wise Assets, suggesting a meaningful share of its three-million-strong UK base has been treating it as somewhere to hold money, not just move it.
Where Wise has the argument
The clearest case for Wise over Monzo or Revolut sits in its international functionality, which neither rival has matched at the same depth.
A Wise account supports GBP and more than 20 local account details for receiving payments, transfers to over 70 countries at the mid-market rate, and a Travel Hub with in-app airport lounge pass purchases. Wise says 74% of global payments now arrive in under 20 seconds.
Alongside its Travel Hub, Wise has also introduced Young Explorer cards that give children under 18 their own card linked to a parent’s account, with spending controls and real-time notifications.
The lingering question for Wise is whether its international depth is a strong enough reason for customers to consolidate their banking around Wise, or whether the absence of FSCS protection sends them back to Monzo and Revolut regardless.
Wise has opened a two-week pop-up at Future Stores in London to drive sign-ups at launch.
