Wise is a financial technology company based in London that was founded in 2011. Wise was launched to make international money transfers cheap, fair, and simple.
Currently, Wise offers a variety of features, such as sending and receiving money, holding balances in multiple currencies, using a debit card for spending, and even the option to open a cost-effective Wise Business account, all in the same place.
Also, it introduced an “Interest and Stocks” option, but is it available in your country? Do you have better alternatives? In this article, we will answer both questions!
Which countries can invest in Stocks at Wise?
Although Wise operates in 70+ countries, it’s important to note that investing in stocks is not available in all regions. Wise offers stocks as part of their Assets product. Currently, Stocks are only available in the UK, Singapore and some regions of the European Economic Area – EEA – (Austria, Denmark, Estonia, Finland, France, Germany, Luxembourg, Netherlands, Norway, Spain and Sweden).
With Assets, you can decide how you would like to hold the money in your Balances or Jars. Currently, you can choose Cash, Interest or Stocks. If you choose to hold your money as Stocks, Wise will invest all of the Balance or Jar1 in a fund they have chosen.
It is important to note that, with Business Wise accounts, not all types of businesses can do these operations. If you have a business account and do not see the option to switch a Jar or Balances to Interest or Stocks, Wise can’t onboard your business.
UK
Stocks are available to UK residents, both consumers and businesses; however, British overseas territories are currently not included in this offering. If your address is in the UK, you have the option to switch your Balances and Jars to:
| Assets | Fund |
| Stocks | iShares World Equity Index Fund (LU) Class N2 EUR Managed by BlackRock |
EEA
Stocks are available to consumers and businesses that are residents in the EEA, which includes Austria, Denmark, Estonia, Finland, France, Germany, Luxembourg, Netherlands, Norway, Spain and Sweden.
If your address is in one of the countries listed above, you can switch your Balances and Jars to:
| Assets | Fund |
| Stocks | iShares World Equity Index Fund (LU) Class N2 EUR Managed by BlackRock |
Singapore
Stocks are available for residents and businesses located in Singapore. If your address is within Singapore, you have the option to switch your Balances and Jars to:
| Assets | Fund |
| Stocks (USD) | Infinity Global Stock Index Fund USD Class Managed by Lion Global Investors Ltd. |
Which countries can earn Interest at Wise?
As with Stocks, Interest is only available in select regions. Wise offers interests as part of their Assets product. As of this writing, Interest is only available to UK, Singapore and some EEA residents (Austria, Estonia, Finland, France, Germany, Hungary (in beta), Luxembourg, Netherlands, Norway, Spain and Sweden).
Wise allows you to manage your funds in the Assets service. When opting for Interest, Wise will invest all of your money in the Jar or Balance in the interest-earning fund they have chosen, depending on the currency.
It’s crucial to highlight that not all business types on Wise can access these features. If you hold a business account and don’t see the option to switch a Jar or Balances to Interest or Stocks, it indicates that Wise cannot currently onboard your business for these operations.
UK
Just like Stocks, Interests are available to consumers and businesses who are residents in the UK (British overseas territories not included). If you are a UK resident, you can switch your Balances and Jars to:
| Assets | Fund |
| Interest-earning fund (GBP) | BlackRock ICS Sterling Government Liquidity Fund Premier Acc (GBP) Managed by BlackRock |
| Interest-earning fund (EUR) | BlackRock ICS Euro Government Liquidity Fund Premier Acc T0 (EUR) Managed by BlackRock |
| Interest-earning fund (USD) | BlackRock ICS US Treasury Fund Premier ACC (USD) Managed by BlackRock |
EEA
Interests are available to consumers and businesses that are residents in Austria, Estonia, Finland, France, Germany, Hungary (in beta), Luxembourg, Netherlands, Norway, Spain and Sweden.
If your address is in one of the countries listed above, you can switch your Balances and Jars to:
| Assets | Fund |
| Interest-earning fund (GBP) | BlackRock ICS Sterling Government Liquidity Fund Premier Acc (GBP) Managed by BlackRock |
| Interest-earning fund (EUR) | BlackRock ICS Euro Government Liquidity Fund Premier Acc T0 (EUR) Managed by BlackRock |
Singapore
Interests are available to consumers and businesses that are residents in Singapore. If you are a Singaporean resident, you can switch your Balances and Jars to:
| Assets | Fund |
| Interest-earning fund (SGD) | LionGlobal SGD Money Market Fund SGD Class A Managed by Lion Global Investors Ltd. |
| Interest-earning fund (USD) | FTGF Western Asset US Government Liquidity Fund A USD ACC Managed by Franklin Templeton |
Which countries can earn Cashback at Wise?
Currently, Wise is offering balance cashback to all customers in the European Economic Area (EEA).
Although being an EEA customer is not enough to receive cashback, you must be aware of some requirements.
You will receive cashback for any funds and jars with a positive balance of EUR, GBP and USD held in your Wise account.
Although some cases do not allow you to receive cashback, as follows:
Source: Wise
How is Cashback calculated?
Wise provides monthly cashback on balances tied to EUR, GBP, and USD in your Wise account. It’s important to note that the cashback rate is variable. In January 2024, Wise offered an annualised cashback rate of:
- 3.65% for EUR
- 4.70% for GBP
- 5.10% for USD
Wise Alternatives for Stocks and Interest
As Wise faces significant limitations in the provision of stocks and interests, our team has compiled a list of top platforms to evaluate as potential alternatives. These platforms boast a broader range of investment offerings, effectively addressing the limitations posed by Wise.
76% of retail CFD accounts lose money.
62% of retail CFD accounts lose money.
Terms apply, seek guidance if necessary. When you invest, your capital is at risk.
| Broker | Stocks Available? | Stocks Country Availability | Interest Available? | Interest Country Availability |
| Wise | ✔️ | UK, EEA (Austria, Denmark, Estonia, Finland, France, Germany, Luxembourg, Netherlands, Norway, Spain and Sweden) and Singapore | ✔️ | UK, EEA (Austria, Estonia, Finland, France, Germany, Hungary (in beta), Luxembourg, Netherlands, Norway, Spain and Sweden) and Singapore |
| IBKR | ✔️ | Worldwide (exception apply) | ✔️ | Worldwide (exception apply) |
| eToro | ✔️ | Worldwide (exception apply) | ❌ | – |
| Saxo Bank | ✔️ | Worldwide (exception apply) | ✔️ | Worldwide (exception apply) |
| Revolut | ✔️ | European Economic Area (EEA), Australia, New Zealand, Singapore, Japan, Brazil, Switzerland, the UK, and the US. | ✔️ | European Economic Area (EEA), Australia, New Zealand, Singapore, Japan, Brazil, Switzerland, the UK, and the US. |
| Lightyear | ✔️ | UK and EEA (excluding Bulgaria, Croatia, Czech Republic, Denmark, Hungary, Poland, Romania and Sweden) | ✔️ | UK and EEA (excluding Bulgaria, Croatia, Czech Republic, Denmark, Poland, Romania and Sweden) |
| Webull | ✔️ | United States, Hong Kong, China, Singapore, Japan, the UK, and Australia | ✔️ | United States, Hong Kong, China, Singapore, Japan, the UK, and Australia |
Bottom Line
Wise introduced investment options through its Assets product, allowing users to choose between Cash, Interest, or Stocks for their Balances or Jars. However, it’s essential to acknowledge that not all business types can access these features. The availability of Stocks and Interest varies across regions, with specific eligibility criteria for countries within the UK, EEA, and Singapore.
However, Wise is limited in terms of regions where it offers Assets and its overall product range. In this article, we’ve highlighted some of the best alternatives to Wise, in our opinion, such as eToro, Interactive Brokers, Saxo Bank, Revolut, Lightyear, and Robinhood.
Each alternative has pros and cons that should be carefully considered before deciding. These platforms provide a broader investment opportunity and cater to diverse investor preferences, offering valuable alternatives for users seeking a more extensive range of financial services beyond Wise’s current offerings.
FAQ
What happens if I hold my money in Interest or Stocks and I move to another country?
As a general rule, when relocating from another country, you can continue adding funds to your Wise balance or Jars, and Wise will manage your investments seamlessly. However, it’s essential to note that converting your balance and Jars into interests or stocks is only possible when you are in a country where Wise provides these operations. Additionally, be aware that once you convert your balance and Jars into cash, you won’t have the option to switch it back to interests and stocks.
It is important to mention that if you’re heading to Brazil or the US, Wise will sell all your units upon updating your address to convert your balance and Jars into cash. Similarly, if you’re moving from Singapore to Canada, Wise will sell all your units of USD interest and convert them into cash.
Is Wise Interest and Stocks available in the USA?
Not at this time. Due to the regulatory framework governing their fund partner, Wise are unable to onboard individuals who are US citizens or taxpayers. Additionally, if you hold dual citizenship with the US, you cannot convert your Balances and Jars to Interest or Stocks.
Is Wise Interest and Stocks available in Africa?
No, Wise Interest and Stocks is not available in any African countries, such as Angola or South Africa.
Is Wise Interest and Stocks available in Asia?
Only in Singapore. It is not available in other countries, such as Thailand, India and Indonesia.
Is Wise Interest and Stocks available in South America?
No, Wise Interest and Stocks is not available in South America. This includes Mexico, Brazil and Argentina.
Is Wise Interest and Stocks available in the MENA region?
No, it is not available in the UAE and other countries.
Is Wise Interest and Stocks available in Canada?
No.
Is Wise Interest and Stocks available in Switzerland?
No.
1A jar is a place in your Wise account where you can stash away money you want to use later, in any currency.
Mariana is currently a finalist in Management program at the University of Minho, and she also serves as a digital ambassador for a leading Big4 company in the field of financial consulting, Ernst & Young.
Mariana's primary areas of interest revolve around the exact sciences, numbers, and the financial sector. Presently, Mariana holds the position of COO at a junior initiative within her university, dedicated to promoting financial literacy among the youth and addressing the educational challenges faced in Portugal.
