Wise is preparing to launch a UK current account as it expands beyond money transfers and card services.

The firm said the account is aimed at customers with international needs. Account holders will receive over 20 sets of local account details so they can receive payments in multiple currencies. Customers will also be able to set up direct debits for recurring payments and send money to more than 70 countries, with Wise stating that fees are transparent and without hidden charges.

Customers can create shared spending spaces to split bills and manage group expenses. Security tools include the ability to freeze and unfreeze cards, real-time spend notifications and warning messages on payments that Wise systems flag as potentially suspicious.

The current account will include a travel hub and airport lounge pass feature. Customers will be able to purchase lounge access in the Wise app and view guidance on making international payments. Wise said more features are planned over the coming months.

Following a testing phase, Wise is also launching Young Explorer cards for under-18s. The cards link directly to a parent’s Wise current account and can be topped up for spending and cash withdrawals. Parents can track spending, set payment approvals and receive instant notifications.

Wise said everyday use of its services in the UK has increased. Around three million people and businesses used Wise last year and hold more than £8 billion in their accounts. Globally, Wise said it has over 15.6 million active customers, with about 100,000 new customers joining each week and total balances of £27.5 billion.

“Banks have not kept pace with what customers expect for their current account. People should not need separate accounts for home and abroad,” said Nilan Peiris, chief product officer at Wise. “With the Wise current account, we are giving customers a way to manage their daily financial needs, hold and access their money, spend on everyday purchases, split bills, and send and receive money across borders at low cost with no hidden fees.”

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