Wise vs Chime: 2024 Comparison
Wise and Chime have some similarities – they’re both digital only providers, with account services available in the US. However, how they work is a bit different. Wise has a powerful multi-currency account and offers fast, low cost international transfers. Chime has a selection of accounts but has much more of a US focus – you can’t hold foreign currency balances, or send or receive overseas payments.
Not sure which is right for you? This guide walks through how they both work and how they compare, on account services and international transfers.
Summary: Wise offers multi-currency accounts which can hold 40+ currencies, and receive payments conveniently in 8+ currencies – plus you can send international payments with Wise to 160+ countries with low, transparent fees and the mid-market exchange rate. Chime accounts hold USD only, and can not be used for international transfers – however, there are handy features including a debit card, and pretty much no fees to pay.
Wise Vs Chime: side by side
Let’s start with an overview of Wise vs Chime side by side, looking at available features.
| Feature | Wise | Chime |
|---|---|---|
| Service availability | Online and in app – available in most countries globally For personal and business customers | Online and in app – for US residents For personal customers only |
| Multi-currency account | Hold and convert more than 40 currencies | No – accounts hold USD only |
| Spend with debit card | Free to spend from enough currency balance you hold in your Wise account | No fees from Chime to spend at home or abroad |
| Local account details for receiving payment | Yes – available in 8+ currencies | No |
| International money transfers | More than 160 countries | N/A – no international payments available |
| International transfer fee | From 0.33% | N/A |
| Transfer speed | Over 60% of payments are instant, 90% arrive in 24 hours | N/A |
| Exchange rates | Mid-market rate | Network rate for card spending |
| Regulated | Y | Y |
| Open a business account | Yes, Wise Business Account | No |
So, to summarize:
- Wise is available in app and online, in most countries globally – Chime is for residents of the US only
- Wise offers international accounts for personal and business customers – Chime has accounts for personal customers only
- Both Chime and Wise has debit cards for global spending in most countries around the world
- Wise supports 40+ currencies for hold and exchange, Chime accounts hold USD only
- Chime uses the network exchange rate when you spend overseas and does not support overseas transfers – Wise currency exchange for overseas payments uses the mid-market rate with fees from 0.33%
The important bits
When choosing a provider for international transactions, fees, safety and speed matter. Here’s a comparison of Wise vs Chime on the key features which may help you decide which is right for you:
| Wise | Chime | |
|---|---|---|
| Rates | Mid-market exchange rate | Network rate |
| Fees | No monthly charges Transaction fees apply – from 0.33% for currency exchange and international transfers | No monthly charges Transaction fees apply – 2.5 USD out of network withdrawal fee |
| Speed | 60% instant, 90% same day | International payments not supported |
| Service | Desktop browser and mobile app | Desktop browser and mobile app |
| Safety | Fully regulated and licensed | Fully regulated and licensed |
| Reviews (TrustPilot) | 4.3, Excellent, 226,000+ reviews | 2.4, Poor, 9,000+ reviews |
To summarize:
- Rates: Wise uses the mid-market rate for currency exchange, whereas Chime uses the network rate for overseas card spending
- Fees: Wise accounts have no monthly fees, with currency exchange and transfer from 0.33%; Chime has no ongoing fees, but does charge 2.5 USD for out of network ATM use
- Speed: Wise transfers may arrive instantly, and 90% arrive in 24 hours, Chime does not offer international payments
- Service: Both providers have online and in-app service
- Safetly: Both providers are fully regulated and licensed
- Reviews: Wise has an Excellent rating on Trustpilot from 220,000+ reviews, Chime gets a Poor rating, from 9,000+ reviews
Pros and cons
| Wise | Chime |
|---|---|
| ✅Multi-currency accounts to hold 40+ currencies ✅ Payments to 160+ countries ✅ Local account details for 8+ currencies ✅ Mid-market exchange rates ✅ Fully digital service ✅ Debit card for spending in 150+ countries | ✅ Very few account fees ✅ Currency exchange uses the network exchange rate ✅ Make local payments to friends and family easily ✅ Spot Me small overdraft service available for free ✅ Range of products available including credit building cards |
| ❌ Some service fees apply ❌ No physical location for face to face services | ❌ No multi-currency holding and no international payments ❌ 2.5 USD out of network ATM fee |
The verdict: Which is better Wise or Chime?
Wise and Chime each have quite different focus areas, features and fees – which is best probably comes down to your personal preferences and whether or not holding a foreign currency balance is important to you.
Chime accounts hold USD only, but offer a card which lets you spend globally with no foreign transaction fees. There are few account fees overall, and Chime also offers some fee free overdraft options. Chime could suit you if you want to transact in USD primarily and do not need to send or receive overseas payments.
Where Wise stands out is if you want to receive, hold and exchange currencies in your account. Wise accounts support 40+ currencies for holding and exchange and can receive payments with local account details in 8+ currencies. This could be more flexible if you transact in foreign currencies frequently.
About Wise and Chime
Wise: Wise offers low cost cross border transfers and multi-currency account services, here and in many other countries globally. Founded in the UK in 2011, Wise is fully digital, offering services online and in app, with transparent fees and low overall costs.
Chime: Chime is a financial technology company which offers US residents easy, low cost ways to manage their money day to day, with checking and savings accounts and cards. Services are offered in partnership with Bancorp Bank.
How do they work?
- You’ll need to register and get verified by uploading a photo of some ID documents before you can use either Wise or Chime.
- They’re both fully digital providers which have a full self service in-app onboarding process, so you don’t need to stand in line in a branch to get set up.
- Once you have an account you can then add money for spending, or for sending payments to others.
- One key difference is that Chime doesn’t offer international payments, while this is a core feature of Wise’s products in the US.
We’ll walk through some of these similarities and differences in more details next.
Wise Vs Chime fees
Wise and Chime are both considered to be good value and have relatively few costs to worry about. Here’s an overview:
| Service | Wise fee | Chime fee |
|---|---|---|
| Ongoing fees | No fee to open a Wise personal account, no ongoing fees | No fee to open a Chime personal account, no ongoing fees |
| Card fee | One time order fee | No fee |
| Card spending | Free to spend currencies you hold enough of in your account | No fee |
| ATM fee | First 2 ATM withdrawals a month up to the value of 100 USD are free, 1.5 USD per withdrawal + 2% of the withdrawal value after that. | No fee for in network withdrawals 2.5 USD for out of network withdrawals |
| Overseas transfers | From 0.33% | N/A |
| Receive payments with local account details | Account details for 8+ currencies – it’s free to receive payments in most currencies, but there’s a 6.11 USD fee for USD wires, and a 10 CAD fee to receive CAD by SWIFT | Account and routing number for USD payments only |
*information correct at time of research – 18th July 2024
Wise Vs Chime: Which is cheaper?
Chime does not support international payments, or incoming or outgoing wires. However, you can make payments globally with Wise.
Using a specialist service like Wise may work out cheaper than using a bank, with fewer upfront costs and a better exchange rate. That’s because specialists like Wise have invested in new systems to process international payments which keep costs down – allowing them to pass the savings on to customers.
To paint a picture here’s a head to head between Wise and a major US bank, on costs for an example transfer. In this example we’re sending 1,000 USD to someone in the UK. You can also check the Wise costs and get a comparison against other providers, on the Wise website.
| Sending 1,000 USD to someone in the UK with: | Recipient gets: |
| Wise | 763.10 GBP |
| Chase Bank | 742.76 GBP |
*information correct at time of research – 18th July 2024
As you can see, in our comparison Wise costs less than using a bank – which means your recipient gets more in the end.
Wise Vs Chime exchange rates
- Wise uses the mid-market rate for international transfers or if you need currency exchange within your account or spending with Wise card. All the costs you need to pay are shown separately so you can easily compare and check the total amount.
- When you use your Chime card to spend in a foreign currency, Chime uses the network exchange rate which is also usually pretty fair, with no extra fee added.
Wise Vs Chime card comparison
Wise cards have no fees to spend in a currency you hold in your account, and can automatically convert currencies for you when needed, with low fees from 0.33%, and the mid-market rate.
Chime offers a debit card which you can use overseas with no foreign transaction fee. There’s no fee to get your card, and no fee for in network ATM use. The main cost you may run into is the 2.5 USD out of network ATM fee which will apply in the US and abroad.
Supported currencies
Chime accounts only support USD for holding, but you can use your card more or less anywhere globally.
Wise supports 40+ currencies for holding and exchange, spend with Wise card in 150+ countries, and lets you send payments to over 160 countries.
Wise Vs Chime: Which is faster for international transfers?
- Over 60% of Wise international payments are instant, and 90% arrive on the same day – although the exact delivery time can depend on factors including the destination country, and the recipient’s bank processing times.
- Chime currently doesn’t offer international transfers.
Wise Vs Chime: International transfer limits
Wise offers high value international transfers with limits which can vary based on destination country. Wise limits are usually around 1 million GBP or the equivalent.
Wise Vs Chime: Payment methods
Before you can spend, you need to add money to your provider account:
With Wise you can add money with the following options:
- Bank transfer (ACH)
- Wire
- SWIFT
- Debit or credit card
With Chime you can add money with the following options:
- Bank transfer
- Some account holders can deposit checks by mobile deposit
- Deposit cash at Walgreens
Ease of use
- Creating an account: Create your account online or in-app with both Chime and Wise
- Topping up: Wise and Chime both let you add money by bank transfer. Wise also allows customers to pay with wires, SWIFT, or a card or wallet such as Apple Pay. Chime lets you add cash or checks
- Ways to send money: Send international or domestic payments to your recipient’s bank account directly with Wise; Chime offers local payments only
- Languages: Wise offers 15 languages, plus multi-lingual support services, Chime offers services primarily in English
- Minimum & maximum amounts: Wise sending limits can vary by destination country, and based on your account type
Safety
Both Chime and Wise are safe to use, and fully regulated for the services they offer.
In the US, Wise is registered with the Financial Crimes Enforcement Network (FinCEN) and licensed as a money transmitter in many states listed here. Elsewhere,
Wise offers services through its partner financial institution Community Federal Savings Bank, which is supervised by the Office of the Comptroller of Currency.
Chime is a financial technology company which offers services through Bancorp Bank (FDIC member) in the US.
Wise Vs Chime customer service
With both Wise and Chime you can open an in-app chat. You can also call Chime on (844) 244-6363.
Chime service is primarily in English while Wise customer support is available in a selection of languages, 24/7.
Conclusion: Comparing Wise and Chime
Wise and Chime offer quite different features – even though they’re both non-bank digital account services with accounts for US residents. Which is best for you will simply depend on how you need to transact.
Wise is a multi-currency account which lets you send payments to 160+ countries, and receive foreign currency payments with local account details in 8+ currencies. Wise could be a good choice if you need to deal with multiple foreign currencies regularly, including getting paid by others.
Chime only supports holding USD, but does let you spend globally with your card, with currency conversion using the network rate and no foreign transaction fee. Chime could be a good bet if you mainly transact in USD and don’t need to send or receive international payments.
Chime vs Wise comparison FAQs
What is the difference between Wise and Chime ?
Wise and Chime offer services which overlap, but they are somewhat different in scope. Wise accounts can hold 40+ currencies and use the mid-market rate for currency conversion when sending payments, while the Chime is USD only, but comes with a card optimized for global use. Compare both to see which suits your specific needs.
Which is better: Wise or Chime ?
Both Chime and Wise are great options, so which is better will depend on your specific transaction. The Wise account is flexible if you need to hold, exchange, send, or receive foreign currency regularly. Chime is a convenient account which comes with a card and low costs, but only supports USD for balances. Compare both using this guide to see which is best for you.
Is Wise or Chime cheaper?
Chime converts currencies using the network exchange rate with no extra charge. If you’re sending money overseas with Wise you’ll get the mid market rate and low fees. Both present great value – it just depends which services matter to you.
Is Wise or Chime faster?
Chime does not offer international transfers. 60% of Wise payments are instant, 90% arrive on the same day.
How many currencies do Wise and Chime support?
Chime supports holding a balance in USD only. Wise supports 40+ currencies, and lets you send payments to over 160 countries.
