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Wise has launched an Everyday Account in Australia, adding domestic payment features to its existing international money services.
The account includes PayID, BPAY, local account details for salary payments and fee-free domestic AUD transfers, alongside the option to hold and manage multiple foreign currencies in the same account.
The rollout is aimed in part at people relocating to Australia who need to manage money locally while maintaining financial links overseas. Wise cited research of more than 1,000 people who had moved to Australia within the past decade, which found that 74% still face challenges managing money across borders.
Key problems included tracking funds across currencies, high cross-border transaction fees from traditional banks and delays in international transfers. Separate research figures cited by Wise showed that 75% of relocators experienced frustrations when managing money across currencies, while 67% had to juggle separate accounts, cards or platforms.
Customers can receive money with local account details in 10 currencies, including AUD, GBP, EUR and USD, through one account. Users can also hold more than 40 currencies and spend or withdraw in more than 150 currencies with the Wise card.
Domestic features are central to the latest product update. Customers can receive payments through PayID using a mobile number or email address, pay bills with BPAY and use local bank details, including a BSB and account number, to receive salary payments in Australia.
Wise has also expanded its interest offering for Australian users. Customers can now earn variable returns on balances in AUD, USD, EUR and NZD without locking funds away, with stated after-fee rates of 3.76% a year for AUD, 3.02% for USD, 1.64% for EUR and 1.92% for NZD.
Other features include an auto-conversion tool that lets customers set a target exchange rate and trigger currency conversion automatically when that rate is reached. The account also includes bill-splitting and group spending tools, as well as multi-currency savings pots known as Jars.
Customer growth
The launch comes as Wise reports stronger use of its services in Australia. According to APRA data cited by Wise, Australian customer balances with the company reached AUD $2.8 billion by the end of September, up 53% year on year.
The growth reflects broader demand for financial tools that bridge domestic and international transactions, particularly in a country with high migration levels and a large overseas-born population. Wise said the account is particularly suited to the more than 500,000 people who move to Australia each year.
The company has gradually widened its product range beyond international transfers. Recent additions in Australia include cards for younger users aged six to 17, QR code payment support, eSIM plans and the option to buy airport lounge passes through the app.
For relocators, Wise is positioning the Everyday Account as an alternative to managing separate products for daily banking, overseas spending and international transfers. The account is now available to all Australian customers.
Tristan Dakin, Country Manager for Australia at Wise, said the launch reflects changing customer habits.
"Australia is one of the most internationally connected countries in the world, with around one in three people born overseas and travel ingrained within the culture. While Aussie customers initially come to Wise for cross-border needs, we're seeing increasing demand for tools that support spending at home too," Dakin said.
He said the launch is intended to remove the divide between domestic and international money management.
"We've always believed in a world of money without borders and there shouldn't be a gap between finances at home and abroad - whether that's a family saving euros for their next holiday, a small business getting paid by overseas buyers, or an Aussie returning home after a stint in London. With the Everyday Account, managing money at home and abroad finally happens in one place," Dakin said.