Wise is a UK-based financial technology company that specializes in cross-border payment transfers). It was founded in 2011 by Estonian businessmen Kristo Käärmann and Taavet Hinrikus). Wise offers three main products: Wise Account, Wise Business, and Wise Platform). The Wise Account is a universal way for customers to manage money internationally, and it allows customers to hold their money while sending, receiving, and spending. Wise Business allows businesses to perform cross-border money transfers, while Wise Platform is a platform that allows banks and businesses to offer their customers fast, cheap, and transparent cross-border payments).

Wise is not a bank, as it does not lend out customer money to others). However, it offers accounts through Wise Account for customers to hold their money while sending, receiving, and spending. Customers may opt-in to earn interest on the account and gain FDIC insurance on up to $250,000 of their deposit, relying on Wises partnership with banks).

Wise is known for its low fees and competitive exchange rates. It charges as little as possible, and its exchange rates are some of the best in the market. Wise is also transparent about its fees, and its website has a cost calculator that makes it easy to see fees and rates. Wise is registered with the Financial Crimes Enforcement Network (FinCEN) in the US and is authorized to operate in most states.

In summary, Wise is a financial technology company that specializes in cross-border payment transfers. It offers three main products: Wise Account, Wise Business, and Wise Platform. Wise is not a bank, but it offers accounts through Wise Account for customers to hold their money while sending, receiving, and spending. Wise is known for its low fees and competitive exchange rates, and it is registered with the Financial Crimes Enforcement Network (FinCEN) in the US.