Wise Account with ITIN: Complete Setup Guide for Non-Residents

What Is Wise?

Wise (formerly TransferWise) is a global financial technology company that provides multi-currency accounts and international money transfers. Founded in 2011, Wise now serves over 16 million customers worldwide and moves more than $12 billion every month. The platform is regulated in every country where it operates and is publicly listed on the London Stock Exchange.

Unlike traditional banks, Wise uses the real mid-market exchange rate for currency conversions. Traditional banks and services like PayPal typically add a markup of 2% to 5% on top of the exchange rate. Wise eliminates that hidden markup and charges a small, upfront fee instead. This transparency makes Wise particularly valuable for non-residents who need to move money between their home country and the US.

ITIN Verification on Wise

Wise requires a tax identification number for US-based services. An ITIN works as a valid tax ID for this purpose. During the account setup, Wise asks you to enter your tax identification number and upload a government-issued photo ID.

To verify your identity with an ITIN, you will need:

• Your ITIN: The 9-digit number issued by the IRS, entered as your tax identification number.
• Valid passport: Your current, unexpired passport from your home country.
• Proof of address: A utility bill, bank statement, or government letter from the last 3 months showing your name and address.

Multi-Currency Benefits for ITIN Holders

The biggest advantage of Wise over traditional banks is its multi-currency account. As an ITIN holder, you can:

• Hold 40+ currencies: Keep balances in USD, EUR, GBP, CAD, AUD, and dozens of other currencies without opening separate accounts.
• Receive payments in local currencies: Get bank details for USD, EUR, GBP, AUD, and more. Clients can pay you in their local currency, and you avoid conversion fees on incoming payments.
• Convert at the mid-market rate: When you need to convert between currencies, Wise uses the real exchange rate with fees as low as 0.3%.
• Use a multi-currency debit card: Spend in any currency and Wise automatically converts from the appropriate balance. The card works at ATMs and merchants worldwide.

For ITIN holders who earn income in multiple countries or pay expenses abroad, Wise eliminates the costly currency conversion fees that traditional banks charge. This can save hundreds or thousands of dollars per year depending on your transfer volume.

Step-by-Step: Set Up Wise with Your ITIN

1. Create a Wise account. Go to wise.com and sign up with your email address. Choose whether you want a personal or business account.
2. Enter your personal details. Provide your full legal name, date of birth, phone number, and address. Enter your ITIN when prompted for a tax identification number.
3. Verify your identity. Upload a clear photo of your passport. Wise may also ask you to take a selfie for biometric verification. Provide proof of address if requested.
4. Wait for verification. Wise reviews your documents and typically approves accounts within 1 to 3 business days. You will receive an email once verification is complete.
5. Activate your USD account details. After verification, navigate to the USD balance section and activate your US bank details. You will receive a routing number and account number for receiving USD payments.
6. Order your Wise debit card. Request a physical debit card from the app or website. The card ships to your address and works globally for purchases and ATM withdrawals.

For a comparison of all banking options available to ITIN holders, read our full ITIN bank account guide.

Wise Fees Compared to Traditional Banks

Wise's fee structure is designed around transparency. Here is how Wise compares to traditional banking options for ITIN holders:

If your primary need is domestic US business banking, consider Mercury Bank with ITIN or Relay Bank with ITIN for zero-fee checking accounts. Wise is best when international transfers are a core part of your financial activity.