Wise, the global money transfer company, has launched a new feature aiming to simplify shared spending for families, friends and loved ones.
The new feature, dubbed ‘Spend with Others’, enables customers to set up a group of family and friends to spend together straight from Wise. Following the launch, Wise customers can split everything from everyday costs to once-in-a-lifetime trips abroad.
The product, which is available free of charge to Wise Account customers in the UK, is different from a standard joint account as one person is responsible for everyone in the group as the ‘owner’. This owner sets up a group and then invites additional ‘members’ to spend with them.
Both ‘owners’ and ‘members’ can add money and spend from the group, with all members able to set up a digital Wise card for spending. Only ‘owners’ can withdraw or send money from the group.
“We continue to enhance the Wise Account experience as more people rely on Wise for all of their financial needs,” explained Max Bevan, product manager at Wise. “Customer feedback we gathered showed the importance of being able to share money with friends and family.
“People want to share their spending easily with those they trust, but they don’t want the formality that comes with opening up a joint account. ‘Spend with Others’ meets this need – this is just part of our ongoing effort to make the Wise Account the best way to manage your money globally.”
Shared spending
Spend with Others enables Wise customers to create groups of up to five people to share spending with, with each member able to receive a digital Wise card. These groups can then easily spend in over 160 countries and 40 currencies.
Wise says the launch further amplifies the growing success of Wise, which has surpassed 12.2 million active personal customers globally. The feature will initially be available to Wise Account customers in the UK, EU, Switzerland, Australia, New Zealand and Singapore, with a further global rollout planned for later in 2025.
Wise customers in Europe are currently only allowed two people in a group due to local requirements. In all other regions, customers can have up to five people in a group.
