Following this announcement, the new feature will simplify shared spending for families, friends, and acquaintances, allowing customers to set up a group in order to make transactions together straight from the Wise application.
In addition, the feature will split everything from everyday costs to trips abroad, being free of charge to Wise Account clients in the UK. Wise will continue to focus on meeting the needs, preferences, and demands of customers and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
According to the press release, customers will be able to send an invite to other people that they want to share their expenses with, being available for personal clients in Australia, the EU, New Zealand, Singapore, Switzerland, and the UK. At the same time, the product was developed to work as a third-party account access, as only one owner controls the access and money, along with one or more members who have limited access. Joint accounts were designed to have two owners who share the account rights equally.
At the moment, clients can use Spend with Others with someone who lives in the same country or region as them. Card spending limits will apply on an individual basis, meaning that card transactions made by the owner will be counted as part of the owner’s card spending limits, and over-the-card payments made by the member will be counted as part of the member’s spending limit.
In addition, Spend with Others will allow individuals to create groups of up to five people to share spending with (with each customer being able to receive a digital Wise card) and split everyday expenses, such as restaurant bills, subscriptions, and groceries, with partners or housemates.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now