Wise, a global online money transfer service, has introduced a new feature called ‘Spend with Others’ that allows customers to share spending with friends and family through a dedicated group account.
The feature is currently available to Wise personal account holders in Singapore, the UK, EU, Switzerland, Australia, and New Zealand, with plans to expand globally later this year.
The feature lets users create a spending group where both the owner and members can contribute funds and use individual Wise digital cards to make payments.
Each member’s spending is subject to their personal Wise account limits.
Group members can spend in over 160 countries and across 40 currencies, with transactions visible to all participants.
Users can also choose the currency they wish to spend from and switch between currencies as needed.
Unlike traditional joint accounts, only one person—the owner—manages the group.
The owner is responsible for adding and removing members, holds legal ownership of the group’s funds, and has exclusive access to sending, withdrawing, and converting money.
Disputes can only be raised by the person who made the transaction, and the owner cannot dispute purchases made by members.
Members can add funds and spend, but cannot transfer money out or manage the group.
They must have an existing Wise account and be discoverable in the app to join.
Each group can have up to five members, except in the EU where local rules limit participation to two people per group.
A user can be part of up to two groups at any given time.
Wise said the feature was designed to make shared spending more flexible, particularly for scenarios like group travel, household expenses, or supporting loved ones remotely.
The feature is only available for personal accounts.
Featured image credit: Edited from Freepik
