A$30 Million Already Invested: Wise Launches Interest in Australia

Aussie savers and businesses are already making their money work harder in multiple currencies

SYDNEY, AUSTRALIA, April 9 2025 - Wise, the global technology company building the best way for people and businesses to move and manage their money, today officially launches Interest in Australia after early access beta customers have already invested A$30 million in the Australian-first feature.

Interest launches at a time where banks have begun to cut rates and implement Olympic-level challenges for earning the advertised rates. Minimum deposit amounts, specific balance requirements, lock-up periods and mandatory transactions. Aussies find themselves exhausted and falling short of these requirements.

The rapid uptake demonstrates strong demand for a solution that cuts through the maze of complex savings account requirements and financial gymnastics that have long frustrated Aussie savers and businesses.

Australia, meet Interest. Simple. Transparent. No gymnastics required.

With over A$1 billion held on Wise by more than 1 million Aussie savers and businesses, customers can switch their balances in AUD and USD into money market funds to make their money work harder. 

Behind the product is a robust investment approach. Customers are purchasing units in Franklin Templeton’s Franklin Government Cash Fund or Franklin Government Cash Fund (USD), which holds cash deposits and government issued assets including short-term government fixed income securities. 

Interest is Australia’s first multi-currency solution of its kind serving both individuals and businesses offering:  

• No complex eligibility criteria: with a minimum investment of just $1¹ and no other hoops to jump through
• Transparent fee structure: an annual fee of just A$7.20 for every A$1,000 invested

• Competitive multicurrency returns in AUD and USD: currently 3.16% and 3.25% rate respectively (after fees)²

• Low-risk³ investment in high-credit-rated government securities: which have previously been limited to institutional investors

• Gains added daily: eliminating frustrating wait times of traditional monthly interest calculations

• Customers retain instant access to funds: to spend on the Wise card or send money abroad to suppliers or friends and family. Payments up to A$20,000 are processed immediately and larger amounts within two working days

How people and businesses have been using Interest:

• A freelance graphic designer saving for an overseas equipment purchase can now earn returns on her USD balance while preparing for a future international expense
• An expat working between Australia and the US can grow money in both currencies without opening multiple account
• Aussies saving for a home deposit can see daily returns on their AUD balance, with instant access to funds
• An export business holding revenue in USD can earn returns while maintaining flexibility for upcoming international payments
• A startup can optimise cash flow by earning returns on working capital across AUD and USD

Tim Cameron, APAC Product Lead at Wise: “Our customers have been telling us they want a no fuss, transparent way to potentially earn a return on the money they hold with Wise. From this feedback, we’ve built something different from a traditional savings account or an investments platform. 

With more than A$30 million already invested it is a clear signal that customers don’t want to do the financial gymnastics any more. Interest helps to solve real money management challenges whether you're saving for a home, a freelancer or a digital nomad getting paid in different currencies, a traveller looking to boost their holiday fund or you’re a small business managing international revenues. 

There is transparency with this feature, much like with everything else we do -  including being upfront with our customers that returns are not guaranteed and that there are tax implications when using Interest. I’m excited for even more Aussies to give Interest a go too.”

-ENDS-

Editors notes: 

Interest is offered by Wise Australia Investments Pty Ltd ACN 659 961 083. Wise Australia Investments Pty Ltd holds an Australian Financial Services licence (AFSL) number 545411 issued by the Australian Securities & Investments Commission (ASIC). The currency account is provided by Wise Australia Pty Ltd (AFSL: 513764).
This publication expresses no views as to the suitability of the services or other matters described in this document as to the individual circumstances, objectives, financial situation, or needs of any recipient. You should assess whether the information is appropriate for you and consider obtaining independent taxation, legal, financial or other professional advice before making an investment decision. Neither Franklin Templeton Australia, nor any other company within the Franklin Templeton group guarantees the performance of any Fund, nor do they provide any guarantee in respect of the repayment of your capital. Please read the relevant Product Disclosure Statements (PDSs) and any associated reference documents before making an investment decision. In accordance with the Design and Distribution Obligations and Product Interventions Powers requirements we maintain Target Market Determinations (TMD) for each of our Funds. All documents can be found via https://wise.com/au/legal/assets-documents. Franklin Templeton Australia Limited (ABN 76 004 835 849, AFSL 240827) is the Responsible Entity of the Franklin Government Cash Fund (ARSN 676 724 600) or Franklin Government Cash Fund (USD) (ARSN 680 914 434).

Footnotes

¹ This general advice presented by Wise Australia Investments Pty Ltd (AFSL: 545411) has been prepared without taking into account individuals objectives, financial situation or needs. They should consider whether the product is appropriate for their financial circumstance and read the fund's Product Disclosure Statement before making a decision on the advice. A Target Market Determination is also available. 

² Capital at risk, growth not guaranteed. The rate is variable and based on yield to maturity of the fund as of 28 February 2025. Past performance doesn't guarantee future growth.

³ All investments carry risk. Refer to the Product Disclosure Statement and Target Market Determination documentation.