Your TransferWise multi-currency account is an electronic money account. It’s different from a bank account because:
you won’t be able to get an overdraft or loan
you won’t earn interest on your account
although your bank details are unique, they don’t represent real bank accounts, but simply "addresses" for your electronic money account. You can still use them to receive payments though, like a real bank account
your money is protected and safeguarded , but not guaranteed by the Financial Services Compensation Scheme (FSCS) that you may get with a bank account
The main benefit of using your TransferWise account over traditional accounts is that you won’t be charged international transaction fees or outrageous exchange rates.
You can send, receive and convert currencies all in one account. You’ll always get the real exchange rate and the lowest possible fees.
You can also spend the money in your balances around the world with your TransferWise debit card .