Wise

Wise, formerly TransferWise, is the logical choice for any freelancer or small business working with clients abroad. It gives you a multi-currency account that supports 40 currencies and a single debit card that works in 160 countries.

The base is the real exchange rate, the same rate you see on Google, with no hidden markups. Conversion fees start at 0.1 percent, and transactions over 25,000 dollars get additional discounts. Compared to an Israeli bank that charges 1.5 to 2.5 percent on overseas transfers, the gap is substantial.

You get local account details in 22 currencies. Meaning, a US client pays you to a US account, a European client pays a European IBAN, with no intermediary fees. The money sits in the original currency until you decide to convert.

No monthly account fees. Opening an account takes 10 minutes, mostly with an ID and a selfie. The debit card costs 5 dollars one time.

For businesses there is Wise Business with extra features: invoice creation, integration with Xero or QuickBooks, and employee access management. A one-time opening fee, then no monthly charges.

The downside: you cannot draw loans or get credit. This is not a bank, it is a smart currency account.