Founded as Transferwise in 2011, Wise now processes more than £8 billion in monthly transactions.
Originally branded as an online platform for international money transfers, Wise also offers a business account, positioning itself as a multi-currency banking alternative.
But should you choose the Wise business account?
In this article, we will be reviewing Wise and taking a closer look at its features, pricing, ease of use, customer service, and how it stacks up against its competition. We aim to give you all the information you need to choose the best bank account for your business.
Wise International Business Account: Key Points
The Wise international business account offers a range of key features that include:
|Quick and easy sign-up process||✔|
|Wise International payments can save up to 6x compared to traditional banks||✔|
|Access to accounts in over 70 countries without hidden fees or exchange rate markups||✔|
|Used by 300,000+ businesses each quarter||✔|
|Funds are safeguarded in line with FCA regulations||✔|
|Set up local account details for your business in any of 10 currencies, allowing overseas customers to pay you quickly||✔|
|Business debit cards for overseas use without foreign currency transaction fees||✔|
|Set spending limits on each card and receive 0.5% cashback||✔|
|Easily connect to favourite accounting software to save time on admin||✔|
|Dedicated fraud and security teams work to keep your money safe||✔|
|2-factor authentication to protect your account||✔|
|One-time fee of 45 GBP to open a Wise business account||✔|
Who Should Use Wise Business Account
A Wise business account is a good option for businesses that frequently make or receive international payments in multiple currencies. With no monthly fee, you’ll only pay for what you use.
The account allows businesses to make and receive payments in over 70 currencies, claiming that its transfer fees are ‘up to 19 times cheaper than Paypal’ and ‘6x cheaper than old-school banks’.
Additionally, the account offers a range of transfer options, including one-by-one payments and mass-pay solutions, making it convenient for businesses of all sizes.
Wise’s business account is ideal for businesses that highly value cost-effectiveness, transparency, and speed. Additionally, businesses that require an API, batch payments, and integration with accounting software like Xero may find Wise a suitable option.
However, it’s important to note that Wise is not a traditional bank and does not offer various features you can find from both high-street and challenger banks, such as cash deposits or overdrafts.
Pros and Cons of the Wise Business Account
- Price: typically one of the most cost-effective providers, although the sector is now very competitive
- Speed: 80% of payments are settled within 24 hours, and 35% of the total are instant
- Convenience: easily make payments one by one or through mass pay solutions
- Transparency: complete visibility on all fees; when you initiate a transaction, you’ll receive a delivery estimate, plus granular payment tracking once you’ve made the transfer
- Business-friendly features, including API, batch payments and Xero integration
- Wise is not a bank – not all features you’d expect from a bank account are available.
- No cash deposits or transactions
- No credit or business loan facilities are on offer
- No branch network – service available online, in-app and by phone only
- Limited Customer Service
- Higher transfer fees than some competitors for
What are the Features of the Wise Business Account?
Let’s dig into the range of features offered in the Wise bank account.
|Features||Available on Wise|
|Send money / make payments||✅|
|Batch payments tool||✅|
|Add money / hold money / convert money||✅|
|Add team members to account||✅|
|Account details like an IBAN, sort code, routing number, and more||✅|
|Receive payments from third party||✅|
|Withdraw money from platforms like Shopify, Stripe, etc||✅|
Some of the additional features that set Wise apart from its competitors include the following:
- Better visibility and organization of business finances: Wise’s platform allows businesses to easily view and track all of their transactions in one place, which is helpful for account reconciliations and audits.
- Administration controls for users: Wise’s platform allows businesses to set up different user roles and permissions, so team members can only access the information and perform the relevant tasks.
- Receive payments from e-commerce platforms: Wise’s platform allows businesses to receive payments from various e-commerce platforms, such as Amazon and Stripe.
- Create invoices using the Wise invoice generator: Wise’s platform allows businesses to create professional-looking invoices quickly and easily, either by using the invoice generator or by using one of the pre-designed invoice templates.
- Features for bill payment: Wise’s platform includes a QuickBooks Bill Pay connection, which allows businesses to easily pay bills and sync, match, and categorize the payments in QuickBooks for simple reconciliation.
- Batch payment options: Wise’s platform allows businesses to make up to 1,000 payments at once by uploading a spreadsheet, making it easy to pay large groups of people quickly and efficiently.
Wise Business Account Fees
|Opening an account||45 GBP|
|Sending money (varies by currency)||From 0.41%|
|Spending with Wise debit card||Free (up to 2 withdrawals per month)|
|ATM withdrawals over 200 GBP per month||+ 0.50 GBP per withdrawal|
|Account funding transactions (select currencies)||2%|
|Getting Wise debit card||£3 (no subscription fees)|
|First card on the account||Free|
|Cards for team members||£3 (one-time cost per card)|
|Replacing a lost card||£3|
|Optional express delivery (1-2 days with DHL)||From £15|
|Converting money (varies by currency)||From 0.41%|
|Holding money in account (50+ currencies)||Free|
|Investing with Wise||0.55% (annual fee)|
|Receiving money (AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD, TRY, USD non-wire)||Free|
|Receiving USD wire payments||4.14 USD (fixed fee per payment)|
|ATM use (less than 200 GBP per month)||Free, then 1.75% of the amount|
|ATM use (more than 200 GBP per month)||0.5 GBP + 1.75% of amount over 200 GBP|
Is Wise Business Account Free?
While opening a Wise Business account does come with a one-time fee of 45 GBP, certain features are free. For instance, spending with your card and making two or fewer withdrawals of up to 200 GBP per month per account is free.
However, fees apply for other services, such as sending money (from 0.41%, varies by currency), ATM withdrawals over 200 GBP per month per account (0.50 GBP per withdrawal plus 1.75%), account funding transactions (2%), and currency conversion (from 0.41%, varies by currency).
Wise Business vs Personal
Wise Business provides a range of features to help companies manage their finances more effectively, such as better financial visibility, user administration, invoicing, and batch payments. Both Wise Personal and Business accounts offer international transfers at the real mid-market exchange rate and the ability to hold over 50 currencies.
In addition, the Wise Business account includes extra features like integration with accounting software, multi-user access control, and free Stripe and Amazon payouts. While the fees and features of both accounts vary slightly, you can open both accounts simultaneously without needing to switch between personal and business accounts.
|International transfers at the real mid-market rate||✔️||✔️|
|Hold over 50 currencies||✔️||✔️|
|Account details for 10 major currencies||✔️||✔️|
|Send money to 70+ countries||✔️||✔️|
|Accounting software connection||✔️||❌|
|Multi-user access controls||✔️||❌|
|Receive Stripe and Amazon payouts for free||✔️||❌|
|Wise open API||✔️||❌|
How do I move money between my Wise business and personal accounts?
To move money between your Wise business and personal accounts, follow these steps:
- Switch to the account you want to receive money into and click on the desired currency to view your bank details. Keep these details handy.
- Switch to the account you want to send money from, click on the currency you want to send, and then click “Send.”
- Enter the amount and create a recipient using the bank details of the account you’re sending to.
The money will be directly transferred to the receiving account.
How Easy is Wise Business to Use?
Wise is considered easy to use by many users: the platform has a user-friendly interface and a simple sign-up process. However, with so many countries available, the user experience can feel complicated until you get used to it.
The mobile apps for Android and iOS are very intuitive, making it easy to access and manage your account on the go.
Overall, many users have found Wise to be a convenient and easy-to-use platform for managing their money.
Is Wise Business Safe?
Wise business is very safe to use. Let’s look at how Wise keeps its banking experience secure:
- They use two-factor authentication to protect your account and transactions, ensuring that only you can access your money.
- They have real-time notifications that are sent to you every time you spend with your card, so you can be aware of any suspicious activity.
- They have a security operations team that monitors for any anomalies and keeps up with the latest attack vectors to keep your data and money safe.
- They run regular vulnerability scans and use independent auditors for internal and external penetration tests and other security scans.
- They are committed to keeping your personal data safe and transparent in collecting, processing, and storing it.
- They run a bug bounty program through BugCrowd.
- They are regulated by the FCA and registered with regulators in different countries around the world.
- They are SOC 1 type 2, SOC 2 type 2, PCI DSS and ISO 27001 certified, as well as GDPR compliant.
How to Sign Up for a Wise Business Account?
To sign up for a Wise Business account, you can follow these steps:
- Go to the Wise website and click on the “Business” tab.
- Click on the “Sign up” button.
- Fill out the registration form with your business information, including your business name, address, and contact details.
- Provide information about your business activities and the currency you will be using.
- Verify your identity by providing the necessary documents, such as a government-issued ID and a business registration certificate.
- Set up your account by providing a secure login and password.
- Read and accept the terms and conditions of the service.
- Once your account is verified, you can use Wise to manage your business finances.
Wise Business is designed to cater to various types of organizations and individuals, including:
- Sole traders and freelancers
- Limited and public companies
- Charities and trusts
The Wise Business card can be used for business expenses and spending online or in-store worldwide, with automatic currency conversion if needed.
The card is currently available to Wise Business users in Europe, including Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France (Metropolitan), Germany, Greece, Hungary, Iceland, Italy, Ireland, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom, Gibraltar, and the UK Crown Dependencies (Guernsey, Isle of Man, and Jersey).
Wise business Account Requirements
To open a Wise business account, you’ll need to provide the following information:
- Business name
- Business legal type
- Business Category
- Directors or equivalent
- Ultimate beneficial owners
- Business registration number
- Business registered address
- Business trading address
- Account representative’s personal details (UK passport, ID in Europe)
- Account purpose.
What are the Benefits of the Wise Business Debit Card?
- Get the mid-market exchange rate when you pay bills or expenses in foreign currencies
- Pay online or in-store in 55+ currencies and 200+ countries
- No foreign transaction fees, saving businesses money on costly transaction fees that traditional banks often charge.
- 0.5% cash back on eligible business card transactions, allowing businesses to earn rewards for using the card. Rewards earned are automatically deposited into the account on the first of every month.
- Easy team expense cards allow businesses to set spending limits on each card. Add them to your Business account with controlled access and track their spending in one place
- Easily freeze a lost card from the app
- Safe and secure, with 2-factor authentication and monitored by dedicated fraud and security teams to keep the business funds safe and secure.
- Instant spending notifications allow businesses to track expenses in real-time.
- The first card on your Wise Business account is included in your one-time account setup fee. After that, cards for team members cost 3 GBP each.
Wise has a 4.5-star rating on Trustpilot, based on 185,000 ratings at the time of writing. 84% of reviewers award them 5 stars, although these reviews are for Wise as a whole, not just the business account.
WIse is currently rated 68 out of 114 best companies in the category of Financial Institutions on Trustpilot.
What are the Wise Business Alternatives?
There are several alternatives to Wise in the area of sending and receiving money abroad, but Revolut and Monzo are the main competitors in terms of banking functionality.
Wise is available in 230 countries, as opposed to Revolut, which is only available for European Economic Area (EEA) residents and Australia, Singapore, Switzerland, Japan, and the USA. For those happy with Revolut’s availability, the fees will likely be cheaper; however, Revolut will soon become a fully regulated UK bank.
Is there a fee to open a Wise Business account?
There is a £45 fee to open a Wise Business account with Wise. However, there may be fees associated with certain transactions or services.
Can I have multiple business accounts with Wise?
Yes, you can have multiple business accounts with Wise. You can easily switch between accounts within the Wise platform.
How do I deposit money into my Wise Business account?
You can deposit money into your Wise Business account by linking it to your bank account or credit card. You can also make a deposit using a wire transfer. Wise doesn’t accept cash deposits.
What’s the difference between Wise Personal and Business?
The main difference between the Wise Business and Personal accounts is their intended use.
The Personal Wise account is designed for individuals who need to send, spend, or receive money internationally. It allows users to hold over 50 different currencies and provides access to a debit card that can be used to spend in different currencies and 170 countries.
Is Wise a bank
No, Wise is not a bank. It is a financial technology (fintech) company providing money transfer services and borderless accounts, allowing users to hold and manage money in multiple currencies.