Wise Business Account Review

Wise, originally launched as TransferWise in 2011, isn’t like your typical bank—and that’s intentional. Unlike traditional banks, it doesn’t lend out customer funds, which means it’s not covered by the Financial Services Compensation Scheme (FSCS). Instead, it operates as an Electronic Money Institution under UK regulations, keeping client money separate from its own for added security.

At its core, Wise is all about making international money movement faster, cheaper, and more transparent. And it’s not just talk—it’s helped millions of individuals and over 600,000 businesses send, spend, and manage money across borders. With Wise, you can hold and exchange over 40 currencies, make international transfers to 160+ countries, and tap into automated tools like batch payments and role-based access for teams. Business users also get digital expense cards with handy features like spending limits and real-time notifications, giving companies more control over their finances.

Of course, because Wise isn’t a traditional bank, you won’t find things like in-person branches, overdrafts, or cash deposit options. But that hasn’t stopped it from becoming a go-to choice for businesses looking for transparent exchange rates, easy multi-currency management, and even the option to earn interest on GBP, EUR, and USD balances.

In this review, we’ll break down Wise’s fees, key features, and whether it’s the right fit for businesses that need a smarter, low-cost way to handle global transactions.

Wise Business Account

Monthly Fee

£0

Bank Transfers

Variable

Card Purchases

Variable

Overdraft

No

FSCS Protection

No

Trustpilot Score

231,710 Reviews, average rating of 4.3/5

Accessibility

Access your Wise account via the web or mobile app

See Deal

On Wise’s Website

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Wise Business Account: Key Features

The Wise Business Account packs in a solid range of features designed for companies handling international payments. Here’s what you get:

No Monthly Account Fees

• A one-off setup fee of £45—after that, no ongoing subscription costs.
• You only pay for what you use. No sneaky charges.

Multi-Currency Management

• Hold and manage money in 40+ currencies.
• Get local account details in up to 23 currencies (GBP, EUR, USD, and more).
• Customers worldwide can pay you as if it were a local bank transfer—no hassle.

Advanced Access Controls

• Multi-user roles with different permission levels (Viewer, Preparer, Admin).
• Create separate “Groups” within your balance to limit access for certain team members or projects.

Expense Cards with Cashback

• Wise debit cards for employees—just a £3 one-off fee per card.
• No hidden foreign transaction fees when paying for business expenses.
• Earn 0.5% cashback on eligible spending—credited to your account automatically.

Batch Payments and API Integration

• Upload and send up to 1,000 payments at once (great for payroll and supplier payments).
• Open API lets you integrate Wise with accounting software like QuickBooks or Xero for a smoother workflow.

Optional Interest on Balances

• Earn variable interest on your business account balance (~4.2% on GBP, for example).
• Interest is added daily, helping offset costs on international transfers.

Because Wise is fully digital, you won’t be able to deposit cash or cheques, and there are no physical branches. But if your business is comfortable with online banking, its transparent pricing and global reach make it an attractive option.

Who Should Use a Wise Business Account?

Wise is a great fit for UK-based and international businesses that are happy to operate entirely online. If you regularly pay global suppliers, receive income from overseas, or manage team spending in multiple currencies, Wise’s real-time exchange rates and multi-currency accounts can save you money and make transactions easier.

Sole traders, freelancers, and small businesses often get the most out of Wise’s low fees and batch payment tools. You can pay international invoices and receive cross-border payments without the hefty markups traditional high-street banks tend to charge.

For larger businesses with more complex payment needs, Wise offers multi-user roles and an open API, making it easy to automate payroll or accounts payable. The ability to create separate “Groups” within your balance, each with custom permissions, is also handy for managing budgets across departments or projects securely.

That said, Wise isn’t for everyone. If you rely on in-person branch services, need to deposit cash or cheques, or require a traditional overdraft, it probably won’t tick all your boxes. Wise also has strict policies on certain industries—such as gambling and cryptocurrency—so if you operate in a high-risk sector, you’ll need to check their prohibited list.

Bottom line? Wise works best for businesses looking for a modern, digital-first solution with transparent pricing. It won’t replace a full-service bank, but as a secondary account for cost-effective, multi-currency transactions, it’s hard to beat.

Pros and Cons of the Wise Business Account

Bottom line? Wise Business is great for companies handling international payments, but it’s not a full banking replacement. If you need cash deposits, loans, or in-person services, you’ll likely need another account alongside it.

Wise Business Account Fees

Wise Business keeps things simple with a pay-as-you-use model. There’s a one-time £45 setup fee to unlock local account details in multiple currencies, but no monthly charges—you only pay for what you use.

Here’s a quick breakdown of common costs:

Sending Money

• Fees start from 0.33% to 0.41%, depending on the currency route and payment method.
• Every transaction is clearly itemised before you confirm it—no surprises.

Receiving Local Payments

• Payments in major currencies (GBP, EUR, AUD, CAD, and more) are usually free.
• USD wire transfers incur a flat $4.14 fee, while CAD Swift payments cost CA$10.

Debit Card Fees

• Your first business card is included in the setup fee.
• Additional employee cards cost £3 each.

Cash withdrawals:

• Free for up to two withdrawals a month (up to £200).
• After that, a small fixed fee + 1.75% applies to amounts over £200.

Currency Conversion

• Wise uses the real mid-market rate (the one you see on Google).
• A low variable conversion fee applies, but you’ll see a full breakdown before confirming any transaction.

Cashback & Interest

• 0.5% cashback on eligible card spending.
• Earn variable interest on certain balances (e.g., 4.2% AER on GBP).
• Any admin fees (less than 1%) are deducted automatically.

Wise is upfront about all its fees, so there are no hidden exchange rate markups. However, keep in mind that cash and cheque deposits aren’t supported—if your business deals with physical takings, you’ll need a separate solution for that.

How Easy is Wise Business to Use?

Wise is built for simplicity and speed, making it easy to manage business finances digitally. Whether you’re using the web portal or the mobile app (iOS and Android), the interface is clean and intuitive—setting up currency balances, transferring funds, or managing team permissions takes just a few clicks.

Everything stays consistent across devices, so switching between desktop and mobile feels seamless. The “Groups” feature is particularly useful if you need to separate funds for different projects or departments, each with its own spending rules and authorised users. Batch payments? Just upload a .CSV or .XLSX file with up to 1,000 payees—ideal for payroll or paying suppliers in bulk.

Users often praise Wise for its fast sign-up process and the real-time exchange rate calculator, which eliminates the guesswork from international transfers. However, some find the verification process for larger transfers or high-risk industries a bit more involved—Wise follows strict anti-money laundering rules, so you may need to submit additional documents.

There are occasional complaints about app glitches or slow customer support responses during peak times, but overall, Wise scores well on usability. If your business is comfortable managing finances entirely online, you’ll likely find Wise refreshingly efficient, transparent, and easy to navigate.

Is a Wise Business Account Safe?

Even though Wise isn’t a bank, it takes security seriously. Customer funds are safeguarded under FCA regulations, meaning your money is held separately in high-quality assets—so it’s always accessible to you. However, unlike a traditional bank, Wise funds aren’t covered by FSCS protection.

Security-wise, Wise goes all in:

• Fraud detection systems to flag suspicious activity.
• End-to-end encryption to protect sensitive data.
• Two-factor authentication (2FA) for extra account security.
• A bug bounty programme, where ethical hackers help find potential vulnerabilities before bad actors do.

For support, businesses can reach Wise via the mobile app, email, or online guides. Larger teams can also tap into API documentation for custom integrations. While many users praise Wise’s quick responses to everyday queries, some report delays—especially when compliance checks trigger additional verification steps. If your account is temporarily restricted during this process, it can be frustrating.

That said, Wise has strong customer satisfaction ratings, including an average 4.5 stars on Trustpilot (from 185,000+ reviews). Users love the intuitive interface and transparent pricing, but common complaints include identity verification delays and slow customer support for complex cases.

Bottom line? Wise is a safe and trusted platform for businesses that value cost-effective international transactions, but if you need instant support or FSCS protection, it’s worth considering your backup options.

How to Sign Up for a Wise Business Account?

Getting started with Wise Business is straightforward, but you’ll need to go through a few verification steps. Here’s what to expect:

1. Create an Account

• Go to the Wise website or app.
• Select “Business” when prompted.
• Enter your name, email, and a secure password.

2. Enter Business Details

• Provide information about your company structure (sole trader, limited company, etc.).
• Enter your registered business address.
• Describe your industry and the nature of business.

3. Complete Verification

• Upload a valid ID (passport or driving licence).
• Provide proof of business registration (e.g. Companies House details for UK businesses).
• If any owner holds more than 25% of shares, you may need to submit their details too.

4. Pay the One-Off Setup Fee

• £45 fee to unlock local receiving details (GBP sort code, EUR IBAN, etc.).
• You can pay via bank transfer, debit card, or from your Wise balance.

5. Add Funds & Activate Your Account

• Deposit some money into your Wise account to start using it.
• Once verified, you can order your free primary debit card.
• Additional employee debit cards cost £3 each.

How Long Does It Take?

Verification can take minutes or a few days, depending on how quickly you upload the required documents and Wise’s compliance workload.

Tip: Ensure your details match official records to avoid delays.

Once your account is up and running, you’ll have full access to Wise’s multi-currency accounts, batch payments, and custom team roles—all designed for businesses that operate globally.

Eligibility for a Wise Business Account

Wise Business is open to most UK-based sole traders, limited companies, freelancers, partnerships, and even some charities. It’s not just for UK businesses either—Wise also operates across EEA countries, the US, Canada, Australia, New Zealand, and several other regions.

Age & Residency

• You (and any key stakeholders) must be 18 or older.
• Typically, you need to reside in a supported country.
• If your company is registered in a supported region but has directors living elsewhere, Wise may accept them—but additional checks could apply.

Industry Restrictions

• Businesses involved in gambling, cryptocurrency (in certain jurisdictions), and other high-risk sectors may face restrictions.
• Adult content and tobacco-related businesses could also be limited or restricted.
• If your business falls into a high-risk category, check Wise’s restricted industries list before applying.

Supported Business Structures

• Limited companies must provide official registration details (e.g. Companies House number in the UK).
• Sole traders and freelancers usually only need a valid ID and proof of address, though further documentation may be requested.

Extra Verification & Compliance

• Wise is regulated for anti-money laundering and fraud prevention, so they might request extra details about your revenue sources.

• To avoid delays, keep key documents like business registration certificates, bank statements, and invoices handy.

If you meet these criteria and don’t mind managing everything digitally, Wise Business is generally quick and easy to set up.

Wise Business Account Requirements

To get your Wise Business account up and running smoothly, here’s what you’ll need:

Official Registration Documents

• Limited companies: Have your Companies House details, articles of incorporation, or equivalent ready.
• Sole traders: Usually just need proof of identity and address.

Personal Identification

• Wise requires a valid passport, driving licence, or national ID for anyone who owns more than 25% of the business.
• In some cases, you might need to complete selfie or video verification to match your ID.

Proof of Address

• A recent utility bill, bank statement, or council tax statement with your name and address.

Details of Ultimate Beneficial Owners (UBOs)

• If multiple shareholders are involved, Wise will ask for their full names, addresses, and ownership percentages.

Business Information

• Wise will want to know:
• What your company does (e.g., e-commerce, consulting, software development).
• Where you trade from.
• Which currencies you expect to use.

Initial Deposit & Setup Fee

• While there’s no strict minimum balance, you’ll need to pay a £45 one-off fee to unlock local receiving details(like a GBP sort code or EUR IBAN).
• Adding funds beyond that helps activate features like Wise debit cards.

Possible Extra Documentation

• Depending on turnover, location, or industry risk level, Wise’s compliance team might request additional documents—such as invoices, contracts, or official business records—to verify your business activities.

If everything checks out, your account is typically approved within a few days—sometimes even within the hour.

Wise Business Alternatives

If you’re considering Wise but want to explore other options, here’s how it compares to some key alternatives:

Revolut Business

• Multi-currency accounts with corporate cards and tiered pricing plans.
• Can be cheaper for certain cross-border payments, but coverage is narrower than Wise.
• Best for businesses in the EEA, US, and a few other supported regions.

Starling Bank

• A fully licensed UK bank with FSCS protection (unlike Wise).
• Free UK bank transfers and in-app budgeting tools.
• Supports cheque deposits via the app and cash deposits at the Post Office—which Wise does not offer.

Monzo Business

• UK challenger bank with fee-free UK transfers and invoice creation built into the app.
• Uses Pots for budgeting, making it easy to organise funds.
• Slowly rolling out multi-currency features, but not as globally focused as Wise.

PayPal Business

• A go-to for e-commerce businesses, especially for accepting international payments.
• Higher exchange fees than Wise—not ideal for holding multi-currency balances long term.

Which One is Best for You?

• If you frequently deposit cash, Starling or Monzo are better choices.
• If you need broader currency coverage and low-cost international transfers, Wise often stands out.
• If you want a fully licensed UK bank with FSCS protection, Starling is the safest bet.
• If you’re an e-commerce seller, PayPal might be useful, though costly for international payments.

Ultimately, Wise is hard to beat for international transactions, but it’s not a full banking replacement. The best choice depends on your business’s specific needs.

FAQs