Wise Business Account Review [Including Wise Ecommerce]

Formerly TransferWise, Wise business accounts offers a wide range of features including the ability to invoice customers, batch payments, cheap transfers, and QuickBooks and Xero integration. Other features are spending anywhere with no hidden fees, a Business MasterCard connected to multiple currency accounts, and the ability to receive and hold money in over 40 currencies. You can even set up local business accounts in minutes without having an address in those countries.

How to Open a Wise Business Account

You can open Wise Business Account on Wise website or Wise app. To open a Wise Business Account on the website, go on the signup page and under ‘Create Account’, select the ‘Business’ option and provide your email address, password, and country.

Wise Business account requirements include the following:

• You must be a business owner or authorized representative of a business.
• Your business must be registered in a supported country.
• Documentation is required to verify your business identity, such as a business registration certificate, tax identification number, and proof of address (e.g., utility bill or government-issued document).
• You must provide personal identification documentation, such as a passport or driver’s license.
• Additional documentation may be necessary based on the nature of your business and the country of operation, such as financial statements, business plans, or shareholder information.

The specific requirements may vary depending on your country of residence and the type of business you operate. You can find more information on the Wise website.

Open Wise Business Account

Wise e-Commerce

Wise for e-Commerce businesses is a multi-currency business account for online retailers to pay global suppliers and receive money from Stripe, eBay, Amazon and other platforms. You can connect your Wise Business Account to a number of online marketplaces to receive money without converting it. You will be able to receive USD, CAD, GBP, EUR, SGD, AUD, NZD, and TRY for free. You will also enjoy all the benefits that come with Wise Business Account.

The Wise API

The Wise API helps businesses streamline their workflows. You can use the Wise API to power your cross-border and domestic payouts with a single API integration, monitor payments received to your Wise local account details, fully automate transfer creation, get statements for balance reconciliation and accounting purposes, and automatically payout directly to bank accounts or email recipients. You will also get the mid-market exchange rate.

The Wise Business Debit Card

The Wise debit card is part of the multicurrency account and it can be used internationally to pay business expenses and spend online or in-store without foreign transaction fees or annual fees. The cards are customizable in a way that allows you to set spending limits, turn on or off contactless, in-store and online payments for each business card.

The Wise MasterCard is supported in most EEA countries, New Zealand, Singapore, UK, Australia, the US, Canada, and Japan. However, it is not supported in Afghanistan, Chad, Burundi, Central African Republic, Congo, Iraq, Cuba, Eritrea, Libya, North Korea, Syria, Iran, Palestinian Territories, Somalia, Sudan, Venezuela, Yemen, South Sudan, and Cuba.

The debit card fees and limits vary based on your location and use of the card. With the Wise card, you get free ATM withdrawals worldwide up to £200 or its equivalent in other currencies. However, for withdrawals over that amount, you pay a 2% fee per withdrawal. Team members can have their own cards on your Wise Business account.

Multi-User Access (MUA)

This features allows you to invite your team members to your Wise business account and give members different levels of access to your business account. Your team can have different roles such as viewer, employee, preparer, payer, and admin. They can do the following:

• Admin. An admin can view and manage everything, spend with a business card, add and remove team members.
• Viewer. Viewers can view all activities of the account, download receipts, connect to accounting software, and download statements.
• Preparer. A preparer can see all account activities, set up single payments for approval, download receipts, download statements, and contact Customer Support on behalf of the business.
• Employee. An employee can view their own activity, spend with their own Wise business card, and pre-set limits.
• Payer. Payers can see all account activity, make and manage payments, convert balances, and download statements.

Wise Supported Business Types

Wise supports many types of businesses including Partnerships, Sole traders, Limited and Public companies, Trusts and Charities in the UK, Switzerland, New Zealand, US, EAA, Canada, and Australia. Wise prohibits some types of businesses such as adult entertainment industries, tobacco businesses, and crypto-related businesses.

Wise Business Account Fees

Opening a Wise business account is free. However, you will pay a small one-time setup fee to get your own international bank details. Also, currency conversion is done at a small fee at the real exchange rate. When making transfers, Wise fees depend on the type of transfer, the amount your transferring, the type of currency involved, the destination of the transfer, and the exchange rate. Wise business account fees are the same as with personal accounts, with one exception: a one-time fee for international bank details setup.

Wise Account Pricing (Wise Business Account Fees)

Wise has removed the two tiers (free and paid) for accessing the Wise Business account for customers in Europe or UK who will now pay a one-off fee to access all features.

Wise Business Cards Fees

Wise Business Account Transfer Limitations

Wise business transfers are slightly more limited compared to personal transfers. There are some currency routes that Wise does not support business transfers to or from due to Wise’s regulation in those countries. Currencies without business limitations include GBP, LKR, CZK, HKD, GEL. HUF, THB, EUR, KRW, CHF, PLN,ZAR, TRY,  RON, IDR, AED, DKK, NOK, PHP, , SEK, MXN, BGN, SGD, and MAD. On the other hand, currencies with business limitations include RUB, BRL, TZS, NPR, JPY, COP, NZD, MYR, AUD, UAH, PKR, USD, BDT, VND, INR, CNY, CAD.  Wise business account has no transaction limits. However, there are limits depending on the source and destination currencies.

Is Wise Safe for your Business?

Yes. Wise is keen on the safety of customer funds and data. It is authorized as an Electronic Money Institution (EMI) and regulated by the Financial Conduct Authority in the UK. Further, it is regulated in the different countries where it operates by government regulations and other regulatory bodies. Client funds are stored in separate accounts and Wise cannot touch or use these funds. Wise also ensures that it does regular updates and patches to its software.

Further, Wise is GDPR compliant and SOC 1 type 2 and SOC 2 type 2 certified, meaning that Wise has implemented proper controls and measures to ensure the security and reliability of their services.

Wise Business Account Alternatives

• Revolut Business Account
• N26 Businness Account
• Monese Business Account

Wise: International Business Banking with Wise Multicurrency Account

If your business deals with international partners and clients or has remote employees in different countries, then Wise is the ideal business account for payments and international money transfer service for you. If you own an ecommerce business, Wise for eCommerce allows you to withdraw funds from ecommerce platforms such as Amazon, Shopify and eBay as well as payment platforms such as Stripe. Its transparency, easy onboarding process, and low fees makes it stand up above other similar business bank accounts. However, with Wise account for business, you won’t be able to get an overdraft, a business loan or earn interest on your account.

Open Wise Business Account