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 more than 55 currencies. You can even set up local business accounts in minutes without having an address in those countries.
What’s Special About Wise Business Account
- No monthly fees.
- Wise for e-Commerce Businesses allows you to withdraw money from platforms like eBay, Shopify, Amazon and Stripe
- You can pay international invoices, vendors, and employees in over 80 countries and in over 50 different currencies with the real exchange rate. It’s cheaper than traditional banks or even Paypal.
- You can get local bank details for 10 different currencies so you get paid on time and for free like a local. US, UK, Euro and Australian dollar accounts support direct debits to pay your taxes or bills abroad.
- Pay up to 1,000 people in one click after uploading a spreadsheet with details for each transfer.
- Connect your Wise Business Account with Xero, Quickbooks and Freeagent.
You won’t be able to get an overdraft, a business loan or earn interest on your Wise Business account.
- 1 How to Open a Wise Business Account
- 2 Wise Business Banking for Cheaper International e-Commerce Payments
- 3 The Wise API
- 4 The Wise Business Debit MasterCard
- 5 Multi-User Access (MUA)
- 6 Wise Supported Business Types
- 7 Wise Business Account Fees
- 8 Wise Business Account Transfer Limitations
- 9 Is Wise Safe for your Business?
- 10 Wise Business Account Alternatives
- 11 Final Thoughts on Wise for Business Account Review
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. For identity verification, you will need to provide identity verification documents such as a passport, National ID card, and photo of your Driver’s License. Alternatively, you can provide Proof of Address documents such as a utility bill, credit card statement, tax bill, or vehicle registration. Then, provide more information about yourself and your business. The needed information about your business is business registration, the industry your business is in, any online or social presence, where the business is located, and the names, date of birth, and country of residence for all legal business owners and directors. If you are not a director of the company you are opening a business account for, Wise will need you to provide personal information to confirm your authorization to act on behalf of the business. Opening account details will need you to pay a one-time set-up fee. Businesses registered in New Zealand, Singapore, Hong Kong, the US, and Japan require specific requirements for account verification.
If you run more than one business, you will need to sign up for Wise Business Account for each business since it is not possible to attach more than one business to the same account.
Wise Business Banking for Cheaper International e-Commerce Payments
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 MasterCard
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.
|Business account set up/Account opening||EEA/UK: £45/€50 (other countries account opening is free)|
|Fixed fee to send money (it varies with currencies involved)||65p|
|Hold more than €70,000 in EUR balance||0.40% annually|
|Hold 50+ currency balances||Free, except for when you hold more than 70, 000 in EUR only|
|Get bank details to receive currencies||£16 (one-time fee)|
|Convert currencies||Money is converted at the real exchange rate|
|Receiving money in GBP, EUR, AUD, RON,HUF, SGD, and NZD||Free for some currency. It is best to check the price checker|
|Wise Debit MasterCard||£3/€4|
|Spend in currencies in your account||Free|
|Convert a currency using your card||0.33%-3.56%|
|ATM withdrawals up to £200/month||Free|
|ATM withdrawals over £200/month||2%|
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 SOC 1 type 2 and SOC 2 type 2 certified and GDPR compliant.
Wise Business Account Alternatives
Final Thoughts on Wise for Business Account Review
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.