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As businesses embrace globalization, suppliers and customers are no longer confined to domestic markets. Sourcing from international vendors or serving global buyers has become commonplace.
It would be advantageous to have a solution that simplifies sending and receiving global payments. Many such solutions are available today, and a Wise Business account is a notable option.
But is it worth considering? In this Wise Business account review, I’ll delve into its features, fees, and more to help you decide.
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What Is Wise?
Wise, formerly known as TransferWise, is a UK-based financial technology company headquartered in London. Launched in 2011, Wise aims to provide efficient payment solutions. They offer “Wise Personal” for individual use and “Wise Business” for businesses and freelancers.
Though not a bank, Wise is a licensed payment service provider with regulatory licenses allowing them to offer business accounts and payment services across various regions, including Australia, Belgium, the European Economic Area (EEA), Brazil, Canada, Hong Kong, India, Indonesia, Israel, Japan, Malaysia, New Zealand, the Philippines, Singapore, the United Kingdom, and the United States.
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Wise Business Account Pros & Cons
Pros
- Wise Business account is accessible in most countries
- Send and convert money in over 40 currencies
- Provides physical and unlimited virtual business debit cards
- Offers mid-market exchange rates for paying bills or expenses in foreign currencies
- Wise card doesn’t charge foreign transaction fees, though a currency conversion fee may apply
- Cashback reward available (EEA only)
Cons
- Service availability varies by country, with some countries like Hong Kong and Indonesia offering fewer services
- Wise business cards are available in fewer countries compared to business accounts, primarily in the EEA, UK, US, and 8 other countries
- Limited customer support channels, particularly for potential customers
- Account funding and ATM withdrawal fees can be significant
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Wise Business Account Features
As outlined in this Wise review, a Wise Business account offers several features similar to those of a personal account, such as international money transfers, multicurrency accounts, debit cards, and more.
Additionally, it includes several features designed to help business owners streamline their transactions, including:
1. Batch Payments
If your business frequently sends payments to employees, freelancers, or vendors, Wise offers a batch payments tool to simplify the process. By uploading a batch payment file, you can send up to 1000 invoices in multiple currencies with a single click, making it easier to handle salaries, services, and vendor payments efficiently.
2. Accounting Integrations
Accounting is crucial for maintaining financial transparency and accuracy. Wise Business integrates seamlessly with accounting software like QuickBooks, Xero, and Oracle NetSuite. This integration automatically records all your transactions, reducing manual data entry and ensuring your bookkeeping is always up-to-date. This helps you track payments, manage spending, and perform other accounting tasks with ease.
3. Team Access
Managing a business with multiple team members? The team access feature allows you to grant specific permissions to different team members. You can control who can view and manage particular functions within your Wise Business account, ensuring secure and tailored access to sensitive information and tasks. This results in smoother operations as designated team members can perform necessary transactions without relying on a single person.
4. Wise Business Debit Card
To keep personal and business funds separate, the Wise Business debit card is an effective solution. It allows for convenient business spending and includes digital cards for safer online transactions. You can assign dedicated debit cards with pre-set limits to team members and track spending on each card, ensuring transparency and accountability.
5. Account Details
If you sell online or through e-commerce to overseas customers, Wise Business’ account details make it easier to receive payments in 9+ currencies. Share your account details with buyers, clients, or partners to receive funds directly into your Wise Business account without fees for EFT or ACH payments. However, USD wire or Swift payments may incur fees.
6. Wise Interest
Maximize your savings with Wise Interest, a feature that partners with BlackRock to invest in a portfolio of quality short-term money market instruments. Available in USD, EUR, and GBP, Wise Interest helps grow your capital, though an additional 0.27 – 0.56% annual fee applies to invest.
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Opening a Wise Business Account: Step-By-Step Process
Opening a Wise Business account is straightforward. With a registered business, you can sign up and conduct transactions in multiple currencies using Wise Business.
Here’s how to do it:
- Click on ‘Open a Business Account’
- Provide your email address and country of registration
- Enter your business details, including your registered business name, trading name, company type, and registration number
- Verify your business by filling out details such as business category, subcategory, social links, and business size
- Confirm your business’ registered and trading addresses
- Choose your plan type: All banking features or Essential features
- Optionally, top-up funds into your business account
Wise Business Account Eligibility Requirements
To be eligible for a Wise Business account, you or your entity must be:
- Sole traders or freelancers
- Limited or public companies
- Partnerships
- Charities or trusts in EEA, Canada, the US, the UK, Switzerland, Australia, and New Zealand
Most countries are eligible to open a Wise Business account, with some exceptions detailed in the list of ineligible countries. Once eligible, you’ll need to provide verification documents to complete the account opening process. These typically include, but may not be limited to:
- A colored scan of an ID document
- Information on ultimate beneficial owners, shareholders, and directors
- Business details such as name, legal type, registration number, and addresses
- Details of the account representative
- Additional documentation may be required based on specific country regulations. For example, Singaporean businesses might need proof of address, while US-based businesses may be asked for social security details.
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Wise Business Fees
A Wise Business account offers low fees and transparent cost structures. Here’s a breakdown of its pricing:
Setup Fee
To start using a Wise Business account, there’s a one-time setup fee of 54 SGD (or equivalent). There are no monthly or subscription fees.
Debit Card Fee
Obtaining a Wise debit card costs 4 SGD (or equivalent). Additional cards for team members or other purposes also cost 4 SGD (or equivalent) each.
ATM Withdrawal Fees
You can withdraw up to 350 SGD (or equivalent) per month for free. Exceeding this limit incurs a fee of 1.75% + 1.50 SGD (or equivalent) per withdrawal.
Fees for Converting Money
Conversion fees vary by currency, starting from 0.43% of the total amount.
>> Check Fees for Wise Banking >>
Who Should Use Wise Business?
Wise Business is ideal for small to medium-sized enterprises, freelancers, and sole traders involved in international transactions. It’s especially beneficial for online businesses selling internationally and professionals who frequently travel for work.
The account is particularly advantageous for entities based in the UK, Europe, and the US, where the full range of features is most accessible.
Wise Business Account Customer Support
If you need help with Wise, you can visit the Wise Help Centre. For personalized support, you can contact Wise via phone, email, or the contact form on their website. However, accessing these contact details requires logging in to Wise, meaning only existing customers can use these channels.
How Easy Is Wise Business to Use?
Many users find Wise easy to use, thanks to its user-friendly interface and simple sign-up process. However, with so many available countries, the user experience can initially feel complex once you get accustomed to it.
The mobile apps for Android and iOS are intuitive, making it easy to manage your account on the go. Overall, users have found Wise to be a convenient and straightforward platform for managing their finances.
>> Unlock Global Banking Benefits With Wise >>
Wise Business Account Reviews from Real Users
Wise has a 4.5-star rating on Trustpilot, based on 185,000 reviews at the time of writing, with 84% of reviewers giving it 5 stars. These reviews cover Wise as a whole, not just the business account. Wise is currently ranked 68 out of 114 in the category of best financial institutions on Trustpilot.
Wise Business Alternatives – Wise Business Account Review
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Bluevine was created to serve small businesses that are often underserved by traditional banks. Currently, Bluevine offers a single banking solution: a business checking account that combines the benefits of both a checking and savings account. Read our full Bluevine review.
When you sign up, there are no monthly fees or minimum balance requirements, even from the start. You can make unlimited incoming and outgoing transactions with no added fees. Bluevine’s business checking account functions as a high-yield business savings account, allowing you to earn interest on your balance.
>> Sign Up for a Bluevine Business Account >>
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Lili Bank is a digital banking and accounting service offering FDIC-insured accounts through Choice Financial Group. Lili’s all-in-one account helps businesses with payments, invoicing, accounting, and tax preparation.
Lili’s account has no hidden fees, overdraft fees, or minimum deposit or balance requirements. Domestic wire transfers are free and unlimited. Lili also offers a savings account with a competitive interest rate of 4.15% APY, higher than Grasshopper’s 1.51-2.24% APY.
Smart bookkeeping features include instant transaction categorization and automated reports. Tax preparation features automate tax savings annually and generate expense reports and pre-filled tax forms. Its invoicing software lets you create and send customizable invoices, accept payments instantly, track payments, and send reminders.
>> Sign Up for a Lili Business Account >>
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Novo is an online-only banking platform ideal for organizations needing affordable business checking accounts. Novo’s business checking account has no monthly fees or minimum opening deposit requirements, offers unlimited free transactions, and provides up to $7 in monthly ATM fee refunds. It also features built-in budgeting tools and instant access to Stripe payouts.
Novo includes valuable features like reserve accounts, invoicing tools, and business discounts at no extra cost. The platform mainly benefits businesses using Stripe for payment processing, as the Novo Boost feature offers faster access to Stripe payouts.
>> Sign Up for a Novo Business Account >>
Is Wise a Bank, and Is It Safe?
Wise isn’t a bank but a financial service provider with regulatory licenses to offer business accounts and payment services in multiple countries. For example, it’s licensed by the Financial Conduct Authority (FCA) in the UK, registered with the Financial Crimes Enforcement Network (FinCEN), and operates as a licensed money transmitter in several US states.
Wise must comply with various regulations to ensure customer safety, such as holding customer funds in top-tier banks separate from Wise’s own working capital. Additionally, Wise employs security measures similar to traditional banks, including two-factor authentication and fraud monitoring.
>> Hassle-Free Banking With Wise >>
Bottom Line – Wise Business Account Review
Wise offers some of the best rates for international transactions without rate markups. However, limited free ATM withdrawals and the lack of support for cash and check deposits make it less suitable for everyday domestic use. If international money transfers aren’t your primary concern, the Wise Business Account should complement your main business checking account rather than replace it.
>> Unlock Global Banking Benefits With Wise >>
