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Wise Business Account Review

Vincent Nyoike
Vincent Nyoike Banking

Wise, formerly TransferWise is an online bank that offers a wide variety of features like business accounts, personal accounts, multicurrency accounts, Euro IBAN and money transfers. If you have a business, you can add local bank accounts and transact like a local. Wise business account can support 54 currencies and its services are available in many countries across the world. The following is Wise business account review and features.

Wise Business Account Review Summary            

  • Wise business account supports 54 currencies.
  • You can open local bank accounts in GBP, EUR, USD, RON, SGD, AUD, NZD, and HUF.
  • You can hold, spend and transfer money to over 80 countries.
  • You get an IBAN number in the UK, Belgium and Romania accounts.
  • You get business debit MasterCard.

Who can Open Wise Business Account?

If you have a business that operates across the borders and you want to transact in different currencies, Wise business account is the best option. Business people with these types of businesses can open Wise business accounts.

  • Online business or a freelance business
  • Limited and public companies
  • Partnership
  • Any kind of business with cross border transactions

How to Open Wise Business Account

It is very easy to open Wise business account. You need to visit the Wise website and select the Business account option, enter your email, password, your country and then click register. After that, you need to provide your business details like business registration number, where your business s located and the type of business.

After that, you need to verify your account by submitting a photo of a valid ID, proof of address. To add foreign currency accounts and receive transfers, you need to pay a onetime fee of £16. You can pay the fee using a debit card or a credit card.

You will need to wait between 3-7 days for Wise to verify the details you provided. As such, Wise business account is not ready for use immediately. Once accepted, you can order a debit card that takes 2-6 days to arrive.

Benefits of Using Wise Business Account

There is much you can do with Wise business account. You will enjoy the following benefit by signing up for Wise business account:

  • There are no high rates, no hidden fees and no monthly fees. You can use the account to manage your business cashflows and pay your employees.
  • You can pay many people in over 80 countries with a single click. You can pay international invoices, vendors and employees without a lot of hassle.
  • With Wise business account, you can open a local bank account in 8 currencies and get paid faster like a local. 50% of wise business payments are instant and are completed in less than one hour.
  • You can make batch payments and pay up to 1000 people in a single click. You just need to upload a spreadsheet with details of each transfer and then you can submit a single payment.
  • You can make faster reconciliation by connecting currency accounts to Xero or QuickBooks.

Wise Multicurrency Account Review

Wise multicurrency account, formerly TransferWise borderless account is an account you can use to hold, spend, save, send and receive money from across the world. Wise multicurrency account can support 54 currencies. It also allows you to easily convert money from one currency to another, using real exchange rates. 

Wise Multicurrency Local Accounts 

Country CurrencyAccount Details
UKGBPAccount number and Sort code
BelgiumEURSWIFT/BIC, IBAN
United StatesUSDRouting number, Account number
RomaniaRONSWIFT/BIC, IBAN
HungaryHUFAccount number
AustraliaAUDBSB code, Account number
New ZealandNZDAccount number
SingaporeSGDAccount number

Wise Business Debit Card

Once you have opened Wise business account, you can order Wise debit card. It takes 3-6 days to have it delivered. You can use Wise debit card anywhere in the world and convert currencies using real exchange rates. There is a currency conversion fee f between 0.35% and 1%. You also get 2 free ATM withdrawals of up to £200 every month.

You can ad Wise debit cards to mobile wallets like Google Pay, Samsung Pay and Apple Pay and start making contactless payments. It is free to pay using Wise business debit card as long as you transact using the same currency in your debit card balance.

Is Wise Business Account Safe?

Wise is regulated by multiple regulators in the market. It is regulated by the Financial Conduct Authority (FCA) in the UK and FinCEN in the US. Besides, Wise uses 2-factor authentication to secure customer accounts. Wise also keeps its customers' data safe and it is transparent on how it collects the data and stores it.

Wise Business Account Supported Currencies

Wise business account allows you to hold and convert money in 54 currencies. These currencies include UAE dirham, Australian dollar, Bulgarian lev, Chilean peso, Canadian dollar, Costa Rican colon, Euro, Danish krone, Georgian lari, Hong Kong dollar, Hungarian forint, Israeli shekel, Japanese yen, South Korean won, Czech koruna, Egyptian pound, British pound, Ghanaian cedi, Moroccan dirham, Malaysian ringgit, Norwegian krone, New Zealand dollar, Philippine peso, Mexican peso, Nigerian naira, Nepalese rupee, Kenyan shilling, Sri Lankan rupee, Peruvian sol, Polish złoty, Russian ruble, Singapore dollar, Turkish lira, Ukrainian hryvnia, US dollar, Vietnamese dong, South African rand, Argentine peso, Bangladeshi taka, Botswana pula, Swiss franc, Chinese yuan, Croatian kuna, Indonesian rupiah, Indian rupee, Pakistani rupee, Romanian lei, Swedish krona, Thai baht, Tanzanian shilling, Ugandan shilling, Uruguayan peso, West African franc and Zambian kwacha.

Wise Business Account Supported Countries

Wise business account is supported in over 84 countries. You can hold, send and receive money in the following countries using Wise business account: Europe, Africa, Argentina, Australia, Austria, Bangladesh, Belgium, Brazil, Bulgaria, Pakistan, Philippines, Poland, Switzerland, Tanzania, Thailand, Canada, Chile, China, Croatia, Cyprus, Czech Republic, Denmark, Egypt, Estonia, Finland, France, Georgia, Singapore, Portugal, Romania, Hong Kong, Hungary, India, Indonesia, Ireland, Israel, Russian Federation, San Marino, Sweden, Slovakia, Slovenia, South Africa, Spain, Sri Lanka, Germany, Ghana, Greece, Italy, Kenya, Latvia, Luxembourg, Malaysia, Malta, Mexico, Monaco, Morocco, Netherlands, New Zealand, Nigeria, Norway, Turkey, Uganda, Ukraine, United Arab Emirates, United Kingdom and the United States.

Related: Wise money transfer review. 

Wise Business Account Fees

Wise business account does not have premium plans and does not also charge monthly or annual fees. You need to make a onetime fee of £16 to get foreign account details and reeve transfers. The following are Wise business account fees. 

  • Monthly fees: None
  • Account opening fees: Free
  • Getting account details: £16 onetime fee
  • Business debit MasterCard: Getting the first one is free, an additional one, £3 fee.
  • Currency conversion fees: 0.33% to 3.56%
  • Direct debits: Free
  • Holding more than €15,000 balance: 0.40% annually
  • Cash withdrawals: 2 free withdrawals of up to £200. Above that, a 0.75% fee.

Wise Business Account Alternatives

If you are looking for an alternative to Wise business account, you can use the following services.

Summary on Wise Business Account Review 

If you have a business and you are looking for a business account you can use to hold, send, spend and convert money using reel exchange rates, consider Wise business account. You also get access to 10 local accounts that can help you transact like a local. You also get to hold over 54 currencies and transact in over 80 countries. 

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