Last Updated on October, 2024
Are you considering a Wise business account but unsure if it’s the right fit?
This guide will give you all the details you need. I’ll tell you Wise’s main features, how easy it is to use, how to set up an account, what it costs, and how good their customer service is. You’ll learn the pros and cons, payment options, and why Wise might be a big deal for businesses.
Whether you run a small business or a large one, this guide will help you decide if Wise is the right choice for you.
Keep reading to find out if Wise could be a game-changer for your business!
Contents
- Wise Business Account Review: Key Features
- Wise Business Account: What Does it Exactly Mean?
- How Does the Wise Business Account Work?
- Wise Business Payments
- Wise API
- Wise Multi-Currency Account
- Wise Business Card
- Business Account Users and Permissions
- Is Wise Safe for Businesses?
- Wise Business Account Pricing
- Wise Business Transfer Fees
- Wise Business Card Fees
- Wise: Exchange Rates
- How Does Wise International Transactions Work?
- How Long Does a Wise Payment Take?
- How to Use Wise for Business?
- How to Create a Wise Business Account?
- What are the Wise Business Supported Countries and Currencies?
- Wise Business Account: Limits
- Wise Personal Vs Business
- Wise Business Customer Reviews
- Pros and Cons of Wise
- Conclusion
- FAQs
Wise Business Account Review: Key Features
Wise Business Account: What Does it Exactly Mean?
Wise business accounts are designed for businesses to manage international transactions efficiently.
I hope most of you’re aware of this. Wise offers a multi-currency account, allowing businesses to send, receive, and hold money in various currencies at exchange rates with low, transparent fees.
You can use business debit cards for smooth transactions in different currencies.
The platform simplifies cross-border payments, saving businesses from hidden bank charges. Business accounts provide a user-friendly interface, quick fund transfers, and automated bookkeeping features, easing the financial processes for small to large enterprises.
Do you know? Wise aims to make international business transactions more transparent, cost-effective, and accessible.
You can create a Wise business account online or through the Wise App. The registration fee is a one-time charge of $31.
After that, you can request debit and expense cards. Accordingly, you can get local account details for 10 currencies, making receiving payments from other accounts easier.
Next, I’ll discuss how a business account works.
How Does the Wise Business Account Work?
As I said, you can open your business account online or in the Wise App. You can add money in USD or your preferred currency. GUESS WHAT? They support around 20 currencies for topping up funds.
Plus, you’ll get local account details to receive payments in 9 different currencies.
With your Wise business account, you can:
However, remember these:
Wise Business Payments
Wise simplifies and makes payments cost-effective (maybe that’s why I love Wise). Wise guarantees a smooth process whether you’re sending money domestically within the US or to over 160 countries globally.
However, read this:
Batch Payments for Business
With Wise multi-currency batch payments, you can save time on administrative tasks for supplier payments or employee payroll. Easily upload a single file containing details for up to $1000 payments in various currencies.
Wise batch payment services are readily available.
It’s FREE for all business account holders and can be set up within minutes. You can simplify your financial processes with Wise’s efficient batch payment solutions.
Wise API
Under the ‘Wise API,’ you can automate your workflows and save money and time on administrative tasks. You can also collect recipient details, track transactions, reconcile your account, and make payouts effortlessly.
Remember! There are no setup or integration fees.
Wise Multi-Currency Account
TRUST ME. You can get a Wise business/corporate account for just $31, with no additional charges or minimum balance requirement.
The best part? With the multi-currency account, you can easily manage 40+ currencies – add, hold, send, convert, and collect payments at a low, transparent fee.
If you want to deal with payments from different countries, you can use your own local bank details for 10 currencies and receive payments from OVER 30 COUNTRIES.
You can also share this information with clients for direct payments or withdraw from platforms like Amazon, Shopify, and Stripe to your Wise business/corporate account. So this will help you save on international costs and reach more customers globally.
Save time and money with Wise App by:
It’s that simple!
Wise Business Card
GUESS WHAT? You can order expense and business debit cards once you have your Wise business account.
You can get a card and order additional ones for your team. This makes managing international business spending and expenses quicker. You can centrally set and adjust card spending limits and track transactions.
Also, as I already discussed, you’ll receive the mid-market exchange rate with low fees starting from 0.43% when converting currencies. You can also enjoy some free ATM withdrawals every month.
Business Account Users and Permissions
In a Wise business/corporate account, you can add users with specific permissions for their tasks.
I’ve mentioned some user profiles available:
Understood? Now, let me discuss Wise reconciliation.
Is Wise Safe for Businesses?
Yes. Wise US Inc. is a secure and reliable provider authorized in the US and other countries.
It’s registered with the Financial Crimes Enforcement Network (FinCEN) and holds a money transmitter license in some US states. In other states, it collaborates with the Community Federal Savings Bank.
Wise follows strict safeguarding processes to keep customer funds separate from its operating capital, ensuring the safety of your money.
The company prioritizes security, employing dedicated anti-fraud teams and cutting-edge online and mobile account safety measures.
Also, your account is further protected with instant transaction alerts and two-factor authentication. (Isn’t this enough?).
Wise Business Account Pricing
Please don’t get mad; I will repeat the same point I discussed before. TRUST ME. Knowing it is really, really important. To gain full access to Wise business account features, you must pay a one-time charge of $31.
After this initial fee, there are no ongoing monthly or annual charges – you only pay for the specific services you use. Understood?
However, here’s a breakdown of the vital pricing details for a Wise business/corporate account:
Wise Business Transfer Fees
When you use Wise for international money transfers, they break down the costs clearly and upfront, allowing you to compare them with other providers.
The fixed fee covering foreign transaction fees typically ranges from $4.20 to $4.40 for wire transfers on popular payment routes from the US.
Plus, there is a variable fee, around 0.43%, with standard fees of about 0.5% on popular routes from the US, covering the currency exchange costs.
Don’t worry because Wise ensures transparency by using the mid-market exchange rate for currency conversion, eliminating hidden fees. So, when you initiate your Wise money transfer online or through WiseApp, you instantly see the charges and the expected amount the recipient will receive.
For a better understanding, here’s a table of Wise transfer fees for a $1000 payment on various popular routes:
| Sending $1000 to | Fixed Fee (USD) | Variable Fee (USD) | Variable Fee (%) | Total Fees (USD) |
| CAD | 4.33 | 5.11 | 0.51 | 9.44 |
| GBP | 4.12 | 4.92 | 0.49 | 9.04 |
| EUR | 4.10 | 4.80 | 0.48 | 8.90 |
| AUD | 4.20 | 4.64 | 0.46 | 8.84 |
| SGD | 4.30 | 5.53 | 0.56 | 9.83 |
Note: Data in the table are correct when writing is July 2024.
However, remember this! Wise transfer fees may vary based on the currency, transfer value, and payment method. But they consistently provide a clear understanding. So you can quickly know the costs and the final amount the recipient will get in their account.
Wise Business Card Fees
Now I’ll tell you about Wise business card fees.
| Service Or Feature | Fee |
| Initial Wise card order for your Wise business/corporate account | No charge |
| Additional Wise cards for team members | $5 |
| Delivery of Wise card | Free of charge |
| Currency conversion for card spending | Starting from 0.43% |
| Spending in account currency with the Wise card | No fee |
| Foreign transaction fees | None |
| ATM withdrawals exceeding monthly free allowance | $1.5 +2% |
| Lost card replacement | $5 |
| First 2 ATM withdrawals, up to $100 monthly | No charge |
Note: Please refer to the Wise customer agreement for detailed information on fees.
Wise: Exchange Rates
As you know, Wise offers international transfer and currency exchange services with a UNIQUE approach. When you use Wise, your exchange rate is the same as the mid-market exchange rate.
Note: This is the rate you find on Google or using a currency converter tool.
This applies whether you send a transfer, convert currencies within your account, or use your Wise business debit card to spend in foreign currencies. This sets Wise apart from many banks and other currency exchange services.
Unlike others that add a markup (an extra fee) to the mid-market exchange rate. Wise is transparent about using the exact mid-market rate you find on Google or a currency converter tool.
This applies whether you’re sending a transfer, converting currencies within your account, or using your Wise business debit card to spend in a foreign currency.
So this sets Wise apart from many banks and other currency exchange services.
Unlike others that add a markup (an extra fee) to the mid-market exchange rate, Wise is transparent about using the exact mid-market rate, ensuring no hidden costs and providing a more cost-effective solution overall.
How Does Wise International Transactions Work?
Remember this! Wise is not a bank.
Instead of using the traditional SWIFT network like banks for cross-border transfers, Wise has created its payment network to make transactions faster, cheaper, and more efficient.
Wise operates differently from banks, which often rely on the SWIFT system. The SWIFT system is established and reliable but can be slow and expensive. This is because multiple correspondent banks may be involved in a single payment, and each bank deducts its own fees during the transfer process.
However, the challenge for customers is that they might only know the final cost after the transfer is completed, as correspondent banks can vary.
Wise’s international payments use a network of local accounts, eliminating the reliance on SWIFT. Have you got it? So, when you send a Wise business payment, you fund it by making a local payment to a USD account.
Wise then pays the equivalent amount in the desired currency from their local account in the destination country. This approach ensures you know the exact cost and what the recipient will receive.
Since no actual money crosses borders, there are no intermediary costs. Wise passes on these savings to customers, resulting in a more affordable payment OPTION that can arrive faster than a traditional bank.
How Long Does a Wise Payment Take?
Wise employs its own payment network to give you a quick and efficient service. Currently, 50% of international transfers with Wise are delivered instantly, taking less than 20 seconds, while 90% are completed within 24 hours.
Wise is actively working to make all transfers arrive in minutes by increasing the number of instant payments.
So, when you send money globally, the delivery time depends on factors like how you pay, the currency and country you’re sending to, and the transfer amount.
There’s no need to worry; before confirming your transfer, you’ll ALWAYS see an estimated delivery time. Plus, once your payment is on the move, you can easily track its progress.
How to Use Wise for Business?
Don’t forget these when sending money with Wise for your business:
Wise Payment Methods
When setting up your transfer, you will find various funding methods available.
Typically, these OPTIONS consist of:
However, the most cost-effective and commonly preferred method is a bank transfer from your linked business bank account. For further details on Wise payment methods, please refer to this link.
Track Expenses
Order Wise debit and expense cards for your team through a Wise business/corporate account, eliminating the need for them to use personal funds for business expenses.
They save time with a streamlined expense process and gain centralized control over spending permissions.
Issue Wise debit and expense cards to their members for easy business spending. You can easily set and review card spending limits, ensuring effective financial management.
You can track transactions effortlessly by filtering spending based on individual team members. Wise grants key team members account permissions, allowing them to assist in managing your company’s finances efficiently.
Payout Methods
TRUST ME. Sending most Wise business transfers directly to the recipient’s bank account is the most convenient OPTION. However, Wise does offer alternative payout methods based on the destination country.
How to Create a Wise Business Account?
Opening a Wise business account is SIMPLE and can be done entirely online. To get started, first visit the Wise homepage or app. Click on ‘Register’ and confirm that you want to open a business account. Then, follow the instructions to provide information about your business, such as its registration and industry.
After that, enter the details like names, date of birth, and country of residence for any directors and shareholders who own 25% or more of the business. Complete your personal details and Social Security Number (SSN).
If you’re not a director of the business, you need to upload proof that you’re acting on behalf of the company. Understood?
To complete the process, upload the requested images of the necessary documents for verification. Remember that the documents required can vary based on your business type and the transactions you intend to make.
Online guidelines will guide you through the process, and you can save and close the registration to return to it later if you don’t have all the necessary documents.
What are the Documents You Need for a Wise Business Account?
Before using your Wise for a business account, it’s essential to undergo a verification process similar to what banks and other providers require. This is to ensure the security of your funds and compliance with US and global regulations.
The specific information and documents needed for opening a Wise business account depend on your business type and structure.
Typically, you’ll be asked for:
Requirements to Create a Wise Business Account
To open a Wise business account in the US, you or your registered business must meet the following requirements:
Wise Business Account Verification
Wise has a business verification process to ensure customers’ safety and comply with legal requirements.
You must upload images of specific paperwork for verification when opening a Wise business account.
The required documents depend on your business entity type, and on-screen prompts will guide you.
Take clear images of the needed documents and upload them to your account using your device.
How Long Does Wise Account Verification Take?
Do you know? The Wise service team works to verify all accounts within two days and often accomplishes this in just one working day.
If you require more information or documentation following your application for a Wise business account, a team member will contact you to help you with the details.
The following section is the most important one.
Continue reading…
What are the Wise Business Supported Countries and Currencies?
You can open a Wise business account from various countries, including the US, EEA, UK, Canada, Australia, Singapore, and New Zealand.
If you are not in the US, check the Wise pricing page for your location, as features and fees may vary. TRUST ME. Wise offers US businesses the option to open a business account and obtain international business debit and expense cards for spending in 160+ countries.
With a Wise account, you receive local bank account details for convenient payment in 10 currencies:
Plus, you can hold account balances in over 40 currencies, including INR, CNY, JPY, MXN, and CHF, making it easier to manage low-cost international payments in 160+ countries.
Wise Business Account: Limits
GUESS WHAT? Wise business accounts typically don’t have a maximum limit for holding funds. However, specific Wise US customers with routing numbers beginning with 026 face restrictions on receiving USD, with an annual limit of around 50 million USD.
Additionally, the following are Wise transfer limits for various significant currencies:
| Currency | Maximum Payment |
| EUR | 1.2 million EUR |
| USD | 1.6 million USD |
| CAD | No specified limit |
| SGD | 1.8 AUD |
| AUD | 1.8 million AUD |
Wise Personal Vs Business
| Feature | Wise Personal Account | Wise Business Account |
| Cost | Free to open, no ongoing charges | $31 to open, no ongoing charges |
| Card | Wise debit card for yourself | Wise cards for you and additional team members |
| Management | Convenient account management from your phone or laptop | Enhanced team permissions for flexible account access |
| Transactions | Send international payments to 160+ countries, use card globally | Local account details for 10 currencies, global card usage |
| Business Features | N/A | Batch payments, open API, cloud accounting integrations |
Wise Business Customer Reviews
Most people who wrote reviews about Wise business accounts had positive things to say. On Trustpilot, Wise has a rating of 4.2 stars based on over 207,300+ reviews.
Users appreciate that the platform is transparent about its pricing, offering competitive rates without hidden fees. Many users find that Wise provides better rates for international transfers than most banks.
However, some users have criticized Wise for gradually increasing transfer fees over the years. Plus, there are numerous complaints about the customer service.
According to reviews, I understood that the representatives are slow to respond to emails and often lack knowledge about Wise’s processes and products, making it challenging for customers to resolve issues.
I’ve attached some random screenshots of reviews below.
- Customer Review 01:
Excellent. Have been using this banking service for years, if you live life in different countries or travel a lot, you need this account. You always get a good exchange rate and you can even open new currencies and pay like a local whenever you are abroad with different currencies.
- Customer Review 02:
I’ve encountered issues with my Wise account. it got blocked without warning. My £6000 is stuck, and they requested refund details, i put details and waiting time was 15 days which is increasing to 60 days with no support no live chat, email response, or assistance. It feels like a scam, and they’ve taken my hard earned money.
Pros and Cons of Wise
Pros
Cons
Relevant guides:
- Wise Platform Review
- Receive Money From Overseas Using Wise
- Wise Platform Exchange Rate
- Is Wise Safe or Not?
- How Does Wise Work?
- Wise Money Transfer Limits
- Open a Wise Account
- Withdraw Money From Wise to Bank Account
- Wise Money Transfer Fees
- Wise Card Review
Conclusion
What’s your purpose in opening a Wise business account? If moving money globally isn’t your main goal, you should think TWICE and go for better alternatives like Revolut. (Learn more about Revolut Business.)
Even though Wise has the best rates in the market while making international transactions, its high ATM withdrawal fees and lack of support for cheque and cash deposits raise questions among business owners.
Was my Wise business review helpful? Alright, now think – and act wisely!
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