10 Key Things to Know Before Opening a Wise Business Account [2024]

If you are considering opening a Wise Business account for your company, it’s essential to grasp the key aspects of Wise services that could affect your financial management before you proceed. 

This article will walk you through the key details you need to know to ensure you make the most of what Wise has to offer in 2024. We’ll cover what Wise is, how their business account works, key features, eligibility requirements, regional services, associated costs and timeframes, and their customer support channels.

Wise – formerly known as TransferWise – is a fintech company launched in 2011, offering payment solutions to individuals and businesses across the globe. Their main services are a multi-currency account, cross-border money transfer capability, and payment cards. 

Wise was founded by Estonian friends Taavet Hinrikus and Kristo Käärmann. Hinrikus was formerly Skype’s Director of Strategy, and Kristo was previously a management consultant with Deloitte Consulting. and PricewaterhouseCoopers.

Wise has headquarters in London and has been listed on the London Stock Exchange since July 2021. Over the company’s lifetime, Wise has raised $1.7B in funding from 37 investors in over 13 funding rounds. Silicon Valley Bank UK is a recent investor.

Wise is not a bank but a Money Service Business that offers financial services, such as holding, converting foreign currencies, facilitating cross-border payments, and international money transfers.

Wise holds regulatory licenses to provide business accounts and payment services in Australia, Belgium and the European Economic Area (EEA), Brazil, Canada, Hong Kong, India, Indonesia, Israel, Japan, Malaysia, New Zealand, The Philippines, Singapore, United Kingdom, and the United States.

To protect your funds and account, Wise keeps your money with reputable financial institutions and employs security measures such as two-step authentication.

Wise provides two types of accounts: personal and business accounts. While it is best known for its personal accounts, which are ideal for individuals needing international transfers and multi-currency spending in over 40 currencies, Wise also provides “Wise Business” accounts. 

A Wise Business account is a virtual multi-currency account that allows you to receive and make payments around the world.

Here are some highlighted features of the Wise Business account: 

• Access to up to over 9 local account details in GBP, EUR, AUD, NZD, SGD, RON, CAD, and HUF. The currencies available vary based on your location.
• Use global SWIFT account details in ove 20 currencies to recieve  almost any currency via international payments within 4-5 days on average. (Conversion may apply based on the currencies you can hold.)
• Hold and convert money into over 40 currencies and send money to over 70 countries. 
• Support transfer to Alipay and WeChat, hence a good option for businesses that send money to China often 
• Upon acquiring the business account, you may be eligible for virtual and physical debit cards to pay for expenses in over 40 currencies and over 160 countries. These cards also support ATM withdrawals.
• Connect your Wise Business account to Xero, QuickBooks, or FreeAgent accounting software. 
• Configure multi-use access. Add an accountant as a viewer, your finance team as payers, and your co-founder as an admin to work together as a team.
• Set up integration with popular online marketplaces and ecommerce platforms such as Amazon, Shopify, BigCommerce, and Wix.
• Make batch payments to up to 1,000 people in one click by uploading a spreadsheet with details for each transfer.
• A payment API for automating invoices, orders, and payroll processes.
• Make local and international transfers based on interbank rates or mid-market exchange rates.

Here are some current conditions to keep in mind about the Wise Business account:

• If you live outside the US or are using Wise Business, USD accounts are not available at the moment, but you can join the waitlist when signing up.
• Service availability varies by country, with Wise Business cards being available in fewer regions, mainly in the EEA, UK, and US.
• The number of currencies you can hold may differ from those you can send, receive, and convert.

Difference Between a Wise Business and Personal Account

The difference between a Wise personal account and a Wise Business account is that the personal account is more limited, as it is intended only for personal use.

A Wise personal account lacks features such as accounting software integration, batch payments, business cards, multi-user access and control, Stripe and Amazon payouts, open API access, invoice creation, and quick pay links.

In short, the Wise personal account is designed for individuals living, working, or traveling abroad, while the Wise Business account caters specifically to business.

In this section, we'll be covering the eligibility to open a business account with Wise 

Company Types Eligible

Wise offers business accounts to various types of businesses, such as:

• Sole traders and freelancers.
• Limited and public companies.
• Partnerships.
• Charities and trusts in the European Economic Area (EEA), Canada, the US, the UK, Switzerland, Australia, and New Zealand.

Wise does not cater to:

• Charities and trusts in countries not mentioned above.
• Unregistered charities 
• Brazilian businesses who intend to make transfers in BRL.
• Superannuation funds or Self Managed Superannuation Funds (SMSF) in Australia.
• Businesses related to Cuba in connection with US relations.
• Businesses with bearer shares, irrespective of the jurisdiction of their incorporation.

In addition, your business must not be involved in certain restricted sectors or activities. Prohibited business types include those dealing with:

• Adult content and related services
• Alcohol production and sales
• Tobacco products and services
• Pharmaceutical goods
• Chemicals manufacturing and distribution
• Gambling and betting services
• Military goods and services, including semi-military provisions
• Cryptocurrency trading or related services
• Entities under international sanctions.

Please refer to this Wise Prohibited Activities page for a full list. 

Countries Eligible 

Although Wise mentions that their services are available in most countries, we cannot find a comprehensive list of eligible countries on their website.

However, there are certain places where you cannot open or log in to a Wise account. These include:

Although Wise provides business accounts in most countries, the features differ depending on your location. The details below outline the three major services available based on your business's registration country. 

Please note that countries marked with an asterisk (*) have specific limitations, which you can review further below the table.

Limitation

• France: The Wise card for businesses in France is only available for use within Metropolitan France.
• Brazil: A BRL balance is exclusively available to Brazilian residents.
• United States: Some services are not available to businesses in Nevada. Additionally, the issuance of new Wise cards for businesses in the US is currently paused, but you can join the waitlist to be notified when card issuance resumes.
• UAE: There are specific limitations regarding customers in the UAE and AED transfers. For more details, please visit the AED transfer guide.

Countries not listed are either because Wise does not yet offer services there or only provide personal accounts, not business accounts.

In order to open and use a Wise Business account, you will need to supply documents to verify you and your business. 

The required documents will vary depending on the type of business entity and the country where the business is registered. However, the commonly requested documents include the following:

• Colored scan of an ID document (such as a passport or driver’s license)
• The legal name of your entity: This can be the full legal name and, if applicable, the trading name of the business.
• Business registration number
• Business or entity legal type, such as limited companies, public companies, or partnerships.
• Business categories and activities, such as e-commerce, consulting, etc. You may also include your company’s website and a short description of your business operations.
• Details of who are the ultimate beneficial owners. This should include their full names, dates of birth, and countries of residence.
• Business registration address, which is the address used for your business legal registration. You may have to provide proof of address, such as a utility bill for electricity.
• Business trading address, which is the address where daily operations take place or the address where customers can contact you. PO boxes are not accepted. A business trading address can be the same as or different from the business registration address.
• List of shareholders who own 25% or more of the business, including full name, country of residence, date of birth, and exact percentage of shares they own.
• List of directors or individuals running the business based on its legal structure and regional requirements. Include full name, country of residence, and date of birth.
• Proof of source of business funds or income, such as bank statements, invoices, service agreements, audited statements, or loan agreements, typically needs to be dated within the last 6 to 12 months.
• You’ll need to specify the purpose of the account and explain how you plan to use Wise.
• If you're not the director or a shareholder of the company, you need an authorisation letter or a board resolution from the company confirming that you’re authorised to use and communicate with Wise on behalf of the business.
• Account representative's personal details

If your business is registered in the UK, EEA, US, Singapore, Japan, Hong Kong, or New Zealand, you may need to provide additional documents to complete the account opening process. For instance, Singapore businesses must provide Singapore proof of address to complete the verification process, Hong Kong businesses need to provide their Hong Kong business registration number, and US-based businesses need to provide their social security details.

Application Forms and Useful Resources

For details on specific locations, please refer to the following resources.

• Required information to verify UK and EEA business
• Required information to verify US business
• Required information to verify Hong Kong business
• Required information to verify Singapore business
• Required information to verify Japan's business
• Required information to verify New Zealand business
• Wise terms and conditions

You can finish the online registration in minutes, and approval usually takes around 2 working days or less than 10 working days. 

If you add team members to your business account, they will need to complete verification as well.

The specific process and timeframe may vary based on your situation and location.

Depending on the location of your business registration, opening a business account with Wise can be free or incur a fee ranging from GBP 16 to GBP 45. 

You can check the Wise Business pricing page for each country to find the exact amount. To do this, click the country flag in the upper right corner of the Wise website to change location. Once changed, the pricing page will reflect the fees for the chosen location.

The registration fee is charged for the verification of your business. In the event of unsuccessful verification, Wise will refund the fee. The fee may increase if the verification process for your business is complex.

Once you have your account, there are fees for transactions depending on currencies and location. Notable fees include:

• Getting account details (if applicable): Around GBP 21 - GBP 45.
• Sending money: Fees vary by currency but start at 0.33%.

There is also a fee for converting between currencies, and you should see this fee upfront in the app before you complete any transactions. The conversion fee also begins from 0.33%. 

There are no monthly fees. 

For general support, Wise suggests you refer to the Wise Help Center. 

For personalised support, you can reach out through phone or email. If you're in the US, call the toll-free number: +1 888 501 4041.

However, to obtain these contact details in other areas, you'll need to log in to Wise first.

We cannot find other contact information on the website.

If you have a business registered in Hong Kong, Singapore, or the British Virgin Islands (BVI), Statrys is a solid alternative to Wise.

Statrys is a licensed payment service provider, holding a Money Service Operator license in Hong Kong and registered with the Financial Conduct Authority (FCA) in the UK. Statrys offers multi-currency business accounts in 11 major currencies, including GBP, USD, EUR, HKD, CNY, SGD, RMB, AUD, CAD, NZD, JPY, and CHF. The services include payment cards and competitive FX options. 

We also support company formation in Hong Kong and Singapore.

While Wise is a larger provider, Statrys focuses specifically on SMEs in Hong Kong, Singapore, and the BVI. Statrys offers a simpler pricing model and full-feature access for businesses in these regions, addressing some of Wise's limitations, such as card unavailability in Hong Kong. Additionally, personalised support is accessible to every account holder via phone, live chat, and email.