Thinking of opening a Wise Business Account in 2026?
You’re not alone — many businesses look at Wise because it’s widely used for international payments and multi-currency transfers, but it isn’t the right fit for every setup.
Wise is not a traditional bank, and while it works well for many cross-border payments, features and limits depend on where your business is registered. Some of these details only show up after you’ve already opened an account.
In this guide, we highlight 8 things you need to know before you open a Wise Business Account, so you can decide whether it’s a good fit before you move forward.
Disclaimer: The information is accurate as of 16 December 2025, but it may have changed since. For the latest details, please contact Wise directly.
1. Wise Is a Payments Platform, Not a Bank
If you’re considering Wise as a business account, this is the first thing to understand: Wise handles payments well, but it does not replace a full business bank.
Founded in 2011, Wise (formerly TransferWise) is a UK-based financial technology company built around international payments and currency management, rather than traditional banking services.
This difference affects how you can use the account. Wise does not offer business loans, overdrafts, cheque services, or branch access, so it works best alongside a main business bank instead of being used on its own.
Even though Wise isn’t a bank, it is still a regulated provider. Wise is authorised by the UK’s Financial Conduct Authority (FCA), and customer funds are safeguarded and kept separate from Wise’s own money. Security features such as two-step verification and account activity alerts are also in place.
Want a deeper look at Wise? See our full Wise business account review, where we break down how it works in practice.
2. Wise Business Account Is Designed Mainly for International Payments
A Wise Business Account is mainly used to handle international transfers and manage different currencies, rather than to replace a traditional business bank.
It suits businesses that regularly move money across borders, for example, paying overseas suppliers, working with international partners, or dealing in multiple currencies. This reduces the need to open and manage separate bank accounts in each country.
Businesses typically use Wise to:
✔️ Hold and convert money in 40+ currencies
✔️ Send payments to 70+ countries
✔️ Receive money using local account details in selected currencies, such as GBP, EUR, and USD
✔️ Pay overseas suppliers, contractors, or marketplaces without relying on traditional bank transfers
Wise Business also supports basic team access and connects with accounting software such as Xero and QuickBooks. For businesses with international clients or remote teams, this can reduce manual work by helping automate payment tracking and reconciliation.
Wise Business vs Personal Account: What’s the Difference?
Wise personal accounts are designed for individual use. While some small businesses try to use them, they lack several features that businesses usually need, including:
- Batch payments
- Multiple cards and multi-user access for team members
- Support for marketplace or platform payouts, such as Stripe or Amazon
- Advanced tools like invoice creation or quick payment links
Using a personal account for business can also make it harder to keep company and personal finances separate, especially as transaction volumes grow or accounting requirements become more complex.
3. Not All Businesses Can Open a Wise Business Account
Whether you can open a Wise Business Account depends mainly on three things: your company type, where your business is registered, and the industry you operate in.
For many common business structures, opening an account is straightforward. The sections below help you quickly check whether Wise is likely to support your setup before you spend time on the application.
Company Type
Wise supports many common business structures, including:
- Sole traders and freelancers
- Limited and public companies
- Partnerships
- Charities and trusts in selected regions, such as the UK, EEA, US, Canada, Australia, New Zealand, and Switzerland
📌 Business types Wise does not support
Country of registration
Wise Business is not available in every country. Eligibility can be affected by local regulations, especially for businesses registered in, or closely connected to, countries under international sanctions.
For example, Wise does not support businesses connected to countries such as Iran, North Korea, Syria, or Russia.
The good news is that you do not need to figure this out on your own. When you start the application, Wise automatically checks your company’s registration country and business type and will tell you whether your business is supported before you move forward.
If you prefer to check in advance, Wise also publishes a full list of supported and unsupported countries on its Help Centre.
Industry restrictions
Wise does not support businesses operating in certain industries, including:
- Adult content and related services
- Alcohol and tobacco
- Gambling and betting
- Pharmaceuticals and chemicals
- Military or semi-military goods
- Cryptocurrency trading or related services
These restrictions are common among regulated payment providers. If your business operates in one of these sectors, Wise is unlikely to be a suitable option.
For the full and most up-to-date list of restricted activities, you can refer to Wise’s official Acceptable Use Policy.
Good to know: If you already use a Wise personal account, you can link it to your new business accounts and manage both under the same login.
4. Wise Business Features Vary by Registration Country
Even if your business is eligible to open a Wise Business Account, available features can still vary depending on where your company is registered.
The biggest differences are whether you receive local account details and a Wise business debit card.
Both can change how you receive, hold, and spend funds in practice.
Below is a general overview of Wise Business feature availability by registration country.
| Business registration region | Can open an account | Local account details | Business debit card |
|---|---|---|---|
| UK, EEA, Australia, New Zealand, Japan, Singapore | ✅ | ✅ | ✅ |
| United States, Hong Kong, India, South Africa | ✅ | ✅ | ❌ |
| Parts of Africa, the Middle East | ✅ | ❌ | ❌ |
| Sanctioned or unsupported countries | ❌ | ❌ | ❌ |
💡 Where Wise Business features are limited
Wise also provides an official availability page where you can check supported features by country.
5. Wise Requires Full Verification Before Your Account Is Approved
Before a Wise Business Account can be activated, Wise completes verification as part of onboarding. The process is fully online and, for many standard businesses, can be completed in one go through the Wise dashboard.
The purpose of verification is to confirm who you are, how your business is set up, and how the account will be used. While exact requirements vary by country and business type, most businesses are asked to provide information in the following areas.
Identity and Business Information
Wise usually starts with basic identity and company information, such as:
- A government-issued ID for the account owner or authorised user
- Your business’s full legal name, registration number, and legal structure
- A short description of your business activity
- Your registered business address and trading address, if different
Ownership and Control Information
To meet regulatory requirements, Wise also collects information about the people behind the business. This usually includes:
- Directors or individuals who manage the company
- Shareholders or ultimate beneficial owners, typically those owning 25% or more
If you’re managing the account on behalf of the business but aren’t a director or shareholder, Wise may ask for documents confirming that you’re authorised to act for the company.
Account Usage Information
Wise may ask for documents that explain how your business operates and how the account will be used, such as:
- Proof of business income or funding (for example, invoices, contracts, bank statements, or service agreements)
- A brief explanation of how you plan to use the Wise Business Account
These checks help Wise understand your activity and meet regulatory requirements.
📍 Country-specific document requirements
6. Wise Charges Fees Based on How You Use the Account
Wise has no monthly fees or minimum balance requirements. Instead, you pay based on how you use the account, meaning costs tend to go up or down depending on your payment activity.
Before opening an account, it helps to know where Wise’s fees usually come from and how much they can vary.
Opening and setup fees
Opening a Wise Business Account itself is free. However, some businesses may need to pay a one-time activation fee to enable local account details, depending on where the business is registered.
For example:
- United Kingdom, Hong Kong: Free
- United States: USD 31
- Singapore: SGD 99
This fee is paid during setup and only applies if you want to receive money using local account details.
Note: For customers in the EEA, Switzerland, and the UK, the verification fee for Wise can only be paid using a debit or credit card.
Ongoing fees
Once the account is active, most ongoing costs come from transfers, currency conversion and FX markup, rather than fixed charges.
- Sending money:
Transfer fees start from around 0.26%–0.57%, depending on the currencies involved and where your business is registered. Fees are charged as a percentage of the transfer amount and vary by currency and transfer route. - Currency conversion:
Wise applies a conversion fee based on the mid-market exchange rate, from around 0.33%. This fee is shown upfront before you confirm the transaction. - Receiving international payments:
A fixed fee may apply, depending on the currency.
Fees can vary from transfer to transfer, but Wise shows the full cost upfront, so you know what you’re paying before you proceed.
For country-specific fees, you can check Wise’s Business Pricing page by selecting your country on their website.
7. Wise’s Customer Support Is Primarily Self-Serve
Wise’s customer support is designed around a self-serve model, with most issues handled without direct assistance.
- Most support enquiries are handled through its online Help Centre, which is available at any time
- Chat, email, and phone support are available in some cases, with access and response times varying by region and account type
This type of support suits businesses with straightforward needs and predictable payment flows, particularly those comfortable relying on online resources. Businesses that require fast, hands-on assistance or a dedicated point of contact may find Wise’s support more limited.
8. Best Wise Business Account Alternatives
Wise works well for international payments, but it’s not the right fit for everyone. If you need more consistent features, different payment options, or more direct support, the alternatives below are a better fit.
1st Choice
2nd
Business account with corporate cards, APIs, and advanced spend controls.
3rd
Payment platform focused on marketplace payouts and mass payments.
Why Statrys?
Statrys is designed for SMEs that value predictable costs and direct access to a dedicated account manager, rather than relying entirely on self-serve help centres.
We support businesses with foreign directors and more complex ownership structures, and offer a simple multi-currency account for managing everyday international payments.
For companies that prioritise clear FX pricing, local payment access, and personalised support, Statrys is a strong alternative.
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FAQs
Does Wise offer business accounts?
Yes. Wise offers a dedicated Wise Business Account designed for companies that need to send, receive, and manage money internationally. It’s available to many business types, including sole traders, limited companies, and partnerships, subject to country and industry eligibility.
Is Wise a business bank account?
What is the difference between personal and business Wise accounts?
What are the requirements to open a Wise Business account?
What are the main downsides of Wise for businesses?
Disclaimer
Statrys competes directly with Wise in the payment industry. However, we're committed to providing an unbiased, thorough review to help you make an informed choice.
