9 Key Things to Know Before Opening a Wise Business Account [2025]

Thinking of opening a Wise Business Account in 2025?
You’re not alone. Wise is one of the most popular options for international money transfers and multi-currency accounts — especially for startups, ecommerce sellers, and remote teams.

But before you hit “sign up,” there are key details worth understanding.

While Wise is fast, affordable, and well-designed, it’s not a traditional bank — and that comes with trade-offs. Some features depend on where your business is registered. Some accounts can’t issue cards. And support? It’s mostly self-serve unless you’re logged in.

In this guide, we break down the 9 most important things to know before opening a Wise Business Account — from fees and supported countries to account limitations and alternatives worth considering.

Wise, formerly called TransferWise, is a financial technology launched in 2011. They offer payment solutions to individuals and small businesses across the globe. Their main services include a multi-currency account, international money transfers, and payment cards designed for cross-border use.

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 USD 1.7B in funding from 39 investors in over 13 funding rounds, with Silicon Valley Bank UK being a recent investor.

No, Wise is not a bank. It operates as a licensed Money Services Business (MSB) or Electronic Money Institution (EMI), depending on the country. Wise is regulated by official financial authorities, including the Financial Conduct Authority (FCA) in the United Kingdom, the Financial Crimes Enforcement Network (FinCEN) in the United States, and equivalent regulators in each market where it operates.

Instead of lending or investing customer funds, Wise follows safeguarding rules that keep your money separate from its own business funds. Your balances are held with reputable financial institutions such as JPMorgan Chase Bank or Barclays, ensuring they remain available to you at all times.

Wise also applies strong security measures to protect accounts. These include two-step authentication (2FA) and activity notifications, which add extra protection even if someone obtains your password.

A Wise Business account is a virtual (online) multi-currency account designed for entrepreneurs, freelancers, and online businesses to send, receive, hold, and convert money internationally. Here are some highlighted features of the Wise Business account:

Wise offers business accounts in many countries, but available features vary by location. Below is an overview of the three main service tiers, based on where your business is registered.

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

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.

If your business is registered in Brazil, Wise only supports the following types: 

• Empresário Individual (including MEI – Microempresa Individual)
• Sociedade Limitada Unipessoal
• Sociedade Unipessoal de Advocacia.

⚠️ Wise does not support: 

• Unregistered charities or charities and trusts outside the listed countries
• Brazilian businesses sending BRL transfers
• Businesses linked to Cuba that fall under US sanctions
• Businesses with bearer shares

Additionally, your business must not operate in restricted sectors such as adult content, alcohol, tobacco, pharmaceuticals, chemicals, gambling, military goods, or crypto.

Wise offers its services in most countries, but there isn’t a single comprehensive list of eligible locations on its website.

That said, some countries and regions are restricted due to regulatory or compliance reasons. Below is the list of places where you can’t open or log in to a Wise account.

Countries not supported by Wise:

You can complete the entire verification process online by uploading documents directly through your Wise Business dashboard.

To open a Wise Business account, you’ll need to provide documents that verify your identity and business. Requirements vary by business type and country, but commonly requested documents include:

Personal and Business Details

• A color scan of your ID (such as a passport or driver’s license)
• Full legal name of your business (including trading name, if any)
• Business registration number and legal type (e.g. limited company, partnership)
• Business category and activities (e.g., ecommerce, consulting).
• Business registered address (proof may be required, such as an electricity bill)
• Business trading address (where operations or customers are based; PO boxes not accepted)

People and Ownership Details

• List of ultimate beneficial owners. 
• List of shareholders owning 25% or more 
• List of directors or individuals managing the business

This should include their full names, dates of birth, countries of residence, and ownership percentage.

If you’re not a director or shareholder, you’ll need an authorisation letter or board resolution confirming you’re permitted to use and communicate with Wise on behalf of the business.

Financial Information

• Proof of source of business funds or income, such as bank statements, invoices, service agreements, audited statements, or loan agreements (dated within the last 6–12 months)
• Purpose of the Wise account and how you plan to use it

Wise uses a pay-as-you-go model, meaning you only pay for what you use. There are no monthly fees, minimum balances, or setup deposits.
The cost of opening a Wise Business Account depends on your business's registration location. Below are the standard fees for popular locations:

The exact cost depends on the currencies and payment method used. You can always view real-time transaction fees before confirming any transfer in the Wise app.
You can visit the Wise Business Pricing Page and select your country by clicking the flag icon in the top-right corner to view local pricing.

The fastest way to get help from Wise is through the Wise Help Centre, where the most common questions, such as transfer times, verification, or account setup, are already answered.

If you still need help, you can reach Wise in the following ways:

When you can log in

• Click the Help or ? icon on the Wise website or app.
• You’ll see suggested articles and the Contact us option for chat or email support.

When you can’t log in

• Visit the Help Centre and scroll to the bottom of any article.
• Click Contact us and answer a few questions so Wise can direct your request to the right team.

By phone

• US (toll-free): +1 888 501 4041
• Singapore: +65 3135 1147
• For other countries, log in to your account to see the correct regional number.
• Phone lines operate 24/7. Charges may apply depending on your provider.

Wise is a good option for many businesses—but it does have key limitations.

Support options are limited to help articles unless you're logged in. There's also little visibility into how Wise manages currency risk or supports FX planning. Features vary by country; for example, if your company is registered in Hong Kong, you won’t be able to get a Wise Business payment card.

If Wise doesn’t meet all your business needs, consider Statrys.

Statrys is a licensed payment service provider headquartered in Hong Kong, offering fully digital multi-currency business accounts tailored to companies registered in Hong Kong, Singapore and the British Virgin Islands (BVI). 

With a Statrys business account, you can:

• Hold 11 major currencies in one account: HKD, CNY, USD, EUR, GBP, SGD, AUD, CAD, NZD, JPY, and CHF
• Send and receive payments in 140+ countries, including local payouts (pay like a local) in 12 currencies
• Access FX management tools with real-time mid-market rates and fees starting from 0.1%
• Get hands-on support, including a dedicated account manager available by email, phone, live chat, WhatsApp, and WeChat