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Wise Business Account Review [2024]: Features, Fees, Support & Alternatives

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Features - 4/5

Fees - 3.7/5

Customer Support 3/5

Ease of opening an account - 4/5

Our Rating Methodology

Click "More info" to understand how we calculate our Wise Business account ratings.

What Is Wise?

Wise, formerly known as TransferWise, is a UK-based financial technology company headquartered in London. Wise was launched in 2011 with a mission to provide efficient payment solutions. They offer both “Wise Personal” for individual use and “Wise Business” for businesses as well as freelancers.

Wise is not a bank but a licensed payment service provider with regulatory licenses enabling the provision of business accounts and payment services across various regions, including Australia, Belgium, the European Economic Area (EEA), Brazil, Canada, Hong Kong, India, Indonesia, Israel, Japan, Malaysia, New Zealand, the Philippines, Singapore, the United Kingdom, and the United States.

Wise has secured USD 1.7B in funding from 37 investors through over 13 funding rounds. Currently, they operate in 160 countries and have served over 300,000 business customers. 

Wise Business Account Pros & Cons

Wise pros

Why Wise may be a good option

  • Wise Business account is available in most countries.
  • Send and convert money in 40+ currencies
  • Physical and unlimited virtual business debit cards 
  • Mid-market exchange rates apply when paying bills or expenses in foreign currencies.
  • Wise card doesn't incur foreign transaction fees, although a currency conversion fee may apply.
  • A cashback reward (EEA only).

Wise cons

Why Wise may not be a good option

  • Service availability varies by country, with some countries like Hong Kong and Indonesia having significantly fewer services.
  • Wise business cards are available in fewer countries than business accounts, mostly in the EEA, UK, and US, and only 8 other countries. 
  • Limited customer support channels, especially for potential customers.
  • Account funding and ATM withdrawal fees can become significant. 

Featured Reviews

David Brewster rates Wise ⭐ ⭐⭐⭐⭐

I routinely use Wise in my business to receive overseas payments and pay bills in Euros and USD. Much cheaper than other options, and very easy. I've also used Wise for travel a number of times – again easy and extremely cost effective. I also use my digital Wise debit cards to pay in my own currency (AUD) if I think there is any chance of a payment being insecure. All around, Wise offers a great product that I've been happy to recommend to a number of friends.

Source: Trustpilot review

JJV rates Wise ⭐ ⭐⭐⭐⭐

Wise is a great service, I've been using for several years. Primarily I use it for business as I can bill overseas clients in local currency without having a physical local bank and without suffering punitive charges from my UK bank. 

The app is good, and exchange rates/charges are the best I've been able to find. A must if you export goods/services to multiple countries IMO. 

I also use the personal account for holidays. Business and personal accounts can both be accessed from the same app.

Source: Trustpilot review

📌 Have you used Wise? We'd love to hear from you! Submit your Wise review by answering a few questions and get rewarded for your time.

A dropdown of some supported currencies by the Statrys business account.

Wise Business Account Key Features

Wise's Business account is a virtual multi-currency account with access to local currency account details and enables businesses to hold, convert, send, and receive money.

The specifics of features – such as availability, extent of service, and supported currencies – vary depending on the service location. However, the primary features include:

  • Account details are available in 9 or more currencies based on location, including major currencies such as GBP, EUR, USD, AUD, CAD, and SGD.
  • Sending money in over 40 currencies, including GBP, EUR, USD, AUD, CAD, HKD, CNY, CHF, CZK, JPY, NOK, NZD, PLN, SEK, SGD and more, with business limitations for some currencies
  • Track international payments and convert money at the mid-market rate to 40+ currencies.
  • Payment links feature
  • “Jars” feature to allocate funds in separate containers for specific goals or projects. 
  • Payroll and batch payments for up to 1,000 payments 
  • Tailor access for team members to specific accounts and define permission levels.
  • Investment feature where Wise can help your business invest in an interest-earning fund (subject to risk).
  • Business API
  • Applicable business debit cards 
  • Receive cashback for maintaining a positive balance in EUR, GBP, and USD for account holders in the EEA (taxes apply). 
  • Enjoy other region-specific features, such as the interest feature for the USD balance. 

Wise Business Debit Card

Upon acquiring the business account, you may be eligible for virtual and physical debit cards.

The Wise card is presently accessible in the UK, the US, Switzerland, Australia, New Zealand, Singapore, Malaysia, Japan, Canada, Brazil, and the majority of the EEA.

Here are the key features of the card:

  • Make payments online or in-store in 55+ currencies and 200+ countries. 
  • Create unlimited virtual cards with a minimal fee per card.
  • No foreign transaction fees; however, a currency conversion or FX fee may apply. 
  • Control spending limits and payment methods on your business account.
  • Monitor pending transactions in real time.
  • Instantly freeze your card in your mobile app.
  • Integrate with Xero, Quickbooks, or FreeAgent.
  • Enjoy compatibility with Google Pay or Apple Pay.
  • Receive the mid-market exchange rate when paying bills or expenses in foreign currencies.
  • Provide employee business debit cards for team expenses, set spending limits, and control access.
  • A notable region-specific feature includes a 0.5% cashback on eligible card spending for those registered in the UK.

💡 Insight: Wise has currently paused card issuance for US-based businesses. If you try to get a card for your US business, Wise will add you to a waitlist. 

Wise Business Account Features Rating is 4/5

The Wise Business account offers a comprehensive set of features that effectively serve the needs of modern, internationally operating businesses, including handling multiple currencies, virtual cards, and expense management tools. However, the variability in available services by location is a notable consideration.

Wise Business Account Fees

The fees for Wise Business accounts vary depending on the region. Here are some examples for reference:

  Hong Kong Fees
Registration fee Free
Sending Money From 0.43% 
  UK US  Singapore
Registration fee GBP 45 Free SGD 24
Sending Money From 0.43% From 0.43% From 0.43%
ATM fees   GBP 0.50+1.75% per withdrawal exceeding GBP 200 per month per account  USD 1.50 + 2% per withdrawal exceeding USD 100 per month per account  SGD 1.50 + 1.75% 
Account Funding (topping up e-wallets and external accounts in specific currencies.) 2%  2% 2%
Getting a Wise Business debit card  GBP 3  USD 5  SGD 4
Currency conversion From 0.43% From 0.43% From 0.43%
Hold 40+ currencies Free Free  Free 
Invest with Wise 0.6% (annual fee) Not applicable 0.9% (annual fee)
Account details in multiple currencies GBP 45  (10 currencies including AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD, TRY and USD) USD 31 (10 currencies including AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD, TRY and USD) SGD 54 (9 currencies including  AUD, CAD, EUR, GBP, HUF, NZD, SGD, TRY and USD
Receiving money (non-wire) Free Free Free
Receiving USD wire payments USD 4.14  per payment USD 4.14 per payment USD 4.14 per payment
Receiving CAD wire payments CAD 10  per payment CAD 10  per payment CAD 10 per payment

In other regions, the one-time registration fee is either waived or, on average, equivalent to GBP 16 – GBP 42.

Wise  Business Account Fees Rating is 3.7/5

Wise's transaction and currency conversion fees are competitive, and other one-time fees are deemed reasonable. However, a 2% account funding charge and potential ATM withdrawal costs beyond set limits could affect cost efficiency.

A dropdown of some supported currencies by the Statrys business account.

Wise Business Account Customer Support

If you need assistance with using Wise, you can visit the Wise Help Centre. 

For personalised support, you can reach out via phone, email, or the contact form on the Wise website. However, access to these contact details and channels requires logging in to Wise, indicating that only existing customers have access.

We cannot find other contact information on the website.

Wise Business Account Customer Support Rating is 3/5

Wise Business account customer support rating is 3/5

Wise offers personalised support options for existing customers through various channels, including phone, email, and a contact form. However, access to contact details requires logging in, limiting accessibility for potential customers. 

Wise Business Account Eligibility Requirements 

To be eligible for a Wise Business account, you or your entity must be:

  • Sole traders or freelancers
  • Limited or public companies
  • Partnerships
  • Charities or trusts in EEA, Canada, the US, the UK, Switzerland, Australia, and New Zealand

Most countries are eligible to open a business account with Wise, with the exception outlined in this list of ineligible countries.

Once eligible, you'll need to provide verification documents to open an account. These mainly consist of but are not limited to

  • A coloured scan of an ID document
  • Information on ultimate beneficial owners, shareholders, and directors
  • Business details, including name, legal type, registration number, and addresses
  • Account representative details

Additional documentation may be necessary for businesses in specific countries. For instance, Singaporean businesses may require proof of address, while US-based businesses might need to provide social security details.

🔍 Tip: Discover the full eligibility criteria and application process for opening a Wise Business account in our comprehensive article covering key things to know before opening a Wise Business account

Wise Business Account Ease of Opening an Account Rating is 4/5

Wise's Business account accepts a wide array of eligible business structures and operates in many countries. The variability in documentation requirements based on the country slightly complicates the process. Nevertheless, they follow the usual verification process for business accounts.

Wise Business Account Alternatives

  Wise logo Statrys logo Revolut logo
Multi-currency Business Account yes yes yes
Eligible country Most countries,  with limited service in some countries such as Hong Kong Hong Kong, Singapore, and the BVI 40 countries, physical presence needed
Supported currencies in business account 40+ currencies  Hold, receive, and send money in 11 currencies: GBP, EUR, USD, HKD, CNY, AUD, SGF, JPY, CHF, NZD, and CAD.  25+ currencies
SWIFT payments yes yes yes
Customer Support Channel Help centre, contact form, phone, email Website, email, phone, live chat, WhatsApp, WeChat In-app live chat, email, request a call (Enterprise plan only)
Cards Applicable physical and virtual cards Applicable physical and virtual cards Applicable physical and virtual cards
ATM withdrawal yes yes yes
Expense Management yes yes yes
Accounting Software Integrations yes yes yes
Trustpilot Reviews 4.2/5 based on  211,459 reviews 4.6/5 based on 261 reviews 4.2/5 based on 149.809 reviews
Foreign Exchange Rate Based on mid-market exchange rates  Based on live mid-market exchange rates Based on interbank rates 
Foreign Exchange Fee  Variable fees typically start at 0.43%. As low as 0.1% (spot and forward contracts)  0.6% after exceeding the free allowance 

🔍 Tip: Explore additional Wise alternatives in our article detailing the top Wise alternatives for businesses & who they’re best for

A dropdown of some supported currencies by the Statrys business account.

FAQs

What is Wise Business?

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Wise Business is a virtual multi-currency business account provided by Wise (formerly known as WiseTransfer). It offers various features, including access to local account details, international money transfer services, payroll and batch payments, and applicable business debit cards.

Does Wise offer a business account?

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Is Wise a bank, and is it safe?

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How much does a Wise Business account cost?

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Who should use Wise Business? 

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Disclaimer

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Statrys competes directly with Wise in the payment industry, but we're committed to providing an unbiased, thorough review to help you make an informed choice. 

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