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

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 cost-effective money transfer services. 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 financial 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 39 investors through over 13 funding rounds, with Silicon Valley Bank UK as a recent investor. 

While Wise provides personal accounts, this article will focus on business accounts and other services specifically designed for businesses.

Wise Business Account

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:

• Create local account details in 9 different currencies, including AUD, CAD, EUR, GBP, HUF, NZD, SGD, USD, and TRY.
• Send money to over 70 countries in 55 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 rate based on mid-market rate to 40+ currencies.
• Create, manage and share payment links and QR codes to your payees.
• “Jars” feature to allocate funds in separate containers for specific goals or projects. 
• Payroll and batch payments for up to 1,000 payments by uploading a CSV file. 
• 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 and available for UK residents only).
• Business API to streamline financial operations.
• Integrate accounting software, including Xero, Quickbooks, or FreeAgent, to simplify bookkeeping.
• Earn returns up to 4.26% for maintaining a positive balance in EUR, GBP, and USD for account holders in the UK and EEA (taxes apply). 
• Enjoy other region-specific features, such as the interest feature for the USD balance.

Wise Business Debit Cards

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

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

Here are the key features of the card:

• Multi-currency debit cards that let you and your team spend directly from account balances.
• Make payments online or in-store in 40+ currencies across 160+ 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.
• Compatible with Google Pay and 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.
• For UK businesses, enjoy 0.5% cashback on eligible card spending.

Wise Open API

Besides, Wise offers an API designed to integrate with any business operations. This service helps businesses:

• Automate routine tasks such as invoice payments, recurring transfers, standing orders and payroll.
• Generate payments directly through invoicing software, minimising manual errors.
• Receive real-time notifications on platforms like Slack for enhanced visibility.
• Integrate Wise as a disbursement option on your website, offering flexible payment solutions for customers or partners.
• Simplify expense reporting processes, making it easier for businesses to manage and track spending.
• Track exchange rates and automate currency conversions.

Wise Business Account’s Feature Rating is 4.2/5

The Wise Business account offers a comprehensive set of features that effectively serve the needs of modern, internationally operating businesses, including multi-currency functionality, virtual cards, expense management tools and a business API for automation. However, the variability in available services by location is a notable consideration.

The fees for Wise Business accounts vary depending on the region. Below is Wise’s pricing structure for UK companies.

Account and Transfer Fees

Card Fees

Wise’s Fee 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 for frequent card users or those relying on cash.

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’s 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.

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 registered in the EEA, UK, US, Singapore, Japan, Hong Kong, and New Zealand. For instance, Singaporean businesses may require proof of address, while US-based businesses might need to provide social security details.

The Ease of Opening a Business Account for Wise is 4.5/5

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 standard verification process for business accounts. Overall, eligible applicants will find the Wise business account opening process to be efficient and user-friendly.

If you have a business registered in Hong Kong, Singapore, or the BVI and want to manage multiple currencies in a hassle-free way, Statrys is a reliable payment partner for your business.

Statrys is a licensed Money Service Operator in Hong Kong that offers multi-currency business accounts that support 11 major currencies. Statrys also offers low-cost international money transfers without transaction limits, and FX services with nominal fees.

Moreover, Statrys provides a dedicated account manager and personalised customer support for all clients to ensure smooth financial operations for your business.

Since 2019, Statrys has helped over 3,500 businesses streamline global payments and expand effortlessly.

Let’s take a closer look at Statrys’ services.