Hi, I’m Quinn Askeland. In 2016, I started Transumo after experiencing expensive, slow, and frustrating international transfers and payments through banks. My mission is simple: to help others simplify and reduce the cost of transfers and payments. Fortunately, today, there are excellent alternatives for international money transfers and payments. See My Full Bio.
As a busy business owner, I love saving money but just as important is how easy it is to make payments and manage multiple currencies. For me, Wise is the best option, but I understand other businesses have different needs. In this review, I will show you everything you need to know and compare a few alternatives, which may be better for your needs.
A Wise Business Account offers fast transfers, low fees, a huge number of currencies, and some helpful tools like providing the ability to get paid by providing local bank details in 10 currencies and excellent user interfaces for expense and card management.
Their sweet spot is small to medium businesses with one or multiple employees who need a simple yet smart solution to dealing with international currencies.
From being paid to making payments and connecting with your accounting software, a big focus for Wise is clearly user experience. I also use many of their competitors like PayPal and Payoneer and for me, Wise wins hands down.
But Wise is not perfect, and for some businesses, other alternatives may be better.
Let’s get stuck into it.
Disclosure: This post contains affiliate links, which may save you and do not cost any more. For more information, see my about here.
Wise Business – Quicktake
Based on over 188,000 reviews on Trustpilot, Wise for Business has an “Excellent” rating of 4.4/5. 84% of these reviews were 5 stars and praised Wise’s low fees, fast payments and expense management tools.
|Availability||The UK, the US, the EU, Canada, Australia, New Zealand, Switzerland and 40 others.|
|Trust||Very high. Well regulated. Never compromised. No scandals. Highly transparent. Excellent business development.|
|Account/Client Types||Personal and Business with no subscriptions or monthly fees|
|Exchange Currencies||Send money to over 160 countries. Hold money in over 40 currencies.|
|Fees||A transparent fee of only 0.65% on average.|
|Multi-Currency Account||Personal and business are both available|
|Business Debit Card||Choose between physical and virtual cards for you and your team members|
|Third-Party Integrations||APIs (with excellent documentation) plus bookkeeping software integration (Quickbooks, Xero and Freeagent)|
|Regulation||Under regulation in the USA, Europe, UK, Australia, Canada, Singapore, and Hong Kong.|
|Reviews||“Excellent” 4.4/5 on Trustpilot with 188,476 reviews (May 2023)|
|Official Website||Visit Wise Business|
1. When Wise Business Works
Wise Business functions as an international payments and transfers platform that provides quick, low-cost services with no hidden fees or exchange rate markups.
Wise Business uses a simple and transparent pricing structure (select your country) with no hidden fees or monthly subscriptions. You can batch-pay up to 1,000 people at once by uploading a spreadsheet.
It also offers local account details for 10 currencies, enabling faster payments from overseas customers.
The platform provides business debit cards that can be used in over 150+ countries and 40+ currencies without foreign currency transaction fees for team members.
Besides providing API access, Wise Business allows you to easily integrate with popular accounting software such as QuickBooks, Xero, and FreeAgent, reducing administrative tasks and optimizing workflow.
The platform allows users to view and move money between over 40 currencies from one account at mid-market exchange rates. Moreover, Wise offers innovative invoice creation that automatically converts currencies and tracks payments.
It also allows customization of access for different team members, such as viewing specific accounts and actions.
It provides high-level security and fraud protection by safeguarding money using established financial institutions and deploying industry-standard security infrastructure.
2. When Wise Business Doesn’t Work + Alternatives
Wise Business account has some limitations, as it is not a bank, meaning it does not offer some features that are usually available in a traditional bank account.
These features are as follows:
- No credit or business loan facilities are on offer: If you are looking for a business loan or credit facility, the Wise Business account does not provide these services. This may restrict your ability to access additional capital to fund your business operations or growth.
- No cash deposits or transactions: Wise Business account does not support cash transactions, which can be a disadvantage if you need to make or receive payments in cash.
- Limited Customer Service: Wise Business account offers customer support, but the support channels are limited (and efficient). This may cause inconvenience in case of urgent issues that need immediate resolution.
- No branch network — online service only in-app and by phone: Wise Business account does not have a branch network, which means that you cannot access face-to-face customer support.
3.1 Wise Vs Revolut for Business
We compare Wise Vs Revolut for Business in greater detail, but here are the main points:
Generally, Wise seems to be aimed at smaller businesses like freelancers. For example, it offers a free account plan with essential features while Revolut has a number of paid plans to give access to more advanced features.
While Wise has an upfront fee in the UK and Europe (free in the USA, Australia, and NZ), there are no ongoing subscription fees. Revolut meanwhile provides several paid subscription options, which can mean more flexibility for businesses.
Similar to Wise, Revolut Business account (review) holders can hold and exchange multiple currencies, and the exchange rates offered by Revolut are highly competitive as well.
And Revolut has a number of different plans for business which also include access to saving vaults, budgeting, and analytics tools with a user-friendly interface and real-time transaction alerts.
Also like Wise, Revolut has API access, expense management, invoicing, and integration with accounting software are among the features included in all subscription plans with Revolut.
But Revolut does some things Wise does not, like being a payment gateway and supplying card readers for physical locations.
Additionally, Revolut has a banking license in some European countries, it operates as an electronic money institution in the UK, the US, and several other countries.
So while Wise is simpler, Revolut for Business may be a better option for some.
3.2 Wise Vs PayPal for Business
In general, PayPal does more than Wise, but this comes at a higher cost in fees and user experience. While PayPal has a trusted, enterprise-level payment gateway Wise is likely better for freelancers, smaller businesses, and even many medium businesses.
3. Wise Business Costs and Fees
3.1 Account Fees
You can create a Wise business multi-currency account from different countries by paying a one-time joining fee in your local currency. Depending on where you are based, you will pay:
- £45 GBP if you are in the UK
- €50 EUR if you are in the Eurozone
- $0 USD if you are in the USA
- $0 AUD if you are in Australia
- $0 NZD if you are in New Zealand
This fee covers the cost of setting up your account and verifying your identity and business details. There are no subscriptions or monthly fees to keep your account active.
3.2 Foreign Exchange Rate
Wise uses the real-time mid-market rate from Reuters without any markup. You can check the details beforehand using their currency converter tool and also lock in the provided rate for 24-48 hours for your transfers.
3.3 International Transfer Fees
You can receive money for free in most cases, except for USD wire transfers, which have a small fee of $4.14.
When sending money abroad, they charge a low and transparent fee of only 0.65% on average and the best part is that the Wise business account gives you a discount on your fee depending on your monthly volume.
3.4 Card Fees
Depending on your country, the delivery fee for your card will vary.
You can withdraw money from ATMs for free up to 2 withdrawals or up to the following monthly limits:
- £200 GBP
- €200 EUR
- $100 USD
- $350 AUD
- $350 NZD
When you exceed these limits, an additional fee of 1.75% of the withdrawal amount will apply.
4. Wise Business Multi-Currency Account
Wise business multi-currency account is a smart and simple way to manage your money across borders. With this account, you can:
- Hold and spend in over 40 currencies for free. You can get local bank account details in 10 currencies, such as USD, GBP, EUR, AUD, NZD, SGD, RON, CAD, HUF and TRY. This means you can receive money from customers and clients without paying any fees. Want to know more about getting paid like a local? – check out how receiving money from around the world works.
- Pay invoices to your overseas staff members. Use the real exchange rate and pay a low and transparent fee. You can also convert currencies up to 50 times a day, or set up automatic conversions to save time and money.
- Create payment links to request money easily. You can share your payment link with anyone who owes you money, and they can pay you. You can also track and manage your payments in one place.
- Earn interest on your balance in USD (4.21%), GBP (3.61%), and EUR (2.05%). These rates include a 0.29% annual fee (0.19% Wise fee + 0.10% fund fee). You can access your money anytime and withdraw it for free up to a certain limit per month.
- Withdraw your e-commerce sales money from platforms like Amazon and Stripe. You can get your money faster and cheaper than using traditional banks or payment processors. You can also integrate Wise with your accounting software to simplify your bookkeeping.
- Invest with Wise for an annual fee of 0.55% (only available in the UK). You can choose from a range of funds that suit your risk appetite and goals. You can also diversify your portfolio across different markets and currencies.
Wise business multi-currency account is the best way to manage your money internationally. Whether you are a small business owner, a freelancer, or an online seller, Wise for Business can help you save time and money on your cross-border transactions.
5. Wise Business Debit Card
You can see if your country or business is eligible for a card. If you are based in the US, you can only access a digital card at the moment.
Wise Business offers the option to choose between physical and virtual cards for you and your team members. As a main account holder, you get your first card for free, while additional cards for your team members cost just £3 (or equivalent) each.
You can spend with your card up to a certain limit per day or month. The limit varies depending on your currency and card type. You can see the details for your country here.
It’s important to note that you’ll pay a 2% fee on online account funding for certain transactions. And if you don’t have enough balance in the local currency of your transaction, you’ll also pay a currency conversion fee starting from 0.41%.
Wise Business debit cards can be used with Google and Apple Pay in over 160 countries. This also makes it easier for you to offer Apple Pay and Google Pay as payment methods. You can boost your business’s conversions by using them as these options allow your audience to pay in a convenient way that suits them, hence increasing their likelihood of buying from you.
And for those in the UK, you can also earn 0.5% cashback rewards on your card spending.
6. Wise Business Payments, Integrations, APIs and More
6.1 Business Payments
The wise business account offers cost-effective solutions for your business and makes it more efficient internationally.
For instance, you can upload a CSV or XLSX file with up to 1,000 invoices to make batch payments and pay all recipients at once. You can make payments in multiple currencies inside a single batch. This feature is a great time-saver when paying multiple people.
You can also plan ahead and schedule invoice payments for a later date.
You can assign your team members, after adding them to your account, to assist you with accounting or managing payments.
6.2 Wise APIs
With API, you can set up automatic transfers without logging in to Wise for free. The API lets you integrate your business with Wise. This allows you to upgrade your entire business payment infrastructure.
Wise API enables you to:
- Centrally manage and integrate multiple business branches
- Make cross-border and domestic payouts
- Gather recipient information
- Make payments instantly to bank accounts and other recipients.
- Track and monitor the status of your transfers in real time
- Generate account statements automatically
Wise provides extensive API integration documentation and guides. They are available here.
6.3 Accounting Software Integration (Xero, QuickBooks, FreeAgent)
Wise allows its business account holders to integrate their bookkeeping or accounting software with its platform to further optimize their efficiency. For now, Wise only supports Xero, QuickBooks, and FreeAgent. These platforms are among the most popular ones available and should cover all your needs.
The integration offers your business the opportunity to leverage your accounting software beyond basic bookkeeping tasks.
Integrating Wise into your accounting software can reduce the chances of human error and save time spent on the reconciliation of errors in data entry.
After integration, all transactions are automatically recorded. This enhances the transparency and accuracy of accounting reports.
By eliminating the need for re-verification and re-entry of data, you can save both time and money while reducing errors.
6.4 Wise Business Multi-User Access
Wise Business gives you the ability to add multiple users to your account with different kinds of permissions. This allows you to better manage and dispense tasks among your team members.
The following types of access levels are available right now:
|Viewer||Only view the account and download account statements|
|Employee||Use Wise Business Debit Card and see the activity|
|Preparer||View accounts, download statements, prepare payments for approval|
|Payer||Make payments and convert currencies|
|Admin||Manage accounts, add/remove members, access business cards|
You can also create new access levels with custom permissions.
7. Wise Business Reviews
Trustpilot is recognized as the top review platform globally, and Wise has attained a score of 4.4 out of 5 on this platform. With over 188,000 reviews, 84% of reviewers have given it the highest rating of ‘Excellent’(a 5-star rating).
After analyzing all the reviews, including the negative ones, we have summarized the findings in the following table.
Wise users like
- Simple and transparent fee structure
- Local account details in 10 currencies
- Fast, easy, and low-cost international payments
- High level of security and fraud protection
Here’s what a Startup, WebX, said about Wise Business:
“We’re using Wise since we formed our company, So far we’ve experienced very good service and faster transactions and transfers. Being a startup then, we couldn’t afford sky-high conversion rates when transferring money to our contractors abroad, Wise seriously become a great help.
The functionality to open a bank account abroad without traveling there just to open a bank account is very very good. We’re now thinking to expand in 2 more countries, and Wise will be our partner, no doubt.
Good Service, Good Features.”
Complaints were mostly about
- Lack of responsiveness from customer support
- Account closure without explanation or warning.
One customer reported:
“Our account has been blocked for over a week due to “EU regulations”. We had to give documents showing we are part of the company, which I submitted twice more than a week ago. Still nothing has been resolved.
Support says they’re working on it, but no reply since 3 days ago.
One question I have. If it’s due to EU regulations, why is an account suddenly blocked without any notice??
Extremely unsatisfied and angry with their service. Looking at alternatives.”
A clear choice for my needs and those of many others.
If your business frequently conducts international payments in various currencies, a Wise business account may be an excellent option for you. There are no subscriptions or monthly fees and you only pay for the services you use.
Wise’s business account prioritizes efficiency and transparency, which ultimately means that a business can save significantly not just through transactions but also through time saved.
This has certainly been my personal experience. I have found that receiving income, managing currencies, and paying for services can be done on the fly. It also helps that Wise connects to Xero and other accounting software and batch invoice payments.
That said, the Wise business account has certain limitations because it is not a conventional bank account.
For me, this means I use it as a currency hub but not where I hold medium or longer-term capital. So while I do think they can be great for many people’s businesses, they are not a complete solution, for now anyway.
Is Wise good for small businesses and freelancers?
Wise for Business seems to be designed for smaller businesses and freelancers that want to save money on fees and speed up international currency exchange and payments. Beyond costs and speed, Wise also has many useful features to save time and expand into new markets more easily.
What are the main differences between Wise personal and business accounts?
Wise for business enables the ability to issue multiple cards and manage expenses. Their API and integration with accounting software are limited to businesses. There are some more requirements to sign up for a business account.