In this review, we'll explore the business account on offer by Wise*, a multi-currency account that has more than 16 million customers around the world. We'll explore Wise Business' key features, fees, pros, and cons as well as popular alternatives to help you decide whether it's the right choice for your business.
What is Wise Business?
Wise Business allows businesses to hold 40 different currencies in 160 different countries. Businesses can also hold account details in 9 different currencies allowing customers abroad to pay quickly in their local currency. It's used by more than 300,000 businesses globally each quarter and comes with lots of different benefits such as 0.5% cashback on debit card spending.
The account also offers a range of useful features for larger businesses such as its batch payment tool allowing businesses to make 1,000 payouts in one go, as well as the option to manage payroll in 70 countries using one account.
Wise Business is particularly suited to businesses operating with multiple currencies and in several different countries. It might, however, be less suited to cash-heavy businesses as it doesn't offer the functionality to deposit cash.
Is Wise a bank?
Wise* isn't a bank and so doesn't offer FSCS protection. This means your money won't be protected up to £85,000 in the event that the company fails, but it will be safeguarded instead - we discuss this in more detail below. It also doesn't offer some of the features you might expect if you had a bank account, such as business loans or overdrafts.
That being said, your Wise Business account will have many of the same features that a bank account has such as the ability to send, receive, and hold money. You can also have account details for 9 different currencies to help you send and receive money.
In addition to this, while Wise isn't a bank, it is regulated in a similar way and offers several security features to keep your money safe. It's licensed as an Electronic Money Institution and as such it's regulated by the Financial Conduct Authority (FCA).
Wise Business account features
Wise's Business account comes with a range of features. Some of these include:
- Get 0.5% cash back on your debit card spend
- Integrate with popular accounting software like Xero, QuickBooks, and FreeAgent among others
- Use the batch payment tool to pay 1,000 people at once in a range of currencies
- Use Wise Interest to make your money work for you and earn 4.46% interest on GBP
- Hold 40+ currencies and move money around between currencies in seconds
- Hold local bank details in 9 currencies allowing overseas customers to pay you quickly using their own currency
- Hold global (Swift) account details and receive Swift payments in 19 currencies
- Get the real, mid-market exchange rate without any markups
- Handle payroll in more than 70 countries
- No monthly fee - just a one-off £60 set-up fee
- Multiple business debit cards for employees with pre-set spending limits
Wise Business account integrations
Wise Business offers a range of different integrations via the app marketplace for businesses that have their accounting software. Some of the integrations on offer include popular options like:
- Xero
- QuickBooks
- FreeAgent
- Oracle
- Ember
The Wise Open API allows businesses to customise their experience further by creating a range of other integrations with Wise, such as getting real-time notifications on platforms such as Slack or automating conversions and tracking exchange rates. There is also a Sandbox account that allows businesses to test Wise integrations prior to launch, ensuring everything runs as smoothly as possible.
How much does Wise Business cost?
Wise Business does not charge a monthly fee, however, there is a one-off fee of £60 to create your account. The fees with Wise are on a pay-as-you-go basis, where you pay for what you use.
The table below sums up some of the fees you can expect to pay with a Wise Business account.
| Description | Fee |
| Registering for a Wise Business account | £60 one-off fee |
| Sending money (fees vary depending on the currency) | From 0.33% |
| Converting money (fees vary depending on the currency) | From 0.33% |
| ATM withdrawals (3 or more above £200 per month) | 1.75% + £0.50 |
| Receiving USD wire payments | 6.11 USD |
| Receiving CAD Swift payments | 10 CAD |
| Business debit card | £3 one-off fee for each card ordered |
Is Wise's Business account safe?
Wise isn't a bank and therefore does not offer FSCS protection. However, it is still regulated by the FCA and, as part of its regulatory responsibilities, it keeps your money safe through a process known as safeguarding. Safeguarding means your deposits are kept separately from the funds Wise uses for daily operations. Customer deposits are instead kept in "top tier financial institutions" such as Barclays and Citibank, as well as government bonds in the UK, US and the EU.
Wise Business customer reviews
Wise currently scores 4.3 out of 5.0 Trustpilot score based on more than 230,000 reviews. This is considered an "Excellent" score on the independent review website. Approximately 82% of reviewers gave Wise a 5-star score, while 8% gave it a 1-star score. Some of those who have rated it 5 stars mentioned that it might be a good choice for freelancers and remote workers due to its multi-currency feature. Others said it is easy to receive payments and manage the various integrations. Business users who gave it a 1-star score complained about their accounts being deactivated suddenly and funds being held up. Some have also had issues with customer service.
How to open a Wise Business account
Opening a Wise Business account* is a straightforward process that should only take a few minutes to complete. You can choose to complete the process via your preferred browser on your desktop or in-app. You'll need to provide some basic details about yourself and your business. Details about your business include:
- Where it's located
- What industry it's in
- Whether you have an online presence
- Details about all stakeholders in the company
You'll also need to set up and pay for a transfer as part of the account opening process.
In some cases, you'll need to verify your business before you can proceed. Wise will let you know if this is the case and let you know what additional documentation you need to provide. This process typically takes around 10 working days.
If you already have a personal Wise account, you can link both accounts and access them via the app with the same login and it is easy to toggle between them.
Wise Business alternatives
There are lots of alternatives to Wise Business depending on what you're looking for. Tide, like Wise, isn't a bank but still offers FSCS protection through its partnership with ClearBank. Monzo, on the other hand, is a fully-fledged challenger bank that might work better for those who want a bank account with all the benefits that brings, such as overdrafts and loans.
Tide Business vs Wise Business
Like Wise, Tide* isn't a bank. The platform offers several features like invoicing and accounting integrations. There are also four plans on offer depending on your budget and needs. Some unique features include a 24/7 legal advice helpline to get help with any legal questions you might have. Like Wise, there is also the option to earn cashback on your spending, however, this is limited to paying customers.
Unlike Wise, most of Tide's customers are still able to open a business bank account via their partnership with Clearbank. This means they get FSCS protection. It's worth keeping in mind that Tide isn't a multi-currency account and as such may not be suited to businesses operating internationally.
Check out our independent Tide review if you want to find out more.
Monzo Business vs Wise Business
Monzo offers a free and paid business bank account to its users. Monzo is a fully licensed bank and as such offers FSCS protection among other benefits such as business loans and overdrafts. Wise doesn't offer this as it isn't a bank.
That being said, Wise is a multi-currency account allowing you to spend in around 40 currencies as well as hold account details in 9 currencies. Monzo, on the other hand, only allows you to hold money in GBP. Many of Monzo's features, such as integrated accounting and invoicing, are only available to paying customers. These are available via Wise once you pay the £60 one-off fee.
Check out our independent Monzo review if you want to find out more.
Wise Business vs Tide vs Monzo Business
The table below sums up the key similarities and differences between the three options.
| Wise* | Tide* | Monzo | |
| Monthly cost |
|
|
|
| Integrated accounting | YES | YES | NO Only with Monzo Pro |
| Invoicing | YES | YES | NO Only with Monzo Pro |
| Fee-free spending abroad | YES | YES | YES |
| Free ATM withdrawals | YES | NO | YES |
| Free UK transfers | YES | NO | YES |
| Multi-currency account | YES | NO | NO |
| Cashback | YES | NO Only with Tide Premium | NO |
| Cash deposits | NO | YES | YES |
| Cheque deposits | NO | NO | YES |
| FSCS protection | NO (Funds are safeguarded instead) | YES | YES |
| Trustpilot review score | 4.3 out of 5.0 | 4.1 out of 5.0 | 4.2 out of 5.0 |
Pros and cons of Wise Business
Here are some of the pros and cons of Wise Business:
Pros
- You can hold more than 40 currencies
- You can benefit from 0.5% cashback on debit card purchases
- You get the real mid-market exchange rate when you convert money
Cons
- Wise isn't a bank and therefore does not offer FSCS protection or loans and overdrafts
- You can't deposit cash into your Wise account
- You have to pay a £60 fee to open an account
Wise Business Account: Is it right for your business needs?
Wise Business*, is a good multi-currency business bank account alternative. It's particularly suited to businesses that operate internationally and have clients who may wish to pay in their own currency. It has many of the same features you might expect from a business account, such as the ability to generate invoices and connect popular accounting software. While Wise doesn't offer FSCS protection as it isn't a bank, however, it is still regulated by the FCA and so your money is safeguarded in accordance with FCA rules.
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