Wise Business Account Review 2024
Last updated: 14th September 2024
We review the Wise Business account and see how it stacks against WorldFirst.
Key takeaways
- You can send and receive payments through Wise or set up a multi-currency account, which costs AUD 22
- Receiving payments is free except for USD and CAD transfers
- There’s no monthly cost or minimum account balance requirement
- Compared to Wise, WorldFirst allows businesses to set up multi-currency accounts with 15+ currencies for free
Introduction
Wise is a global payment provider that allows users to send and receive money in multiple currencies. It offers separate accounts for individuals and businesses.
In this detailed review, we take a look at Wise Business and the services it provides.
We also compare Wise with WorldFirst so you can choose the right foreign currency account for your global business.
Table of Contents
What is Wise Business?
Wise Business offers a multi-currency account that allows you to send, receive, and hold balances in different currencies. Businesses can use Wise to collect payments from marketplaces and send payments to business partners across multiple currencies and countries.
While Wise (formerly TransferWise) was launched in 2011, its business arm was introduced in 2016. Wise has 16 million registered users globally and Wise Business has 300,000 users [4].
Quick look: Pros and cons of Wise Business
| Pros | Cons |
|---|---|
|
|
Wise Business fees: The breakdown
The fees for the Wise Business account can vary according to the country of registration. Take a look at the fees for using Wise Business in Australia:
| Wise Business account fees [1] | |
|---|---|
| Monthly fee | Free |
| Opening a multi-currency account | AUD 22 |
| Receiving funds | Free for AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD, TRY and USD (non-wire)USD wire payments cost USD 6.11 and CAD SWIFT payments cost CAD 10 |
| Holding funds in multiple currencies | Free |
| Sending payments to Wise accounts | Free and instant to other Wise users |
| Sending payments to other accounts | From 0.33% (fee varies by currency) |
| Getting a Wise debit card | Free |
| Funding the debit card | 2% of the transaction amount |
*Fees checked in May 2024.
Features of Wise Business
Multi-currency account
Signing up for a multi-currency account with Wise Business gives you access to local bank account details for various currencies, including AUD, USD, CAD, EUR and GBP. You can use these bank accounts to collect payments from marketplaces, send payments to overseas business partners and hold balances in foreign currencies.
Receiving local payments is free, except for USD wire and CAD SWIFT payments. The fees for sending payments vary by currency [1].
Business debit card
Wise also offers debit cards for online or in-store purchases. The card supports 55+ currencies in over 200 countries but charges an additional 2% for each top-up.
You can make up to two withdrawals of maximum AUD 350 per month for free. After this, a flat fee of AUD 1.50 is charged for every subsequent withdrawal [1]. Withdrawals of more than AUD 350 incur a 1.75% transaction fee.
Batch payments
Wise allows users to make up to 1,000 payments simultaneously by uploading a .CSV or .XLSX file with the recipient and transaction details. Three file templates are available, which users need to fill out manually and upload on Wise to initiate batch payments [3].
Support for marketplaces to collect payments
Wise doesn’t list any supported marketplaces, but it’s possible to collect marketplace payments.
Set up Wise’s multi-currency account to access virtual account numbers and bank details for various currencies. Add the details to your seller accounts on marketplaces like Amazon and eBay (make sure the currency matches the marketplace region). When a customer makes a purchase, you’ll receive the funds from the marketplace sale in your Wise account.
Integration with third-party apps
Wise integrates with several finance and admin apps, including Xero, Intuit Quickbooks, FreeAgent and FreshBooks. [5]
Is Wise regulated in Australia?
Wise isn’t a bank but a Money Services Business (MSB) provider. In Australia, it’s regulated by the Australian Securities and Investments Commission (ASIC) and Australian Prudential Regulation Authority (APRA). It holds an Australian Financial Services Licence (AFSL) [2].
How to open a Wise account
Here are the steps to open a Wise business account in Australia:
- Register on the Wise Business website with your email address. Check the fees and other charges involved before creating an account
- Add details about your business, including your registration number, the industry you’re in and the location of your office
- Add your personal details to verify your identity
- Decide whether you want to send or receive payments through Wise or set up a multi-currency account, which costs an additional AUD 22.
The Wise alternative: WorldFirst
WorldFirst allows businesses to create multi-currency accounts with zero fees in 15+ currencies, including GBP, USD, CAD, EUR, AUD, NZD and CNH.
Fast-growing global businesses can use WorldFirst to send payments to overseas suppliers and collect payments from 100+ marketplaces and payment gateways. Businesses save more on international transaction fees and get access to competitive exchange rates, leading to improved profit margins.
You can open an account with WorldFirst for free. There are no minimum balances required or hidden charges to worry about. Your World Account supports 90+ currencies across 130+ countries and regions.
If you’re still unsure about WorldFirst vs Wise, check out our comparison of fees.
| WorldFirst | Wise [1] | |
|---|---|---|
| Registering | ||
| Monthly fee | Free | Free |
| Multi-currency account | Free (15+ currencies) | AUD 22 (10+ currencies) |
| Receiving payments | ||
| Receive funds | Free | Free for AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD, TRY and USD (non-wire)USD wire payments cost USD 6.11 and CAD SWIFT payments cost CAD 10 |
| Hold funds in multiple currencies | Free | Free |
| Sending money | ||
| Users in the same network | Free and instant to other World Account users | Free and instant to other Wise users |
| Sending payments | [Fixed transaction fee] + up to 0.6% currency conversion fee |
From 0.33% (fee varies by currency) |
| Paying 1688.com suppliers | Up to 0.8% currency conversion fee | Not supported |
*Fees checked in May 2024.
- Open 15+ local currency accounts with local account details
- Direct CNH payments to 1688.com
- Pay suppliers, partners and staff in 40+ currencies and 130+ destinations
- Collect secure payments from 100+ marketplaces and payment gateways, including Amazon, AliExpress, Paypal and Shopify
- Lock in currency conversion rates for up to 24 months
Sources
- https://wise.com/au/pricing/business
- https://wise.com/help/articles/2932693/how-is-wise-regulated-in-each-countryregion
- https://wise.com/help/articles/2663295/how-do-i-make-a-batch-payment
- https://wise.com/gb/blog/a-wiser-way-to-make-international-business-payments
- https://wise.com/gb/business/app-marketplace
Disclaimer: The information contained is general only and largely our views. Before acting on the information you should consider whether it is appropriate for you, in light of your objectives, financial situation or needs. Although information has been obtained from and is based upon multiple sources the author believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed. All opinions, estimates, mentioned products/services and referenced material constitute the author’s own judgement as of the date of the briefing and are subject to change without notice. WorldFirst shall not be responsible for any losses or damages arising from your reliance of such information.
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