Best Wise Business Banking
About Wise
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How it worksWise, previously Transferwise, are a regulated e-money provider offering accounts with low-cost international money transfers. They were founded in 2011 with the vision to help people make hassle-free payments anywhere around the globe for cheaper and currently provide their services to millions of businesses and individuals. Wise have even partnered with Monzo following their success, helping them provide international transfers directly from their app.
See our full Wise business account review and see how they compare with other online multi-currency business account providers.
Wise pros & cons
Pros of Wise
- Competitive conversion rates
- Earn interest up to 5.11% AER
- Quick & simple money transfers
- Mass payments for big teams
- Very positive customer reviews
Cons of Wise
- Not a bank & offers no FSCS protection
- Fee for full banking services
Wise business account
Wise offers international business accounts that come with competitive money transfer and conversion fees.
There are also no credit checks conducted when opening an account.
Here are the typical Wise business account fees:
| Account name | Wise Business Account |
| Application fee | £45 |
| Monthly fee | Free |
| Money transfers | 32p fee (varies by currency) |
| Card issue | £3 |
| Additional/replacement cards | £3 |
| Card purchases | Free (in account currency) |
| ATM withdrawals | £200 free (50p + 1.75% fee thereafter) |
| Interest (AER) | 4.70%* on GBP (5.10%** USD & 3.65%*** EUR) |
*includes a 0.56% annual fee
**includes a 0.29% annual fee
***includes a 0.27% annual fee
Eligibility
To be eligible for a Wise business account you must:
- Be a sole trader, freelancer or limited company
- Be 18 or over
- Provide business details
- Provide personal details
Some business types are prohibited so see their website for full details.
Opening an account
Here's how to open a Wise business account:
- Download Wise's app from the App Store or Play Store (depending on your device) or sign up from their website
- Complete their digital application, with no credit checks - Wise will confirm your eligibility
- Verify your ID - you'll need to upload a picture ID and a video of yourself
- Once approved (usually within 48 hours), you can start banking
Wise reviews
Wise score an excellent 4.2 stars on Trustpilot, based on over 205,600 reviews, with 83% rating them 5-star.
Their app on the App Store has 4.8 stars out of 5 from over 77,500 ratings.
Wise users give them 4.8 out of 5 stars on Google Play from over 741,000 reviews.
Information correct as of 25th January 2024.