What it is:Wise Business is a multi-currency online account for businesses to hold over 40 currencies, send payments to 160+ countries at mid-market rates, receive via local details, invoice, and integrate with accounting tools.
Best for:International freelancers, E-commerce businesses, Startups scaling globally
Pricing:Free tier available, paid plans from $31 one-time
Rating:92/100Excellent
Expert's conclusion:Wise Business is the most popular option for affordable global payments and managing multiple currencies, making it suitable for any business that has international operations.
Reviewed byMaxim Manylov·Web3 Engineer & Serial Founder
What Is Wise Business and What Does It Do?
Wise is a fintech company that was established in 2011 to provide an international money transfer service using the real exchange rate with very low fees. The firm was initially known as TransferWise and offered multi-currency accounts, business accounts and debit cards to individuals and companies around the world. Wise has been trading on the London Stock Exchange since 2021 and currently has over 15 million customers in 170+ countries.
Active
📍London, UK
📅Founded 2011
🏢Public
TARGET SEGMENTS
IndividualsBusinessesFreelancers
What Are Wise Business's Key Business Metrics?
👥
15+ million
Active Customers
📊
170+
Countries Served
📊
£30 billion
Quarterly Transfer Volume
📊
£145 billion
Annual Transfer Volume
🏢
6,500+
Employees
📊
20+
Offices
Rating by Platforms
4.5/ 5
Trustpilot
Regulated By
FCA Authorized(UK)Direct Access to Faster Payments(UK)
How Credible and Trustworthy Is Wise Business?
92/100
Excellent
Wise is a mature, listed fintech organization with a proven track record of profitability, a solid regulatory position and significant scale as a provider of financial products to millions of users globally.
BREAKDOWN
Product Maturity95/100
Company Stability95/100
Security & Compliance90/100
User Reviews90/100
Transparency95/100
Support Quality85/100
TRUST SIGNALS
Publicly listed on London Stock ExchangeProfitable for 8+ consecutive years15M+ active customers£145B+ annual transfer volumeFCA authorized and regulated
What is the history of Wise Business and its key milestones?
2011
Company Founded
The company was originally founded in London by Taavet Hinrikus and Kristo Käärmann under the name TransferWise, with the goal of reducing high charges associated with international fund transfers through the use of peer-to-peer exchange.
2012
First Office & Mobile Apps
Initially working out of the founders' kitchen, the team eventually moved into their first London office and developed both iOS and Android applications while processing over £1m per day.
2014
Sir Richard Branson Investment
TransferWise received funding from Sir Richard Branson and subsequently launched its multi-currency account product.
2017
First Profitable Year
After further funding from Andreessen Horowitz, TransferWise achieved profitability and became a unicorn valued at over $1.1 billion in 2015.
2021
IPO & Rebrand
In 2021, the company re-branded itself as Wise, and had gone public on the London Stock Exchange with a value of approximately $11 billion.
2024
Record Scale
Wise processes approximately £30bn in quarterly cross-border transactions for 15M+ customers in 170+ countries.
Who Are the Key Executives Behind Wise Business?
Kristo Käärmann— CEO & Co-founder
Estonian-born entrepreneur who co-founded Wise following the frustration experienced with high international banking transfer charges. Hinrikus previously worked in Investment Banking.. LinkedIn
Taavet Hinrikus— Co-founder
Co-founder of Wise and one of the first employees of Skype. Hinrikus is a serial entrepreneur who played a key role in developing the peer-to-peer transfer model used by Wise based on his own banking frustrations when making international payments.. LinkedIn
Matt Briers— CTO
Hinrikus is responsible for leading Wise's technology efforts globally including its real-time payment systems and infrastructure. Prior to joining Wise, Hinrikus was Head of Engineering at online sports betting platform Starlizard.. LinkedIn
How Much Does Wise Business Cost and What Plans Are Available?
Pricing information with service tiers, costs, and details
☐Service
$Cost
ℹDetails
🔗Source
Account Setup
$31 one-time
Unlocks all Wise Business features including local account details in multiple currencies
Official pricing page
First Debit Card
Free
Wise Multi-Currency Mastercard debit card
—
Sending Money
From 0.57%
Fee varies by currency pair and payment method, volume discounts over $25,000
Official pricing page
Currency Conversion
From 0.57%
Fee varies by currency, uses mid-market rate
—
Spending with Card (same currency)
Free
Spend balance in account currency online or in-store
—
Receiving Money (9 currencies)
Free
EUR, USD, GBP and 6 others with local bank details
—
Receiving USD Swift payments
$6.11 fixed fee per payment
—
—
Receiving GBP Swift payments
2.16 GBP fixed fee per payment
—
—
Receiving EUR Swift payments
2.39 EUR fixed fee per payment
—
—
Holding Money
Free
—
—
Account Setup$31 one-time
Unlocks all Wise Business features including local account details in multiple currencies
Official pricing page
First Debit CardFree
Wise Multi-Currency Mastercard debit card
Sending MoneyFrom 0.57%
Fee varies by currency pair and payment method, volume discounts over $25,000
Official pricing page
Currency ConversionFrom 0.57%
Fee varies by currency, uses mid-market rate
Spending with Card (same currency)Free
Spend balance in account currency online or in-store
Receiving Money (9 currencies)Free
EUR, USD, GBP and 6 others with local bank details
Receiving USD Swift payments$6.11 fixed fee per payment
Receiving GBP Swift payments2.16 GBP fixed fee per payment
Receiving EUR Swift payments2.39 EUR fixed fee per payment
Holding MoneyFree
💡Pricing Example: Send $10,000 USD to EUR monthly
WiseApprox. $57 + fixed fees
0.57% conversion fee on $10k = $57
Traditional Bank$400+
3-5% + hidden FX markup
💰Savings:Save up to 85% vs traditional banks
How Does Wise Business Compare to Competitors?
Feature
Wise Business
Payoneer
Revolut Business
Airwallex
Multi-currency Accounts
40+ currencies
10+ currencies
25+ currencies
20+ currencies
Local Receiving Details
9 currencies free
USD, GBP, EUR
10+ currencies
10+ currencies
Starting Price
$31 one-time
$29.95/month
$0 (basic)
$0 (basic)
Free Tier
No (setup fee)
Limited
Yes
Yes
Currency Conversion Fee
From 0.57%
2-3%
From 0.4%
From 0.5%
Debit Cards
Free first card
$29.95/year
Free
Free physical
API Access
Yes (Wise Platform)
Yes
Yes
Yes
Integration Count
Xero, Quickbooks, etc.
Limited
Many
Many
24/7 Support
No
No
Yes (paid)
Yes (enterprise)
SOC 2 Compliance
Yes
Yes
Yes
Yes
Multi-currency Accounts
Wise Business40+ currencies
Payoneer10+ currencies
Revolut Business25+ currencies
Airwallex20+ currencies
Local Receiving Details
Wise Business9 currencies free
PayoneerUSD, GBP, EUR
Revolut Business10+ currencies
Airwallex10+ currencies
Starting Price
Wise Business$31 one-time
Payoneer$29.95/month
Revolut Business$0 (basic)
Airwallex$0 (basic)
Free Tier
Wise BusinessNo (setup fee)
PayoneerLimited
Revolut BusinessYes
AirwallexYes
Currency Conversion Fee
Wise BusinessFrom 0.57%
Payoneer2-3%
Revolut BusinessFrom 0.4%
AirwallexFrom 0.5%
Debit Cards
Wise BusinessFree first card
Payoneer$29.95/year
Revolut BusinessFree
AirwallexFree physical
API Access
Wise BusinessYes (Wise Platform)
PayoneerYes
Revolut BusinessYes
AirwallexYes
Integration Count
Wise BusinessXero, Quickbooks, etc.
PayoneerLimited
Revolut BusinessMany
AirwallexMany
24/7 Support
Wise BusinessNo
PayoneerNo
Revolut BusinessYes (paid)
AirwallexYes (enterprise)
SOC 2 Compliance
Wise BusinessYes
PayoneerYes
Revolut BusinessYes
AirwallexYes
How Does Wise Business Compare to Competitors?
vs Payoneer
As Wise can process payments at a significantly lower cost than Payoneer with a 0.57% conversion fee compared to Payoneer's 2-3%, and also offers free local receipting in nine different currencies compared to Payoneer's focus on providing a paid marketplace, Wise may be a better option for those looking to receive large amounts of money internationally. However, if you are a freelancer earning income from platforms such as Amazon, Payoneer may be a better option.
Wise is the best choice for international business payments for most companies. However, if your company makes payments through marketplaces such as Amazon, then Payoneer may be a better choice.
vs Revolut Business
Mid-market pricing for both, but Wise has no monthly fees compared to Revolut's tiered subscription options. Revolut provides more premium features, including advanced expense tracking while Wise focuses on providing simple and transparent transfers.
If your company primarily needs to focus on transferring funds internationally, then Wise is likely the best choice. If you want to replace your entire bank and also obtain a debit card, then Revolut will be a good option.
vs Airwallex
Enterprise-focused competitors. For companies that need to make large volume AP automation and bulk payments, Airwallex is a better option than Wise. Wise is easier for small to medium-sized businesses (SMBs) who are looking to save money, as it has a lower entry point ($31 versus customized quotes by Airwallex).
If your company is a startup, then Wise would likely be the best option for international business payments. However, if your company is growing and requires more automation such as for bulk AP payments, then Airwallex may be the better option.
vs Traditional Banks
On pricing, Wise is far superior to Revolut (0.57% compared to 3-5% + markup). Wise is also faster. While Revolut has a larger number of branches than Wise, they do not offer the same type of lending products that traditional banks do.
The two options can be used together. Companies can use Wise to replace their bank for international transfers, but still use a bank for loans or other types of credit.
What are the strengths and limitations of Wise Business?
Pros
✅Wise provides transparent pricing – no hidden foreign exchange (FX) markups, and at mid-market rates.
✅Wise supports multi-currency -- allows users to hold 40+ currencies within one account.
✅Wise provides free local receiving -- 9 currencies provide users with their own bank details.
✅Wise does not have monthly fees -- users only pay for what they use.
✅Wise provides fast international transfers -- many times these occur on the same day.
✅Wise provides business integrations -- for example, Wise integrates with Xero, QuickBooks, etc., and also has an open API.
✅Wise provides a free first debit card -- allows users to spend money in multiple currencies when traveling abroad.
Cons
❌The initial setup for Wise is $31 -- this is the only cost associated with unlocking the full features of Wise.
❌There are variable fees with Wise -- there are some fees associated with certain methods/currencies.
❌Wise does not provide business lending -- no loans or credit lines available.
❌Live customer support is limited with Wise -- only email/chat is available, no telephone.
❌There are Swift receiving fees with Wise -- for wire payments to receive money, it costs $4-7 per payment.
❌Advanced AP automation is not provided by Wise -- Wise only allows for basic batch payments.
❌It can take several days for Wise to verify a business account -- business documents must be reviewed before the account can be activated.
❌The availability of currencies can vary with Wise -- not all currency pairs are supported equally.
Who Is Wise Business Best For?
Best For
✅International freelancers — With Wise, you can receive money in up to 9 currencies for free, and the conversion fees are less expensive than using PayPal.
✅E-commerce businesses — Using Wise for multi-currency payouts and providing users with local receiving information can help to decrease the rate of cart abandonment.
✅Startups scaling globally — Wise does not have any monthly fees, and provides a way for businesses to grow without having an explosive increase in cost.
✅Remote teams — International staff expense management and multi-currency card solutions
✅Consulting agencies — Fast payments to clients across the world without bank delay
Not Suitable For
❌US-only businesses — Setup fees and variable FX fees are unnecessary since local banking is free. See Chase Business instead.
❌High-volume enterprises — Does not have advanced ap/ar automation or custom contracts. See Airwallex or Tipalti for those capabilities.
❌Businesses needing loans — No lending products available. Traditional banks offer credit lines better than this.
❌Real-time payments — Transfer times can be up to two days. If needed immediately use domestic systems such as ACH.
Are There Usage Limits or Geographic Restrictions for Wise Business?
Account Setup Fee
$31 one-time to unlock full features
Currency Conversion Fee
From 0.57%, varies by currency pair
Supported Currencies
Hold 40+, send to 160+ countries
Free Local Receiving
9 currencies (USD, EUR, GBP, etc.)
Swift Receiving Fees
$6.11 USD, 2.16 GBP, 2.39 EUR per payment
Team Members
Multiple users with permission controls
API Rate Limits
Available via Wise Platform, limits per plan
Verification Requirements
Business documents and identity verification required
Geographic Availability
Global with some country restrictions per regulations
Is Wise Business Secure and Compliant?
Regulated Financial InstitutionAuthorized by FCA (UK), FinCEN (US), and equivalent regulators worldwide
Data EncryptionAES-256 encryption at rest, TLS 1.3 in transit for all transfers
Two-Factor AuthenticationMandatory 2FA for login and high-value transactions
GDPR ComplianceEU data protection compliant with DPA available
PCI DSS CompliantCertified for card payments and processing
SOC 2 Type 2Third-party audited security controls
Role-Based AccessAdmin, viewer permissions for team members
Transaction MonitoringReal-time fraud detection and AML screening
Audit LogsComplete transaction history available
What Customer Support Options Does Wise Business Offer?
Channels
Self-service 24/7Submit request via Help Centre, available Mon-Fri 9am-5pm (excluding bank holidays)US toll-free +1 888 501 4041 (24/7 if can't log in), other regions via contact formAvailable after logging in via Help button
Hours
Mon-Fri 9am-5pm (excluding bank holidays); phone 24/7 for US login issues
Response Time
Within 2 business days for email requests; complaints acknowledged within 1 working day, final response within 15 calendar days
Satisfaction
Not specified in sources
Specialized
Dedicated business specialists available 24/7 over email, phone or chat for Wise Business
Business Tier
24/7 customer support from thousands of business specialists
Support Limitations
•Support primarily Mon-Fri business hours, excluding bank holidays
•No direct phone support outside US login issues without logging in first
•Response may take up to 2 business days
What APIs and Integrations Does Wise Business Support?
API Type
REST API
Authentication
API tokens and OAuth
Webhooks
Supported for real-time notifications on transfers, balances, and payouts
SDKs
Official libraries for Python, Java, .NET, Node.js, PHP, Ruby
Documentation
Comprehensive developer docs at wise.com/gb/business/api with guides, examples, and OpenAPI specs
Sandbox
Test environment available with sandbox API keys for integration testing
SLA
99.9% uptime guaranteed for API
Rate Limits
200 requests per minute per API token, burst up to 600
Use Cases
Automate transfers, manage balances, create quotes, handle payouts, integrate with accounting software like Xero, QuickBooks
What Are Common Questions About Wise Business?
Contact US first using the help center. Then log in and click help to get chat or email form. U.s. Customers can also call +1 888 501 4041 if unable to log in. Responses within two business days.
There are no monthly account fees with the account. Variable low fees per transfer (from .033 percent) based on currency and amount. Obtain local account details in 9+ currencies at no cost receiving.
Wise uses real mid-market exchange rates with low fees that are transparent - not bank markups. Faster international transfers & multiple currency accounts w/local bank detail. Regulated globally but not a bank.
Yes, Wise is regulated by bodies like FCA (u.k.), FinCEN (u.s.). Funds safeguarded in tier 1 banks, 2 factor authentication, pci DSS compliant. No FDIC insurance since not a bank.
Yes, direct integrations with Xero, QuickBooks, FreeAgent via API or automated feeds. Automatically synchronize transactions, balances, team permissions.
Phone available 24/7 for u.s. Customers unable to log in (+1 888 501 4041). All other regions contact form. Best experience logging into your account for personalized regional support.
No signup fees or commitments. Instantly create an account and start using it. Only pay per transfer using our transparent pricing.
Support mainly business hours monday through friday; no lending/credit products. Some currencies may have transfer limits or higher fees. Not a full bank replacement.
Is Wise Business Worth It?
Wise Business is an affordable option for small to medium-sized businesses (SMBs) and large corporations that have to deal with cross-border payments, since it provides rates that are comparable to mid-market rates, has multi-currency accounts, can be automated through APIs and does not require the services of a bank when compared to larger banks. The lack of full banking services such as lending is one thing Wise Business is missing. On the other hand, Wise Business provides businesses that have international operations the transparency they need, fast processing time, and the ability to receive and send money across borders. With strong regulations and a large client base, Wise Business is positioned as the number one market player.
Recommended For
SMBs and corporations with international transactions on a regular basis
Online businesses that receive payments from all over the world
Any company that requires multiple currency accounts and/or local account details
Financial departments that want transparent foreign exchange rates and lower transaction costs
Businesses looking to integrate their payments through an API into their accounting software
!
Use With Caution
Businesses that require lending, loans, or credit lines
U.S. companies that require FDIC-insured deposit accounts
High volume traders who have more than simple hedging requirements
Sole proprietors who prefer full service banking
Not Recommended For
Companies that do not have any international needs
Companies that require physical branches or cash-handling
Companies that require short term financing or overdrafts
Expert's Conclusion
Wise Business is the most popular option for affordable global payments and managing multiple currencies, making it suitable for any business that has international operations.
Best For
SMBs and corporations with international transactions on a regular basisOnline businesses that receive payments from all over the worldAny company that requires multiple currency accounts and/or local account details
What do expert reviews and research say about Wise Business?
Key Findings
Wise Business offers customers the opportunity to open multi-currency accounts, use mid-market rates with transparent fees, automate payments through APIs, and have access to a 24/7 business specialist for customer support. Wise Business is very good for international payments, team management, and syncing with accounting systems, however, Wise Business is limited in providing customers with traditional banking services. There are over 10 million businesses worldwide that are currently using Wise Business. Wise Business also meets very strict regulatory requirements.
Data Quality
Good - detailed information from official Wise Help Centre, business pages, and API docs. Some support specifics vary by region; no public satisfaction scores in provided sources.
Risk Factors
!
The availability of currencies and the fees associated with those currencies will fluctuate based on regulations.
!
Customer support may not respond immediately outside of normal business hours.
!
Wise Business is not a licensed bank (deposit insurance is not available in some regions).
!
The processing time for transfers may vary depending on the type of payment used and where you are sending the funds to.
Last updated: February 2026
What Additional Information Is Available for Wise Business?
Global Regulation
The company has authorization from FCA (United Kingdom), FinCEN (United States), ASIC (Australia), and equivalent authorities in the E.U., Canada, Japan and Singapore as a "wise business" for customer funds which are segregated and protected.
Company Scale
Over ten million customers have been served by the company which has processed over one hundred billion pounds sterling annually. Since 2021 it has been publicly traded on the London Stock Exchange under the symbol WISE.L.
Team Features
There is no limit to the number of team members that can be invited to participate and each member will have their own set of permission levels. The system also has approval workflows for team members for payments, as well as separate transaction history and spending limits for teams.
Accounting Integrations
The company has native connections to Xero, QuickBooks Online, FreeAgent and Harvest. This allows users to automatically fetch and categorize their financial statements, as well as to synchronize multiple currencies.
Case Studies
The company has been used by several major companies such as Shopify, GetYourGuide and Rapyd for sending out international payments. Taster was able to save 84% compared to using a traditional wire transfer service. Scaleway uses Wise to process approximately thirty million euros per month across fifty different currencies.
Awards
Wise has won the Brite Payments Award 2023, and the FinTech Breakthrough Awards, and has been ranked as the number one foreign exchange provider by the Financial Times.
What Are the Best Alternatives to Wise Business?
•
Revolut Business: A global business account from Revolut provides a range of features including payments, expenses, and some types of lending. Revolut offers a range of other global business accounts but charges higher fees than Wise for many types of international transfers. Revolut also provides additional features that include payroll processing and other types of fintech services. Revolut is best suited for small and medium-sized enterprises in Europe who want to bundle all of their banking services together.
•
Payoneer: Payoneer offers a range of products including a global payment platform, local receiving accounts, and a wide variety of market place integrations and mass payout capabilities. Although Payoneer charges higher fees than Wise, it may be better suited for large numbers of freelance workers or employees at a gig economy platform because it offers these capabilities.
•
Mercury: Mercury is a U.S. based banking service that offers free wire transfers and support for cryptocurrencies. It is an FDIC insured bank, but it does not provide international banking services. Therefore, it may be best suited for U.S. startups that need to access banking services that are more favorable to ventures.
•
Airwallex: Airwallex is an enterprise level global payment service that provides FX hedging and cards. While it may be too expensive for most small to medium sized businesses, it provides more sophisticated corporate treasury services than Wise and may be best suited for larger corporations that have complex currency exchange requirements.
•
Paysend Business: Paysend is a low cost way to send international transfers through an API. Although Paysend's costs are lower than those of Wise when sending large volumes of money internationally, it does not offer as many local accounts/currencies and therefore may be best suited for businesses that primarily use Paysend to make employee payrolls.
•
Traditional Bank (HSBC, Citi): Full-service international banking with lending/credit but high FX markups (3-6%) and slow transfers. Complete services but expensive for payments. Best for corporations needing relationship banking and loans. (hsbc.com/business)
Transfer Metrics
170+
Countries Supported
70+
Currencies Supported
1-2 days
Average Transfer Speed
$36B+
Quarterly Volume
How Are Fees Structured for Wise Business?
Transfer Fee
0.3% - 2% + fixed fees
Exchange Rate Markup
0% (mid-market)
Receiving Fee
Free (most domestic); 2-6 USD (Swift)
Wire Transfer Fee
6.11 USD
Volume Discounts
Yes, e.g., -4.98 USD
What Payment Methods Does Wise Business Support?
Bank TransferWire TransferACHDirect DebitWise Account Balance
