Wise Business Review 2025: The Gold Standard for International Payments

Last Updated: December 2025 | Reading Time: 9 minutes

Wise Business (formerly TransferWise) has revolutionized how businesses handle international payments. With over 16 million customers and $100+ billion transferred annually, Wise has become the go-to solution for freelancers, small businesses, and even large enterprises managing cross-border finances.

But is Wise Business the right choice for your company? In this comprehensive review, we'll dive deep into features, pricing, pros and cons, and help you make an informed decision.

What is Wise Business?

Wise Business is the commercial arm of Wise, a UK-based fintech company founded in 2011 by Taavet Hinrikus (Skype's first employee) and Kristo Käärmann. What started as a simple peer-to-peer money transfer service has evolved into a comprehensive business banking platform.

The Wise Mission: Transparent, Fair Pricing

Wise built its reputation on one core principle: use the mid-market exchange rate (the "real" rate you see on Google) and charge a small, transparent fee. This was revolutionary in an industry where banks routinely marked up exchange rates by 3-5% without disclosure.

Who is Wise Business For?

Wise Business is ideal for:

• Freelancers and consultants billing international clients
• E-commerce businesses selling globally
• Digital nomads managing finances across countries
• Agencies paying international contractors
• Importers/exporters dealing with suppliers worldwide
• Remote-first companies with distributed teams

Key requirement: You need a registered business entity (sole proprietorship, LLC, corporation, partnership).

Core Features: What Makes Wise Business Special

1. Mid-Market Exchange Rates (The Real Rate)

This is Wise's signature feature and biggest competitive advantage:

How traditional banks work:

• Google shows EUR/USD at 1.10
• Bank offers you 1.07 (3% markup)
• Bank claims "zero fees" but pockets the difference
• You lose $300 on a $10,000 transfer

How Wise works:

• Uses the mid-market rate (1.10)
• Charges transparent fee (typically 0.41%-0.69%)
• You pay $41-$69 on a $10,000 transfer
• You save $230-$260 vs traditional bank

Real-world example: A UK agency invoicing a US client for £50,000:

• Traditional bank: Receives ~$63,500 (3% markup + $25 wire fee)
• Wise: Receives ~$64,750 (0.41% fee)
• Savings: $1,250 per transfer

Over a year (12 invoices), that's $15,000 in savings.

2. Multi-Currency Account (50+ Currencies)

Wise Business provides a single account that holds 50+ currencies:

Major currencies supported:

• USD, EUR, GBP, AUD, CAD, NZD, SGD, HKD, JPY, CHF
• And 40+ more including PLN, RON, HUF, CZK, TRY, AED, etc.

Local bank details in 10+ currencies:

• USD: US routing number and account number (receive ACH payments)
• EUR: IBAN (receive SEPA payments)
• GBP: UK sort code and account number
• AUD: BSB and account number
• NZD, CAD, SGD, HUF, RON, TRY: Local account details

Why this matters: Clients can pay you via local bank transfers (often free for them) instead of expensive international wires.

Use case: A freelance developer in Poland working with US clients can receive payments to their Wise USD account via ACH (free for clients), then convert to PLN when exchange rates are favorable.

3. Batch Payments (Pay 1,000 People in One Click)

Wise Business allows you to pay multiple recipients simultaneously:

How it works:

1. Upload a CSV file with recipient details
2. Wise validates all recipients
3. Review and confirm
4. Pay up to 1,000 people in one transaction

Use cases:

• Payroll: Pay international contractors in their local currencies
• Supplier payments: Pay multiple vendors at once
• Affiliate commissions: Pay affiliates worldwide
• Refunds: Process bulk refunds to customers

Time savings: What used to take 4 hours (manual wire transfers) now takes 10 minutes.

Cost savings: Instead of $25-$35 per wire transfer, pay Wise's low percentage fee (0.41%-0.69%).

Example: Paying 50 contractors $1,000 each:

• Traditional bank: 50 × $30 wire fee = $1,500 in fees alone
• Wise: ~$205 total fees (0.41% on $50,000)
• Savings: $1,295

4. Wise Business Debit Card

Wise issues Mastercard debit cards for business spending:

Card features:

• Spend in 50+ currencies
• Automatic currency conversion at mid-market rate
• 0% foreign transaction fees (huge for international travel)
• Contactless payments
• ATM withdrawals (2 free per month up to £200, then 2% fee)

Virtual cards:

• Create virtual cards for online subscriptions
• Freeze/unfreeze instantly
• Better security for online purchases

Real-world benefit: A consultant traveling to 5 countries can spend in local currencies without paying the typical 3% foreign transaction fee that credit cards charge.

Savings on $10,000 annual international spend: $300/year vs traditional credit cards.

5. Accounting Software Integrations

Wise integrates with major accounting platforms:

Supported integrations:

• Xero: Automatic bank feed, transaction sync
• QuickBooks Online: Real-time reconciliation
• FreeAgent: Designed for UK freelancers
• Sage: Enterprise accounting
• Wave: Free accounting software

How it works:

1. Connect Wise to your accounting software (one-time OAuth setup)
2. Transactions sync automatically (daily)
3. Categorize transactions in Wise or your accounting tool
4. Bank reconciliation is automatic

Time savings: 3-5 hours per month on bookkeeping.

6. API Access for Developers

Wise provides a comprehensive API for custom integrations:

API capabilities:

• Transfers API: Send payments programmatically
• Borderless Account API: Manage multi-currency balances
• Recipient API: Store and manage recipients
• Webhooks: Real-time notifications

Use cases:

• Payroll platforms: Automate international contractor payments
• Marketplaces: Pay sellers in local currencies
• Accounting tools: Custom financial reporting
• E-commerce platforms: Multi-currency pricing

Documentation: Comprehensive docs with code examples in Python, JavaScript, Ruby, PHP, Java.

Account Setup: Fast and Straightforward

Eligibility Requirements

To open a Wise Business account:

1. Business Entity:

   • Sole proprietorship
   • Partnership
   • Limited company (LLC, Ltd, Corp)
   • Registered in a supported country (160+ countries)

2. Business Documentation:

   • Business registration certificate
   • Proof of business address
   • Business website or social media (LinkedIn, etc.)
   • Description of business activities

3. Personal Information (for beneficial owners):

   • Government-issued ID
   • Proof of residential address
   • Tax identification number

Application Process

Step 1: Online Application (10-15 minutes)

• Create Wise Business account
• Enter business details
• Upload required documents
• Provide owner information

Step 2: Verification (1-3 business days)

• Wise reviews your application
• May request additional documentation
• Video verification call (sometimes required)
• Compliance checks (KYC/AML)

Step 3: Approval and Activation (instant)

• Notification via email
• Account activated immediately
• Order debit card (optional)
• Start sending/receiving payments

Total time: 1-3 business days from application to active account.

Approval rate: ~95% for legitimate businesses with proper documentation.

Pricing: Transparent and Competitive

Account Fees

• Account opening: One-time fee (varies by region)
  • UK: £45
  • US: $31
  • EU: €35
  • Other regions: Check Wise website
• Monthly maintenance: $0
• Minimum balance: $0

Transfer Fees

Wise uses a transparent fee structure: small fixed fee + percentage of amount.

Example fees (as of December 2025):

Currency Pair	Fee
GBP → USD	0.41%
USD → EUR	0.45%
EUR → GBP	0.43%
USD → AUD	0.54%
GBP → INR	0.69%

Fee calculator: Wise shows exact fees before you transfer (no surprises).

Receiving payments:

• Local transfers (same currency): Free
• International transfers: Sender pays fees
• Currency conversion: Standard Wise fee if converting

Card Fees

• Card issuance: Free for first card, £5 for additional cards
• Card replacement: £5
• ATM withdrawals: 2 free per month (up to £200), then 2% fee
• Foreign transactions: 0% markup (mid-market rate)

Hidden Costs? None.

Wise is famous for transparency:

• No monthly fees
• No inactivity fees
• No minimum balance requirements
• No hidden exchange rate markups
• All fees shown upfront

Pros and Cons: The Complete Picture

Pros

✅ Cheapest FX rates: Mid-market rate + 0.41%-0.69% (vs 3-5% at banks)
✅ Transparent pricing: All fees shown upfront, no surprises
✅ Fast transfers: Often instant, typically 1-2 business days
✅ Multi-currency account: Hold 50+ currencies
✅ Local bank details: Receive payments like a local in 10+ currencies
✅ Batch payments: Pay 1,000 people in one click
✅ Excellent mobile app: Intuitive, fast, reliable
✅ Accounting integrations: Xero, QuickBooks, FreeAgent
✅ API access: Developer-friendly
✅ Debit card: 0% foreign transaction fees
✅ Regulated: FCA-authorized (UK), licensed globally

Cons

❌ No cash deposits: Entirely digital (no branches)
❌ Not a full bank: No loans, overdrafts, or credit facilities
❌ One-time setup fee: £45/$31/€35 (though pays for itself quickly)
❌ Limited card controls: Basic spending limits only
❌ No cryptocurrency: Cannot send/receive crypto
❌ Account freezes: Some users report sudden compliance reviews
❌ Customer support: Can be slow for complex issues
❌ ATM fees: After 2 free withdrawals, 2% fee applies

Real-World Use Cases

Case Study 1: Freelance Designer (Solo)

Challenge: Billing clients in US, UK, and Australia while living in Portugal.

Wise Solution:

• Opened Wise Business account with USD, GBP, AUD details
• Clients pay via local bank transfers (free for them)
• Holds balances in multiple currencies
• Converts to EUR when rates are favorable

Results:

• Saved $3,000/year vs PayPal (which charges 3.5% + $0.49 per transaction)
• Eliminated client friction (no international wire fees)
• Better cash flow (instant local transfers vs 3-5 day wires)

Case Study 2: E-commerce Startup (5 employees)

Challenge: Selling to US and EU customers, paying suppliers in China.

Wise Solution:

• Receive USD and EUR payments to Wise account
• Hold balances in multiple currencies
• Pay Chinese suppliers via Wise (CNY transfers)
• Integrated with Xero for accounting

Results:

• Saved $15,000/year on FX fees vs traditional bank
• Simplified accounting (automatic Xero sync)
• Faster supplier payments (1-2 days vs 5-7 days)

Case Study 3: Digital Agency (20 employees, remote)

Challenge: Paying 50 international contractors monthly in 15 different currencies.

Wise Solution:

• Batch payment feature (upload CSV with all contractors)
• Pay everyone in their local currency
• Automated monthly payroll process

Results:

• Saved $1,500/month on wire transfer fees
• Reduced payroll processing time from 6 hours to 30 minutes
• Contractors receive payments faster (local transfers)
• Improved contractor satisfaction

Wise Business vs Competitors

Wise vs PayPal Business

Feature	Wise Business	PayPal Business
FX Markup	0.41%-0.69%	3.5%-4.0%
Receiving Fee	Free (local)	2.9% + $0.30
Multi-Currency	50+ currencies	25 currencies
Batch Payments	Yes (1,000+)	Limited
Accounting Integration	Xero, QuickBooks	QuickBooks
Best For	International transfers	E-commerce payments

Verdict: Wise wins on cost and features; PayPal wins on payment acceptance.

Wise vs Revolut Business

Feature	Wise Business	Revolut Business
Setup Fee	£45 one-time	£0
FX Markup	0.41%-0.69%	0.5%-1.0%
Virtual Cards	Limited	Unlimited
Expense Management	Basic	Advanced
Cryptocurrency	No	Yes
Best For	Lowest FX fees	Team expense mgmt

Verdict: Wise wins on FX rates; Revolut wins on team features.

Wise vs Traditional Banks

Feature	Wise Business	Traditional Bank
FX Markup	0.41%-0.69%	3%-5%
Wire Transfer Fee	0.41%-0.69%	$25-$50
Account Opening	1-3 days	2-4 weeks
Monthly Fee	$0	$15-$50
Branches	No	Yes
Loans	No	Yes

Verdict: Wise wins on cost and speed; banks win on lending and physical presence.

Frequently Asked Questions

Is Wise Business a real bank?

Wise is an Electronic Money Institution (EMI) authorized by the UK Financial Conduct Authority (FCA), not a traditional bank. However, your funds are safeguarded in accordance with regulatory requirements.

How are my funds protected?

Wise holds customer funds in segregated accounts with top-tier banks. In the UK, funds are protected under the Electronic Money Regulations. In the EU, funds are protected up to €100,000 under deposit guarantee schemes (for balances held in partner banks).

Can I get a business loan from Wise?

No, Wise does not offer loans, overdrafts, or credit facilities. It's purely a payments and currency exchange platform.

How long do transfers take?

• Instant: Some currency pairs (GBP→EUR, USD→USD)
• Same day: Many major currency pairs
• 1-2 business days: Most transfers
• 3-5 business days: Exotic currency pairs

Wise shows estimated delivery time before you transfer.

What's the maximum transfer amount?

Limits vary by currency and verification level:

• Unverified: £1,000-£5,000
• Verified: £50,000-£1,000,000+
• Large transfers: Contact Wise for amounts over £1M

Can I use Wise for cryptocurrency?

No, Wise does not support cryptocurrency transactions. You cannot send, receive, or hold crypto.

What if my account gets frozen?

Wise may freeze accounts for compliance reviews (AML/KYC). This is standard for fintech. Respond promptly to documentation requests, and accounts are typically unfrozen within 3-7 business days.

Is Wise available in my country?

Wise supports businesses in 160+ countries. Check their website for your specific country. Some countries have restrictions (e.g., cannot send to certain sanctioned countries).

How does Wise make money?

Wise earns revenue from the small percentage fee on transfers (0.41%-0.69%). They do NOT markup exchange rates. This transparent model is why they're cheaper than banks.

Final Verdict: Should You Choose Wise Business?

Choose Wise Business if:

• You make frequent international payments
• You want the absolute lowest FX fees
• You bill international clients
• You pay contractors/suppliers globally
• You value transparency and simplicity
• You're a freelancer, agency, or SME
• You operate primarily online (no need for branches)

Avoid Wise Business if:

• You need business loans or overdrafts
• You handle significant cash deposits
• You prefer traditional banking relationships
• You need advanced expense management (Revolut/Airwallex better)
• You require unlimited virtual cards
• You want cryptocurrency support

Overall Rating: ⭐⭐⭐⭐⭐ (5/5) for international payments

Wise Business is the gold standard for international payments. No other platform offers the combination of:

• Lowest FX fees (mid-market rate)
• Transparent pricing
• Fast transfers
• Multi-currency accounts
• Batch payments
• Accounting integrations

For digital nomads, freelancers, e-commerce businesses, and agencies dealing with international payments, Wise Business is an essential tool. The one-time £45 setup fee pays for itself on your first transfer.

Bottom line: If you make even one international transfer per month, Wise Business will save you money. For businesses making frequent cross-border payments, it's a no-brainer.

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Disclosure: This review is based on independent testing and research. We may earn a commission if you sign up through our links, but this does not influence our editorial assessment.