Wise Business Review 2025

Wise Business (formerly TransferWise) has revolutionized international banking for freelancers and small businesses. By offering the mid-market exchange rate and transparent fees, it stands as the gold standard for cross-border payments.

Key Features

• Mid-Market Rates: No hidden markups on currency exchange.
• Multi-Currency Account: Hold and manage 50+ currencies.
• Virtual Cards: Instantly issue digital cards for team expenses.
• Batch Payments: Pay up to 1,000 people in one click.

Fee Structure

Wise is famous for its transparency. You pay a small fixed fee plus a percentage of the amount converted.

• Account Opening: One-time fee (varies by region, approx $31 USD).
• Monthly Fees: None.
• Card Issuance: Free for the first card.

Pros & Cons

Pros

• Cheapest FX rates in the market.
• Fast transfers (often instant).
• Excellent mobile app.

Cons

• No cash deposits.
• Not a full bank replacement (no loans/overdrafts).

Verdict

For digital nomads, freelancers, and e-commerce businesses dealing in multiple currencies, Wise Business is an essential tool. It cuts out the middleman fees charged by traditional banks.