In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews
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Wise Business account review

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Wise Business
Monthly Account Fee
Multi Currency Accounts
Currency Conversion Fee

Our verdict

Pay employees and staff in over and get the mid-market exchange rate, but take note that features like branch service and cash/cheque deposits aren't available.

Wise Business is a multi-currency account designed to suit the needs of businesses that operate in Canada and around the world. It offers the flexibility of bank account details in up to 10 different currencies, and the ability to send payments to staff and suppliers in over 70 countries. You also get the mid-market exchange rate on currency exchanges, the ability to make batch payments, and a linked debit card for business spending.

But you'll need to pay an account setup fee and watch out for other charges, while the absence of cheque/cash deposits and other banking services won't suit all businesses.


  • Get local bank account details in up to 10 currencies
  • Pay employees and suppliers all around the world
  • Get the mid-market rate on currency exchanges
  • Lots of positive customer reviews
  • User-friendly platform


  • $42 account setup fee
  • No cheque or cash deposits
  • Fees from 0.43% for sending money
  • Doesn't offer other business banking products such as loans

In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews

Wise Business account: The basics

  • Account details in 10 currencies. The Wise Business account offers local bank account details for up to 10 currencies — CAD, USD, GBP, EUR, AUD, HUF, NZD, RON, SGD, TRY — so you can get paid in the local currency where you do business.
  • Send payments to over 70 countries. You can use your Wise Business account to send payments to suppliers and employees in dozens of countries around the world.
  • Batch payments. Wise supports batch payments, making it easy to pay up to 1,000 people in a single transaction.
  • Wise debit card. Your Wise Business account also comes with a linked debit card that you can use to pay for in-store and online business purchases.

What are the benefits of a Wise Business account?

  • Get the mid-market exchange rate. Wise offers the mid-market exchange rate on currency exchanges, so you don’t need to worry about exchange rate markups eating into your bottom line.
  • Hold funds in multiple currencies. With local account details in 10 currencies, you can get paid quickly in the countries where you do business. You can also hold funds in multiple currencies to cover your local expenses, and wait to convert to CAD when an attractive exchange rate becomes available.
  • No monthly fee. You don’t need to pay any monthly fees with a Wise Business account.
  • Avoid foreign transaction fees. The Wise debit card comes with no foreign transaction fees, so you can use it to make overseas purchases.
  • Transparent fees. While there are fees that apply to specific transactions, Wise clearly details fee amounts and how they’re calculated upfront.
  • Easy to use. The Wise online platform and app both feature user-friendly interfaces and are easy to navigate.
  • Accounting software. You can connect your Wise Business account to accounting software such as QuickBooks or Xero to keep track of expenses, manage cash flow and monitor your reporting obligations.
  • Team management. You can decide who has access to your account, set different permissions for each team member, and establish spending limits for debit cards used by your team members.
  • Wise Open API. You can use the Wise Open API to help integrate Wise with your business and perform tasks such as automate payments and payroll as well as manage expense reporting.

What are the drawbacks of a Wise Business account?

  • Account setup fee. You’ll need to pay a fee of $42 to register for a Wise Business account.
  • Money transfer fees. The fee varies depending on the currency you send, but Wise charges a fee starting from 0.43% when you send money.
  • No cash or cheque deposits. If your business regularly accepts cash or cheque payments, you’ll need to consider an account that accepts paper deposits.
  • No branches. If you like being able to access face-to-face customer service, you may prefer dealing with a bank that operates a physical branch network.
  • Not a bank. Wise doesn’t offer other business banking products such as loans and credit cards. So if you have diverse business banking needs and you’d prefer to keep all your financial products with the same provider, you may want to look elsewhere.

Is Wise legit?

Wise, formerly known as TransferWise, is a UK-based business that was founded in 2011. Headquartered in London, Wise is regulated in the UK by the UK Financial Conduct Authority. Wise Payments Canada is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Service Business.

Wise is also a publicly listed company and trades on the London Stock Exchange under the ticker WISE.

My experience with Wise

As a freelancer, I’ve been using Wise for years. Because several of my clients pay in USD, I needed to find an affordable way to convert those US dollars back to my home currency — and avoid exchange rate markups charged by some freelancing platforms. Wise made it easy to get US bank account details, and payments from my clients go straight into that account.

I can then convert from USD whenever I want, and I get the mid-market exchange rate each time. The fees for each conversion are also clearly detailed upfront, while the process for converting and sending payments is simple and straightforward.

Wise may not be the most suitable choice for all businesses, but it certainly works well for me.

What should I know before I apply?

To open a Wise Business account you will need to be one of the following:

  • Sole trader
  • Freelancer
  • Limited or public company
  • Partnership
  • Charity or trust

You’ll also need to pay a $42 setup fee to open an account.

How do I open a Wise Business account?

You can open a Wise Business account by completing the following steps:

  1. Navigate to the Business section of the Wise website and click on “Register”.
  2. Enter your email address and your country of registration, then verify your phone number.
  3. Set up two-factor authentication and create a password.
  4. Provide business details such as your business registration, contact details, and information about company owners or directors.
  5. Provide your personal details.
  6. Pay the $42 setup fee.
  7. Wise will verify your account. Verification may take up to 10 business days — Wise will be in touch with you if you need to provide any additional information or documentation.

Compare other business banking accounts?

1 - 5 of 5
Name Product Monthly Account Fee Multi Currency Accounts Currency Conversion Fee Corporate Credit Card Expense Management Accounting Integration Account Management Offer
RBC Digital Choice Business Account
CAD only
Quick books, Sage, Xero
In Branch, Online or App
Get unlimited electronic debit and credit transactions, unlimited electronic cheque deposits, unlimited Moneris deposits and 10 free outgoing Interac e-Transfer transactions per month.
Save time and money when you bank digitally. Easily send money to suppliers, vendors or employees.
Loop Global Business Banking Account
0.1% - 0.5%
Quick books, Xero
Eliminate FX fees with a Loop credit card. Spend in CAD, USD, GBP and EUR and earn points to use toward travel and experiences. Get up to a $1M credit limit.
Get global banking details, multi-currency corporate credit cards, international payments and more.
RBC Flex Choice Business Account
RBC Flex Choice Business Account
Quick books, Sage, Xero
In Branch, Online or App
No minimum or maximum transaction limits. Only pay for the transactions you make plus a low monthly account fee.
Bank both digitally and in-branch and only pay for what you use.
Vault Business Banking Account
Quick books, Xero
Earn 1% unlimited cashback on your Vault multi-currency corporate credit card. No currency limitations.
Set up accounts in CAD, USD, GBP and EUR, enjoy $0 local transfers (EFT, ACH, etc.), and seamlessly integrate your accounting systems.
Wise Business
Quick books, Xero + more
Online or App
No hidden charges, high rates or monthly fees. Get the mid-market exchange rate.
Pay employees, get paid and manage your cash flow in over 70 countries.

Bottom line

The Wise Business account is a flexible choice if your business needs to regularly send international payments or get paid in foreign currency. It’s easy to use, offers widespread global coverage and can help you avoid exchange rate markups. Compare Wise to other business multi-currency accounts before deciding if it’s right for your business.

Frequently asked questions

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