Review: Wise (TransferWise) for Business – September 2021

A low-fee alternative to the banks for your business's next money transfer.

  • Good for both small and large businesses that operate overseas, and there is no margin hidden in the exchange rate.
  • Not so great if you need to transfer to less-popular currencies.
This product is not currently available via Finder. Visit the provider's website directly, or compare other options.

No reviews yet. Write a review

CAD 1

Min. Transfer Amount

CAD 1,500,000

Max. Transfer Amount

1 - 2 days

Transfer Speed

Details

Product NameWise (TransferWise) Business Transfers
Min. Transfer AmountCAD 1
Max. Transfer AmountCAD 1,500,000
Transfer MethodsOnline
Transfer OptionsOne off payments
Transfer Speed
Minimum transfer time
1 - 2 days
Customer ServicePhone, Email
Available CurrenciesAED, ARS, AUD, BDT, BGN, BRL, BWP, CAD, CHF, CLP, CNY, COP, CRC, CZK, DKK, EGP, EUR, FJD, GBP, GEL, GHS, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, PEN, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, TZS, UAH, UGX, USD, UYU, VND, XOF, ZAR, ZMW
Exchange Rate UpdatesReal time
Online Transfer Fee0.45%

How much will my business pay to send money with Wise?

Wise’s fees vary depending on the currency, but generally sit at about 0.4% of your transfer amount. There’s also an extra fixed fee of a few dollars. The fees for business customers are the same as for individual customers and there are no additional account fees on top of this.

You can use the calculator below to see how much sending money with Wise might cost you.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
CAD 1 1 - 2 days CAD 18.00 0.784 USD
1,553
Use Wise to send and receive money with the real exchange rate and help globalise your business. Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Wise’s exchange rates

Wise uses the mid-market rate, meaning you’ll get the same exchange rate you see on Google or XE with no added margin. This is rare to find among money transfer services, with most banks and specialist companies adding a margin on top of the mid-market rate as a kind of hidden fee.

Available currencies

Wise offers more than 20 currencies, so your business will be able to make transfers to each of these from Canada. You can see a full list above, but some of the more popular currencies include:

  • BDT Bangladeshi taka
  • CNY Chinese yuan
  • EUR Euro
  • GBP British pound
  • HKD Hong Kong dollar
  • INR Indian rupee
  • PHP Philippine peso
  • USD United States dollar

Key features

To make it easier for businesses to send and receive money, Wise has built in several helpful features to its business product:

  • Xero integration. All your transactions can be automatically imported into Xero, making it easier to keep track of your payments.
  • Open API. With an open API, you can automate your payments and connect it to your business tools.
  • Batch payments. You’re able to make up to 1,000 payments in one go by uploading a single payroll file.
  • Local bank details. You’ll get bank account details in Europe, the USA, Australia, New Zealand and the UK. This means you can pay and receive money in these countries with no extra fees, like a normal domestic transfer. Keep in mind that if you want to transfer money out of these currencies, you’ll be paying Wise’s normal currency transfer fee.

Read our review of Wise for international money transfers

How do I make a business transfer with Wise?

To conduct your international business through Wise, you’ll first need to:

  1. Register your business. Provide your business name and address, your registration number and your role in the company. Wise will verify your details before activating your account.
  2. Add your currencies and countries of interest. Wise provides you with a routing and account number for each country you conduct business in.
  3. Send or receive payments. Use your unique bank account details in place of your usual account to centralize payments to and from customers, clients, suppliers and more. You pay only when you convert this money to your native account or currency.

What do I need to make a business payment with Wise?

You’ll first need to have a personal account with Wise – you can find more details about setting up this account in our review. The email address you use for this personal account needs to be the same as the one used for the business profile.

While the exact details depends on what kind of business you own, you’ll generally need:

  • Proof of ID
  • Proof of business address
  • Business Registration Number
  • Details of what your business does

In a nutshell

Pros
  • Uses the mid-market rate. No margin is added to the exchange rate.
  • Bank details for certain countries. You’re able to send and receive money like a local.
  • Transparent fees. Wise is very up-front with what fees you’ll be charged for each kind of transfer, so you won’t be taken by surprise.
  • Integration with a leading online accounting software. This makes the tracking of your payments seamless.
Cons
  • Limited number of currencies. While Wise has some of the more popular currencies like CNY and INR, other business transfer companies like PayPal have a wider range.
  • Bank account transfers only. You can transfer to bank accounts only, so make sure your recipient has one.

How does Wise compare to other business transfer specialists?

See how Wise compares to other companies below. You can use the calculator to get a better idea of what your transfer could look like.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 150 1 day CAD 0.00 0.781 USD
7,806
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Go to site Show details
CAD 1 Same day CAD 0.00 0.78 USD
7,798
XE Money Transfer can help your business unlock international transfers. Forward contract and limit order options available. Go to site Show details
USD 10,000 1 - 2 days CAD 0.00 0.777 USD
7,770
Dunbridge Financial offers competitive exchange rates and zero fees on transfers to more than 120 countries. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Frequently asked questions

Our review of Wise’s online seller product

Watch: Our review of Wise’s debit card

Ask an expert

You must be logged in to post a comment.

Go to site