Review: Wise (TransferWise) for Business – January 2022
Min. Transfer Amount
Max. Transfer Amount
1 - 2 days
|Min. Transfer Amount||USD 10|
|Max. Transfer Amount||USD 1,200,000|
|Transfer Methods||Online, Bank Account to Bank Account|
Minimum transfer time
|1 - 2 days|
|Online Transfer Fee||0.7%|
|Available Currencies||AED, 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|
|Online Transfer Fee||0.7%|
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.
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.
Wise offers sending money in 50+ currencies, so your business will be able to make transfers to each of these from Hong Kong. You can see a full list above, but some of the more popular currencies include:
- CAD Canadian dollar
- SGD Singaporean dollar
- EUR Euro
- GBP British pound
- AUD Australian dollar
- INR Indian rupee
- PHP Philippine peso
- NZD New Zealand dollar
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 the UK, Europe, the USA, New Zealand and Australia. 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.
How do I make a business transfer with Wise?
To conduct your international business through Wise, you’ll first need to:
- Register your business. Create an account with email and password. Provide your business name and address, your registration number and your role in the company. Wise will verify your details before activating your account.
- Add your currencies and countries of interest. Wise provides you with a routing and account number for each country you conduct business in.
- Send or receive payments. Use your unique bank account details in place of your usual account to centralise payments to and from customers, clients, suppliers and more. You pay only when you convert this money to your native account or currency.
What details do I need to provide to open a business account with Wise?
While the exact details depends on what kind of business you own, you’ll generally need:
- The most recent annual return or Incorporation Form
- Information about where your business is (proof of business address), the industry you’re in, and any online or social presence
- The full name, date of birth, and country of residence for all directors and major shareholders (those who own more than 25% of the company)
In a nutshell
- 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.
- 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.
- External payments aren’t free. When you’re ready to move your money back to your own currency, you’ll pay a small charge.
What happens next?
- Manage your international payments. You can track payments, export statements, receive wages in specific currencies and more through your account.
- Get support. Sign in to your online account to live chat with a representative and research your queries.
- Download the free app. Track your transfers on the go with the Wise app, available in the App Store and on Google Play.
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.