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Review: Wise (TransferWise) for Business – June 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.

USD 10

Min. Transfer Amount

USD 1,200,000

Max. Transfer Amount

1 - 2 days

Transfer Speed

Details

Product NameWise (TransferWise) International Money Transfers
Min. Transfer AmountUSD 10
Max. Transfer AmountUSD 1,200,000
Transfer MethodsOnline, Bank Account to Bank Account
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, 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 Fee0.7%

Must read: TransferWise has rebranded to Wise

As TransferWise has expanded beyond international money transfers, the company has changed its name to Wise. As a user, not much will change for you – you’ll be redirected to Wise and can still access your account the same way as normal.

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
USD 10 1 - 2 days HKD 140.00 0.129 USD
1,270
以透明的匯率,低收費及低最低金額的網上服務作匯款。 Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. 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.

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 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

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 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.

Read more about Wise for personal use in our review

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. 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.
  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 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

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.
  • 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.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
1 - 2 days HKD 0.00 0.128 USD
1,278
Go to site Show details
AUD 0 3 - 5 days HKD 30.00 0.124 USD
1,241
Get help sending business payments 24/7 to over 130 currencies with Western Union. Show details

Compare up to 4 providers

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

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