Wise (TransferWise) for Business review

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.

Within an hour

Transfer Speed

USD 10

Min. Transfer Amount

USD 1,200,000

Max. Transfer Amount

Details

Min. Transfer AmountUSD 10
Max. Transfer AmountUSD 1,200,000
Transfer MethodsOnline, Bank Account to Bank Account
Transfer Speed
Minimum transfer time
Within an hour
Online Transfer Fee0.7%
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
Online Transfer Fee0.7%

Wise is well known for its transparent pricing and it applies this to its business money transfers service. Money transfer companies can often try to hide fees and exchange rate markups from the user, making wise a breath of fresh air as it looks to offer the mid-market rate. Its business specific service also allows you to hold over 50 currencies in your account as well as take advantage of services such as invoice payments and e-commerce management.

Why should I consider Wise for Business?

  • Mid-market rate. Wise uses the mid-market rate, so 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.
  • Business tools. Take advantage of open API, batch payments and expense cards.

What to be aware of

  • Limited number of currencies. While Wise has some more popular currencies like CNY and INR, other business transfer companies like PayPal have a wider range.
  • Bank account transfers only. You can only make transfers to a bank account, 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.

How much are Wise for Business’s transfer fees?

Wise’s fees vary depending on the currency but start from 0.41%. It is free to open an account, receive money and hold currencies. But if you hold more than €30,000 you will incur a monthly charge of 0.07% which accrues daily.

It is also worth noting that to receive USD wire payments, you will be charged a fixed fee per payment of US$4.14.

How are Wise for Business’s exchange rates?

Wise is unusual as it uses the mid-market rate for transfers. Most money transfer providers will add a markup to their exchange rate in order to make a profit.

When we checked Wise’s rates against the mid-market rate on Google and Xe, they were similar, Wise’s rate updates multiple times a day.

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 Within an hour HKD 140.00 0.127 USD
1,256
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.

What are Wise for Business’s transfer options?

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

  • 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 details in the UK, Europe, the US, 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.
  • Expense cards. Give employees a debit card and integrate your accounting tools to allow for seamless cross-border transactions.

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:

What details do I need to provide to open a business account with Wise?

While the exact details depend 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)

What are Wise for Business’s payment options?

In terms of payment methods with Wise for Business, every payment is made via bank transfer. However, there are some specific features to make it easier for businesses to make payments.

  • Invoice payments. Handle one-off invoices, recurring payments and mass payouts in 70 countries.
  • People payments. Make international money transfers, with cheaper fees when you send above £100,000 (or the currency equivalent).
  • Multiple payments. Use Wise’s batch payments tool to make multiple international transfers with just one payment.

Is Wise for Business safe to use?

Wise was founded in 2010 and serves millions of customers a year. It is fully registered and accredited by many global agencies, using the following global standards to protect your money:

  • Follows regulatory guidelines. In every country where Wise operates, it is registered with the appropriate regulatory agency and follows the strict rules that are set out.
  • Bank-level data security. Encryption and data storage at Wise are handled in the same way as your bank.
  • Two-factor authentication. Protect your account with 2FA and with optional biometric locks on the Wise mobile app.
  • In-house 24/7 digital security team. A security team works around the clock to monitor transactions for suspicious activity and accounts for fraudulent logins.

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 0.126 USD
1,264
Go to site Show details
AUD 0 3 - 5 days HKD 30.00 0.123 USD
1,227
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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