Review: Wise (TransferWise) for Business – February 2023

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

  • Good for both small and large businesses.
  • Not so great for transferring to less-popular currencies.

Check out our full list of pros and cons below.

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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 euros. 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.

1 - 1 of 1
Name Product Minimum Transfer Transfer Time Online Transfer Fee
Wise (TransferWise) - Ireland
1-2 days
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.

Compare up to 4 providers

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 Ireland. 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 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. 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 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
  • ACN, ABN or ARBN
  • Details of what your business does

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.

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.

1 - 10 of 10
Name Product Minimum Transfer Transfer Time Transfer Fee
Wise (TransferWise) - Ireland
1-2 days
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
CurrencyFair - Ireland
1-2 days
Special offer: New customers get unlimited fee-free transfers for their first 3 months. T&Cs apply.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
XE Money Transfers - Ireland
Same day
XE has fast transfers with low fees and a range of foreign currency tools.
Atlantic Money - Ireland
Atlantic Money - Ireland
Bank transfer
Revolut - Ireland
Revolut - Ireland
USD $0
Within minutes
USD $0
Make fee-free transfers in 27+ currencies from Monday to Friday.
WorldRemit - Ireland
Same day
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
TransferGo - Ireland
1 business day with standard delivery
Fixed fees by country of origination and 0–2.2% currency conversion fee
Key Currency - Global
Key Currency - Global
Same day on all majors, 1 day on exotics
Make same-day transfers in all major currencies across Europe.
Remitly - Ireland
1-5 days
EUR 2.99
Remitly has quick, affordable transfers around the world, with both express and economy options.
Panda Remit - Ireland
Within minutes
Special offer: Unlimited fee-free transfers & 5 EUR remittance coupon. Conditions apply.
Panda Remit sends money to 30+ countries with 24/7 customer support & exclusive exchange rates.

Compare up to 4 providers

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