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Review: Wise (TransferWise) for Business – July 2022

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.

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.

1 - 1 of 1
Name Product Minimum Transfer Transfer Time Online Transfer Fee
Wise (TransferWise) - Nederland
1-2 Dagen
Bespaar geld met de gemiddelde marktkoers en een transparante kostenstructuur.

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 Australia. 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. You can learn more about Xero’s online accounting software in our guide.
  • 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 - 8 of 8
Name Product Minimum Transfer Transfer Time Transfer Fee
Wise (TransferWise) - Nederland
1-2 Dagen
Bespaar geld met de gemiddelde marktkoers en een transparante kostenstructuur.
CurrencyFair - Nederland
1-2 Dagen
Speciale aanbieding: Nieuwe klanten ontvangen de eerste 3 maanden onbeperkt gratis overschrijvingen. Algemene voorwaarden zijn van toepassing.
CurrencyFair heeft zeer concurrerende wisselkoersen en snelle overdrachtstijden voor meer dan 15 populaire valuta's.
Remitly - Nederland
1-5 Dagen
EUR 2,99
Remitly biedt snelle en betaalbare transacties over de hele wereld, met zowel express- als economy-opties.
Revolut - Nederland
Revolut - Nederland
USD $0
Dezelfde dag
USD $0
Stuur van maandag t/m vrijdag gratis geld in meer dan 27 valuta’s.
XE Money Transfers - Nederland
Dezelfde dag
XE biedt snelle overschrijvingen zonder transactiekosten en heeft een reeks handige hulpmiddelen voor vreemde valuta.
Panda Remit - Nederland
Panda Remit - Nederland
Within minutes
Speciale aanbieding: Onbeperkte overschrijvingen zonder vergoedingen & €5 tegoed. Voorwaarden zijn van toepassing.
Panda Remit stuurt geld naar meer dan 30 landen met 24/7 klantenondersteuning en exclusieve wisselkoersen.
WorldRemit - Nederland
1-3 Werkdagen
EUR 3,99
WorldRemit stuurt geld naar meer dan 110 landen via bankoverschrijvingen, contant geld ophalen of mobiel opwaarderen.
Key Currency - Nederland
Key Currency - Nederland
Dezelfde dag voor grote valuta’s, 1 dag voor exotische munteenheden.
Boek geld over op dezelfde dag in alle belangrijke Europese valuta's.

Compare up to 4 providers

Frequently asked questions

Watch: Our review of Wise’s debit card

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