Review: Wise (TransferWise) for Business – December 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.

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Details

Product NameWise (TransferWise)
Pay ByCredit card, Debit card, Bank transfer
Receiving OptionsBank account, Mobile wallet, Prepaid phone credit, Alipay (China only)
Customer ServiceLive chat, Email
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, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, UAH, UGX, USD, UYU, VND, XOF, ZAR, ZMW

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 Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
Wise (TransferWise)
24 hours
From 0.35%

View details
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
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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 New Zealand. You can see a full list above, but some of the more popular currencies include:

  • AUD Australian dollar
  • 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 New Zealand, Australia, the UK, Europe and the United States. 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

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 about its fees, 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 only transfer to bank accounts, so make sure your recipient has one.

How does Wise compare to other business transfer specialists?

Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
1 - 11 of 11
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
WorldFirst
24 hours
From $0

View details
Exclusive offer: Discounted exchange rates for all Finder customers.
WorldFirst sends 60+ currencies at competitive rates. If you find a better eligible quote, WorldFirst will beat it.
TorFX
24 hours
$0

View details
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply. TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
OFX
24 hours
From $15

View details
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Send
24 hours
$0

View details
Send guarantees to match any competitor’s exchange rate. T&Cs apply.
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
TorFX
24 hours
$0

View details
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply. TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
Xe
Within minutes
$0

View details
Xe has fast transfers with low fees and a range of foreign currency tools.
Wise (TransferWise)
24 hours
From 0.35%

View details
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
Skrill
24 hours
$0

View details
Skrill offers easy transfers to many popular destinations, but keep an eye out for added fees.
CurrencyFair
Within minutes
From $0

View details
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.
Send
24 hours
$0

View details
Send guarantees to match any competitor’s exchange rate. T&Cs apply.
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
Xe Business Transfers
Xe Business Transfers
Within minutes
$0

View details
Send money in more than 60 currencies. Fee-free large international money transfers with a global brand.
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