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Review: Wise (TransferWise) for Business – October 2021

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

  • Good for its competitive exchange rates and transparent fees.
  • Not so great for transferring to less popular currencies.

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Min. Transfer Amount

SGD 1,000,000

Max. Transfer Amount

1 - 2 days

Transfer Speed


Product NameWise (TransferWise) International Money Transfers
Min. Transfer AmountSGD 1
Max. Transfer AmountSGD 1,000,000
Transfer MethodsOnline
Transfer OptionsOne off payments
Transfer Speed
Minimum transfer time
1 - 2 days
Customer ServicePhone, Email
Exchange Rate UpdatesReal time
Online Transfer Fee0.7%


  • No minimum transfer amount
  • No hidden commissions or unexpected fees
  • Uses the mid-market exchange rate to give you the best possible deal


  • Not all currencies supported

How it works

Wise for business offers a wide range of features designed to help freelancers, contractors or online merchants send and/or receive international payments affordably, as well as manage expenses with ease.

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.

What are the account options

Wise for business offers two account types:

FeaturesInternational money transfer onlyComplete international banking package
Money transfer
Batch payments tool
Add, hold and convert funds
Accounting integrations
Multi-user access
Debit card
Debit card for team members
Mobile app
Direct debits
Local account details
(IBAN, sort code, routing number and more)
Receive payments from third party
Withdraw money from other platforms
(e.g. Shopify, Stripe and more)

Exchange rates and fees

Most of Wise’s business account features are free to use. But if you’re looking to utilise its full international banking features (direct debits, local IBAN, third party inbound transfer, and fund withdrawal from platforms like Shopify, Stripe and more) do note that there’ll be a one-time setup fee of S$54.

Its 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
SGD 1 1 - 2 days SGD 45.00 0.744 USD
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 more than 20 currencies, so your business will be able to make transfers to each of these from Singapore. 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

Pros and cons

  • 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 to sign up for a Wise business account

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 depend on what kind of business you own, you’ll generally need:

  • Proof of ID
  • Proof of business address
  • Unique Entity Number (UEN)
  • Details of what your business does

How do I make a business transfer with Wise?

To conduct your international business through Wise, you’ll first need to:

  • 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.
  • Add your currencies and countries of interest. Wise provides you with a routing and account number for each country you conduct business in.
  • 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.

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
SGD 0 Same day SGD 4.99 0.736 USD
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Go to site Show details
SGD 250 1 day SGD 0.00 0.741 USD
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Go to site Show details
SGD 2,000 1 day SGD 0.00 0.741 USD
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.
Go to site Show details
SGD 1 Same day SGD 3.99 0.741 USD
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Go to site Show details
SGD 250 1 day SGD 0.00 0.741 USD
Send guarantees to match any competitor's exchange rate. T&Cs apply.
Send has fee-free transfers in 30+ currencies to over 200 countries.
Go to site Show details
SGD 1 1 - 2 days SGD 45.00 0.744 USD
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details
SGD 5 1 - 2 days SGD 3.00 0.74 USD
Special offer: Zero fees on your first 10 transfers.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
SGD 1 1 day SGD 43.00 0.744 USD
Pay no fees on your first two transfers, up to S$3000.
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
Go to site Show details
SGD 200 2 days SGD 50.00 0.738 USD
Exclusive: Use code FINDER10 to receive US$10 off your first transaction.
InstaReM offers simple transfers with a flat 0.5% transfer fee for most transfers.
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.

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