London-based fintech Wise was established in 2011 with the aim of making international money transfers cheap, fair and simple. This review takes a look at the Wise business account to see how it could help businesses that regularly trade overseas.<\/p>
Wise offers 1 business account that is primarily focused on cheap and easy international money transfers. Its key features are outlined below:<\/p>
The Wise business account doesn\u2019t charge a monthly fee. However, it does have a one-off \u00a345 set up fee if you\u2019re in the UK or EEA. <\/p>
There are also a number of transaction fees to watch out for. For example, while transfers in the same currency are free from 1 Wise account to another, there will be a small conversion fee for sending money to a different currency. The fee depends on the amount you\u2019re sending, how you pay and the exchange rate. A conversion fee will also apply if you use your card to buy things online or on holiday in a currency you don\u2019t have in your account. <\/p>
The first 2 cash withdrawals on your card up to \u00a3200 are free each month, but after that you\u2019ll be charged per withdrawal. There is also a fee on any amount you withdraw over \u00a3200.<\/p>
You can hold more than 40 currencies in your Wise account for free.<\/p>
Finally, while most payments into your account are free, some faster methods of sending payments, like wire payments in US dollars, have a fixed fee.<\/p>
You can register for a Wise business account online for free. You\u2019ll then need to provide details such as your business registration, where you\u2019re located, the industry you\u2019re in, any online or social presence, and the name, date of birth and country of residence for all stakeholders. <\/p>
You\u2019ll also need to provide personal details to verify your identity. Wise may also ask to verify your business, which can take up to 10 working days.<\/p>
You can apply for a Wise business account if you\u2019re a:<\/p>
Wise is not a bank, it is an e-money institution. This means it does not offer protection under the Financial Services Compensation Scheme. <\/p>
However, Wise is authorised by the Financial Conduct Authority (FCA) under the Electronic Money Regulations 2011 and, as a result, it safeguards your funds by holding them in accounts that are completely separate to the ones Wise uses to run its business. This means that should Wise become insolvent, your funds would be inaccessible to its creditors and you should get most of your money back.<\/p>
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