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Wise (TransferWise) for Business review

Low-fee one-off transfers and borderless accounts change the game for your international enterprise.

The online money transfer specialist Wise extends its already competitive rates and low fees into businesses with a suite of services for borderless enterprises. Its easily executable payouts API can help your business with one-off transfers, batch payments and manage currencies to get paid and satisfy suppliers and contractors.

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Get a fair rate with Wise

Wise didn’t build its business through large spreads on exchange rates. Instead, it offers the mid-market exchange rate to all of its customers — personal or business. That means your money’s exchanged at the rate most banks and other transfer services use when they trade among themselves.

With some currencies, you’re guaranteed a rate that stays in place until a specified time. With other currencies, you set a rate limit as a safeguard against downward rate fluctuations.

How much will my business pay to send money with Wise?

Wise offers businesses the same type of one-off transfers it offers individual customers: transfers that come with a variable percentage that depends on where you’re sending your money. Typical costs to be aware of when using Wise for business include:

  • $1.40 fix fee when sending USD.
  • A variable conversion fee based on currency and amount being sent.
  • A one-time $31 fee to connect your bank account to receive currencies.

It is free to receive money in AUD, EUR, GBP, USD and NZD to your Wise multicurrency account.

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Calculate your fees and exchange rates with Wise for Business

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Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
Wise (TransferWise) International Money Transfers Business
Within an hour
From $8.16

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Enjoy high maximum transfers into more than 20 currencies, while saving up to 90% over local banks.

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Pros and cons of using Wise for Business


  • Competitive mid-market rate. You’ll get a much better conversion rate for your currency.
  • Low fees. Pay a low fee per transfer, not for setting up or maintaining your account.
  • High daily transfer limits. Send up to $199,999 a day and $1 million a year.


  • Bank account transfers only. Transfer to bank accounts only, with no option for cash pickups.
  • No recurring transfers. If you need to manage repeating payroll payments or company bills, consider the Borderless Account.

What is Wise Borderless for businesses?

Borderless accounts is where Wise breaks off from competitors. This service allows you to establish and use local bank accounts in up to 15 countries to pay or get paid as a “local.” This lets you protect your international profits when sending and receiving money. Wise plans to accept more currencies and countries in the future.

Borderless accounts can change the way you do international business. But they’re not yet available in Georgia, Hawaii, Illinois, Louisiana, Nevada, New Mexico, New York, Oklahoma, South Carolina, Vermont or Virginia. And the currencies and countries it supports are a bit limited until it expands.

While fees are lower than you’ll find with most banks and competitors, you might pay a fee to add money to your account with a credit card.

  • Manage multiple currencies. Hold funds in more than 50 currencies, moving it among currencies when you feel the rates are right for a small fee.
  • Save on fees. No need to pay setup fees, monthly charges or costs to receive payments, and there’s no spread on the exchange rate to give you the best exchange rate.
  • Receive international payments. Get paid in US dollars, British pounds and euros, with Wise planning to accept other currencies in the future.

Pros and cons of using Wise Borderless


  • Ultra competitive rates. You can’t beat the mid-market rate.
  • Acts like a local bank account. Manage multiple countries and currencies with minimal fees.
  • Low fees. No setup fees, no monthly fees and no charge to send or receive payment.


  • Limited currencies and countries. Until services expand, confirm your business needs are covered.
  • External payments aren’t free. When you’re ready to move your money back to your own currency, you’ll pay a small charge.

How do I make transfers with Wise for Business?

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 verifies your details before activating your account.
  • Add your interested currencies and countries. 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 centralize 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 transfer money using Wise?

To make an international transfer with Wise, you will need:

  • Your name, address, phone number and email address.
  • Your date of birth.
  • Your bank account or credit card information.
  • The full name, address and email address of the recipient.
  • Your recipient’s International Bank Account Number (IBAN).

How do I transfer money with Wise?

Step 1. Go to Wise’s main page.

Step 2. Select currencies and amounts.

Enter the currency you’re sending money from and the currency you’re sending it to. Wise will instantly convert the amount you enter into the currency you are transferring to.

Step 3. Sign up for an account.

Log in with an email and password or connect with Facebook or Google+. You can complete your account information if you frequently transfer money internationally.

Step 4. Choose Get Started to confirm your transfer.

Confirm the amounts, currencies and fees. This fee is already subtracted from the amount that the recipient will receive. Under the transfer free, you can see the current exchange rate between the two currencies you are exchanging.

Step 5. Choose the business option to send money from your business account.

Step 5. Enter your business details.

Enter your business name, type, role, phone number and address in the spaces provided. Then enter your name, birth date, phone number and home address in the spaces provided. Select Continue to move to the next step.

Step 6. Choose who you are sending money to.

Send money to another account you own with just an IBAN. For an account owned by another person, charity or business abroad, enter their email, full name, address and IBAN. Then hit Continue.

Step 7. Confirm the details of your transfer. Confirm the recipient details, amounts, and fee, then choose Confirm.

Step 8. Enter your payment information.

Choose your payment method: debit card, credit card or bank account. You’ll see any fees and estimated date of arrival for each payment method. Then enter your card information or proceed to the next step for a bank account transfer.

Step 9. Contact your bank to initiate a bank transfer.

If you are transferring from a bank account, you must confirm with your bank to begin the transaction. After selecting Bank transfer, you’ll see information for Wise’s local account — the sort code, reference number, account number and address — that your bank will need to complete the transfer. Either contact your bank with this information immediately and hit either I’ve sent the money to Wise, or I’ll do it later.

What happens next?

  • Manage your international payments. Track payments, export statements, receive wages in specific currencies and more through your account.
  • Get support. Sign in to your online account to live chat with a representative and research your queries.
  • Download the free app. Track your transfers on the go with the Wise app, available in the App Store and on Google Play.

What other products does Wise offer?

Wise offers both business and and e-commerce accounts. Read our reviews on each to learn how to get started.

Bottom line

The dependable Wise provides borderless businesses with an easy way to settle up with suppliers, contractors, employees and more through “local” accounts at some of the strongest rates you’ll find. If you’re unsure if it’s right for your needs, compare your other business transfer options.

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Frequently asked questions

  • What payment options are available for my transfer?

Pay for your transfer using your bank account, a credit card or a debit card.

  • From which countries can I sign up for the Borderless Account?

Sign up for a Borderless Account from most countries worldwide. Exceptions include:

  • Afghanistan
  • Australia
  • Brazil
  • Burundi
  • Central African Republic
  • Chad
  • Congo Republic
  • Crimea (subterritory)
  • Cuba
  • Democratic Republic of the Congo
  • Eritrea
  • Hong Kong
  • Iran
  • Iraq
  • Japan
  • Libya
  • New Zealand
  • North Korea
  • Sevastopol (city)
  • Singapore
  • Somalia
  • Republic of South Sudan
  • Sudan
  • Syrian Arab Republic

Residents in these US states can’t sign up for a Borderless Account:

  • Georgia
  • Hawaii
  • Illinois
  • Louisiana
  • Nevada
  • New Mexico
  • New York
  • Oklahoma
  • Virginia
  • Vermont
  • What’s the maximum amount I can hold in my Borderless Account?

You’re permitted to hold as much as you need to in your Borderless Account.


Our team analyzes money transfer providers offering services in the US — from big names to digital upstarts. We rank rates and fees, speed, services and user experience for:

  • Wise
  • Xe
  • OFX
  • WorldRemit
  • Currencies Direct
  • Western Union
  • RIA Money Transfer
  • MoneyGram
  • Remitly
  • Payoneer
  • Remit2India
  • Xoom
  • PayPal

Learn the details of our methodology and scoring.

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Watch: Our review of Wise’s debit card

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  1. Default Gravatar
    May 29, 2018

    What is the difference between a business and personal account… I don’t see an advantage with either?

    • Default Gravatar
      May 30, 2018

      Hi Elaine,

      Thanks for leaving a question on Finder.

      If you are sending from a business you represent, such as payment for services to a contractor or business expenditures, you will be using TransferWise Business. If it’s a personal expense like shopping or sending funds to a friend or family member, you will use TransferWise Personal. To get started, click the “Go to TransferWise’s site” button from our TransferWise review page.


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