Wise Business Account Review 2026: Fees, Features & Is It Worth £50?

Wise Business Account (formerly TransferWise Business) serves over 300,000 businesses quarterly, processing more than £12 billion monthly through its multi-currency platform. The account combines local bank details in 21 currencies, real mid-market exchange rates, and integrated accounting tools. But does this digital-first approach deliver genuine value for UK businesses navigating international payments?

This review examines Wise Business’s actual costs, features, and operational requirements to help you determine whether it suits your business needs.

Review Summary Box

Best For: Businesses making frequent international payments or receiving funds in multiple currencies
Main Pro: Real mid-market exchange rates with transparent fees starting from 0.33%
Main Con: £50 one-time setup fee to access account details in multiple currencies
Rating: 4.9/5

---

Wise Business Pricing Comparison

---

Wise Business Pros & Cons

---

Wise Business Core Features

Multi-Currency Account Details

Access local bank details in 21 currencies including EUR (IBAN), USD (routing number), GBP (sort code + account number), AUD, CAD, NZD, SGD, and more. Clients and customers can pay you as if you’re a local business, avoiding international transfer fees on their end.

Send Money to 140+ Countries

Transfer funds internationally to over 140 countries with the mid-market exchange rate and transparent fees. Use batch payment tools to pay up to 1,000 recipients simultaneously across multiple currencies – ideal for international payroll, supplier payments, or contractor disbursements.

Earn Returns on Balances

Hold money in GBP, EUR, or USD and earn daily returns through government-guaranteed money market funds:

• GBP: 3.5% after 0.56% annual fee
• EUR: 1.72% after 0.27% annual fee
• USD: 3.88% after 0.29% annual fee

Funds remain accessible – spend or withdraw anytime. Capital is at risk and growth is not guaranteed. The funds invest in government-guaranteed assets designed to be stable.

Business Debit Cards

Physical and digital Mastercard debit cards for you and your team, accepted in 231 countries. Earn 0.5% cashback on all eligible transactions with no foreign transaction fees. Team expense cards cost £3 each with customisable spending limits and real-time tracking.

Hold 40+ Currencies

Maintain balances in over 40 different currencies simultaneously. Your balances are safeguarded and secure, with instant visibility across all currencies in the Wise app.

Volume Discounts

When you send, spend, or convert over £20,000 GBP (or equivalent) monthly, you automatically receive volume discounts on transaction fees. Payments over £100,000 may qualify for additional discounted fees.

24/7 Customer Support

Access support specialists anytime via email, phone, or chat. Dedicated teams for business and enterprise customers ensure high-value payments process smoothly.

---

Wise Business Fees & Charges: The Reality

Transfer Fees

Wise charges from 0.33% per transfer, varying by currency corridor. This percentage applies to the mid-market exchange rate with no hidden markup. For example, sending £10,000 to EUR typically costs around £33-£50 depending on the exact currency pair.

Receiving Fees

• Domestic payments (non-SWIFT): Free for AUD, CAD, EUR, GBP, HUF, NZD, SGD, TRY, USD
• USD wire/SWIFT: £6.11 fixed fee per incoming payment
• GBP SWIFT: £2.16 fixed fee per incoming payment
• EUR SWIFT: £2.39 fixed fee per incoming payment

Cash Withdrawal Fees

First £200 per month (maximum 2 withdrawals): Free
Over £200 per month: £0.50 + 1.75% per withdrawal

E-Wallet Top-Up Fee

Topping up external e-wallets or certain third-party accounts: 2% of transaction value

Setup & Holding Fees

• Account registration: Free
• Multi-currency account details (21 currencies): £50 one-time fee
• Holding money in account: Free
• Monthly account maintenance: £0

Reality check: A business receiving £5,000 monthly via USD SWIFT pays £6.11 per payment = £73.32 annually just in receiving fees. Businesses receiving high volumes of international payments should evaluate whether domestic transfers in each currency (free) or SWIFT (paid) better suit their needs.

---

Wise Business Security & Fund Protection

Regulatory Status

Wise is authorised by the Financial Conduct Authority (FCA) under the Electronic Money Regulations 2011 (Firm Reference: 900507) for issuing electronic money. Wise is not a bank and therefore not covered by FSCS (Financial Services Compensation Scheme).

How Wise Protects Your Money: Safeguarding

Instead of FSCS protection, Wise safeguards customer funds through two methods:

1. Cash deposits with top-tier financial institutions – Including Barclays and Citibank
2. Secure liquid deposits – Government bonds in the UK, US, or EU

This safeguarding approach provides two key protections:

• Your money is held separately from Wise’s own working capital and cannot be used for day-to-day business operations
• Funds are diversified across trusted global banks and liquid assets, increasing security and ensuring availability when you need them

Account Security Features

• 2-factor authentication – Required for all business accounts
• Real-time transaction alerts – Instant notifications for all payments and withdrawals
• Card freeze/unfreeze – Instantly block and unblock cards through the Wise app
• Spending limits – Set and modify individual card limits anytime
• Team permissions – Three access levels: Viewers (read-only), Payers (authorised to send transfers), Account Admins (full control including user management)
• 24/7 fraud monitoring – Dedicated anti-fraud teams spot and prevent suspicious activity

Fraud Response

If you suspect fraudulent activity, freeze your card immediately through the app and report the issue to Wise. You’ll receive a response within 1 business day to discuss next steps.

---

Opening a Wise Business Account: Eligibility & Verification

Eligible Business Types

• Sole traders and freelancers
• Limited and public companies
• Partnerships
• Charities and trusts (EEA, Canada, US, Switzerland, Australia, New Zealand only)
• Brazilian businesses: Empresário Individual (including MEI), Sociedade Limitada Unipessoal, Sociedade Unipessoal de Advocacia

Not Eligible

• Charities and trusts outside listed countries
• Unregistered charities
• Businesses involved in cryptocurrency, tobacco, or adult content
• Australian SMSFs (Self-Managed Superannuation Funds)
• Businesses with bearer shares
• Businesses offering services relating to Cuba with US relations

Verification Process

1. Sign up: Provide business registration number, registered and trading addresses, industry, and key personnel details (directors, owners)
2. Pay setup fee or initiate transfer: £50 one-time fee (EEA, UK, Switzerland, Brazil regions) or set up your first transfer
3. Document submission (if requested):
   • Proof of business registration (incorporation certificate, articles of association)
   • Proof of trading address (utility bill, lease, bank statement)
   • Ownership documents (shareholder register, operating agreement)
   • Personal ID for administrators and potentially other directors

Timeline: Initial review occurs after sign-up. If additional verification is needed, the specialist team reviews within 10 working days. Some users receive approval within minutes; others experience delays depending on business complexity.

---

Wise Business Accounting Integrations

Automate financial admin by syncing transactions to your accounting software every 24 hours:

• Xero
• QuickBooks
• FreeAgent
• FreshBooks
• Ember
• Zoho Books
• Odoo
• QuickFile
• ClearBooks
• Bonsai
• Microsoft Dynamics 365 Business Central
• Oracle NetSuite

Integration setup typically completes within minutes by authorising the connection through your accounting platform.

---

Our Final Verdict & Wise Business Recommendation

Wise Business excels for companies operating internationally. The combination of mid-market exchange rates, local currency account details in 21 currencies, and rapid payment processing to 140+ countries creates genuine cost savings compared to traditional banks charging 3-5% on international transfers.

The £50 setup fee represents excellent value if you regularly receive international payments – a single avoided intermediary bank fee often covers this cost. The 0.5% cashback on spending and competitive interest rates (up to 3.88% on USD) provide additional returns.

The safeguarding structure protects customer funds by holding them separately in top-tier banks and government bonds, though businesses requiring traditional FSCS protection may prefer conventional banking providers.

✓ Choose Wise Business if:

• You make or receive frequent international payments
• You need local bank details in multiple currencies
• You want transparent, competitive foreign exchange rates
• You require integrated accounting software sync
• You pay international contractors or suppliers regularly
• You’re comfortable with safeguarding rather than FSCS protection

✗ Avoid Wise Business if:

• You operate exclusively within the UK
• You require FSCS deposit protection
• You receive high volumes of SWIFT payments (fees accumulate)
• You need traditional business banking services (cheque books, cash deposits)
• You require in-person branch support

---

Wise Business FAQs: People Also Ask

Is Wise Business safe?

Yes. Wise is authorised by the Financial Conduct Authority (FCA) and safeguards customer funds by holding them separately in top-tier banks (Barclays, Citibank) and government bonds (UK, US, EU). Your money cannot be used for Wise’s day-to-day operations. However, Wise is not a bank and is not covered by FSCS protection.

Is Wise FSCS protected?

No. Wise is not a bank and therefore not covered by the Financial Services Compensation Scheme (FSCS). Instead, Wise safeguards customer funds by holding deposits in top-tier financial institutions and secure liquid assets like government bonds.

How much does Wise Business cost?

Account registration is free. Accessing multi-currency account details costs £50 one-time. Transfer fees start from 0.33% of the transaction value. Holding money and spending with the debit card are free. You earn 0.5% cashback on eligible card spending.

Can I receive payments in multiple currencies with Wise Business?

Yes. After paying the £50 one-time fee, you receive local account details in 21 currencies including EUR (IBAN), USD (routing number), GBP (sort code), AUD, CAD, NZD, SGD, and more. Receive domestic payments free in AUD, CAD, EUR, GBP, HUF, NZD, SGD, TRY, and USD.

Does Wise Business work for sole traders?

Yes, Wise Business supports sole traders and freelancers. You’ll need to provide personal identification and business registration details during account setup.

How long do international transfers take with Wise Business?

Over 50% of payments arrive within 20 seconds. 95% of all transfers complete within 24 hours. Actual speed varies by currency corridor and payment method.

Can I integrate Wise Business with my accounting software?

Yes. Wise integrates with Xero, QuickBooks, FreeAgent, FreshBooks, Ember, Zoho Books, Odoo, QuickFile, ClearBooks, Bonsai, Microsoft Dynamics 365, and Oracle NetSuite. Transactions sync automatically every 24 hours.

What countries does Wise Business support?

Wise supports businesses registered in the EEA, UK, US, Canada, Australia, New Zealand, Singapore, Japan, Hong Kong, Philippines, Switzerland, and Brazil (limited entity types). You can send payments to 140+ countries. Charities and trusts are only supported in EEA, Canada, US, Switzerland, Australia, and New Zealand.

Can I give my team access to Wise Business?

Yes. Issue expense cards to team members for £3 per card. Set individual spending limits and track all transactions in real-time. Each team member receives physical and digital cards accepted in 231 countries with 0.5% cashback. Manage team permissions with three access levels: Viewers (read-only), Payers (can send transfers), and Account Admins (full control).

How does Wise Interest work?

When you activate Interest, your money is invested in a fund holding government-guaranteed short-term money market instruments. The fund tracks the interest rate set by the relevant central bank. Your balance updates every working day. You can spend or withdraw funds anytime – amounts over £100,000 may require up to 2 working days processing. Capital is at risk and growth is not guaranteed.

What fees apply to ATM withdrawals?

First £200 per month (maximum 2 withdrawals): Free
Over £200 per month: £0.50 + 1.75% per withdrawal

Are there any monthly fees for Wise Business?

No monthly fees. You pay only for services you use – transfers, currency conversions, ATM withdrawals over the free allowance, and optional features like expense cards (£3 each).

Can I make batch payments with Wise Business?

Yes. Upload payment files or use the API to pay up to 1,000 recipients in a single transaction. Ideal for international payroll, supplier payments, or contractor disbursements.

What exchange rate does Wise Business use?

Wise uses the mid-market exchange rate (the rate you see on Google or Reuters) with no markup. The transparent fee structure means you pay a percentage fee (from 0.33%) plus any small fixed costs, but the exchange rate itself is never inflated.

How do volume discounts work?

When you send, spend, or convert over £20,000 GBP (or equivalent) in a month, volume discounts automatically apply to your transaction fees. The discount reduces your per-transaction costs. Payments over £100,000 may qualify for additional fee reductions.

Does Wise Business offer overdrafts or credit facilities?

The documentation does not mention overdraft facilities or business credit products. Wise Business operates as an electronic money account focused on payments, currency exchange, and fund holding.

How secure is my Wise Business card?

Wise Business cards include multiple security features: instant freeze/unfreeze through the app, customisable spending limits, real-time transaction alerts, and 2-factor authentication for account access. If you suspect fraud, freeze your card immediately and report to Wise – you’ll receive a response within 1 business day.

Can I hold multiple currencies with Wise Business?

Yes. You can hold balances in 40+ different currencies simultaneously. All funds are safeguarded and instantly visible across currencies in the Wise app.