Wise Business Account [Comprehensive Guide]

Wise Business Account (Formerly TransferWise)

In this article:

• Is the Wise Business account a bank account?
• What are the benefits?
• How does Wise Business keep money held in Borderless Accounts safe?
• How does the Wise Business account work?
• Am I guaranteed a Wise Business account?
• Can I apply for an account if I didn't take up the offer during the formation process?

Is the Wise Business account a bank account?

The Wise Business account is an Electronic Money account and is different from a bank account. The main benefit of using your Wise Business account over traditional bank accounts is that you won’t be charged outrageous exchange rates or international transaction fees for receiving payments in foreign currencies. It’s also very convenient for those trying to open an account overseas as a non-resident.

It’s different to a traditional bank account as:

• You won’t be able to get an overdraft or loan
• You won’t earn interest on your account
• Although your bank details are unique, they don’t represent real bank accounts, but simply ‘addresses’ for your Electronic Money account, meaning you can receive payments much like a real bank account
• Your money is protected and safeguarded, but not guaranteed by the Financial Services Compensation Scheme (FSCS) that you may get with a bank account. However they do hold your money in established financial institutions like JP Morgan Chase and Barclays. Where your money is depends on which country your Wise Business account address is in — if your account address is in the UK, for example, they keep your money in Barclays, or other financial institutions in the EEA. Because your money is always kept separately from the accounts they use to run Wise, it wouldn’t be affected if they were to become insolvent. They would return all of your money to you.

What are the benefits?

The great thing about a Wise Business account is that you can use it just like a bank account in many cases; such as making payments to other business accounts and receiving payments from clients using the unique account details attached to your multi-currency accounts.

The main benefit of using a Wise Business account over traditional overseas bank accounts is that you won’t be charged international transaction fees for receiving that currency, or inflated exchange rates when you need to convert the money. It’s also super convenient for those needing access to international business account details as a non-resident of that country. You can open an account online in minutes. They also offer a debit Mastercard for business customers resident in the UK, US, Europe, Australia, Singapore, New Zealand and Japan so you can spend money at the mid-market exchange rate and enjoy low conversion fees all over the world. 

How does Wise Business keep money held in their multi-currency accounts safe?

Wise is an authorised Electronic Money Institution. They are regulated by the Financial Conduct Authority (FCA) in the UK and EEA, the Financial Crimes Enforcement Network (FinCEN) in the US, the National Bank of Belgium in Belgium, and many other regulators around the world. The address on your Wise account determines which regulator you’re covered by. 

Wise also has great customer support; you can reach them any time by phone, email, or social media. 

How does the Wise Business account work?

You can add money into your multi-currency account. You can top up via debit card or bank transfer. You can either fund in the same currency or with different currency. Once you’ve set up your Wise Business account you're ready to:

• Convert money between currencies in seconds whenever you need, at the real exchange rate with low conversion fees.
• Send money directly from any currency in your account to pay suppliers, invoices, employees overseas and more.
• Receive money with account numbers and IBANs. Get paid like a local in AUD, NZD, EUR, GBP, USD and SGD in your account with zero receiving fees.

Am I guaranteed a Wise Business account?

Unfortunately, access to borderless account details are not available in the following countries:

• Afghanistan

• Burundi

• Central African Republic

• Chad

• Congo Republic

• Crimea (sub-territory)

• Cuba

• Democratic Republic of the Congo

• Eritrea

• Hong Kong

• India

• Iran

• Iraq

• Malaysia (business accounts only)

• North Korea

• Sevastopol (city)

• Somalia

• Sri Lanka

• Republic of South Sudan

• State of Libya

• Sudan

• Syrian Arab Republic

• Territories of the United States

• United Arab Emirates

• Venezuela

• Yemen

US states that can't get a borderless account

• Nevada (NV)

Full list of country restrictions are outlined here.

Wise also are unable to open accounts for some business customers that operate in specific activities such as exchanging of cryptocurrency and tobacco products. Please review their acceptable use policy here. 

For more information on Wise, visit Wise's Website

Can I apply for an account if I didn't take up the offer during the formation process?

Yes, you can apply directly by following this link.