Are you looking for a reliable business bank account but unsure where to start? Welcome to Helvetios, your trusted resource for fast company set-up in the UK, the UAE, Portugal, Estonia, Switzerland, and Hong Kong.
Today, we explore Wise Business Account as an option for private European companies. This review covers Wise’s benefits, requirements, pricing, pros & cons, and top alternatives to help you decide if it’s the right solution for your company.
What is Wise and a Wise Business Account?
Wise (formerly TransferWise) Solutions is a popular fintech service that helps businesses manage international payments efficiently. In this review, we’ll cover how Wise benefits companies, their account requirements, pricing, advantages, disadvantages, and alternatives.
Wise Business Account is a multi-currency financial solution designed for companies that operate internationally. It allows businesses to send, receive, and manage money across borders with low fees and real exchange rates—unlike traditional banks that often charge high conversion fees and hidden markups.
How Wise Helps Businesses
Wise is designed to simplify global transactions by offering:
- Multi-currency business accounts – Hold and manage funds in 40+ currencies.
- International payments at real exchange rates – No hidden markups like traditional banks.
- Local bank details – Get IBAN, sort code, and account numbers in different currencies.
- Batch payments – Pay multiple suppliers or employees in one go.
- API integration – Automate payouts and connect to accounting tools like Xero.
For companies operating in the UK, the UAE, Portugal, Estonia, Switzerland and Hong Kong, Wise is a cost-effective alternative to traditional banking solutions.
Wise Business Account Requirements
To open a Wise Business Account, you’ll need:
- A registered company in an eligible country (e.g., UK, Hong Kong, Portugal, Estonia)
- Business registration documents
- Proof of address (for the company and directors)
- Identity verification of business owners
Setup is done online, and approval typically takes a few days.
Wise Pricing & Fees (2025 Update)
Wise maintains a transparent pricing structure.
Key fees include:
💰 Account registration: £45 one-time fee
💱 Currency conversion: Mid-market rate + fees starting from 0.33%
🌍 International transfers: Fees from 0.33%
💳 Wise debit card: Free issuance
🏧 ATM withdrawals: Free up to £200/month (2 withdrawals); then 1.75% + £0.50 per withdrawal
📥 Receiving local payments: Free for select currencies (GBP, EUR, USD, AUD, CAD, etc.)
🔁 Receiving USD wire/SWIFT payments: $6.11 per transaction
Wise offers a transparent, cost-effective alternative to traditional banks for cross-border transactions.
Wise Business Account: Pros & Cons
✅ Pros:
- Low-cost international payments compared to traditional banks
- Fast transactions, with most payments completing within hours
- Multi-currency management, ideal for global businesses
- Regulated and secure, licensed in multiple jurisdictions
- Easy integration with accounting and payment platforms
❌ Cons:
- Limited cash deposit options, primarily supporting digital transfers
- Not a full banking solution, lacking services like loans and credit cards
- Account restrictions, with certain industries and high-risk businesses potentially ineligible
Alternatives to Wise
If Wise doesn’t fully meet your needs, consider:
- Revolut Business – Offers corporate cards, team expense tracking, and additional financial management tools.
- Airwallex – Good for large-scale business payments with competitive FX rates and integrations.
- Currenxie – Best for businesses needing a global account with local bank details in multiple currencies, especially useful for e-commerce and international trade.
- Stripe – Focused on online payment processing with developer-friendly APIs for seamless checkout.
- Payoneer – Ideal for freelancers and marketplace sellers receiving cross-border payments.
Each alternative offers unique features, so it’s essential to choose based on your company’s specific needs.
Final Verdict: Is Wise Business Account Worth It?
Wise remains a strong choice for startups, e-commerce businesses, and companies expanding internationally. It provides low fees, fast transfers, and multi-currency support, making it ideal for global transactions.
However, if you require comprehensive banking features like loans and credit facilities, exploring traditional banks or alternative fintech services may be more appropriate.
If you’re considering establishing a business in the UK, Portugal, Estonia, or Hong Kong, Helvetios is here to assist. We specialize in helping entrepreneurs register companies and set up efficient banking solutions.
Contact us today for expert guidance!
FAQs About Wise Business Account (2025)
Here are the most frequently asked questions about Wise Business Account to help you decide if it’s the right choice for your business.
1. What is a Wise Business Account?
Wise Business Account is a multi-currency financial solution that allows businesses to send, receive, and manage money internationally with low fees and real exchange rates. It’s a great alternative to traditional banks for global transactions.
2. Who can open a Wise Business Account?
Any registered business, freelancer, or entrepreneur can apply, including:
- Limited companies (UK, Estonia, Portugal, Hong Kong, etc.)
- Sole traders & freelancers
- Partnerships
- Nonprofits
Note: Some high-risk industries may not be eligible.
3. What documents are required to open an account?
To open a Wise Business Account, you need:
- Business registration documents
- Proof of company address
- Identity verification for directors/shareholders
Setup is fully online, and approval typically takes a few days.
4. What are the fees for a Wise Business Account?
Wise is known for transparent pricing. Key fees include:
💰 One-time account setup fee: £45
💱 Currency conversion: 0.33%+ at real exchange rates
🌍 International transfers: Starting from 0.33%
🏧 ATM withdrawals: Free up to £200/month, then 1.75% + £0.50
📥 Receiving local payments: Free for selected currencies
💳 Wise debit card: Free issuance
5. How does Wise compare to traditional banks?
Wise vs. Banks:
- Lower fees – No hidden currency exchange markups
- Faster payments – Most transfers completed within hours
- Multi-currency support – Hold 40+ currencies
- No monthly fees – Pay only for what you use
🚫 However, Wise does NOT offer loans, credit, or cash deposits like traditional banks.
6. Can I get a debit card with Wise Business?
Yes! The Wise Business Debit Card lets you:
- Spend in multiple currencies at low FX rates
- Withdraw cash from ATMs (limits apply)
- Use it online or in-store worldwide
7. Can I use Wise for payroll and supplier payments?
Yes! Wise supports:
💰 Batch payments – Pay multiple employees or suppliers in one go
🌎 Fast international transactions – Great for remote teams and freelancers
It also integrates with accounting tools like Xero and QuickBooks for seamless expense tracking.
8. What are the best alternatives to Wise?
If Wise doesn’t fully meet your needs, consider:
Currenxie – Global multi-currency account, great for e-commerce.
Revolut Business – Business banking with expense tracking.
Airwallex – Competitive FX rates for large business payments.
Payoneer – Ideal for freelancers & marketplace sellers.
Stripe – Best for online payment processing.
9. Is Wise Business Account safe?
Yes! Wise is regulated in multiple countries, including the UK, EU, US, and more. It follows strict security measures to protect user funds and data.
10. How do I sign up for a Wise Business Account?
- Visit the Wise website
- Click Sign Up and select Business Account
- Submit your business details and required documents
- Complete identity verification
- Get approved and start using your account!
