Wise Business Review: Is This the International Business Bank Account of Your Dreams?
Do you dread the thought of making international payments? Does the idea of hidden fees and exchange rate markups make your blood boil? If so, then you need to check out Wise Business. I've been personally enjoying its use for the past 3 years and I absolutely adore it. Wise offers an international business bank account that's designed to save you money and simplify your payments.
In this Wise Business review, we'll take a close look into the details and explore everything this platform has to offer. From its core features to its pros and cons, we'll give you an honest and informative overview to help you decide if Wise is right for your business. So, let's get started!
Wise is an online platform for international money transfers with transparent fees and exchange rates. It offers a multi-currency account, debit card, and other features tailored for individuals, businesses, and freelancers. Wise is a reliable and cost-effective alternative to traditional banks and money transfer services.
Hi, I'm Sebastian Scheerer. I've been UI/UX designer and tech startup founder, since 2010. I've co-founded Wunderlist and led its design before its acquisition by Microsoft. I also co-founded and headed the design at ottonova, Germany's premier digital health insurance, aiming for simplicity and customer satisfaction. Crafting user-friendly, impactful products is what I do. Read more about me | Book a call on Mentorcruise
Wise Business Bank Account: The Lowdown
A Wise Business account is like a superhero swooping in to save you from the murky world of international payments. It's fast, efficient, and works in over 70 countries. Plus, with over 300,000 businesses using it each quarter, you know it's legit. Here's a quick rundown of what Wise brings to the table:
Up to 2x savings on international payments compared to other providers
Local account details for your business in 10 currencies
Business debit cards for your team to use overseas without foreign currency transaction fees
Integration with your favorite accounting software like Xero, QuickBooks, and FreeAgent
Batch-pay up to 1,000 people at once
50+ currencies from one account and instant transfers between them
Top-notch security with dedicated fraud and security teams
Who Should Use Wise?
Wise is perfect for businesses that need to make international business payments, especially if you've got overseas staff or suppliers. Size doesn't matter here – Wise is great for both small businesses and large enterprises.
One of the best things about Wise is its transparent pricing. No hidden fees, no monthly subscriptions – you only pay for what you use. Wise charges a small fee for each transaction, which is often lower than what traditional banks charge.
Account Registration: Free
Sending Money: Fee varies by currency (from 0.41%)
Spending with Wise Card: Free up to $100/month, then $1.50 + 2% ATM fees
Account Funding: 2% (specific currencies)
Wise Debit Card: $5
Converting Money: Fee varies by currency (from 0.41%)
Holding Money: Free for 50+ currencies
Receiving Money: $31 for account details, free for non-wire, $4.14 for USD wire
Give Wise a Whirl
Not sure if Wise is the right fit? No problem. They offer a free trial for businesses to test out their international business bank account before committing. And don't forget to check their website for the latest promotions and discounts.
Why Your Business Needs Wise
Traditional banks can make international payments feel like a trip to the dentist. High fees, confusing exchange rates, and complex processes are the norm. But Wise is here to change all that with a fast, easy, and cost-effective solution that lets you:
Save money on international payments with lower fees and transparent exchange rates
Simplify the payment process using local account details for businesses in 10 currencies
Easily manage payments and track expenses with integration to accounting software like Xero and QuickBooks
Save time with batch payments for up to 1,000 people
Keep your money safe with top-notch security features and partnerships with established financial institutions
In a nutshell, Wise is the answer to your international payment woes. It's perfect for businesses big and small, especially those with overseas staff or suppliers.
A Closer Look at Wise's Key Features
Let's dig a little deeper into what Wise's international business friendly bank account has to offer.
a. Easy-to-Use Interface
Wise's platform is user-friendly, intuitive, and easy to navigate. The sign-up process is a breeze, and the account dashboard is customizable and informative.
b. Feature-Rich Functionality
Wise has a whole host of features to help you manage your international payments, including:
Local account details in 10 currencies
Business debit cards for overseas use without foreign currency transaction fees
Batch payments for up to 1,000 people
Integration with popular accounting software like Xero and QuickBooks
Bespoke access for team members
View 50+ currencies from one easy-to-use account
While Wise's features are impressive, there are some limitations. For example, the batch payment feature is limited to 1,000 recipients, and there's no support for direct debit or credit card payments.
c. Fast and Reliable Performance
Wise is known for its speedy and reliable service. Transactions are processed quickly, and the platform is stable and secure. Plus, Wise uses the mid-market exchange rate, which means you get the fairest exchange rate possible.
d. Integration and Compatibility
Wise plays nicely with popular accounting software like Xero and QuickBooks through the wise API, making it easy to manage payments and track expenses. Plus, Wise offers an API for seamless integration with your existing systems. Need to manage payments on the go? They've got a mobile app for iOS and Android too.
e. Top-Notch Customer Support
Wise offers excellent customer support, with a dedicated 24/7 support team. They also provide extensive documentation and educational resources to help you make the most of your account. And if you're into online communities, Wise has a forum where users can ask questions and share tips.
Overall, Wise's international business bank account is a reliable and user-friendly solution for businesses that need to make international payments and stay on top of their business finances. While there are some limitations, the platform's low fees, transparent exchange rates, and impressive features make it an attractive option for businesses of all sizes.
The Pros and Cons of Wise
Every superhero has strengths and weaknesses, and Wise is no exception. Here's a breakdown of its pros and cons:
Low fees: Wise's transaction fees are often lower than traditional banks.
Transparent exchange rates: Wise uses the fairest exchange rate available – the mid-market rate.
User-friendly platform: Clean, simple, and easy to navigate.
Excellent customer support: Available 24/7 to help you with any issues.
Integration with accounting software: Works seamlessly with Xero, QuickBooks, and more.
Integration with XOLO Leap for running a European business in Estonia
Limited batch payments: The batch payment feature is limited to 1,000 recipients.
No support for direct debit or credit card payments: This might be a deal-breaker for some businesses.
Designed for international payments: Wise may not be suitable for businesses operating solely domestically.
Overall, Wise's pros outweigh its cons, making it a top choice for businesses that need to make international payments. Its low fees, transparent exchange rates, user-friendly platform, and excellent customer support are hard to beat.
Wise vs. Competitors: How Does It Stack Up?
Comparing Wise with its competitors like OFX and PayPal? Here's a table to help you see the differences:
Hidden Currency Fee
Fixed Declared Fee
Speed of Transfer
Ease of Use
Number of Currencies
Debit Card Availability
Ultimately, Wise stands out from the competition with its combination of low fees, transparent exchange rates, user-friendly platform, and excellent customer support. While OFX offers similar features, it lacks 24/7 customer support and integration with accounting software. On the other hand, PayPal may offer a user-friendly platform and 24/7 customer support, but its fees and exchange rates are generally higher.
Ready to tackle international payments without breaking a sweat? Give Wise a try and see how it can save you time, money, and headaches.
Wise Reviews: The People Have Spoken
With a whopping 180,000+ Trustpilot reviews, Wise boasts an impressive average score of 4.4 out of 5. But let's hear it from the horse's mouth:
"Doing an overseas business and banking through Wise is the best combination indeed." -
"I love how I can use my Wise account to pay any American contractors that I have..." -
"...would confidently recommend it to anyone looking for a cost-effective way to transfer money internationally."
These real-life experiences illustrate how Wise has made international money transfers a breeze for folks in various situations. Positive reviews like these help build trust and credibility in Wise's service.
Wise: The Final Verdict
To wrap it up, Wise (formerly TransferWise) is a top-notch international money transfer service, setting itself apart with transparency, low fees, and user-friendliness. It's perfect for individuals, businesses, and students who need to send money across borders regularly. Fast transactions, real-time rate alerts, and an easy-to-navigate platform make Wise a go-to choice for anyone seeking a reliable and affordable money transfer service.
So, why not give Wise a shot? With its low, fixed fees, it's a wallet-friendly alternative to traditional banks or other transfer services that slap on hidden fees or sky-high rates. Plus, with speedy transactions and a broad range of supported currencies, Wise is a convenient and efficient option for sending money internationally.
Absolutely! Wise is a well-established money transfer service that takes security to heart. Regulated by financial authorities in multiple countries, Wise employs encryption and other measures to safeguard your data and transactions.
What are the fees for using Wise?
Wise charges a small, upfront fee based on the transfer route. Their fees typically range from 0.5-1% of the transfer amount, which is lower than many competitors.
Is Wise better than PayPal?
It's all about your needs. Wise is generally more cost-effective for international transfers, especially larger sums, thanks to lower fees and competitive exchange rates. PayPal is a popular pick for online payments and domestic transactions.
Is Wise a Russian company?
Nope! Wise is a UK-based company, founded in 2010. They've since expanded their services to many countries worldwide.
How does Wise money transfer work?
Users make a local bank transfer to Wise, who then swap currencies and make a local transfer to the recipient. This method is usually cheaper than traditional bank transfers or other money transfer services.
Does Wise charge a fee for using their card?
Wise offers a debit card for their borderless account, letting users spend in multiple currencies with low conversion fees. There are no annual or monthly maintenance fees, but some small fees may apply for ATM withdrawals or specific transactions.
Are there any problems with Wise transfer?
As with any financial service, Wise might face occasional technical issues or delays. But fear not! Their customer support team is ready to tackle any problem quickly and efficiently. Most users report smooth-sailing transfers with Wise.
What do Wise money transfer reviews say on Reddit?
Wise generally gets the thumbs up on Reddit, with users praising low fees, transparency, and ease of use.
Disclosure: Some of the links in this article may be affiliate links, which can provide compensation to me at no cost to you if you decide to purchase a paid plan. These are products I’ve personally used and stand behind. This site is not intended to provide financial advice and is for entertainment only.