Wise Business Account Review 2026: Fees, Features & Setup Guide

Wise (formerly TransferWise) was founded in 2011 by two Estonian entrepreneurs who were frustrated by the high cost of moving money between the UK and Europe. The company has since grown into a global financial platform serving over 16 million customers, and is publicly listed on the London Stock Exchange (LSE: WISE).

Wise Business is the company's multi-currency account designed for companies, freelancers, and self-employed professionals. It allows businesses to hold, send, receive, and convert money in over 40 currencies, all from a single account, managed entirely online.

There is one critical distinction to understand from the start: Wise is not a bank. It operates as an Electronic Money Institution (EMI) in the UK and holds equivalent licences in other jurisdictions. In practical terms, this means Wise does not offer loans, overdrafts, credit lines, cheque facilities, or cash deposits. If your business needs any of these services, you will need to maintain a separate relationship with a traditional bank.

That said, for international payments, currency management, and receiving money from overseas clients, Wise Business is hard to beat on transparency and cost.

Is Wise Safe for Business Funds?

This is one of the most common questions we see, and it deserves a clear answer.

Wise safeguards customer funds by holding them in segregated accounts, separate from its own operating capital. This means that if anything were to happen to Wise as a company, your funds should be identifiable and protected from creditors. The company is regulated across more than ten jurisdictions and, as a publicly listed company on the London Stock Exchange, is subject to additional transparency and financial reporting requirements.

However, because Wise is an EMI rather than a bank, your funds are not covered by deposit guarantee schemes like the FSCS in the UK (up to £85,000) or the FDIC in the United States (up to $250,000). This is the fundamental trade-off compared to holding money in a traditional bank account. Your money is safeguarded and regulated, but not insured in the same way bank deposits are.

For most businesses using Wise as a payment and currency management tool rather than a primary savings account, this distinction is manageable. But it is worth understanding before you deposit significant sums.

Multi-Currency Account

The core of Wise Business is its multi-currency account. You can hold funds in 48 currencies, and for 11 of those, you get local account details, meaning your clients can pay you as if you had a local bank account in their country.

Currencies with local account details (11): USD, EUR, GBP, HKD, SGD, AUD, CAD, CNY, HUF, NZD, TRY

This means, for example, that a Hong Kong-registered business can give US clients an ACH routing number and account number for USD payments, while also providing European clients with a EUR IBAN. A Singapore company could receive SGD locally and pay suppliers in GBP or AUD, all from the same Wise account.

The remaining 37 currencies, including JPY, CHF, THB, MXN, PLN, SEK, NOK, KRW, INR, and many others can be held and converted within your account but cannot receive third-party payments directly.

International Transfers

Wise supports sending money to over 160 countries. The platform uses the mid-market exchange rate (the rate you see on Google or Reuters) with no markup, you only pay a transparent conversion fee that is shown upfront before you confirm.

From our dashboard, we can see a live transfer calculator: converting 1,000 HKD to USD shows a fee of 16.22 HKD, with the recipient receiving 125.90 USD. The rate and fee are both visible before confirming.

Wise states that over half of payments arrive within 20 seconds, and 95% are delivered within 24 hours. Delivery times vary depending on the currency corridor and payment method used.

For businesses with multiple payees, whether paying contractors in Southeast Asia, suppliers in Europe, or freelancers across the Americas, batch payments allow you to pay up to 1,000 recipients in a single upload via CSV file.

Payment Tools

Wise Business offers a comprehensive set of payment management tools, split between outgoing and incoming payments.

Outgoing payments include scheduled transfers (set a future date), direct debits, bills management (view and pay unpaid bills), batch payments (CSV upload), and recurring card payments.

Incoming payments are where things get interesting for businesses that invoice clients internationally. You get Quick Pay (a unique QR code and payment link for instant collection), an invoicing tool to create and send invoices directly from Wise, payment links to request money from anyone, and an ecommerce integration option (currently in registration phase for some regions). Automatic collections and auto conversions are also available, auto conversions let you set target exchange rates and automatically convert when they are hit.

Accounting Integrations

Wise integrates directly with Xero, QuickBooks, and FreeAgent. You can connect your bank feeds so transactions sync automatically, give your accountant direct access to your Wise account (they can use accounting tools without needing full account control), and download statements in formats compatible with other accounting software.

For businesses that manage bookkeeping across multiple currencies, common for companies operating from Hong Kong, Singapore, or the UAE that deal with clients worldwide. This integration can save significant time compared to manually reconciling foreign transactions.

Team & Multi-User Access

You can add team members to your Wise Business account with different permission levels.

This allows you to delegate tasks like making payments, viewing transactions, or downloading statements, without giving everyone full administrative access.

This is a business-only feature (not available on personal accounts) and is included at no extra cost.

Cards (Limited Availability)

Wise offers a business debit card in select countries, allowing you to spend directly from your multi-currency balances at the mid-market rate. Some regions also offer cashback on eligible spending.

Even so, card availability is one area where Wise Business falls short for certain markets. As of February 2026, Wise Business cards are not available in Hong Kong (a waitlist is open) and are also not available for US business accounts.

If your business relies on physical or virtual cards for team spending, this is a meaningful limitation depending on where you operate.

One of Wise's strongest selling points is pricing transparency. There are no monthly fees, no minimum balance requirements, and no hidden exchange rate markups. You pay for what you use.

We opened a Wise Business account for our Hong Kong limited company in February 2026. The entire process was completed online: no branch visit, no paper forms, no notarised documents.

Before you start the application, make sure you have the documents below ready. Exact requirements vary by country and business type, but Wise Business collects everything during the online application there are no separate submission steps or branch visits.

Wise Business is available in most major markets, but feature availability varies depending on where your business is registered. This is one of the most important things to understand before opening an account.

Wise generally bases feature availability on your business registration country, and may also consider where you operate and where directors reside. If there is a mismatch between these locations, the available feature set may be more limited.

Feature availability also changes over time, Wise Business regularly rolls out new features in additional markets. Check wise.com for the most current information specific to your country.

Wise takes KYC (Know Your Customer) and AML (Anti-Money Laundering) compliance seriously. This is generally a positive signal, it means the platform is well-regulated and working to prevent fraud. But it also means you should be prepared for thorough verification and occasional compliance-related friction.

Based on our experience and patterns reported by other users, the following situations can trigger additional compliance reviews or delays:

Inconsistencies between your business description and actual activity. If you describe your business as an e-commerce retailer but your website shows consulting services, expect questions. Make sure everything aligns.

High-risk industries. Businesses in sectors like cryptocurrency, gambling, adult content, or certain financial services may face additional scrutiny or may not be eligible for a Wise account.

Sudden volume changes. If your account has been relatively quiet and you suddenly process a large transaction, Wise may flag it for review. The best approach is to scale gradually and let your transaction history build naturally.

Missing or incomplete online presence. A website, LinkedIn profile, or other online footprint helps Wise verify your business. Accounts without any online presence may face longer verification times.

Complex ownership structures. Multi-jurisdictional companies, trusts, nominee arrangements, or businesses with many layers of ownership can require more documentation and review time.

Transfer limits vary by country and verification level. Wise does not publish a single global limit, it depends on your specific account profile.

On review platforms, some users report occasional account holds or restrictions during compliance reviews, sometimes with limited explanation from Wise support. This appears to be more common among newer accounts, businesses in less common industries, or accounts processing large volumes early on.

How to minimise issues: Be completely transparent about your business activity from day one. Ensure your business description, website, and industry selection all tell a consistent story. Start with smaller volumes and scale up. Keep your business documentation current. And respond quickly to any requests from Wise compliance, delays on your end can extend the review period significantly.

Wise and a traditional bank serve fundamentally different purposes, and understanding this prevents frustration.

Where Wise excels: Transparent foreign exchange with no spread markup. Fast online onboarding (minutes, not weeks). Multi-currency management in a single account. No minimum balance fees. Batch payments and API access for automation.

Where traditional banks are necessary: Credit facilities, business loans, and overdrafts. Cash deposits and cheque handling. Trade finance and letters of credit. Physical branch access for in-person banking. Deposit protection under FSCS, FDIC, or equivalent schemes.

Our recommendation is straightforward: use both. Open a Wise Business account for your international payments, currency conversions, and receiving money from overseas clients. Maintain a traditional bank account for credit needs, local operations, and as your primary deposit-protected account. The two complement each other well, and many businesses operating internationally find this dual setup to be the most practical arrangement.

If you are evaluating multiple options for your international business finances, these reviews may also be helpful:

• Payoneer Setup Review: A detailed look at opening and configuring a Payoneer account, including marketplace integrations and mass payout features.
• Payoneer Interface Review: A walkthrough of Payoneer's dashboard, payment tools, and day-to-day management features.

Hong Kong Business Banking Guide: Our comprehensive comparison of business banking options in Hong Kong, covering traditional banks, digital alternatives, and requirements for non-residents.