Wise business account review
Wise (formerly TransferWise) is a UK-based international financial technology company that specialises in multi-currency accounts, international money transfers, and business banking solutions. It is known for low-cost, transparent exchange rates and seamless global transactions.
Key features of Wise
1. Multi-currency accounts
- Hold and manage 40+ currencies.
- Receive local account details for GBP, EUR, USD, AUD, and more.
- Instant currency conversion at real exchange rates.
- FSCS protection not available (funds safeguarded by regulatory compliance).
2. International money transfers
- Uses mid-market exchange rates with no hidden fees.
- Fast global transfers: Most transactions settle within hours.
- Low-cost fees: Typically 0.35%-1.5% depending on currency.
- Supports SWIFT, SEPA, and local banking networks.
3. Business banking solutions
- Multi-currency business accounts for international transactions.
- Batch payments: Process multiple payments at once.
- Integration with accounting software: Works with Xero and QuickBooks.
- Expense cards: Issue debit cards to team members with spend controls.
4. Debit card and spending features
- Wise debit card available in multiple currencies.
- No foreign transaction fees when spending abroad.
- ATM withdrawals: Free up to £200/month, then 1.75% fee.
- Instant spending notifications and security controls.
Wise fees and pricing
1. Account fees
| Service | Fee |
|---|---|
| Personal account | Free |
| Business account | One-time £45 setup fee |
| Wise debit card | £7 one-time fee |
| ATM withdrawals | Free up to £200/month, then 1.75% |
2. International transfer fees
- Fixed fee + percentage of transfer amount.
- Typically ranges from 0.35% to 1.5% depending on currency.
- No markup on exchange rates.
Pros and cons of Wise
Pros
- Real exchange rate with no hidden fees.
- Hold and manage multiple currencies in one account.
- Fast and low-cost international transfers.
- Business account integration with accounting software.
- Transparent fee structure with no monthly charges.
Cons
- No FSCS protection for deposits.
- Limited business banking features compared to traditional banks.
- ATM withdrawal fees after £200/month.
- No credit or lending products.
How Wise compares to competitors
| Feature | Wise | Revolut Business | Starling Bank | PayPal |
|---|---|---|---|---|
| Multi-currency accounts | Yes | Yes | No | Yes |
| FSCS protection | No | No | Yes (£85,000) | No |
| International transfers | Yes | Yes | Limited | Yes (higher fees) |
| Real exchange rate | Yes | No | No | No |
| Business lending | No | No | Yes | No |
| Ideal for | Freelancers, international businesses | SMEs, global businesses | UK-based businesses | E-commerce, online sellers |
Who should use Wise?
- Freelancers and remote workers: Ideal for receiving international payments.
- Businesses dealing in multiple currencies: Supports global transactions efficiently.
- Frequent travellers: No hidden fees for spending abroad.
- E-commerce sellers and digital nomads: Cost-effective way to manage international earnings.
Our verdict
Wise is a leading fintech solution for international banking, money transfers, and multi-currency account management. It offers low-cost, transparent, and efficient financial services for individuals and businesses with global banking needs.
However, lack of FSCS protection, ATM withdrawal limits, and no lending products may not suit those needing traditional banking security and credit options. For those seeking a flexible, low-cost, and globally connected financial solution, Wise remains a top choice for international banking.