Wise Business Account review (2026): Features, fees & alternatives

Key Takeaways:

• The Wise Business Account lets you hold 49 currencies and send transfers to 160+ countries, with no monthly fees and transparent pricing.¹

• Wise is particularly suited to businesses that need to receive, hold, convert and send money internationally.

• Airwallex offers a broader international payments and business-finance platform, with Global Accounts to collect and hold 20+ currencies, free transfers to 120+ countries via local rails, and online payment acceptance through 160+ local payment methods.

The Wise Business Account is designed for businesses that regularly receive, hold and send money across borders.

With multi-currency balances, local account details and international transfers, it gives Singapore businesses a simpler way to manage overseas payments without relying entirely on traditional banks.

In this review, we look at how the Wise Business Account works, its key features, fees and eligibility requirements, as well as where it may or may not suit your business.

What is Wise?

Wise (formerly TransferWise) is a London-based fintech company founded in 2011. It launched in Singapore in 2017, positioning itself as a faster and lower-cost alternative to traditional banks for cross-border money movement.

Wise is not a bank. It operates as a Major Payment Institution licensed by the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019. It also holds a Capital Markets Services Licence under the Securities and Futures Act 2001 for dealing in capital market products.

Wise Business is its dedicated account for companies. On top of multi-currency accounts, you can issue team cards, send batch payments, and connect accounting software for faster reconciliation.

Information in this section is based on Wise’s official website as of 26 Aug 2026.

How does the Wise Business Account work?

Wise is a digital payments platform. All account activity is managed online or through its mobile app.

Creating an account is free. You pay a one-time S$99 setup fee to unlock local account details in 22 currencies.²

Once your account is set up, you can receive and hold payments in multiple currencies. To move money, Wise uses a network of local bank accounts and the SWIFT system.

When both ends of a transfer are in markets where Wise has local accounts, funds are settled locally. Otherwise, payments go through SWIFT.

Who can open a Wise Business Account in Singapore?

Wise Business is available to Singapore-registered businesses, including sole traders, companies and partnerships.

All businesses incorporated in Singapore must be registered with ACRA, and Wise verifies the business and its owners before activating the account.

Certain businesses and activities are restricted under Wise's Acceptable Use Policy, including cryptocurrency and weaponry-related activities. Your application may be declined if your business falls into a prohibited category.

eCommerce and platform integrations

Wise Business can connect with platforms such as Shopify, Stripe and Xero, and lets businesses receive revenue from marketplaces such as Amazon, Etsy and Upwork directly into their Wise account using the relevant local account details.

Wise also now supports card payments, allowing businesses to accept credit and debit cards through payment links.

This means Wise can handle some payment acceptance directly, although its payment offering is more focused on simple payment links than a full eCommerce payment gateway.

What are the key features of the Wise Business Account?

The Wise Business Account includes the following tools to help companies manage their international finances.

Multi-currency accounts

With Wise, you can hold balances in 49 currencies and open local currency accounts in multiple currencies.¹ This lets you receive payments like a local in major markets including the UK, US, EU, Australia, and Singapore, without needing a separate bank account in each country.

International transfers

Wise supports cross-border payments to 160+ countries, with fees starting from 0.19% per transfer.² All fees are shown upfront before you confirm a transaction.

Corporate cards

You can issue physical and virtual debit cards linked to your Wise Business Account for yourself and your team. Cards can be used online, in-store, and abroad. Spending in the same currency as your account balance is free; conversion fees apply when currencies don't match.

Interest on balances

Wise allows businesses in Singapore to earn returns on balances held in SGD, GBP, EUR, and USD through its interest-earning fund feature. Funds are invested in short-term government-backed assets and debt from large companies.

There is no lock-in period, but capital is at risk and returns are not guaranteed. Annual fees apply.³

Batch payments

Wise lets you pay up to 1,000 recipients from a single transaction. Payment details can be uploaded directly into the platform for processing, which is useful for payroll runs or bulk vendor payments.

Accounting integrations

Wise connects with Xero, QuickBooks, and FreeAgent, syncing transactions automatically for easier bookkeeping and reconciliation.

Payment acceptance

With Wise, you can receive invoice and bank-transfer payments from customers using local account details in supported currencies.

But if you run an eCommerce business and need customers to pay by card or local payment methods at checkout, you'll need a separate payment gateway.

For businesses that need online checkout, Airwallex Payments lets you accept 160+ local payment methods from customers in 180+ countries.

You can add payments directly to your website with plugins for platforms like Shopify and WooCommerce, use a hosted checkout page, or create payment links without building a full checkout.

What are the Wise Business Account's pricing & fees?

Wise operates on a pay-per-use model. There are no monthly fees; you only pay for the transactions you make, and all costs are shown upfront before you confirm.

This information is based on publicly available information accessed on 26 Aug 2026. Information reflects Airwallex's own research and has not been independently verified.

Is the Wise Business Account suitable for your business?

The Wise Business Account is built around one core use case: moving money across borders cheaply and transparently. If that's your primary need, it does the job well. But it's not the right fit for every business.

Who Wise works well for

• Freelancers and sole proprietors who invoice international clients and want to receive payment in foreign currencies without opening multiple bank accounts.

• Small businesses with straightforward cross-border payment needs that need to send international payments, make batch payments, or issue cards to themselves and their teams.

• Businesses that primarily need international payments rather than a full banking platform. Wise covers the core workflows of receiving, holding, converting and sending money across currencies, without the need for a traditional bank account.

Who may find it limiting

• Businesses that need FAST or GIRO transfers in Singapore. As of 26 August 2026, Wise Business does not advertise FAST or GIRO as supported transfer methods on its website. This may not be ideal for businesses that regularly use FAST or GIRO for local supplier, payroll or other Singapore payments.

• eCommerce businesses that need to accept payments at checkout. Wise lets eligible businesses accept payments through payment links, invoices and QR codes, but it does not provide a conventional payment gateway for integrating payments directly into an eCommerce checkout.

Information in this section is based on Wise’s official website as of 26 Aug 2026.

How to open a Wise Business Account

You can open a Wise Business Account entirely online. Before you apply, check that your business type and industry are eligible, as Wise restricts accounts for certain industries.

You'll generally need to provide:

• Registered business name and address

• Business registration documents

• Details of company directors and beneficial owners

• Proof of identity for the account administrator

• Proof of address where required

Once you have your documents ready:

• Go to the Wise website and select Business Account

• Enter your company and business details

• Provide information about the business owners and directors

• Upload the required documents

• Wait for Wise to complete its verification

Verification times vary depending on the business and the information required, so it's worth having your company and ownership documents ready before starting the application.

Why businesses choose Airwallex over Wise

Wise is a strong option for businesses that primarily need to move, receive and convert money internationally. Airwallex goes further by combining international accounts and payments with tools for accepting customer payments and managing business finances.

Here’s what you get with Airwallex:

Free transfers to 120+ countries via local rails

Airwallex gives you free transfers to 120+ countries through local rails. 94% of our transfers go through local rails, with no SWIFT fees.

Wise also supports international transfers, but doesn't publish information about its local-rail coverage or free transfers. Its transfer fees start from 0.19%² and vary depending on the currency and transaction.

Local account details in 21 countries

Airwallex Global Accounts let businesses open local currency accounts in 21 countries and receive funds from overseas customers as local payments. There’s no extra charge to access this feature.

Wise also provides local account details, but it charges a one-time S$99 fee to unlock account details in 22 currencies in Singapore.²

Accept payments in 180+ countries

Airwallex Payments lets you accept online payments through 160+ payment methods across 180+ countries.

Wise can help businesses get paid through payment links, invoices and QR codes, and eligible businesses can accept card payments through those methods. However, Wise does not offer a conventional payment gateway for integrating payments directly into an eCommerce checkout.

Frequently asked questions (FAQs)

Is Wise a bank?

No. Wise is not a bank. It operates as a licensed payment institution, which means it can hold and transfer money on your behalf but does not offer banking products like loans, overdrafts, or fixed deposits.

What is the difference between a Wise personal account and a Wise Business Account?

Both offer multi-currency support and international transfers. The personal account is designed for individuals sending and receiving money internationally. The Wise Business Account adds features for business use, including batch payments, team cards, and accounting software integrations.

Can I use Wise to pay CPF or GIRO in Singapore?

No. Wise does not currently support CPF contributions, GIRO salary payments, or corporate tax payments. If these are part of your regular operations, you'll need a separate solution to handle them.

Does Wise have a payment gateway?

No. Wise does not offer a payment gateway. You cannot use it to accept card payments or local payment methods from your customers. If you need to accept online payments, you'll need a separate provider, or a platform like Airwallex that includes payment acceptance as part of its business account.

How long does it take to open a Wise Business Account in Singapore?

Once you've submitted your documents, additional verification typically takes up to 10 working days, depending on your business type and the completeness of your application.⁷ Some straightforward applications are approved sooner.

Sources:

1. https://wise.com/business/send-payments

2. https://wise.com/sg/pricing/business

3. https://wise.com/sg/business/interest