Wise payment guide: cross-border collection and multi-currency accounts for Hong Kong SMEs

Handling international orders and working with overseas suppliers often come with complex and costly payment processes. Traditionally, businesses relied on banks for international transfers, but these methods were slow, expensive, and lacked transparency, consuming valuable time.

Today, a new generation of digital financial solutions offers a more streamlined and cost-effective alternative for global transactions. Wise (formerly TransferWise), a UK-based company, is a provider of ‌cross-border payment and transfer services. This guide will provide an in-depth look at the Wise Business Account, covering its features, payment process, fees, and setup steps. We’ll also compare it with Airwallex to give Hong Kong SMEs a comprehensive strategy for managing international payments.

Key features of Wise Business Account 

A Wise Business Account provides a multi-currency solution for SMEs, freelancers, and startups. Upon signing up, you can receive payments in over 18 currencies and get local account details for 10 major currencies, including USD, EUR, and GBP. The platform allows you to convert these funds into more than 40 currencies at the mid-market exchange rate. This makes it an ideal option for businesses with smaller-scale cross-border operations or those just beginning to expand globally.

Receiving payments from overseas clients

Wise provides local bank details that can be shared directly with overseas clients. This allows clients to pay using local methods, bypassing expensive international wire transfers. Most transfers are completed within one to two business days, which is faster than the traditional SWIFT network and can help improve SME cash flow.

Managing multi-currency transfers

In addition to receiving funds, a Wise account can be used for currency conversion. You can exchange money into more than 40 currencies and send it to over 70 countries. For SMEs trading across multiple markets, this flexibility can help with cash flow planning without needing to open multiple overseas bank accounts.

Payment notifications and reconciliation

Wise provides instant payment alerts via email or mobile, which helps with tracking transactions. It also integrates with accounting software like Xero and QuickBooks to sync transaction data automatically.

Exchange rates and fees of Wise

Setting up a Wise Business Account

Opening a Wise Business Account is done online without the need for branch visits. Applicants are asked for corporate documents, a business description, and a link to their website. The account holder's personal details must also be verified.

After the application is submitted, Wise reviews the information and may request additional documents. Approval can take up to 10 working days. Once approved, the account is ready for use.

Wise vs. Airwallex: Which solution is right for your business?

While both Wise and Airwallex are digital financial solutions for companies with cross-border operations, they have different strengths. Wise is an option for simple international transfers and multi-currency accounts.

Airwallex, by contrast, offers a more comprehensive financial platform. With broader coverage and supported currencies, it is a powerful option for businesses with high volumes of international transactions or multiple-market operations. Airwallex provides a full suite of features, including multi-currency company cards, expense management, and a payment gateway, giving you a complete solution to streamline your global financial operations. Sign up for an Airwallex Business Account today.

Frequently asked questions

1. Can Wise replace a traditional bank account?

Wise can take over some functions of a traditional bank account, particularly for cross-border transactions, but it does not offer credit cards, time deposits, cheque books, or lending services.

2. Are there restrictions when transferring funds from Wise to a Hong Kong bank account?

There are no significant restrictions. Businesses can transfer funds directly to the designated account after providing the details.

Source: 

Information regarding Wise was obtained from the following sources as of July 2025, and is provided for reference only. For the most up-to-date details, please visit the official website.

1. https://wise.com/gb/business/receive-money

2. https://wise.com/zh-hk/help/articles/2827506/%E5%A6%82%E4%BD%95%E4%BD%BF%E7%94%A8%E6%88%91%E7%9A%84%E7%BE%8E%E5%85%83%E8%B3%AC%E6%88%B6%E8%B3%87%E6%96%99%E6%94%B6%E6%AC%BE

3. https://wise.com/zh-hk/help/articles/2960344/%E5%A6%82%E4%BD%95%E5%B0%87%E6%88%91%E7%9A%84%E5%95%86%E6%A5%AD%E5%B8%B3%E6%88%B6%E8%88%87xero%E5%B8%B3%E6%88%B6%E9%80%A3%E6%8E%A5?origin=topic-4weIubYURiKk7XZK3ZawNx

Disclaimer: This article was prepared in July 2025 based on voluntary online research and publicly available information. We have not personally tested every tool or provider mentioned. This article is for educational purposes only, and readers should independently evaluate each service provider based on their specific business requirements. Content is updated every six months. To request an update, please contact us at [email protected].