Wise Business Account review (2025): features & fees

Key takeaways

• Wise offers an alternative to business bank accounts for companies that transact overseas. It provides a faster and cheaper way to send money internationally and issue cards to support spending. 

• Opening a Wise Business Account costs S$99 upfront, and its narrow payout network and basic features mean you’ll need other providers for eCommerce payments or employee reimbursements as your business grows.

• Airwallex is a strong alternative to a Wise Business Account, letting Singapore businesses open global business accounts, make international transfers to 200+ countries, accept payments, and manage company spend – all on one unified platform.

Expanding into new markets reshapes the way you manage your finances. What works in Singapore can break down across borders, with traditional transfers slowed down by delays, hidden fees, and more manual work for your finance team.

Many businesses start with Wise when managing cross-border transfers. While you'll have to pay an S$99 setup fee to get started, the Wise Business Account can be a straightforward option at first. However, as your business needs grow, its limits may hold you back.

In this review, we’ll break down what the Wise Business Account offers, where it falls short, and how Airwallex delivers deeper cost savings and a scalable, end-to-end finance platform built for growth.

Is the Wise Business Account suitable for your business?

The Wise Business Account suits freelancers, small businesses, and startups that mainly need to send and receive money across borders. If you’re making occasional transfers, want to hold funds in multiple currencies, and value an easy online setup, Wise can be a straightforward starting point. The account lets you open nine local currency accounts, manage 40+ currencies, and issue corporate debit cards.

However, limitations become clearer as your needs expand. Wise’s payout network reaches only around 70 countries, and transfer fees add up quickly at higher volumes. It also lacks an online payment gateway and built-in tools for expense management, so you’ll need other providers for eCommerce payments or reimbursements. If you’re looking for an end-to-end platform that's able to cover global transfers, payment acceptance, corporate cards, and spend management, Wise may fall short.

Pros and cons of the Wise Business Account

Airwallex addresses these limits by going beyond low-cost international transfers. You can send money to 200+ countries with free local transfers in over 120 markets, batch high-volume payments, and get access to competitive interbank rates – no matter the transaction size. More importantly, transfers are just one part of our all-in-one Business Account, which includes multi-currency corporate cards, advanced expense management, global payment acceptance tools, and more to support your global growth.

What is Wise? 

Wise (formerly TransferWise) is a London-based fintech company that helps individuals and businesses move money across borders. It launched in Singapore in 2017, positioning itself as a faster and lower-cost alternative to traditional banks. 

Wise Business is its dedicated account for companies, offering the same core features as its personal accounts, along with tools designed for business use. On top of creating multi-currency accounts, you can issue team cards with custom controls, send batch payments, and integrate with accounting software for faster reconciliation.

How does the Wise Business Account work?

Wise is a digital payments platform, with all account activity managed online or through its mobile app. You pay a S$99 one-time fee to create an account¹ – a cost that adds up if you're onboarding multiple entities. With Airwallex, there are no setup fees, so you can get started without any upfront costs.

Once your Wise Business 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 traditional SWIFT system. When both ends of a transfer are in markets where Wise has accounts, funds are settled locally. Otherwise, payments are sent through SWIFT. All currency conversions use the interbank rate – the rate displayed on Google or Reuters – with markups shown separately.

Wise covers the basics, yet many businesses outgrow it once they need tools like payment acceptance, expense management, or support for multiple entities. We recently did a round-up of the main Wise alternatives in Singapore.

How does Wise compare with Airwallex?

Both Wise and Airwallex enable cross-border money movement, but they differ significantly in scope and sophistication. Wise provides basic multi-currency support and transfers, with payout coverage limited to 70+ countries. Airwallex, by contrast, supports payouts to over 200 countries and offers access to a comprehensive suite of tools to help you scale globally. From virtual corporate cards with 0% foreign transaction fees to tools that support more complex global payment workflows, Airwallex gives you the infrastructure you need for long-term growth.

Here's a look at how Wise stacks up against Airwallex.

Note: The information in this table has been reviewed to be accurate as of 30 September 2025.

What are the key features of the Wise Business Account?

Wise’s Business Account has the following tools to help companies manage their international finances:

• Multi-currency accounts

• International transfers

• Debit cards

• Interest on balances

• Batch payments

• Accounting integrations

Multi-currency accounts

With Wise, businesses can hold and convert balances in 40+ currencies, and open nine currency accounts with local bank details. 

International transfers

Wise supports cross-border payments in 70+ countries, with varying transfer fees. Businesses sending more than S$30,000 or equivalent per month receive a discounted rate.² 

Corporate cards

Companies can issue physical and virtual debit cards linked to the Business Account. These can be used online, in-store, and abroad. 

Interest on balances

In Singapore, Wise allows businesses to earn interest on balances held in SGD, GBP, EUR, and USD by opting into an interest-earning fund. 

Batch payments

Wise lets businesses pay up to 1,000 recipients in 70+ countries from a single transaction. Payment details can be uploaded directly into the platform for processing. 

Accounting integrations

Wise connects with software such as Xero and QuickBooks, syncing transactions for easier bookkeeping and reconciliation. 

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

Here are the fees you can expect with a Wise Business Account.

Note: The information in this table has been reviewed to be accurate as of 30 September 2025.

Stop losing out to hidden charges – explore Airwallex's pricing & fees 

Airwallex is an alternative solution to a Wise Business Account that gives businesses more value from day one. Unlike Wise, which charges a S$99 setup fee, Airwallex accounts are free to open. There’s also no minimum balances or ongoing monthly fees for our free Explore plan. You can open local currency accounts to receive funds for free in 20+ currencies, and send fee-free international transfers to 120+ countries with our proprietary local payment rail network.

Note: The information in this table has been reviewed to be accurate as of 30 September 2025.

How to open a Wise Business Account

You can open a Wise Business Account online. Your account needs to be verified before you can start sending or receiving funds. To verify your business, Singapore-registered businesses need to submit the following documents:

• Registered business name and address

• ACRA registration or business licence

• Details of company directors and owners

• Proof of identity for the account administrator

• Proof of address for the business or directors

To open an account, follow these steps:

1. Go to the Wise website or download the Wise app.

2. Select “Business Account” and enter your company details.

3. Add information about the business owner(s) and directors.

4. Upload the required documents to verify your business.

5. Wait for Wise to review and approve your account.

Need a global-ready option? Open a business account and get corporate cards with Airwallex

Opening a Business Account is 100% online, and only takes a few minutes. To get started, you’ll need:

• Registered business name and address

• Proof of business registration (e.g. ACRA certificate for Singapore companies)

• Details of company directors and beneficial owners Proof of identity for the account administrator and directors

• Proof of address for the business or directors

Then follow the steps below:

1. Visit the Airwallex signup page

2. Sign up for an Airwallex Business Account 

   • Provide your business email, legal name, and create a password 

   • Provide additional details, including your company size, primary area of interest, business name, business headquarters, and mobile number

3. Verify your business and activate your account 

   • Confirm your business location  

   • Provide your Unique Entity Number (UEN)     

   • Provide documents for identity verification

Our team will review your application, and most accounts are approved within a few business days. 

Alternative to Wise: consider Airwallex

Global businesses need more than basic transfers or multi-currency cards. Like Wise, Airwallex lets you send, receive, and hold money across currencies, but with broader geographical coverage and a full suite of tools built for global growth. 

Send and receive like a local 

To start, you get more ways to send and receive money globally than Wise. With Global Accounts, you can open local currency accounts to receive funds in 20+ currencies for free, as a domestic transfer. The multi-currency Wallet lets you hold and manage 60+ currencies to better manage cash flow across your growing business. 

When it comes to sending money overseas, our FX & Transfers cover 200+ countries, with 95% of payments arriving the same day. Airwallex offers domestic-style payments in 120+ countries through local payment rails, removing international transfer fees. Wise only offers free domestic transfers in a handful of currencies, so costs build up as your business expands. 

Spend with control 

With Airwallex Corporate Cards, you pay zero foreign transaction fees and get real-time visibility over team spending, thanks to built-in expense management. You can set limits, track receipts, and streamline approvals without needing extra software.

Accept global payments everywhere

Airwallex gives you a much broader range of integrated payment solutions to support your global ambitions, including payment gateway solutions, eCommerce plugins, hosted checkouts, and customisable APIs. By integrating Airwallex with your online payment setup, you can accept customer payments in 180+ countries through 160+ payment methods, including popular local options.

Scale without hidden costs

Airwallex keeps pricing transparent. Core features such as multi-currency accounts, global transfers, and corporate cards are included in the free Explore plan. Paid tiers add advanced functionality as your business grows and come without hidden charges.

Earn interest on idle funds

Instead of letting idle funds sit in non-interest-bearing accounts, Airwallex Yield lets you can competitive returns on your SGD and USD balances while giving you the flexibility to access your money anytime. Funds are invested in institutional-grade money market funds, and unlike traditional bank deposits, there’s no lock-in period or minimum balance required. You can start earning interest on your multi-currency balances directly from your Wallet, helping you grow your capital while managing day-to-day operations seamlessly.

Airwallex: more than international transfers

When comparing Wise and Airwallex, the difference goes far beyond payments. While Wise is designed to provide basic, low-cost international transfers, it lacks the reach and functionality that growing businesses need.

Airwallex is a complete financial operations platform – not just a transfer tool – giving businesses one account to send, receive, and manage money globally. With spend management, multi-currency accounts, cards, FX, and more, you can scale without stitching together multiple vendors or a complex tech stack.

For a detailed side-by-side view, explore our full comparison of Wise and Airwallex.

Frequently asked questions (FAQs)

Is Wise safe?

Yes, Wise is generally safe to use in Singapore. It employs safeguards such as multi-factor authentication, 24/7 anti-fraud monitoring, and bank-level encryption to detect fraud and ensure data security. Wise is also licensed by the Monetary Authority of Singapore (MAS) as a Major Payment Institution. Customer funds are safeguarded in segregated accounts with banks and other safeguarding institutions in Singapore.

Is Wise licensed in Singapore?

Yes, Wise Asia-Pacific Pte. Ltd. is regulated as a Major Payment Institution by the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019. It also has a Capital Market Services Licence under the Securities and Futures Act 2001 for Dealing in Capital Market Products.

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

Both accounts offer multi-currency support and international transfers. However, the personal Wise account is designed for individuals who send and receive money internationally frequently; the Wise Business Account comes with additional features to support business needs, such as batch payments, invoicing tools, and accounting software integrations.

Sources

1. https://wise.com/sg/pricing/business/receive

2. https://wise.com/large-amounts

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

4. https://wise.com/help/articles/3EsxRDF4uNpQncdgH480os/fees-for-receiving-money-by-swift

5. https://wise.com/sg/interest/

All comparisons and information reflect Airwallex’s own research using public documentation as of 30 September, 2025, and have not been independently validated.

Product features, pricing and other details are subject to change. Airwallex does not guarantee the continued accuracy of this information and is not responsible for any inaccuracies that may arise from such changes. This publication is not intended to be relied on for the purpose of making a decision about a financial product. In particular, Yield is not a savings or deposit product. Investments involve risks, including the possible loss of principal amount invested. Past performance is not indicative of future results.  Users are encouraged to conduct their own verification and seek their own advice.

Indicative rate is based on historical annualised rate of underlying funds as of 2 September, 2025, net of Airwallex fees and assumes subscription to the Accelerate tier at SGD 399/ month. Click here to learn more.

If you would like to request an update of the content in this publication, feel free to contact us at [email protected].

Airwallex (Singapore) Pte. Ltd. is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore. Airwallex Capital (Singapore) Pte. Ltd. is licensed as a Capital Markets Services License holder under the Securities and Futures Act 2001 by the Monetary Authority of Singapore (License No. CMS101830). The MAS has not reviewed this information. For more details, you can refer to the MAS website here.