Wise Business Account Review (2026)

Key takeaways

• Wise Business Accounts offer a functional but limited platform focused solely on international payments and currency management. While they provide transparency with mid-market exchange rates and a pay-as-you-go model (including a one-time set-up fee), their core functionality is restricted to transfers, which may not meet the comprehensive needs of rapidly growing companies.

• Wise excels at simplifying multi-currency transfers, allowing businesses to receive payments like a local in 10 major currencies. Key features include holding over 40 currencies, issuing business debit cards, and making batch payments of up to 1,000 recipients, making it an efficient choice primarily for smaller businesses managing routine international transfers.

• For businesses seeking a more comprehensive financial platform beyond basic transfers, alternatives like Airwallex offer a richer feature set. Airwallex provides a complete suite of business tools, including integrated expense management, automated accounts payable, and local account capabilities in 23 currencies, making it a broader financial solution compared to Wise's streamlined payments focus.

Wise's Business Accounts aim to simplify global banking with transparent pricing, multi-currency features and mid-market exchange rates. The platform promises to help companies cut the cost of international growth while making it easier to get paid by overseas customers.

But, does it deliver the comprehensive tools growing businesses need in 2026? This review examines Wise's capabilities, costs, and features to help you determine if it matches your company's international banking requirements.

What is Wise?

Wise is an Electronic Money Institution that provides multi-currency accounts and international payment services for businesses. Founded in 2011 as TransferWise, the platform now serves over 600,000 business customers who move billions across borders each quarter, offering transparent mid-market exchange rates and local bank details in 10 major currencies^1,2.

With services available across the UK, EEA, US and Asia-Pacific regions, Wise positions itself as a straightforward alternative to traditional banks, particularly for businesses seeking efficient international payment solutions without the complexity and costs of conventional banking.

Is Wise Business right for your company?

Who is Wise Business best for?

Wise Business is a strong choice for certain types of companies, particularly those who prioritise low-cost, straightforward international transfers over a comprehensive suite of financial tools. It is often a good fit for:

• Freelancers and solopreneurs who bill international clients in a few major currencies.

• Early-stage startups managing their first international supplier or contractor payments.

• Small businesses whose primary cross-border need is simple currency conversion and payments, without the need for integrated expense management or advanced treasury functions.

When might you need an alternative?

As a business grows, its financial operations become more complex. You may find you need a more comprehensive financial platform if your business:

• Requires integrated tools for managing team spending, such as corporate cards with built-in expense approval workflows.

• Needs to automate its accounts payable process, from bill intake to payment reconciliation.

• Operates in a wider range of currencies and needs local account details in more than 10 countries.

• Is looking to scale with a financial infrastructure that offers API access for custom solutions or embedded finance capabilities.

Key features of Wise Business Accounts

Wise's Business Accounts include several tools designed to help companies manage their international finances.

Key features:

• Multi-currency accounts

• Batch payments

• Business debit cards

• Local bank details

• Cashback

• Accounting software integration

Multi-currency accounts

Hold and manage over 40 currencies at mid-market rates, with local bank details in 9 major currencies (including GBP, EUR, USD, and AUD) that let businesses receive payments like a local.

Batch payments

Make up to 1,000 payments at once by uploading a spreadsheet, ideal for managing bulk domestic and international supplier payments or large-scale global transfers.

Business debit cards

Businesses can issue their team physical and virtual debit cards for spending in multiple currencies. Cards can be used in over 170 countries with automatic currency conversion at mid-market rates.

Cashback

Users can earn 0.5% back on eligible Wise business debit card purchases, with rewards automatically credited to their account monthly in the same currency as their spend^6.

Accounting software integration

Wise offers integration with popular platforms like Xero and QuickBooks to automate reconciliation and streamline bookkeeping.

How does Wise work?

Wise Business Accounts operate through a digital platform accessible via web and mobile apps.

After paying a one-time setup fee of £45 for UK businesses and €50 for EEA businesses^3, users gain access to a multi-currency account system. The platform allows businesses to hold and exchange over 40 currencies at mid-market rates^4. Users can receive payments using local bank details in 10 major currencies, eliminating the need for multiple accounts.

Core features include:

• Company debit cards: Issue cards for team spending across multiple currencies

• Accounting integration: Connect with Xero and QuickBooks for streamlined bookkeeping

• Batch payments: Send up to 1,000 payments at once^5

Pricing follows a pay-as-you-go model with no monthly fees. However, each transfer incurs a fee from 0.33% plus a small fixed fee that varies by currency.

If you're looking for a more comprehensive business account or better global coverage, you may want to explore alternatives to Wise.

What are Wise's pricing and fees?

Wise offers a single pay-as-you-go pricing model for businesses of all sizes, with no monthly subscription fees. Here are the main costs you'll want to consider^7:

Account set-up fee:

• UK/EEA businesses: £45 one-time fee

Sending money:

• International transfers: from 0.33% + small fixed fee (varies by currency)

• Local transfers: small fixed fee per transfer

• Batch payments available for up to 1,000 recipients

Card costs:

• Physical/virtual cards: £3 one-time fee per additional card

• ATM withdrawals: free up to £200 monthly, then 50p per withdrawal

• Account funding transactions: 2% per transaction

• Foreign transactions: interbank rate + from 0.33%

Multi-currency features:

• Hold 40+ currencies: free

• Getting account details to receive payments in 23 currencies: £45

• Receiving local payments in 9 currencies: free

• Receiving USD wire and Swift payments: $6.11 USD

• Receiving CAD Swift payments: $10 CAD

• Receiving Swift payments in 21 currencies: free

• Currency conversion: interbank rate + from 0.33%

Additional fees apply for certain currency routes.

Wise Business limitations: What you should know

While Wise is effective for its core purpose, it's important to understand what it doesn't offer, especially for businesses with scaling or complex operational needs. Key limitations include:

• Payments-only focus: The platform does not include a native, integrated suite for wider financial operations like spend management or accounts payable automation.

• Limited card controls: While debit cards are available, Wise does not offer features like creating single-use virtual cards for specific vendors or setting granular spend controls for employees.

• Minimal automation and integration: Beyond accounting software, Wise does not provide API access, which prevents businesses from building custom workflows or embedding financial services into their own platforms.

• No treasury solutions: The platform does not offer opportunities to earn a return on idle balances or provide advanced FX risk management tools like forward contracts.

For businesses that require these capabilities, a more comprehensive financial platform may be a better fit.

What do you need to open a Wise business account?

To open a Wise Business Account, you'll need to provide^8:

• Business name and registration number

• Registered business address

• Personal identification for the account representative

• Details about business activity and website

• Company registration documents (varies by entity type)

• Information about company directors.

Approval typically takes 1-2 working days once all documentation is submitted.

What are the alternatives to Wise? Consider Airwallex

Wise excels at providing straightforward international payment solutions that work well for smaller businesses and freelancers. Built from the ground up for business users, Airwallex takes a different approach with its comprehensive financial platform.

Airwallex extends beyond basic international transfers with:

• Global reach: Operations across 150+ countries with local account capabilities in 23 currencies

• Integrated tools: Expense management, automated accounts payable workflows, and unified treasury solutions

• Customisation: API access for building tailored financial workflows

• Structured pricing: Three plans (Explore: £0* or £19 p/m, Grow: £49 p/m, Accelerate: £999 p/m) versus Wise's pay-as-you-go model with set-up fee

How to open a business account with Airwallex

Opening an Airwallex account is straightforward. Simply visit the Airwallex website, complete the online application form, and upload the required documentation. Approval typically takes a few days, after which you can access your account.

*£0/month if you deposit at least £10k per month or hold a minimum balance of £10k. For more information, see here.

Is Wise Business the right choice for your company?

Wise Business delivers on its promise of simplifying international payments with transparent, mid-market rates. For freelancers, solopreneurs, and small businesses with straightforward transfer needs, it remains a compelling and cost-effective solution.

However, as your business scales, you may find its payment-centric focus becomes a limitation. If your team needs a unified platform to manage expenses, automate bill payments, and gain greater control over global treasury, it may be time to consider an alternative.

Airwallex is built to be that next step. Our platform unifies payments, treasury, spend management, and cards into one global financial operating system designed to grow with your business. Explore the product and see how Airwallex can support your business growth.

FAQs

Is there a fee for a Wise Business account?

Yes, businesses in the EEA, Switzerland, Brazil, and the UK must pay a registration fee when opening an account.

What are the best business financial accounts for small businesses?

Leading options include Airwallex and Wise (offering global and cross-border accounts with multi-currency management), Revolut (multi-currency wallets and expense tools), Starling (mobile banking with accounting integration), and Payoneer (cross-border payments and marketplace fund collection).

What are the downsides of Wise?

One downside is that Wise operates entirely online, so there are no branches or in-person services. This can be a drawback for businesses or individuals who prefer face-to-face banking or need cash handling services.

Sources and references

• https://wise.com/gb/blog/a-wiser-way-to-make-international-business-payments

• https://wise.com/gb/business/

• https://wise.com/gb/pricing/business

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

• https://wise.com/gb/business/payments

• https://wise.com/gb/business/card

• https://wise.com/gb/pricing/business

• https://wise.com/gb/blog/wise-business-account-requirements-uk

• https://wise.com/help/articles/2977969/fees-for-using-wise-business

Disclaimer: We updated this article in Q3 2025. The information in this article is based on our own online research. Airwallex was not able to manually test each tool or provider. The information is provided for educational purposes only and a reader should consider the specific requirements of their business when evaluating providers. This research is reviewed annually. If you would like to request an update, feel free to contact us at [email protected]. Airwallex (UK) Limited is authorised by the United Kingdom Financial Conduct Authority ('FCA') under the Electronic Money Regulations 2011 ('EMRs') (firm reference number 900876).