Wise Business

Wise Business is the business account from Wise, the London-listed money transfer company formerly called TransferWise. Companies can hold balances in more than 50 currencies, get local receiving details for 22 currencies, and send international payments at the mid-market exchange rate plus a published fee. On the US pricing page, conversion and sending fees start at 0.23%. Batch payments can pay up to 1,000 recipients at once, which makes Wise a common choice for paying overseas contractors and suppliers. The account also includes physical and digital cards for team members with custom spending permissions, invoices and payment links that customers can pay by card, interest on USD, GBP and EUR balances, and an API. It connects to accounting software, including Xero and QuickBooks, so transactions can be reconciled there. Pricing is mostly per transaction rather than by subscription. There is no monthly fee. The US account has a one-time 31 USD setup fee, and other markets have their own fees, such as £45 in the UK. Incoming wire and SWIFT payments in some currencies are charged, for example 6.11 USD per incoming USD wire, and ATM withdrawals above the monthly free allowance cost extra. It suits startups, freelancers, agencies and remote-first companies that pay or get paid across borders. The main limitation is that Wise is a payments account, not an accounting system or a bank. It has no general ledger, payroll or financial statements, and it offers no loans. Users also report frozen transactions and uneven customer support.