Review: Wise (TransferWise) for Business
Our verdict
A low-fee alternative to the banks for your business's next money transfer.
Wise business could be a game changer for your business. The mid-market rate is what you'll be after to move money overseas and that's exactly what you'll get with Wise. You'll pay a transfer fee but these are low compared to others plus there's a high daily sending limit.
This multi currency account acts like a local bank in up to 15 countries so you can pay or get paid like a "local." Although there's a one-off set up fee, there's no monthly subscription fees. And you'll be able to send one-off transfers, batch payments and manage a range of currencies.
The only stumbling block is that your global contractors and suppliers can only receive bank transfers as no other options are available.
- Good for both small and large businesses that operate overseas, and there is no margin hidden in the exchange rate.
- Not so great if you need to transfer to less-popular currencies.
Details
Product details
| Product Name | Wise (TransferWise) |
| Pay By | Bank transfer, Credit card, Debit card, PayID |
| Receiving Options | Bank account, Alipay (China only) |
| Customer Service | Phone, Live chat, Email |
| Maximum Transfer Amount | $1,800,000 |
| Number of Currencies | 52 |
Learn more about:
In a nutshell
Pros
- Uses the mid-market rate. No margin is added to the exchange rate.
- Bank details for certain countries. You're able to send and receive money like a local.
- Transparent fees. Wise is very up-front with what fees you'll be charged for each kind of transfer, so you won't be taken by surprise.
- Integration with a leading online accounting software. This makes the tracking of your payments seamless.
Cons
- Limited number of currencies. While Wise has some of the more popular currencies like CNY and INR, other business transfer companies like PayPal have a wider range.
- Bank account transfers only. You can transfer to bank accounts only, so make sure your recipient has one.
How much will my business pay to send money with Wise?
Wise's fees vary depending on the currency, but generally sit at about 0.4% of your transfer amount. There's also an extra fixed fee of a few dollars. The fees for business customers are the same as for individual customers and there are no additional account fees on top of this.
You can use the calculator below to see how much sending money with Wise might cost you.
Wise's exchange rates
Wise uses the mid-market rate, meaning you'll get the same exchange rate you see on Google or Xe with no added margin. This is rare to find among money transfer services, with most banks and specialist companies adding a margin on top of the mid-market rate as a kind of hidden fee.
Available currencies
Wise offers more than 20 currencies, so your business will be able to make transfers to each of these from Australia. You can see a full list above, but some of the more popular currencies include:
- BDT Bangladeshi taka
- CNY Chinese yuan
- EUR Euro
- GBP British pound
- HKD Hong Kong dollar
- INR Indian rupee
- PHP Philippine peso
- USD United States dollar
Key features
To make it easier for businesses to send and receive money, Wise has built in several helpful features to its business product:
- Xero integration. All your transactions can be automatically imported into Xero, making it easier to keep track of your payments.
- Open API. With an open API, you can automate your payments and connect it to your business tools.
- Batch payments. You're able to make up to 1,000 payments in one go by uploading a single payroll file.
- Local bank details. You'll get bank account details in the UK, Europe, the USA, New Zealand and Australia. This means you can pay and receive money in these countries with no extra fees, like a normal domestic transfer. Keep in mind that if you want to transfer money out of these currencies, you'll be paying Wise's normal currency transfer fee.
Read our review of Wise for international money transfers
How do I make a business transfer with Wise?
To conduct your international business through Wise, you'll first need to:
- Register your business. Provide your business name and address, your registration number and your role in the company. Wise will verify your details before activating your account.
- Add your currencies and countries of interest. Wise provides you with a routing and account number for each country you conduct business in.
- Send or receive payments. Use your unique bank account details in place of your usual account to centralise payments to and from customers, clients, suppliers and more. You pay only when you convert this money to your native account or currency.
What do I need to make a business payment with Wise?
You'll first need to have a personal account with Wise – you can find more details about setting up this account in our review. The email address you use for this personal account needs to be the same as the one used for the business profile.
While the exact details depends on what kind of business you own, you'll generally need:
- Proof of ID
- Proof of business address
- ACN, ABN or ARBN
- Details of what your business does
How does Wise compare to other business transfer specialists?
Frequently asked questions
- Wise Business official website, accessed April 2023
Your reviews
Rosie Finder
Writer
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