Review: Wise (TransferWise) for Business
- Number of Currencies
- 40+
- Minimum Transfer Amount
- $1
- Pay By
- Bank transfer, Credit card, Debit card, PayID
- Fees (Pay by Bank Transfer)
- From 0.63%
Our verdict
A low-fee alternative to the banks for your business's next money transfer.
Wise for Business is a powerful and cost-effective solution for Australian freelancers, sole traders and small to medium businesses that regularly deal with international payments. It shines with its transparent fees, use of the real mid-market exchange rate and features like batch payments and a multi-currency account. If your business needs to pay overseas staff, receive money from international clients or manage expenses in different currencies, Wise is one of the strongest contenders.
However, it’s not a full replacement for a traditional business bank account. Businesses that need credit facilities like loans or overdrafts, or those operating in excluded industries such as cryptocurrency or tobacco, will need to look elsewhere.
Pros
-
Good for transparent fees and no margin on the exchange rate.
Cons
-
Not so great if you need to transfer to less-popular currencies.
Details
Product details
| Product Name | Wise |
| 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 | 40+ |
Pros
- Uses the mid-market exchange rate with no hidden markup
- No monthly account fees
- Send money to over 231 countries and territories
- Make batch payments to up to 1,000 recipients at once
- Integrates with accounting software like Xero
Cons
- A one-time $65 fee is required to get local account details
- Doesn't offer loans, overdrafts or other credit facilities
- Some industries are not eligible for an account
- ATM withdrawal fees apply after a low monthly limit
What is Wise for Business?
Wise for Business (formerly TransferWise) is an online financial platform designed to help businesses manage international payments and multi-currency finances. It's not a bank, but a specialised service that focuses on making cross-border transactions cheaper and faster than traditional banking systems.
It provides a central account where you can hold money in over 40 currencies, pay international invoices, run payroll for overseas staff and receive payments from clients around the world.
How much does a Wise Business account cost?
Wise keeps its fee structure transparent, with no monthly subscription charges. The main costs are a one-time setup fee and a variable fee for each transfer.
- Account setup: To unlock the full features, including local bank details for receiving payments, there is a one-time fee of $65.
- Monthly fees: There are no monthly or annual fees to maintain the account.
- Transfer fees: When you send money or convert between currencies, you pay a variable fee that starts from 0.63%. The exact cost depends on the currencies involved and the transfer amount.
- Volume discounts: Wise offers automatic discounts on fees for businesses that transfer over $40,000 per month.
Wise always uses the mid-market exchange rate, which is the same rate you see on Google or Reuters. This means there is no hidden markup added to the rate, a common practice with banks and other providers. You can find more information about how this compares to other services in our guide to business transfers.
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We review money transfer providers for different features to assign them a score out of 10. The higher the score, the more competitive the product.
What are the key features of a Wise Business account?
Wise packs in several features designed to streamline international business operations.
Multi-currency account
The core of the Wise Business offering is its multi-currency account. It allows you to hold and convert between 40+ currencies. For a one-time fee, you can also get local account details for 8+ currencies, including AUD, USD, GBP, EUR and NZD. This means you can receive payments in these currencies just like a local business, avoiding high receiving fees. From this account, you can send payments out to over 231 countries. This makes it a versatile tool for any company looking at multi currency business accounts.
Wise Business debit card
You can get physical and virtual debit cards for yourself and your team to spend your account balance in-person and online. Key details for the card in Australia include:
- ATM withdrawals: You get free withdrawals per month, up to a combined total of $400.
- ATM fees: After the free limit, there will be a variable fee of 2.69% of withdrawn amount per withdrawal on any amount over the $400 monthly total.
Batch payments and API
To save time on administration, you can pay up to 1,000 people at once by uploading a single spreadsheet file. This is ideal for paying international suppliers or running payroll for a distributed team. For more automation, Wise also offers an open API to connect with your business tools and workflows.
Team management
You can add team members to your Wise Business account and assign them different levels of access. This allows you to give employees their own debit cards, set spending limits and control who can view and manage payments, all from one central dashboard.
Wise Interest
A newer feature for Australian businesses is Wise Interest. It allows you to invest the money held in your AUD, USD and GBP balances into a fund that holds government-guaranteed assets. This allows your idle cash to potentially earn a return. An annual fee of 0.72% applies, which is deducted from any returns you make. As with any investment, your capital is at risk.
How fast are Wise Business transfers?
Most Wise payments are very fast, with 90% of transfers arriving in the recipient's bank account within 24 hours. Many popular currency routes are even faster, with payments arriving in minutes or seconds. This is significantly quicker than the 2 to 5 working days that traditional international bank transfers via the SWIFT network can take.
How does Wise for Business compare to other providers?
While Wise is a market leader, it's not the only option for Australian businesses.
Revolut Business offers a similar all-in-one platform with multi-currency accounts, local account details and company cards. Revolut's key difference is its tiered subscription plans. While Wise has a one-off fee, Revolut offers free plans with certain limits and paid monthly plans that unlock more features and higher fee-free allowances. You can see a full breakdown in our Revolut Business transfers review.
Airwallex is another strong competitor focused on businesses scaling globally. It offers many of the same features as Wise, including multi-currency accounts, cards and Xero integration. Airwallex often competes aggressively on foreign exchange rates for larger volumes and provides more complex solutions like payment gateway services for e-commerce businesses. Check our Airwallex business transfers review for more details.
For businesses that prefer a more personal touch or need to lock in exchange rates for future payments, a service like OFX might be a better fit. While they don't offer a multi-currency account in the same way, they provide 24/7 support from currency experts and more advanced tools like forward contracts. Our OFX vs Wise comparison explores the differences.
Compare other products
We currently don't have that product, but here are others to consider:
How we picked theseFinder Score for money transfer
We review money transfer providers for different features to assign them a score out of 10. The higher the score, the more competitive the product.
Who can open a Wise Business account?
Wise is available to a wide range of registered businesses in Australia. This includes:
- Sole traders and freelancers
- Private and public limited companies
- Partnerships
- Charities and trusts
You will need to provide details about your business during sign-up, including your ABN or ACN, registered address and information about the business owners and directors.
How to open a Wise Business account
Getting started with Wise Business is a straightforward online process.
- Start your registration. Go to the Wise website and choose to open a business account. You'll need to provide your email, create a password and select Australia as your country of registration.
- Enter your business details. Provide your ABN or ACN, business address and information about your industry.
- Provide personal details. As the account owner, you'll need to verify your identity with photo ID and provide your personal details.
- Pay the setup fee. Pay the one-time $65 fee to complete the setup and get access to all features, including local account details.
Verification is usually completed within a few working days.
Is Wise for Business safe?
Yes, Wise is a safe and secure platform for business payments. In Australia, it is regulated by the Australian Securities and Investments Commission (ASIC) and holds an Australian Financial Services Licence (AFSL). Wise is required to safeguard your funds, which means your money is kept in separate, protected accounts with top-tier financial institutions, entirely apart from Wise's own operating accounts.
Frequently asked questions
Sources
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