Wise Business Account Review (2025): Features and fees

Are you considering opening a Wise Business Account? As with any decision that relates to financial management, having a thorough understanding of the services on offer will help you make an informed choice.

In this article, we’ll give a background to Wise, how their business account works, key features, eligibility requirements, regional services, associated costs, and their customer support channels.

What is Wise? 

Wise launched in 2011 as a consumer-focused international money transfer service, primarily for use while travelling. Over 13 years, it's expanded into business accounts and other financial services while maintaining a reputation for low-cost currency exchange and transfers.

For businesses, Wise offers multi-currency accounts to hold and convert funds, accepting payments in nine currencies with local bank details and facilitating transfers to 70+ countries. 

Wise Business Account key features and products 

Let’s start the Wise Business Account review with key features and products that make Wise a consideration for Australian businesses. 

Eligibility: Wise works for Australian sole traders, freelancers, limited and public companies, partnerships, charities, and trusts. 

Sending and receiving money: Users can convert money to 29 currencies and send money to 50 countries, and receive money in 23 currencies. Fees vary depending on the location and the type of transfer.

Expense Management: Wise offers a free virtual card per Business account, which can be used wherever Mastercard is accepted. Any additional card costs $6, allowing users to track team spending. Account owners can set spending limits and create custom access for team management. 

Savings: ‘Interest’ is a savings product offered by Wise that allows users to earn returns on AUD balances only.

Accounting Integrations: Wise syncs users’ transaction balances with popular accounting software like Xero, QuickBooks, ZohoBooks, Odoo, and a more.

Wise Pros and Cons

Pros 

• Simple interface for individuals and businesses

• Offers virtual debit cards 

• Integrates with accounting software

Cons

• Relatively high fees per international transaction 

• May not be cost-effective for larger number of transactions

• Does not offer advanced analytics or expense management tools

Wise Business Account Pricing & Fees

How much does the Wise Business Account cost to use? See the table below for the main fees and charges users need to know about. 

Wise Business Account User Reviews

Before jumping into Wise, it may be worth exploring what users have said about it on reputable review sites.

At the time of writing (7 March, 2025), Wise has received a 4.3/5 star rating across 250,000 reviews via TrustPilot. The positive reviews highlight the ease of use of the Wise Personal account for travel purposes and fee transparency. The negative reviews are typically users of the Wise Business account with complaints about Wise locking their account with little to no notice and ‌providing poor customer support.

Overall, users suggest that Wise’s Business Account offers a fast money transfer service for businesses through an intuitive app and website. For businesses using primarily domestic transfers and transfers to major currencies, Wise is an option. However, their global reach isn't as extensive as other fintechs, and they don’t offer a complete financial solution. 

What do businesses need to open a Wise Business Account? 

Wise Business Accounts are opened online, and first require verification, following these steps; 

1. Register for a Wise Business Account 

2. Share details about the business including address, industry, online or social presence, name, date of birth, country of residence of all stakeholders, and documentation on ownership 

3. Share account owner details

4. Set up and pay for a transfer by entering the specified amount and paying the relevant fees, or paying a one-time set-up fee to get account details for receiving money. 

Once all these steps are completed, the Wise team will take up to 10 working days to verify your account and a transfer can be made. 

Exploring alternatives to Wise? ‌Consider Airwallex

There are other compelling fintech options beyond Wise that businesses may wish to consider.

An Airwallex Business Account provides businesses with similar benefits to the Wise Business Account. However, Airwallex offers products and services that are built specifically for businesses that have global stakeholders and work globally. 

For businesses serious about cutting costs and making more money, Airwallex offers free domestic transactions and like-for-like settlement options. 

Compared to Wise, Airwallex offers a more extensive scope for international transfers, more tools for managing financial operations, including Corporate Cards, digital Payments tools like checkout solutions and Payment Links, and a high-rate savings solution. 

Airwallex Yield is currently also more competitive than Wise’s comparable savings product. Airwallex customers can earn 3.94% on USD and 3.93% on AUD. Wise customers can earn 3.35% on AUD only (rates current at time of writing, 7 March, 2025). 

Our Business Account isn't only built for everyday transactions – it’s designed to make managing, growing, and moving business funds globally simple. 

Move money locally and globally

Expand business potential and slash the costs of spending at home and abroad.

• Open accounts in 60+ countries without needing a local entity

• Transfer to 150+ countries with market-leading FX rates, and enjoy free local transfers

• Accept payments from 130+ countries and maximise online selling with smart plugins and payment links

Manage money easily

Slash admin and reduce human error with our centralised tools that simplify financial operations.

• Issue corporate Visa cards for FX-free global spending. 

• Enjoy smart integrations with popular accounting platforms like Xero and Netsuite

Grow money effortlessly

Make every dollar work harder with our unique business savings solution. 

• Grow funds with our high-rate business saver Yield, empowering businesses to earn returns in AUD and USD

Looking for even more? Beyond our Business Account, businesses can explore our advanced Spend Management tools and Platform APIs.

Airwallex is designed for businesses with global reach in suppliers, vendors, and customers. Our end-to-end financial solution empowers businesses to replace traditional solutions and clunky tech stacks with a single powerful platform. 

Learn more about Airwallex vs Wise

How to open a business account with Airwallex

The best way to get started with us is to sign up for our Business Account. Just fill out a few simple details.

Once they’re signed up, users can start opening multiple domestic and foreign currency accounts in minutes. Our platform is intuitive and built for getting started quickly. Additional assistance is also available from our friendly local support team.

Disclaimer: 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]].

This information doesn’t take into account your objectives, financial situation, or needs. If you are a customer of Airwallex Pty Ltd (ACN 609 653 312, AFSL No. 487221), it is important for you to read the Product Disclosure Statement (PDS) for the Direct Services, available here. If you are a customer of Airwallex Capital Pty Ltd (ACN 661 618 819, AFSL No. 549026), it is important for you to read the PDS for Airwallex Yield, available at www.airwallex.com/au/terms and issued by K2 Asset Management Ltd (ABN 95 085 445 094, AFSL No. 244 393), a wholly-owned subsidiary of K2 Asset Management Holdings Ltd. All investments carry risk.

Sources 

1. https://wise.com/help/articles/2977974/can-my-business-use-wise

2. https://wise.com/au/pricing/business 

3. https://wise.com/help/articles/2769792/how-can-i-verify-my-business

4. https://wise.com/au/pricing/business/send-money 

5. https://wise.com/au/pricing/business/card-fees

6. https://wise.com/au/interest/