Wise business account review (2026): Features, fees & alternatives

Key Takeaways:

• The Wise Business Account lets you hold and convert 40+ currencies, open local currency accounts in 24 currencies, and send money to 70+ countries, all with no monthly fees and transparent pricing.

• Wise works well for small businesses and startups that mainly need cross-border transfers, but it lacks local Singapore features like GIRO, CPF payments, and a payment gateway — which can limit its usefulness as your business grows.

• With Airwallex, Singapore businesses get free local currency accounts in 20+ currencies, transfers to 200+ countries, Corporate Cards, and a full suite of payment and spend management tools — all on one platform.

The Wise Business Account is one of the more popular options for Singapore businesses that need to send and receive money across borders. It's easy to set up, the fees are transparent, and you don't need a traditional bank account to get started.

For early-stage businesses or those with straightforward international transfer needs, Wise can be a practical starting point. But as your operations grow, you may find its limitations start to show, particularly around local Singapore payments, payout coverage, and the lack of tools like expense management or a payment gateway.

In this review, we cover how the Wise Business Account works, what it costs, where it falls short, and how Airwallex works better as a full-featured option.

What is Wise?

Wise (formerly TransferWise) is a London-based fintech company founded in 2011. It launched in Singapore in 2017, positioning itself as a faster and lower-cost alternative to traditional banks for cross-border money movement.

Wise is not a bank. It operates as a Major Payment Institution licensed by the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019. It also holds a Capital Markets Services Licence under the Securities and Futures Act 2001 for dealing in capital market products — which covers its interest-earning feature.

Wise Business is its dedicated account for companies. On top of multi-currency accounts, you can issue team cards, send batch payments, and connect accounting software for faster reconciliation.

How does the Wise Business Account work?

Wise is a digital payments platform. All account activity is managed online or through its mobile app; there are no branches and no in-person support.

Creating an account is free. You pay a one-time S$99 setup fee to unlock local account details in 24 currencies.¹

Once your account is set up, you can receive and hold payments in multiple currencies. To move money, Wise uses a network of local bank accounts and the SWIFT system. When both ends of a transfer are in markets where Wise has local accounts, funds are settled locally.

Otherwise, payments go through SWIFT. All currency conversions use the mid-market rate — the rate you'd see on Google or Reuters — with fees shown separately before you confirm.

Who can open a Wise Business Account in Singapore?

Wise Business accounts are available to Singapore-registered entities, including Private Limited Companies (Pte. Ltd.), Sole Proprietors, Partnerships, and Limited Liability Partnerships (LLPs).

Note that certain industries are not eligible. Wise restricts account opening for businesses operating in sectors including cryptocurrency, gambling, alcohol distribution, and arms-related trade. If your business falls into a restricted category, your application may be declined during the verification process.

eCommerce and platform integrations

If you run an eCommerce business, Wise connects with platforms including:

• Shopify

• Stripe

• Adyen

• Amazon

It allows you to withdraw sales revenue directly into your Wise account using your local account details. This can simplify collections if you're selling across multiple marketplaces or using third-party payment processors.

That said, Wise does not offer a payment gateway. You can collect revenue from these platforms, but you cannot use Wise to accept card payments directly from your customers.

What are the key features of the Wise Business Account?

The Wise Business Account includes the following tools to help companies manage their international finances.

Multi-currency accounts

With Wise, you can hold and convert balances in 40+ currencies and open local currency accounts in 24 currencies. This lets you receive payments like a local in major markets including the UK, US, EU, Australia, and Singapore, without needing a separate bank account in each country.

International transfers

Wise supports cross-border payments to 70+ countries, with fees starting from 0.26% per transfer.² All fees are shown upfront before you confirm a transaction. If your business sends more than S$30,000 or equivalent per month, you'll automatically receive a volume discount on transfer fees.²

Corporate cards

You can issue physical and virtual debit cards linked to your Wise Business Account for yourself and your team. Cards can be used online, in-store, and abroad. Spending in the same currency as your account balance is free — conversion fees apply when currencies don't match.

Interest on balances

Wise allows businesses in Singapore to earn returns on balances held in SGD, GBP, EUR, and USD through its interest-earning fund feature. Funds are invested in short-term government-backed assets and debt from large companies.

There is no lock-in period, but capital is at risk and returns are not guaranteed. Annual fees apply: 0.44% for GBP, EUR, and USD balances, and 0.68% for SGD balances.⁵

Batch payments

Wise lets you pay up to 1,000 recipients in 70+ countries from a single transaction. Payment details can be uploaded directly into the platform for processing — useful for payroll runs or bulk vendor payments.

Accounting integrations

Wise connects with Xero, QuickBooks, and FreeAgent, syncing transactions automatically for easier bookkeeping and reconciliation.

What Wise doesn't support in Singapore

There are some notable gaps worth knowing about before you commit.

Wise does not support CPF contributions, GIRO salary payments, or corporate tax payments. These are standard requirements for most Singapore-registered businesses, so you'll need a separate solution to handle them.

Wise also does not offer a payment gateway, meaning you cannot use it to accept card payments or local payment methods from your customers.

What are the Wise Business Account's pricing & fees?

Wise operates on a pay-per-use model. There are no monthly fees — you only pay for the transactions you make, and all costs are shown upfront before you confirm.

Note: The information in this table has been reviewed to be accurate as of 20 March 2026.

Is the Wise Business Account suitable for your business?

The Wise Business Account is built around one core use case: moving money across borders cheaply and transparently. If that's your primary need, it does the job well. But it's not the right fit for every business.

Here’s a quick overview:

Who Wise works well for

Freelancers and sole proprietors who invoice international clients and want to receive payment in foreign currencies without opening multiple bank accounts.

Early-stage startups that transact in a handful of currencies, want a quick online setup, and don't yet need advanced financial tooling.

Small businesses with regular cross-border transfers who want to avoid the markups traditional banks charge on FX conversions and international wires.

Who may find it limiting

Businesses that need to pay local Singapore obligations — such as CPF contributions, GIRO salary payments, or corporate tax — will find Wise can't help here. These are features traditional banks and some fintech platforms support, but Wise does not.

Growing businesses that need a payment gateway won't find one with Wise. If you sell online and need to accept card payments or local payment methods from customers, you'll need a separate provider.

Companies scaling across multiple markets may run into Wise's payout ceiling of 70+ countries. As your supplier and contractor base expands globally, broader coverage becomes more important.

Teams that need spend management tools — receipt capture, approval workflows, expense policies — will need to look elsewhere. Wise's card controls are basic by comparison.

What do users say about the Wise Business Account?

Wise has over 284,000 reviews on Trustpilot with an average rating of 4.3 out of 5.⁶

What users like about Wise:

• Transparent pricing and competitive exchange rates vs traditional banks

• Fast transfers and easy multi-currency management

• Simple, fully online setup

Common complaints about Wise:

• Verification can take longer than expected for certain business types

• Transfers occasionally paused during compliance reviews, with limited communication

• Support starts in the self-service Help Centre — getting to a human can take time

Most of the frustrations you'll read about come from a specific type of user: businesses with higher volumes, unusual structures, or edge-case compliance situations. If your needs are straightforward, your experience might be smoother.

How to open a Wise Business Account

You can open a Wise Business Account entirely online. Before you apply, check that your business type and industry are eligible — Wise restricts accounts for businesses in sectors including cryptocurrency, gambling, alcohol distribution, and arms-related trade.

To verify your business, you'll need to submit the following:

• Registered business name and address

• ACRA registration or business licence

• Details of company directors and owners (including anyone owning 25% or more)

• Proof of identity for the account administrator

• Proof of address for the business or directors

Once you have your documents ready, follow these steps:

• Go to the Wise website or download the Wise app

• Select "Business Account" and enter your company details

• Add information about the business owner(s) and directors

• Upload the required documents to verify your business

• Wait for Wise to review and approve your account

Account verification typically takes up to 10 working days, depending on your business type and the completeness of your documents. Some accounts are approved sooner.

How does Wise compare with Airwallex?

Both Wise and Airwallex support cross-border money movement, but they differ significantly in scope.

Wise provides multi-currency accounts and transfers, with payout coverage limited to 70+ countries. Airwallex supports payouts to 200+ countries and offers a broader suite of tools — from virtual corporate cards with 0% FX fees to payment acceptance, expense management, and more.

Here's how the two platforms compare across key features.

The information in this table has been reviewed to be accurate as of 20 March 2026.

Why businesses choose Airwallex over Wise

Wise does international transfers well, but it's built around that single use case. Airwallex is designed to cover the full range of financial operations a growing business needs — from collecting payments to managing team spend — without stitching together multiple tools.

Here’s what you can do with Airwallex:

Send and receive like a local

With Global Accounts, you can open local currency accounts in 20+ currencies for free and receive funds as a domestic transfer. When sending money overseas, FX & Transfers cover 200+ countries, with 93% of payments arriving the same day.

Airwallex also offers domestic-style payments in 120+ countries through local payment rails, removing international transfer fees entirely in those countries. Wise does not publicly disclose how many countries are eligible for free local sending.

Accept payments globally

Airwallex gives you a full payment gateway to accept customer payments in 180+ countries through 160+ payment methods, including popular local options. Wise has no equivalent — it cannot be used to accept payments from your customers.

Spend with control

With Airwallex Corporate Cards, you pay zero foreign transaction fees and get real-time visibility over team spending. You can set limits, track receipts, and manage approvals without needing extra software.

Earn returns on idle funds

Rather than letting cash sit idle, Airwallex Yield lets you earn competitive returns on SGD and USD balances. Funds are invested in institutional-grade money market funds with no lock-in period and no minimum balance required.

Scale without hidden costs

Core features — multi-currency accounts, global transfers, and corporate cards — are all included in the free Explore plan. Paid tiers add advanced functionality as your business grows, with no hidden charges.

Frequently asked questions (FAQs)

Is Wise a bank?

No. Wise is not a bank. It operates as a licensed payment institution, which means it can hold and transfer money on your behalf but does not offer banking products like loans, overdrafts, or fixed deposits.

What is the difference between a Wise personal account and a Wise Business Account?

Both offer multi-currency support and international transfers. The personal account is designed for individuals sending and receiving money internationally. The Wise Business Account adds features for business use — including batch payments, team cards, and accounting software integrations.

Can I use Wise to pay CPF or GIRO in Singapore?

No. Wise does not currently support CPF contributions, GIRO salary payments, or corporate tax payments. If these are part of your regular operations, you'll need a separate solution to handle them.

Does Wise have a payment gateway?

No. Wise does not offer a payment gateway. You cannot use it to accept card payments or local payment methods from your customers. If you need to accept online payments, you'll need a separate provider — or a platform like Airwallex that includes payment acceptance as part of its business account.

How long does it take to open a Wise Business Account in Singapore?

Once you've submitted your documents, additional verification typically takes up to 10 working days, depending on your business type and the completeness of your application.⁷ Some straightforward applications are approved sooner.

Sources:

1. https://wise.com/sg/pricing/business/receive

2. https://wise.com/sg/large-amounts

3. https://wise.com/sg/pricing/business

4. https://wise.com/help/articles/3EsxRDF4uNpQncdgH480os/fees-for-receiving-money-by-swift

5. https://wise.com/sg/business/interest

6. https://wise.com/sg/large-amounts

7. https://wise.com/help/articles/2769792/what-do-i-need-to-get-my-business-verified

This publication does not constitute legal, tax, or professional advice from Airwallex, nor does it substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (Singapore) Pte. Ltd. (201626561Z) is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore.