Wise Business Account Review (2025): Features and fees

In today's digital economy, businesses of all sizes need smart solutions for managing international finances.

Wise's Business Accounts aim to simplify global banking with transparent pricing, multi-currency features and mid-market exchange rates. The platform promises to help companies cut the cost of international growth while making it easier to get paid by overseas customers.

But does it deliver the comprehensive tools growing businesses need in 2025? This review examines Wise's capabilities, costs, and features to help you determine if it matches your company's international banking requirements.

What is Wise?

Wise is an Electronic Money Institution provider focused on helping people and small businesses manage international payments. After launching in 2011 as a consumer-focused service (then called TransferWise), the company expanded into business solutions in 2016¹ and now serves over 600,000 business customers who collectively move billions across borders each quarter². With services available across the UK, EEA, US and Asia-Pacific regions, Wise positions itself as a straightforward alternative to traditional banks, particularly for businesses seeking efficient international payment solutions without the complexity and costs of conventional banking.

How does Wise work?

​​Wise Business Accounts operate through a digital platform accessible via web and mobile apps.

After paying a one-time setup fee of £45 for UK businesses and €50 for EEA businesses³, users gain access to a multi-currency account system where they can hold and exchange over 40 currencies at mid-market rates⁴. Businesses can receive payments using local bank details in 10 major currencies, making it easier to collect funds from international customers without the need for multiple bank accounts.

The platform's sole functionality is international payments and currency management, with businesses able to issue company debit cards, integrate with accounting software like Xero and QuickBooks and make batch payments of up to 1,000 recipients at once⁵. While pricing follows a pay-as-you-go model with no monthly fees, it’s important to know that sending funds incurs a transfer fee from 0.33%, plus a small fixed fee that varies by currency.

If you’re looking for a more comprehensive business account or better global coverage, you may want to explore alternatives to Wise.

Key features of Wise Business Accounts

Wise's Business Accounts include several tools designed to help companies manage their international finances.

Key features:

• Multi-currency accounts

• Batch payments

• Business debit cards

• Local bank details

• Cashback

• Accounting software integration

Multi-currency accounts

Hold and manage over 40 currencies at mid-market rates, with local bank details in 9 major currencies (including GBP, EUR, USD, and AUD) that let businesses receive payments like a local.

Batch payments

Make up to 1,000 payments at once by uploading a spreadsheet, ideal for managing bulk domestic and international supplier payments or large-scale global transfers.

Business debit cards

Businesses can issue their team physical and virtual debit cards for spending in multiple currencies. Cards can be used in over 170 countries with automatic currency conversion at mid-market rates.

Cashback

Users can earn 0.5% back on eligible Wise business debit card purchases, with rewards automatically credited to their account monthly in the same currency as their spend⁶.

Accounting software integration

Wise offers integration with popular platforms like Xero and QuickBooks to automate reconciliation and streamline bookkeeping.

Wise pricing and fees

​​​​Wise offers a single pay-as-you-go pricing model for businesses of all sizes, with no monthly subscription fees. Here are the main costs you’ll want to consider⁷:

Account set-up fee:

• UK/EEA businesses: £45 one-time fee

Sending money:

• International transfers: from 0.33% + small fixed fee (varies by currency)

• Local transfers: small fixed fee per transfer

• Batch payments available for up to 1,000 recipients

Card costs:

• Physical/virtual cards: £3 one-time fee per additional card

• ATM withdrawals: free up to £200 monthly, then 50p per withdrawal

• Account funding transactions: 2% per transaction

• Foreign transactions: interbank rate + from 0.33%

Multi-currency features:

• Hold 40+ currencies: free

• Getting account details to receive payments in 23 currencies: £45

• Receiving local payments in 9 currencies: free

• Receiving USD wire and Swift payments: $6.11 USD

• Receiving CAD Swift payments: $10 CAD

• Receiving Swift payments in 21 currencies: free

• Currency conversion: interbank rate + from 0.33%

Additional fees apply for certain currency routes.

What do you need to open a Wise business account?

To open a Wise Business Account, you'll need to provide⁸:

• Business name and registration number

• Registered business address

• Personal identification for the account representative

• Details about business activity and website

• Company registration documents (varies by entity type)

• Information about company directors.

Approval typically takes 1-2 working days once all documentation is submitted.

Alternatives to Wise: consider Airwallex

Wise excels at providing straightforward international payment solutions that work well for smaller businesses and freelancers. Built from the ground up for business users, Airwallex takes a different approach with itscomprehensive financial platform.

Airwallex Business Accounts extend beyond basic international transfers with operations across 150+ countries, local account capabilities in 23 currencies and a complete suite of business tools. These include integrated expense management, automated accounts payable workflows, unified treasury solutions and API access for customisation. While Wise uses a pay-as-you-go model with a set-up fee, Airwallex offers three structured plans: Explore: £0* or £19 p/m, Grow: £49 p/m and Accelerate: £999 p/m.

How to open a business account with Airwallex

Opening an Airwallex account is straightforward. Simply visit the Airwallex website, complete the online application form, and upload the required documentation. Approval typically takes a few days, after which you can access your account.

* £0/month if you deposit at least £10k per month or hold a minimum balance of £10k. For more information, see here.

Sources & References

• https://wise.com/gb/blog/a-wiser-way-to-make-international-business-payments

• https://wise.com/gb/business/

• https://wise.com/gb/pricing/business

• https://wise.com/gb/business/receive-money

• https://wise.com/gb/business/payments

• https://wise.com/gb/business/card

• https://wise.com/gb/pricing/business

• https://wise.com/gb/blog/wise-business-account-requirements-uk

Disclaimer: We wrote this article in Q1 2025. The information in this article is based on our own online research. Airwallex wasn't 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]]. Airwallex (UK) Limited is authorised by the United Kingdom Financial Conduct Authority (‘FCA’) under the Electronic Money Regulations 2011 (‘EMRs’) (firm reference number 900876). If you would like to request an update, feel free to contact us at [email protected].