A Wise business account is an online multi-currency account designed specifically for businesses. It provides a range of features that allow companies to easily make and receive international payments, hold balances in multiple currencies, and manage finances across borders.
Key features of a Wise business account
Some of the key features of a Wise business account include:
Global payments
Send and receive payments to and from over 160 countries quickly and easily. Wise provides bank details in 10 currencies, allowing you to get paid like a local company.
Currency conversion
Convert between currencies at the mid-market rate with low, transparent fees starting from just 0.4%. Much cheaper than traditional banks.
Multi-currency account
Hold balances in over 40 currencies. Manage transfers and currency risk more effectively.
Spending and cards
Spend money abroad easily with the Wise debit card. Make payments in 150+ countries. ATM withdrawals in 50+ currencies.
Invoicing
Create, send and track invoices globally. Get paid faster with a variety of payment options.
Integrations
Connect securely to popular business tools like QuickBooks , Xero, Stripe and more.
How a Wise business account works
A Wise business account operates as a virtual overseas bank account. It allows companies to send seamlessly, receive, hold, convert, and spend money globally.
Some key steps in using a Wise business account include:
Open an account – Sign up online by providing business details and ID verification.
Add funds – Deposit money from a bank account or card. Hold balances in multiple foreign currencies.
Make payments – Use banking details to easily send money abroad to staff, suppliers, contractors etc.
Get paid – Share details to invoice clients globally and receive rapid payments.
Manage money – Track transfers, create reports, set budgets and automate transactions.
Why use Wise for business?
There are several benefits to using Wise for business payments instead of traditional bank accounts.
Significant cost savings – Better exchange rates and lower fees unlock major savings.
Fast transfers – Money typically arrives within 24 hours.
Easy to use platform – The system is intuitive and transparent.
Global reach – Borderless account for seamless worldwide payments.
Multi-currency – Manage cash flow across different currencies effectively.
So in summary, a Wise account makes receiving and sending money internationally faster, cheaper, and easier for today’s global businesses. It provides an essential cash management toolkit tailored for cross-border trade.