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How to open a Wise Business account: 2026 review
A complete guide to the Wise Business account.
Wise Business is a multi-currency account for companies and self-employed individuals to manage international finances. This guide covers the account options, their features and costs, how to open a Wise Business account, and whether Wise is right for your business.
We’ll also introduce Holafly for Business, an eSIM solution to keep your international teams connected.
Business travel made easy
What business accounts does Wise offer?
Wise offers two business account options: Essential and Advanced. The Essential plan is free to open and is for businesses that mainly send money internationally.
Benefits of the Essential plan:
- Send money in 40+ currencies
- Mid-market exchange rate with no markup
- Hold balances in multiple currencies
- Multi-user access and debit cards
- Batch payments to 1,000 recipients
- Earn variable returns on GBP, USD, and EUR
- Accounting software integration (e.g., Xero and QuickBooks)
The Advanced plan requires a one-time setup fee of £50, and in addition to everything in Essential, it offers the following:
- Receive SWIFT payments in 23+ currencies
- Local account details in nine currencies (including USD, GBP, and EUR)
- Invoice generator and payment links
- Get paid by card, bank transfer and Apple Pay
- QR code payments
It’s also worth noting that 70% of transfers arrive in under 20 seconds and 95% within 24 hours, according to Wise.
Wise Business bank account review: fees and regulations
Before you open a Wise Business account, let’s examine costs and how your money is protected.
Starting with the former, Wise Business account fees follow a pay-as-you-go model without a monthly charge.
| Fee type | Cost |
|---|---|
| Account setup | Free (Essential) / £50 one-off (Advanced) |
| Currency conversion | From 0.33%, depending on the currency pair |
| Sending money | Small fixed fee + variable percentage (varies by currency) |
| Team debit cards | Typically free for the first card; £3 per additional card |
| ATM withdrawals | Free up to £200/month (max two withdrawals); 1.75% + £0.50 after that |
| Receiving SWIFT payments | Fixed fees apply (e.g. £2.16 for GBP; $6.11 for USD) |
| Volume discounts | Available on monthly transfers over £20,000 or equivalent |
Wise Payments Limited is authorised by the Financial Conduct Authority (FCA) as an Electronic Money Institution under the Electronic Money Regulations 2011. It’s not a bank and doesn’t offer overdrafts, business loans, or credit lines.
Customer funds aren’t covered by the Financial Services Compensation Scheme (FSCS), which protects deposits up to £85,000 at regulated UK banks. Instead, Wise is required to safeguard 100% of customer funds by holding them in separate accounts at regulated financial institutions or in liquid assets (e.g. government bonds).
How to open a Wise Business account
Opening a Wise Business account is a digital-first process that can typically be completed in minutes.
Before you apply, you’ll need the following to hand:
- Business registration number and entity type
- Proof of business address, registered and trading (PO boxes aren’t accepted)
- Full names, dates of birth, and countries of residence for all directors and beneficial owners (anyone holding 25% or more)
- Government-issued photo ID and proof of personal address for the account representative
- Information on your source of funds, such as recent bank statements or a loan agreement
- A company website or social media presence to verify your business activities
Once you have your documents ready, head to the Wise website or mobile app and follow these steps:
- Enter your work email and create a password.
- Select ‘Business’ as your account type and choose ‘United Kingdom’ as your country if you’re in the UK.
- Verify your mobile number with a security code.
- Search for your business by name or company registration number.
- Describe your business by providing your industry, website URL, or a short description of your activities.
- Enter your personal details: legal name, date of birth, and home address.
- Verify your identity by uploading a photo ID (passport or driving licence) and taking a selfie.
- If opening an Advanced account, pay the one-time £50 setup fee.
Most verifications are processed within one to three working days, though complex applications may take longer.
Where is Wise for Business supported?
Wise Business account supported countries include Europe, North America, and parts of Asia and Oceania. The features available to your account depend on where your business is registered.
Some countries allow registration, but with restrictions. Businesses registered in Bahrain, Israel, and Malaysia can’t hold money in a Wise Business account. Businesses registered in India can’t hold a balance, though they can send money there. In Brazil, support is available for specific entity types, but you can only hold BRL if you’re a resident.
In a similar vein, Wise doesn’t currently offer services in several countries due to international sanctions or local regulations. This includes Afghanistan, Belarus, Cuba, Iran, North Korea, Russia, Syria, Venezuela, and others.
Is Wise right for your business?
Wise Business is a strong option if your company:
- Regularly sends money overseas, or
- Pays international suppliers or contractors, or
- Needs to receive payments from abroad without high transfer fees
The pay-as-you-go pricing keeps overhead low, and the multi-currency tools make it straightforward to manage global cash flow.
It’s not, however, a replacement for a traditional bank account.
Wise doesn’t offer overdrafts, business loans, or cash or cheque deposits. Funds aren’t protected by the FSCS, which may be a factor for businesses holding large balances. Furthermore, companies in high-risk sectors such as gambling, adult content, or unregulated financial services are generally not eligible.
For a broader look at your options, see our guide to the best business bank account for international payments or seven ways to send money globally.
Keep your international teams connected with Holafly for Business
Managing international payments is one part of running a global team. Another is ensuring your employees have reliable mobile data while travelling.
Holafly for Business is an eSIM solution for companies with travelling staff, offering data in 160+ destinations, with unlimited data options and 24/7 multilingual support. Holafly Plans for Business come in four tiers:
- On Demand (from €3.40/day): for companies with occasional travel without fixed costs. You only pay when your employees are on the move.
- Always On (€9.95/year): provides 1 GB of data per month. Ideal for employees taking up to four short trips per year.
- Unlimited (€57/month per eSIM): offers unlimited data, VPN, ad blocker, web protection, and is for teams that travel regularly.
- Enterprise (custom pricing): perfect for large companies that need tailored solutions; includes customisable data limits and coverage, geo-blocking, and priority customer support.
All plans include access to the Holafly Business Center, a centralised dashboard for managing eSIMs, costs, and invoices.
Not sure which plan is best for you? Book a demo to see how it works.
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I’m a writer with over eight years of experience in digital content. My work has appeared in publications such as The New York Times, Forbes, Business Insider, and the BBC. At Holafly, I write clear, practical guides to help travelers stay connected with eSIM technology. In my spare time, I enjoy car detailing, biking around Warsaw, and capturing portraits.
