Wise, formerly known as Transferwise, also offers business account for businesses that often transfer money abroad. Whether you have heard of a Wise business account or are planning to open one, knowing what’s in store for you would be ideal. In this way, you can prepare the things you need when opening an account and every information required to transfer money from anywhere in the world.
What Is Wise Business Account
Wise business account is a service offered explicitly by Wise, formerly Transfers, a popular online money transfer service. Having a Wise business account makes it easy for every organization to send money abroad and receive funds in their preferred currency.
Wise business accounts are simple to use, wherein sending and receiving money is lighting fast. It has the lowest money transfer fees, which is one of the reasons why they have millions of customers doing billions of transactions annually.
Why Should You Use Wise Business Account
There are a lot of reasons as to why you should use Wise business account, and I will be sharing them with you below:
You can pay invoices from over 70 countries with the actual exchange rates that banks offer. Other competitors don’t have this offer, so their exchange rate is lower than the actual rates in certain banks. Also, paying invoices usually take an hour or two to arrive the majority of the time.
You can pay a maximum of 1,000 people simultaneously without your employees getting charged. This will help your business save time and money on recurring payments, employee reimbursements, and international payrolls.
Bank Transactions Without The Bank
As a Wise business account holder, you can get a sort code, routing numbers, IBAN, and just one of your accounts. All the features that you need to be able to bank abroad are here. A one-time fee of 16 GBP is required but zero hassle.
There is also end-to-end encryption, which means that your money is secured with top institutions, including Barclays.
Wise business account will let you receive payments from different currencies without conversion fees or high recipients. All you have to do is move or convert money around your Wise business account, or you can also withdraw it to your external accounts.
Receiving funds is secured as well because Wise partnered with top regulated financial institutions that have the same authorities as with the majority of the banks.
Debit Cards In Any Currency
You can pay for business expenses online or even in-store using the Wise debit card without incurring any foreign transaction fees. Quickly get cards for the entire team and monitor the spending from the app or the website itself.
Moving Money Through Accounts
With Wise business account, you can quickly move money between offices, businesses, and more. You can do this instantly and without actually involving your bank. Quickly move between more than 55 currencies and pay bills, rent, and mortgages without using your local bank.
Registering For A Wise Business Account
Registering for a Wise business account is very simple and can be completed in just a couple of minutes. All you need to prepare is a valid photo ID and your proof of address.
There are no fees when setting your account or any monthly fees, for that matter. Receiving money is also free, which makes Wise very competitive in the online money transfer industry.
Once you’re done filling up the form and verifying your identity and address, your account is all set up and ready to go. This will usually take a couple of days.
Transferring Funds With Wise Business Account
You can transfer a minimum of $1, while the maximum transfer is at $199,000. Every transfer usually takes a couple of hours to a maximum of 5 days, though most of our clients receive their funds in less than 24 hours.
Wise only charges $3 for every $300 transferred, and only 1% for transfers $5,000. If transfers will exceed $5,000, the cost is lower at 0.7%, making Wise the cheapest in the industry.
One of the best things about Wise is that they are using the mid-market exchange rate for both business accounts and personal. This means that you can expect almost the same rate from the majority of the banks.
For batch payment, Wise business implied it by providing a better interface. This will let you review all the transfers before sending them out. Templates are also available if you need them.
Wise Business Card
Wise business accounts for EU and UK customers can bow get debit cards, which will enable you to pay for your expenses, spend money abroad, and create subscriptions in different currencies. The exchange rate used is of course the one that’s used in that specific country.
Wise Business Mobile App
Wise Business Mobile App has a high rater from its users because of its bright and clean interface. This makes it easier for every user to review all the money received and the transfers made. Recurring payments are also easy with just one click.
Wise is Apple Pay enable and will also let you add your card details just by using your camera instead of entering them manually, risking mistakes.
Wise Business USPs
Wise is 19x cheaper than major financial services for organizations receiving and sending money internationally. Your account can be synced with Xero, which is easier for businesses to manage and track finances.
Wise is also proud of their new API, which will let customers connect and automate payment using other business tools while also improving financial management.
Wise business account is now part of the global market, allowing both wages and invoices to be paid in different currencies with amazingly real exchange rates. The rate offered by Wise is a mid-market rate, so you are not losing anything from not using other services or traditional banks.