We’re excited to announce the launch of Wise Business.
Wise Business is something we’ve been working hard to build for some time. In fact, to date, our existing business users have sent over £1 billion using the platform as we’ve developed it. Now, after working closely with businesses to create a product that meets their needs, we’re excited to share Wise Business with you all.
It’s the new low cost, easy and fair way for businesses to transfer money internationally. With no sign-up costs or monthly fees, we use our network of bank accounts around the world to swap money between local accounts so that as little cash as possible crosses borders. This local approach makes sending money abroad up to 7x cheaper compared to using a business bank account.
Built out of necessity
Our mission to make finance fairer started five years ago - a million customers later, we’re proud to be able to extend our services to business users. Our research shows that small and medium sized enterprises (SMEs) stand to make significant savings avoiding their banks.
Nearly half (44%) of UK SMEs send or receive international money transfers at least once every six months, yet many don’t know how much they’re charged for the service:
- 1 in 5 of those who transfer money overseas at least every fortnight admit they have no idea how their bank charges them for these transfers
- 28% of SMEs transferring money abroad think they get a good deal - either getting the transfer for free or being charged a flat fee with a reasonable exchange rate
- More than half of SMEs who transfer money internationally only use their business bank account to do so
Businesses can now use Wise to pay suppliers or employees overseas, request payments from customers and transfer funds between their own accounts in different countries.
####Wise VP Growth, Nilan Peiris:
SMEs make-up 99% of all UK businesses - they’re the engine of the UK economy. Despite the banks saying that they support these companies and their growth, the reality is that behind the scenes they’re happy to give SMEs a poor deal with hidden exchange rate charges. In fact, Lloyds Bank recently admitted adding undisclosed charges to overseas transfers made by its ‘less sophisticated’ SME clients.
That just isn’t fair and we wanted to do something about it. We’ve listened to what businesses want, and created a tailored, easy-to-use product for businesses with fast registration, easy reporting and dedicated business customer support teams. We’re excited to be able to offer SMEs a fairer, cheaper, faster alternative for international money transfer.
Hackney Brewery, founded by friends Jon and Pete, was founded in 2011. 5 year laters they're expanding fast. Read more about their journey.
####Danish Island Weddings
Since Louise started Danish Island Weddings in 2008, the number of international weddings on the island has ballooned from 200 to over 3000 each year. Find out more about Danish Island Wedding's story here.
Old-world bank accounts only work properly in one country. They hold money only in one currency. And it gets expensive when you try to use them across borders. Wise's new Borderless accounts solve all of this.
Now you can send, receive and organise your money internationally, without crazy fees or even-crazier exchange rates – just a small, fair charge when your money moves between currencies.
Recently, we’ve had to temporarily restrict how much personal customers can send in one transfer, from certain currencies. There are no changes to how much...
Welcome to the Mission Roadmap - a map of how we plan to achieve the mission of building money without borders: moving it instantly, transparently,...
What if we told you it can take people up to 10 minutes to use your account details to send you money? First they have to ask you for them, then they have to...
Over the last few weeks you might’ve received a few emails from other financial brands you hold money with. This is because the Financial Conduct Authority...
Annyeonghaseyo Shinhan Bank! 🇰🇷 We’re excited to announce Shinhan Bank has integrated with our Wise Platform to bring cheaper, faster international transfers.
Welcome to the Wise Affiliate Program! In this guide you will find all the information you need to get started, optimize and succeed as a Wise affiliate...