Summary of fee changes
This blog post is to update our customers about changes in price and is not a marketing communication. Our mission is to lower the cost of moving money across...
We're launching Wise Business
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 can help you save money when sending international payments. Check our comparison page with business bank accounts.
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.
For more information head to Wise Business, or to find out how businesses are using Wise, read about Hackney Brewery and Danish Island Weddings:
Hackney Brewery
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.
The Wise Borderless account. For business without borders.
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.
Besides all that you can get to know Wise Business company formation solution, where you can create a limited company in the UK and open a Wise Business multi-currency account in one go.
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
Money without borders
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