Wise Business account requirements: How to open one in Ireland

If you own a business in Ireland and are looking for a simple, fast, and affordable way to manage your finances, a Wise Business account may be a good option. This account, (formerly known as the Wise Business account), allows you to send, receive, and manage your money in different currencies, with no hidden fees or inflated exchange rates.

In this article, we'll explain the requirements for opening a Wise business account in Ireland and how to complete the process so your company can take advantage of all its benefits.

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Is Wise a bank?

No, Wise is not a bank. In the European Union, it is an authorized payment institution supervised by the National Bank of Belgium.

As a licensed financial services provider, Wise adheres to strict rules to ensure that both its customers and their money are always protected.

The money you deposit into your Wise account isn't mixed with your company's finances, but is safely held in top-tier banks and in high-quality, liquid assets (i.e., safe investments that are easy to convert into cash).

Wise also undergoes regular audits to demonstrate that it manages everything transparently and maintains sufficient capital reserves to address any eventuality. Simply put, the money in your Wise account is always backed up and available, without unnecessary risk.

As a digitally native company, online security is part of its DNA. That's why Wise has developed comprehensive systems to protect its customers: it combines manual reviews conducted by its own team with automated processes that detect any suspicious activity in seconds.

And all of this works 24 hours a day, 7 days a week to monitor accounts and prevent fraud that could affect customers.

Ultimately, while Wise isn't a bank, it’s a trusted, regulated, and secure payment institution for handling international payments, receiving money in multiple currencies, and managing global expenses.

Plus, it offers the mid-market exchange rate (no hidden charges) and low fees , making it a good option for both individuals and businesses.

Opening a Wise Business account in Ireland

Opening a Wise Business account in Ireland is a good option for companies operating both domestically and internationally. However, you must meet the Wise business account requirements.

Having a dedicated account helps you keep track of income and expenses more clearly and allows you to separate your personal and business finances . This is especially important when filing taxes and gives a more professional image to clients and suppliers.

How to open a Wise Business account: step by step

The process for opening a Wise account for your business is done online as follows:

1. Access Wise: You can open a Wise for Business account from your personal account or from the Wise for Business page. You can also do this through the Wise app.
2. Select country: Choose Ireland as the country where the account will be registered.
3. Indicate your role in the company: Select whether you are a director or shareholder, a company employee, or another authorized role.

Next, as part of the Wise account requirements, you'll need to enter some basic business details, such as business type, registered legal name, business name (if applicable), company registration number, and more. To continue with the process, you'll need to do the following:

1. Confirm the company's registered address: country, street, city, and postal code.
2. Add additional information about the company: business sector and specific industry, brief description of the products or services it offers, website or social media links, company size, etc.
3. Review and confirm the data summary: Make sure all information is correct before continuing.
4. Choose the currencies you want to receive payments in: Set up your account to accept payments in different currencies. You can receive money from abroad with local account details.
5. Indicate the primary purpose of the account: payments to suppliers, collection from international customers, management of team expenses, etc.
6. Upload the necessary documentation: company registration document and any additional documents requested by Wise.

Registering for a Wise business account in Ireland has a cost of 50 EUR, and your company will be able to send and receive money, hold currencies and order a debit card, for example.

Once you've completed registration, just wait for confirmation of the verification of your business. Please note that any member added to the account must also be verified.

Verification is a key step that ensures Wise complies with each country's regulatory standards and can confirm the identity of the owners and the legitimacy of the company. It also ensures that you have met Wise account requirements.

Requirements to open a Wise Business account

Setting up a Wise account is easy. However, you'll need some information and documentation to comply with regulatory standards and ensure your business is operating legitimately.

During the registration form, you will have to indicate:

• Company name (maximum 50 characters; longer names should be abbreviated)
• Legal type of company
• Company category (sector, activity, classification)
• Details of directors or equivalent, depending on the legal structure
• Company registration number
• Company registered address and business address (where the company carries out its daily activities)
• Account representative's personal details (must have a personal profile on Wise)
• Purpose of the account
• Company website (optional)
• Company description or industry questions, as appropriate

Additionally, Wise may request additional documents and information to support the information you have provided. This ensures that the company complies with usage policies and international regulations.

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Wise Business Account: Fees and Features

The Wise Business Account is designed to enable businesses of any size to send, receive, convert, and spend money transparently, with no hidden fees.

The big advantage is that Wise always uses the mid-market exchange rate, without any markups - which can be a common practice in some banks or other providers.

Among the key features of the Wise business account is the ability to send money to more than 140 countries with low fees and full transparency. So, what you see is what you pay.

Another interesting feature of this account is the ability to receive international payments in over 8 different currencies via local account details, as Wise provides information such as IBANs and routing numbers, in multiple currencies.

The Wise account also allows you to convert money between more than 40 currencies with complete transparency. If you have a business that works with clients or suppliers in different countries, this will be very useful when moving money from one currency to another without losing out on the exchange rate.

As for expenses, Wise offers a business debit card that you can use both online and in physical form. This card allows you to withdraw cash for free up to a monthly limit.* You can also issue additional cards for your team, with permission and limit control.

Finally, businesses can benefit from bulk payments and send money to multiple recipients in a single step. Plus, if managing large volumes (more than €22,000), discounts are applied to maximize savings.

Here's a summary table of Wise services and their corresponding fees:

* Wise will not charge you for these withdrawals, but some additional charges may occur from independent ATM networks.