Can You Use Wise as a Business Account?

In the modern era of global commerce, businesses are no longer confined by borders. The need for seamless and cost-effective international transactions has never been greater.

Amid this demand, Wise has emerged as a prominent player in the financial technology industry. Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks.

But can you use Wise as a business account in the US? This article will explore the possibilities, benefits, and steps to open a Wise Business account.

Can You Use Wise as a Business Account?

Yes. In fact, Wise has two accounts. One for personal use, and one for businesses.

The Wise Business account is designed with businesses in mind, and comes with a host of tools and features to save time, money, and a few gray hairs.

However, you cannot use Wise as a business account if your business is involved in cryptocurrency, tobacco, adult content, or other prohibited activities. You can also check the full list of prohibited activities.

Eligible¹ US customers can also earn 4.85% annual percentage yield (APY) on their USD balance². Plus, when you opt in to the interest feature from Wise, you keep instant access to your money and get passthrough FDIC insurance of up to $250,000 on your USD balance through our Program Bank³.

You can also read the full guide on Wise Business vs Personal to understand the key differences between the two accounts.

Benefits of Using Wise as a Business Account

In the realm of international business, banking systems often bring with them a slew of challenges, including high fees, slow transaction times, and hidden costs due to unfavorable exchange rates. This is where Wise Business steps in, offering a range of benefits that make it an attractive option for businesses:

Global Reach: Businesses can send payments to over 160 countries, making Wise Business a strong choice for companies engaged in international trade.

Multiple Currency Balances: Businesses can send, hold, and manage funds in multiple currencies, all from one account.

Account Details for Major Currencies: Get account details for a simple one-off fee to receive payments, such as UK sort code, or IBAN number to receive Euro payments. With these details, you can get paid at the speed and cost of local payments.

Fast Transactions: With Wise, transfers can occur significantly faster than the multi-day processing times typically associated with banks.

Integration with Business Tools: Wise offers an open API and integrations with accounting and business management software, simplifying financial workflows.

Track Transactions: You can easily monitor your transactions, view historical data, and manage your finances through the Wise dashboard.

Transparent Pricing: Wise employs the mid-market exchange rate for currency conversion, ensuring transparency and eliminating the hidden costs associated with banks.

Low Fees to Send Money: Wise offers low fees for sending money, starting from 0.43% depending on the currency. This can result in substantial savings for businesses engaged in frequent cross-border transactions.

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

How to Open a Wise Business Account

Opening a Wise Business account is a straightforward process that can be completed in a few simple steps:

• Sign Up: Visit the Wise website and sign up for a business account. You'll need to provide some basic information about your company and its ownership.

• Add Business Details: Provide information about your business, including its name, type, and industry.

• Verification: Verify your business and provide necessary documents to comply with regulatory requirements.

• Access Account: Once your account is set up, you can activate multi-currency features, enabling you to hold funds in various currencies. If you're opening account details, you'll need to pay a one-time set-up fee in the US.

• Initiate Transactions: Start making international transfers by entering the recipient's details and choosing the desired currency.

Conclusion: Should You Use Wise as a Business Account?

In the realm of business, efficiency and cost-effectiveness are paramount. Wise's innovative approach to international payments and cross-border transactions has made it an appealing choice for businesses looking to streamline their financial operations.

Get started with Wise Business,
Easy to set up, easy to use

The benefits of using the Wise Business account, including transparent pricing, low fees, and fast transactions, are compelling reasons to consider this modern solution.

Opening a Wise Business account is a simple process that empowers businesses to become part of a more connected global economy.

1. 4.85% Annual Percentage Yield (APY) on USD balances is current as of 01/01/2024 and is subject to change see Program Agreement for details

2. Feature not available to residents of New York or Alaska at this time. Please see eligibility criteria.

3. The current Program Bank is JPMorgan Chase Bank, N.A., see Appendix 1 of the Program Agreement for the most updated list of Program Bank(s). Eligible customers must opt in to the interest feature. Participants will have the balance of their USD funds held in their Wise Account "swept" into a Federal Deposit Insurance Corporation ("FDIC") insured interest-bearing account at one or more participating banks (each, a "Program Bank") that will hold and pay interest on the deposit funds. For more information on FDIC insurance coverage, please visit FDIC.gov. Customers are responsible for monitoring their total assets at each of the Program Bank(s) to determine the extent of available FDIC insurance coverage in accordance with FDIC rules. The Program is not intended to be a long-term investment option, checking or savings account, investment contract or security.