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Looking to transfer large amounts into an international Business Account? Wise Business can help!
Fast-growing businesses face a raft of challenges when it comes to choosing the right business account provider, particularly if they find themselves needing to deposit large amounts into a new account quickly.
At Wise Business, we’ve got you covered. With a dedicated team of account managers ready to help you set up an account to send and receive high-value deposits quickly and securely, you can hold large amounts in a range of currencies including USD, GBP and EUR.
We know that paying employees, contractors and suppliers is a top priority for SMBs, so we’ve made it possible for you to do this directly from your Wise account including sending USD or local currencies to places such as Hong Kong, China and Philippines.
Read below to get started with Wise Business!
What is Wise Business?
Wise Business is the international business account for SMBs from Wise.
In addition to the ability to send and spend in over 50 currencies in 170 countries, Wise Business offers balances and account details in USD, GBP, EUR, AUD and several other major currencies.
We’re used by 300,000+ businesses every quarter, we know all about scaling fast, and we’re here to help you grow your business without borders.
For more information on the Wise Business account see below or visit our homepage.
Can I move money to Wise Business quickly?
Yes. We have dedicated account managers on hand to help you with fast-track onboarding and any FX needs you might have. Contact high-value@wise.com to speak to us. If you are already a Wise customer, log in to call our Customer Support team and ask to be directed to the high value transactions team. Please note that the email address provided is only for customers looking to make high-value deposits of $500k and over.
How much can I move to Wise Business?
If you already have a Wise Business account, you should be able to transfer any amount into your account, subject to our standard Terms of Use. However, if you haven’t yet signed up for an account our high value team can assist you with the onboarding process.
What are the advantages of using the Wise Business account?
- Wise Business offers fast international payments for investments, payments to vendors, and employees —with the mid-market exchange rate, in 50+ countries and 170 currencies.
- You can also get local bank account details for 10 different currencies including USD, EUR, GBP and give them to your customers for an easy way to receive wires and get paid domestically and internationally.
- Hold and exchange 50+ currencies in one account
- Businesses can easily withdraw from Amazon, Stripe and more in up to 10 currencies.
- Get business debit cards for you and your employees to spend like a local and online (available for Sole proprietorships and single-member limited liability companies (LLC)
- Pay up to 1,000 people in one click in 50+ currencies via our batch payments tool. We also offer two-person payment authorisation, for extra peace of mind.
- Manage cash flow by connecting to accounting software including Quickbooks and Wave.
- Boost your USD balance by opting in to earn interest and take advantage of FDIC passthrough insurance (see below).
Disclaimer: Please note the features above are dependent on regional availability.
For more information visit our Business Homepage
*Information correct on 10th March 2023.
How does earning interest work for Wise Business customers?
The option to earn interest is available to Wise Business customers in all states, excluding New York, Nevada, and Alaska. By opting in to earn interest via their Wise Business Multi-Currency Account, customers will be able to earn interest on their USD balances and they are also able to take advantage of FDIC passthrough insurance on their USD balance up to $250,000 (Certain Limitations Apply - see Program Agreement for more details.)
Customers will be eligible for this feature after their tax information has been verified. Interest is paid out monthly at the start of the month directly into your USD balance. Rates are subject to change.
You can find more information on Interest on USD balances here.
What if I need to speak to someone about my business needs before setting up an account?
If you are a Wise customer and need to speak to a member of our customer services support team please log in to your account, visit our help center and ask to speak to the high value business transaction team. If you are not a Wise customer please reach out to us via email on high-value@wise.com and a member of our support team will get back to you.
Is my money safe with Wise Business?
In the US, Wise is licensed as a money services business. We protect the money you hold in your Wise account.
We hold regulatory permissions in various countries that enable us to provide our services. How we protect your money may vary by country according to the different regulations.
Learn more about protection schemes and safeguarding money.
Where is my money held?
In line with US state regulations, Wise uses two approaches to protect funds. We deposit funds at banks and invest them in US government bonds.
At Wise, we believe in transparency. That’s why it’s important for you to know where your funds are held.
| Type | Institution | Country |
|---|---|---|
| Cash Deposit | GOLDMAN SACHS BANK USA | USA |
| Cash Deposit | JPMORGAN CHASE BANK, N.A. | USA |
| Cash Deposit | WELLS FARGO BANK, N.A. | USA |
| Government Bond | US Government | USA |
If Wise Business customers in the US opt in to earn interest on their USD balance, they are able to take advantage of FDIC passthrough insurance on their USD balance up to $250,000.
Keep in mind: as a registered Money Services Business, Wise is responsible for managing the funds within Wise’s customer funds accounts and for ensuring that the correct amount of money is being segregated.
Why do we hold some customer funds in US Government bonds?
Wise does this to manage risk. We only invest in assets that are deemed low risk and highly liquid. We limit the term-to-maturity of any US Government bond we buy to 2 years or less. The duration of all the funds held as US Government bonds is less than 1 year.
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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