Shopify Balance offers a business checking account. The account has no monthly fees and includes a free debit card.
Navigating the world of business isn’t easy – especially when you’re just starting out.
Wise Business has made the process easier by offering a simple, straightforward business solution that’s perfect for everyone, from solo entrepreneurs to established enterprises.
Wise’s inclusive approach also extends beyond US borders, making international transactions easier. If you’re interested and wondering how to open an account in the US, this quick guide’s for you.
Are you looking for an account that helps you save while sending and receiving payments?
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No minimum balance required and no monthly fees
Whether you're a sole proprietor, leading a thriving startup, or steering an established corporation, understanding what’s required to open up an account will help you start that smooth banking experience. Let's break it down and navigate what you need to open your very own Wise Business account.
For all company types, you’ll need to provide the following:
- Legal name of entity
- Primary place of business and US street address (non-PO box addresses)
- Employer/Taxpayer Identification Number (EIN)
- List of shareholders who own 25% or more of the business, including full name, country of residence, date of birth, and exact percentage of shares they own
- List of directors, including full name, country of residence, and date of birth (if applicable to company type)
- Details of your company’s website and a short description of what your business does
But depending on what company type your business is registered under, whether a not-for-profit or general partnership, there might also be other requirements. For example, Limited Liability Partnerships (LLP) will also be required to give details of the managing partner of the company (like their full name, date of birth, and country of residence).
Wise keeps things simple. While you’ll need to provide details about yourself and your business and documents to verify them, there are only a few steps to take:
Here's what the process looks like:
- Register for an account: Head over to the sign-up page.
- Enter details about your business: Get ready to share details about your business, like where you’re located, the industry you’re in, your business registration, its name, country of residence for all stakeholders, and a document showing who owns or controls the company.
- Enter details about yourself: You’ll also need to share your personal details to verify your identity, such as your Social Security number (SSN). If you’re not a company director, you might need to add extra information to confirm your authorization.
- Set up your account and/or pay a one-time fee for account details: If you’re choosing to open account details, you’ll need to pay the one-time fee, which will also get you access to account details for global currencies, such as USD, CAD, EUR, GBP.
- Wait: Now it’s time to play the waiting game. Wise will let you know if they need any extra information, but verification typically takes less than 10 working days.
- You’re verified! Once you’re verified, you’ll get a confirmation email sent out to you. (Please keep in mind that new team members will also need to be verified when added to the account!)
Wise only supports charities and trusts in certain countries, the US being one of them. As well, US businesses have some other specific requirements.
Wise Business operates with total transparency, making sure there are no hidden charges lurking around the corner. Like many top-tier banking solutions, it does come along with a few fees, but you only pay for what you use.
Wise charges minimal fees for international transactions, which are often lower than traditional business accounts.
In the US, sending money to another Wise account is free. Conversions between currencies within your Wise account are also done at real exchange rates, and you can hold up to 40+ currencies in your account.
In the US, Wise Business debit cards are available for sole proprietors and single-member limited liability companies (SMLLCs) for a low one-time fee. It's perfect for handling day-to-day business expenses, booking your next business trip, or even taking care of surprise expenditures. It's all tracked, transparent, and conveniently tied to your account for seamless expense management.
Let’s explore some of the other great features that Wise Business offers that make managing your finances straightforward.
One of the unique features of the Wise Business account is its ability to hold multiple currencies. Typical accounts limit you to one or two base currencies, so you won’t have to worry about opening separate accounts in each country or region. Forget having to deal with expensive foreign exchange charges – you can hold over 40 currencies directly in your account. If you’re dealing with international transactions regularly, operating across borders won’t have to be stressful.
Wise allows businesses to get account details in multiple currencies, including GBP, USD, EUR, CAD, and more, so you can receive payments in your currency of choice without the extra fees. In the global marketplace, businesses routinely deal with clients and partners from all around the world. Businesses also are increasingly sell online, and the Wise account details proves useful for ecommerce sites, such as Etsy, Amazon, eBay, and more. This feature lets you receive more of your money using account details and reduces the hassle associated with unfavorable exchange rates.
Whatever you’re sending money for, you’ll have the confidence knowing Wise uses the mid-market exchange rate, which means no markups or hidden fees.
Wise’s commitment to transparency is reflected in their pricing. They don’t have hidden fees and provide a clear structure. Local and international transfers are always done at the mid-market exchange rate, the same one you’ll find on Google or any financial new source – the fairest rate out there.
With the efficient payout system, freelancers, employees, suppliers, and more can easily get paid, no matter where they are around the world. Through the batch payments tool, you can also make up to 1000 payouts in a single instance to your team at home and abroad. Moreover, the Wise Business API can help you automate and schedule these payments to ensure that you are
Accounting becomes less of a chore with Wise, as the platform easily integrates with popular accounting software to automate transaction records and receipts, and there are tools like jars and groups to help you budget.
Wise currently supports integration with Xero, QuickBooks, Wave, Sage, and more. These integrations eliminate the need to jump between apps and keep your financial data accurate and up-to-date.
To help budget for your business, Wise has set up the Jars feature so you can put funds in different jars for distinct goals or projects and manage them accordingly. And when it comes to managing a team, the Groups feature can let you separate expenses for teams in your company, create a pool of money for an event to spend from, separate money to pay specific suppliers and manage controls and permissions.
Collaboration and control are important when managing a business. With team alerts and permissions, you can always keep your crew on the same page. You can customize the level of access for each employee and have real-time alerts for every transaction. That means everybody gets to enjoy transparency and communication, as well as security, where all changes are immediately reported.
While we’ve covered quite a bit of ground, you might have a few other questions you want answered. Here are some answers to other questions on the Wise Business account.
Wise has two types of accounts available: a personal account and a business account.
The Wise Personal account is made for individual users. It’s an online account for personal money transfers that eliminates high foreign exchange fees, making international transactions a lot easier. The personal account can hold over 40 different currencies, and all conversions are made at the mid-market rate.
On the other hand, the Wise Business account was specifically designed for the financial needs of businesses. It takes into account paying international suppliers, conducting mass payouts, handling payroll, and more. You also get features like multiple-user access, integration with accounting software, and more that you wouldn’t need otherwise with a personal account.
Wise Business is not a bank account – it’s a money services business (MSB). However, it has many features that make it useful in managing your business’s financial needs, especially when doing business overseas.
The account can hold your money, but in a way that allows you to receive and send money in multiple different currencies. Essentially, it’s like having a local account details all around the world. There are also business debit cards available, along with convenient expense tracking.
You can confidently use Wise Business for your everyday transactions.
Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks.
Transaction speed claimed depends on individual circumstances and may not be available for all transactions. Eligibility is subject to verification of customers' identity.
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 Wise Payments 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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