Opening a Wise Business Account in 2026: Key Features, Costs, Limitations, and Alternatives
Wise has become one of the leading financial platforms for businesses that operate globally. Its multi-currency accounts, transparent exchange rates, and streamlined online onboarding make it a popular option among freelancers, startups, ecommerce sellers, and remote teams.
🌍 Open a Wise Multi-Currency Account
Choose your preferred currency below to create a secure and fast Wise account with low fees and global accessibility.
However, Wise is not a traditional bank, and that distinction affects the services you receive. Features vary depending on your business type and registered country, and certain limitations may impact how you use the account. This guide provides a detailed, structured overview of the essential things to know before opening a Wise Business Account in 2026, including eligibility, costs, supported regions, documentation requirements, and alternatives worth considering.
Table of Contents
Disclaimer: Information is accurate as of 31 October 2025. For the latest updates, consult Wise directly.
What Is Wise?
Wise (formerly TransferWise), established in 2011, is a global financial technology company offering multi-currency accounts, cross-border payments, and debit cards for individuals and businesses. Founded by Taavet Hinrikus and Kristo Käärmann, Wise operates from its headquarters in London and has been publicly listed on the London Stock Exchange since 2021.
Wise’s solutions are designed for seamless international transactions, supported by a strong infrastructure and backing of over USD 1.7B in investment across 13 funding rounds.
Is Wise a Bank?
Wise is not a bank. It operates as a licensed Money Services Business (MSB) or Electronic Money Institution (EMI), depending on the region. It is regulated by authorities such as:
- The Financial Conduct Authority (FCA) in the UK
- FinCEN in the United States
- Regional regulators in each operating market
Wise does not lend customer funds. Instead, it safeguards client balances by storing them with established institutions such as JPMorgan Chase and Barclays. This ensures customer funds remain separated from Wise’s corporate accounts.
Security features include two-step authentication (2FA) and real-time notifications to monitor account activity.
What Is a Wise Business Account?
A Wise Business Account is an online multi-currency account designed for companies handling global payments. It enables businesses to send, receive, and hold funds in multiple currencies while accessing mid-market exchange rates.
Key Features
Account and Transaction Capabilities
- Hold and convert 40+ currencies
- Send money to 70+ countries
- Receive payments using local account details in up to 9 currencies (USD, EUR, GBP, CAD, AUD, NZD, SGD, RON, HUF)
- Batch payments to up to 1,000 recipients
- Fast international receiving times (often 1–5 business days)
Integrations and Automation
- Multi-user access with permission controls
- Integrations with accounting tools (Xero, QuickBooks, FreeAgent)
- Marketplace integrations (Amazon, Shopify, BigCommerce, Wix)
- API access for automating payouts, invoicing, or payroll
Cards (Availability Varies by Region)
Eligible businesses can access virtual and physical debit cards to spend in 160+ countries, with ATM withdrawals and limited cashback options.
Limitations
- USD account details are not supported in all countries
- Cards unavailable in several regions (e.g., Hong Kong)
- Currency availability varies based on local regulations
Read Also Article: Wise Review 2026: Low-Cost, Secure, and Transparent Money Transfers
Wise Business vs Personal Account: The Key Difference
A Wise Personal Account should not be used for business activity. The business account includes additional features such as multi-user access, integrations, invoice tools, and local receiving details tailored to commercial payments.
Wise Services by Supported Countries
Wise services differ based on the country where your business is registered. Below is a simplified breakdown of the three main service tiers.
Wise Business Service Availability
| Country Group | Business Account | Local Account Details | Business Debit Card |
|---|---|---|---|
| Canada, Singapore, Japan, UK, EEA, Australia, New Zealand | Yes | Yes | Yes |
| United States (except Nevada), Brazil*, Hong Kong, Thailand, South Korea, India | Yes | Yes | No |
| Indonesia, Turkey, Kenya, Mauritius, Papua New Guinea (and select regions) | Yes | No | No |
*Brazil has additional restrictions on supported business types.
Eligibility Requirements for a Wise Business Account
Supported Business Types
Wise supports a variety of legal structures, including:
- Sole traders and freelancers
- Limited and public companies
- Partnerships
- Charities and trusts (in eligible regions)
Brazilian businesses must fit specific registration categories such as MEI or Sociedade Limitada Unipessoal.
Unsupported Types
Wise does not support:
- Unregistered charities
- Businesses dealing in restricted industries (adult, gambling, tobacco, chemicals, military goods, crypto, etc.)
- Businesses with bearer shares
- Entities linked to sanctioned countries
Countries Not Supported
Businesses cannot open or access Wise from the following countries:
Afghanistan, Belarus, Burundi, CAR, Chad, Congo, DRC, Cuba, Eritrea, Iran, Iraq, North Korea, Libya, Myanmar, Somalia, South Sudan, Russia, Sudan, Syria, Yemen, Venezuela, and restricted regions of Ukraine (Crimea, Donetsk, Luhansk, Kherson, Zaporizhzhia).
Required Documents to Open a Wise Business Account
Verification is completed online through the Wise dashboard. Typically requested documents include:
Personal & Business Information
- Government-issued ID (passport or driver’s licence)
- Legal business name and registration number
- Proof of business address
- Description of business activities
Ownership Details
- List of shareholders with 25%+ ownership
- Details of directors and ultimate beneficial owners
- Authorization letter if the applicant is not a director or shareholder
Financial Documents
- Proof of source of funds (bank statements, invoices, contracts, loan documents)
- Explanation of how the Wise account will be used
Requirements vary by jurisdiction.
Wise Business Account Fees in 2026
Wise uses a transparent pay-as-you-go model with no monthly fees.
Standard Fee Overview
| Item | Cost |
|---|---|
| Account Registration | Free |
| Monthly Fee | None |
| Minimum Balance | None |
| Account Details Fee | USA: $31 / Singapore: SGD 99 / UK & Hong Kong: Free |
| Sending Money | From 0.26% – 0.57% depending on country |
| Card Conversion Fee | From ~0.33% |
| Receiving International Payments | Fixed fee (varies by currency) |
Users can view real-time costs before confirming any transaction.
How to Contact Wise Customer Support
Wise primarily offers support through its online resources, but additional channels are available.
When Logged In
- Help Centre with suggested articles
- Contact options via chat or email
When Not Logged In
- Visit the Help Centre and use the “Contact Us” form
Phone Support
- United States: +1 888 501 4041
- Singapore: +65 3135 1147
(Other regional numbers appear when logged in)
Phone support operates 24/7 in most regions.
Wise Business Alternative: Statrys
Wise is a strong option for many businesses but may not meet all needs—particularly for those requiring hands-on support or broader currency tools. In certain regions, such as Hong Kong, Wise does not offer business debit cards.
Statrys presents a viable alternative with more personalised support and broader regional focus.
Comparison: Wise vs Statrys
| Feature | Statrys | Wise |
|---|---|---|
| Multi-Currency Business Account | Yes | Yes |
| Currencies Supported | 11 | 40+ |
| FX Tools | Market orders, rate alerts | Spot orders, trade desk |
| Dedicated Account Manager | Yes | No |
| Business API | No | Yes |
| Local Payments coverage | 12 currencies | Varies by region |
Statrys also offers accounts for businesses registered in Hong Kong, Singapore, and BVI, with dedicated support through email, phone, live chat, WhatsApp, and WeChat.
Conclusion
A Wise Business Account offers a flexible and cost-efficient solution for businesses managing international transactions. Its multi-currency account, transparent fees, and robust integrations make it suitable for freelancers, ecommerce operations, and global teams.
However, Wise is not a bank and has certain limitations—particularly around card availability, regional restrictions, and customer support. For businesses requiring more personalised service or advanced FX tools, alternatives like Statrys may provide a better fit.
Before opening a Wise Business Account, ensure you understand the eligibility criteria, supported features in your region, required documentation, and associated costs. Doing so will help you assess whether Wise aligns with your business’s long-term financial needs.
FAQs
1. What is a Wise Business Account?
A Wise Business Account is a multi-currency online account that allows companies to send, receive, and hold money in multiple currencies using transparent exchange rates.
2. Is Wise a bank?
No. Wise is a licensed financial technology company, not a traditional bank. It safeguards customer funds with partner banks but does not offer lending services.
3. How much does a Wise Business Account cost?
There is no monthly fee. Some regions charge a one-time fee to access local account details, and transaction fees apply to transfers and currency conversions.
4. Who can open a Wise Business Account?
Most registered businesses—including sole traders, companies, and partnerships—can open an account. Eligibility depends on the country of registration and business type.
5. What documents are required for Wise Business verification?
Common requirements include identity documents, business registration proof, ownership details, proof of address, and verification of the source of funds.
6. Which countries support Wise Business services?
Wise Business is available in most major markets, but service levels vary by country. Some regions do not support cards or local account details.
7. Does Wise offer business debit cards?
Yes, but only in select countries. Card availability depends on your business location and local regulations.
8. Can Wise Business receive international payments?
Yes. Businesses can receive payments through local account details in up to nine currencies, including USD, GBP, EUR, AUD, CAD, and others.
9. Does Wise support high-volume business payments?
Yes. Wise offers batch payments, API automation, and integrations with platforms like Xero, QuickBooks, Shopify, and Amazon.
10. What are the best alternatives to Wise Business?
Statrys, Payoneer, Revolut Business, and Airwallex are strong alternatives offering different advantages such as dedicated support, additional currencies, and more robust FX tools.