Wise Business is a multi-currency account for businesses that work internationally. You can hold money in many currencies, get local account details to receive payments, send and convert money at the mid-market exchange rate, and spend with a business card.
With BatchTransfer, you upload a spreadsheet with invoice and currency details and Wise makes many international transfers from a single payment. To get paid, you can create invoices, send payment links or accept card payments. You can give your team physical and digital cards, set custom spending permissions and decide which team members get access to the account.
Wise presents its Business account as a fit for small businesses, startups and freelancers. It suggests BatchTransfer for running payroll and for paying employees, consultants and freelancers, and you only need each person’s bank details or email address. Wise also names payouts to customers, investors and suppliers around the world as a use for the same tool.
Wise syncs bills and bank feeds with QuickBooks and Xero, and offers bank feeds for other software such as FreeAgent, FreshBooks, Sage, Wave, Zoho, Odoo and Oracle NetSuite. Availability varies by region. For other software, you can download accounting exports, which are statements set up for import into accounting tools. Batch payments can also run through the Wise API. Business specialists answer questions by email, phone or chat at any time.
Registering and holding money are free, and a one-time setup fee unlocks every Business feature. After that you pay per transaction: a conversion fee that varies by currency, fixed fees on SWIFT receipts, and ATM fees above a monthly allowance. Current fees are in the pricing box above.