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Wise Business

: 2024 Review

Best for remote small businesses
Price: 
Free after $31 opening fee
Countries:
Global
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Wise Business

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Review

Wise Business is our go-to account for paying international vendors and service providers. We love using it for international transfers due to its low fees, fast transfer times, and versatility (over 50 currencies offered). As a bonus, it also offers helpful features like team management and expense tracking.

How to apply

  • Apply online here
  • You'll be asked to submit your personal and company documents

Pros

  • No monthly charges
  • Utilize the actual exchange rate for transforming overseas income
  • Hold account balances for 10 different currencies, including USD, GBP, and EUR
  • Process payments for as many as 1,000 invoices and salaries simultaneously
  • Benefit from exceptionally competitive, fixed fees for international payment transfers within the industry
  • Seamlessly connect with accounting software such as QuickBooks
  • Transfer funds to as many as 80 different countries
  • US-based businesses have the option to open an interest-bearing account

Cons

  • Prices have been steadily on the rise as time has
  • Basic accounting software with minimal integration
  • Local ACH transfers incur charges
  • ATM fees after $100 or 2 transactions in a month

Key Benefits and Features

  • Provides access to over 50 currencies in over 170 countries, all without any foreign transaction fees
  • Offers seamless connections with Xero, QuickBooks, Sage, FreshBooks, Wave, Oracle NetSuite, and other software solutions
  • Allows fund transfer to as many as 80 countries
  • Safeguard and change money across 50+ currencies
  • US-based businesses can benefit from an interest-bearing account with a competitive APY

‍

Fees

  • Opening fee: $31 one-time
  • Monthly Fee: $0
  • Bank Transfers: variable
  • Card Purchases: variable
  • Foreign transaction fee: Varies by currency pair, typically lower than traditional banks

‍

Sources: Monito, Fit Small Business

Dexter Zhuang
Dexter Zhuang

Dexter is the founder of Money Abroad, a website and newsletter on building wealth for global professionals. Over the last 10 years, he's been a product leader, product manager, consultant and coach at companies like Dropbox, Xendit, and growth-stage startups across the US, Asia Pacific, and Latin America. His work has been featured in global publications like Business Insider, CBS, US News & World Report, and Tech in Asia. He graduated from Dartmouth College.

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