Wise Business Review
Best for FX rates & global payments · Founded 2011 · London, UK
Overview
Wise Business (formerly TransferWise) has built its reputation on one core promise: the real exchange rate with the lowest possible fees. Unlike traditional banks that hide a 1.5–3% markup in exchange rates, Wise uses the mid-market rate and charges a transparent variable fee starting from 0.57%, always shown upfront before you confirm.
In 2025, Wise introduced two tiers: Essential and Advanced. Both have no monthly fee — Wise remains fully pay-as-you-go. The Essential plan covers sending money to 160 countries, holding 40+ currencies, and issuing debit cards. The Advanced plan (one-time setup fee of approximately 31 USD) adds local account details in 24+ currencies, payment links, and direct debits — critical features for businesses receiving international payments.
Wise provides local bank details including EUR IBAN (via Wise Europe S.A. in Belgium), USD routing number, GBP sort code, and 20+ more. Clients pay you via local rails, avoiding costly SWIFT fees. Batch payments handle up to 1,000 recipients per upload (CSV or XLSX), and volume discounts kick in for businesses sending over 20,000 GBP or 25,000 USD equivalent monthly.
Plans & Pricing
Essential
Pay-as-you-go
- No monthly fee — pay per transfer
- Real mid-market exchange rate
- Send to 160 countries
- Hold 40+ currencies
- Up to 2 debit cards (first free, additional 5 USD)
- Batch payments (up to 1,000 recipients)
- Multi-user access with roles
- API access
- Xero and QuickBooks integrations
Local transfers: 0/mo
International: Not included
Cards: 2
Advanced
One-time ~31 USD setup fee
- Everything in Essential
- Local account details in 24+ currencies
- Payment links for collecting money
- Direct debits
- Volume discounts (>20,000 GBP or 25,000 USD/month)
Local transfers: 0/mo
International: Not included
Cards: 2
Prices as of . See official pricing page for the latest rates.
Key Features
- Real mid-market exchange rate (no markup)
- Local account details in 24+ currencies (Advanced)
- Batch payments for up to 1,000 recipients (CSV/XLSX)
- Multi-user access with role permissions
- Open API for automation
- Xero and QuickBooks integrations via Open Banking
- SWIFT and local payment rails
- Volume discounts for high-volume senders
Key Information
| FX Fee | from 0.57% |
|---|---|
| Supported Currencies | 40+ |
| Countries Served | GB, DE, FR, ES, IT, NL, IE, PT, AT, BE, US, AU, SG, JP |
| Target Audience | Businesses with frequent international transfers |
| Founded | 2011 |
| Headquarters | London, UK |
Pros & Cons
Pros
- Lowest FX fees in the market (mid-market rate, from 0.57% variable fee)
- No monthly subscription — truly pay-as-you-go
- Local account details in 24+ currencies (Advanced plan)
- Batch payments up to 1,000 recipients
- Transparent pricing with no hidden fees
Cons
- Fees apply on every transfer (no free transfer allowances)
- Receiving features require Advanced plan (one-time setup fee)
- Limited expense management — no receipt scanning or approval workflows
- No built-in invoicing
- Not a full business bank — no lending, no deposit insurance (funds safeguarded)
Wise FAQ
What is the difference between Wise Essential and Advanced?
Both plans have no monthly fee. Essential covers sending money to 160 countries, holding 40+ currencies, debit cards, batch payments, and API access. Advanced (one-time setup fee of ~31 USD) adds local account details in 24+ currencies for receiving payments, payment links, direct debits, and volume discounts for high-volume senders (>20,000 GBP or 25,000 USD/month).
Why is Wise cheaper than traditional banks for international transfers?
Wise uses the real mid-market exchange rate (the one you see on Google or Reuters) without adding any markup. Traditional banks typically add a 1.5–3% hidden markup to the exchange rate on top of fixed wire fees. Wise charges a transparent variable fee starting from 0.57% depending on the currency corridor, always shown upfront before you confirm the transfer.
What are Wise local account details?
On the Advanced plan, Wise provides local bank account details in 24+ currencies. This includes EUR IBAN (via Wise Europe S.A. in Belgium), USD routing (ABA) number, GBP sort code, AUD BSB, and many more. Your clients can pay you using local bank transfers — avoiding costly international wire fees. Free local receiving is available for AUD, CAD, EUR (SEPA), GBP, HUF, NZD, SGD, TRY, and USD (ACH).
Does Wise Business support batch payments?
Yes, Wise Business supports batch payments for up to 1,000 recipients in a single upload. You can create a CSV or XLSX file with recipient details and amounts, upload it to Wise via the web interface or API, and process all payments at once. This is especially useful for paying international contractors or suppliers regularly.
Head-to-Head Comparisons
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