Wise Business vs bunq Business: Global FX Tool vs Licensed EU Bank

Wise Business Essential is free — no monthly fee, no setup cost. You pay only when you transfer money. The Advanced plan has a one-time setup fee (approximately EUR 30) for additional features including local account details in 24+ currencies, payment links, and direct debits.

bunq Business plans start at EUR 9.99/month (or EUR 7.99/month on annual billing) and go up to EUR 23.99/month for the top tier. There is no permanent free plan. All plans include the Dutch banking licence, deposit insurance, AutoVAT, and Company Cards (number varies by plan).

For a freelancer making 3–5 international transfers per month, Wise's no-subscription model is typically cheaper even after per-transaction fees. For a small team that values banking structure, AutoVAT, and Company Cards, bunq's subscription cost is justifiable as part of a comprehensive banking stack. The question is whether you are buying a transfer tool or a business bank.

Wise is built around international money movement. It gives you the real mid-market rate — the same rate you see on Google — and charges a transparent fee starting from 0.57% per transfer. There is no FX markup, no weekend surcharge, and no hidden spread. Wise operates in 40+ currencies and can reach 160+ countries through local payment networks, often faster and cheaper than SWIFT.

bunq supports 22 currencies and charges 0.5% FX markup beyond the interbank rate. For international SWIFT payments, bunq uses Wise as its transfer partner (so you are effectively accessing Wise's network through bunq's interface). bunq's annual SEPA caps apply: 100–500 free outgoing SEPA transfers per year depending on plan, with EUR 0.13 per transfer beyond the cap.

For pure international payment volume and lowest FX cost, Wise is the specialist. bunq is adequate for occasional international transfers but its SEPA caps can penalise high-volume domestic euro users, and its FX markup is higher than what Wise charges directly.

bunq holds a full banking licence from the DNB (De Nederlandsche Bank). Business deposits at bunq are covered by the Dutch deposit guarantee scheme up to EUR 100,000 per depositor — the same statutory protection as ING or Rabobank. This is a genuine, government-backed guarantee.

Wise is a payment institution — not a bank. Wise Payments Limited is FCA-authorised (UK) and Wise Europe S.A. is a Payment Institution licensed by the National Bank of Belgium. Customer funds are safeguarded: held in segregated accounts in cash, secure liquid assets, or comparable guarantees, completely separate from Wise's own funds. However, safeguarded funds are not covered by a deposit guarantee scheme.

For businesses that hold significant operating balances in their account, bunq's deposit insurance is a material advantage. For businesses that primarily use the account for transacting rather than holding balances — routing payments in and out quickly — Wise's safeguarding is adequate and the practical risk difference is small.

bunq's AutoVAT is a standout feature for VAT-registered businesses. bunq automatically calculates the VAT element of each incoming payment and sets it aside in a dedicated sub-account, so you never accidentally spend money owed to the tax authority. When VAT payment is due, the funds are already reserved. This is a genuinely useful automation for any VAT-registered sole trader or company.

bunq also provides Company Cards — physical and virtual cards for each team member, with individual spending limits. This makes bunq functional as a lightweight expense management tool for small teams. bunq's API and Zapier integration allow custom automation workflows.

Wise Business has a multi-user account with role-based permissions, batch payments for up to 1,000 recipients, and Xero/QuickBooks integration. But it has no AutoVAT, no team expense management, no receipt capture, and no equivalent of Company Cards. Wise is a two-card-maximum product focused on transfers, not team banking.

Wise Business is available globally. EU businesses, US businesses, Australian businesses, and many others can open Wise accounts. This makes Wise uniquely useful for businesses with operations or clients in multiple regions outside Europe. Wise's local account details in 24+ currencies (USD routing, GBP sort code, AUD BSB, EUR IBAN, etc.) support receiving payments from clients worldwide via local rails.

bunq operates in 9 EU countries. It is a European product for European businesses. bunq supports 22 currencies and allows holding balances in multiple currencies, but the account is restricted to EU-registered businesses. Outside the EU, bunq is not available.

For internationally mobile founders or businesses with significant non-EU revenue, Wise's global availability is a structural advantage. For EU-based businesses focused on European markets who want the full banking licence and AutoVAT, bunq's EU coverage is sufficient.