Wise Business Account Reviews - 2025

What is a Wise Business Account?

A Wise Business Account is a service provided by Wise, an international money transfer provider, specifically designed for businesses and corporations. With this account, you can handle everything from paying salaries to employees, receiving funds, and managing cash flow internationally, all within a single account.

With Wise, you can send international transfers with low fees and the real exchange rate. This is ideal for businesses with international clients or partners, as well as global companies with employees around the world who need frequent international transfers and payments.

Let’s take a closer look at what you can do with a Wise business account.

Wise Business Payments

With a Wise Business Account, you can make commercial payments to over 70 countries domestically or internationally. For international transfers, low fees and the real exchange rate (mid-market rate) with no additional currency exchange fees apply, which can significantly reduce your costs.

You can choose to specify the amount you want to send or the amount the recipient should receive. With the simulation feature, you can clearly see the exact amount your recipient will get, making it easier to make accurate payments to clients or staff. This prevents any issues like “the amount wasn’t enough because fees were deducted.”

The transfer is made directly to the recipient's bank account, meaning they don’t need to have a Wise account (there’s no need to inform them that the payment is being made via Wise). As long as you have the recipient’s bank account information, you can complete the transfer online.

Batch Payments

The Wise Business Account offers a batch payment feature, allowing you to send up to 1,000 payments at once. Simply upload a CSV file with the recipient details, and with just a few clicks, you can pay employee salaries or settle invoices.

There are no additional fees for using the batch payment service.

Wise API

With a Wise Business Account, you can use the powerful Wise API to:

• Collect recipient information

• Execute payments

• Track and adjust payments

These workflows can be automated without additional charges, and the API can be integrated with other accounting tools for free.

Wise Multi-Currency Account and Business Debit Card

With a Wise Business Account, you can open a multi-currency account, just like a personal account, and hold funds in over 40 different currencies. This allows you to send and receive money, use a card, and exchange currencies easily.

Additionally, for 10 major currencies (GBP, EUR, USD, AUD, NZD, CAD, HUF, SGD, TRY), you can obtain local account details by paying a one-time fee of 3,000 yen. This enables you to send and receive funds as if they were domestic transfers. You can also use this account information to collect funds from platforms such as Shopify and Stripe.

For expense management, the Wise business debit card is convenient. You can either pay in foreign currency directly or convert it with a lower fee compared to regular debit cards. This is particularly useful for businesses that frequently travel abroad or import goods from overseas.

User and Permission Settings

With a Wise Business Account, you can add users and freely configure permissions for each one.

• Viewer: Can view the account and download statements.

• Employee: Can use the Wise debit card within the set amount and check their own spending.

• Payer: Can set up payments (actual payments require approval from the payment manager) and download statements.

• Payment Manager: Can execute payments, manage transfers, and exchange currencies.

• Administrator: Has access to all functions and can manage users.

Integration with Accounting Tools

Wise accounts also integrate with accounting tools like Xero and QuickBooks. This means that money spent or received via Wise can be seamlessly accounted for in your accounting software, reducing the hassle of expense management—an extremely useful feature.

How to Use a Wise Business Account

Wise can be used easily online. Here’s how to make a transfer using Wise:

1. Log in to your account.

2. Specify the amount you want to send or the amount the recipient should receive.

3. Choose the purpose of the transfer.

4. Enter the recipient’s information (bank account details or email address).

5. Select the deposit method (bank transfer or card).

6. Review and confirm the details.

That’s it! The transfer process is complete.

For more detailed instructions on how to make a transfer, you can check this page.

Deposit Methods

With Wise, you can deposit funds using the following methods:

• Bank Transfer

• Debit Card

• Apple Pay or Google Pay

Be aware that fees may vary slightly depending on the deposit method. The most cost-effective and common method is via bank transfer. Please note that deposits via credit card are not supported in Japanese yen.

Payment Methods

Money sent via Wise is generally deposited directly into the recipient’s bank account. However, depending on the country or region, other methods of transfer may be available.

Wise Business Account Fees

Opening a Wise business account is free of charge. After registration, there are no subscription or monthly fees. Additional service fees are as follows:

Go to Wise Business 🧳

Wise Exchange Rate

Wise uses the mid-market exchange rate, which is the actual exchange rate without any added fees. This is the same rate you would find on Google or other currency converters.

In contrast, many banks and money transfer providers add a hidden currency exchange fee to the rates, which can make international transfers more expensive. With Wise, the exchange rate is always transparent, making it easy to know exactly what you're paying for.

High-Value Transfers with Wise Business Account

Wise handles over ¥1.6 trillion in transfers monthly and is trusted by over 16 million users. Funds are stored in separate banks from the company's funds, ensuring robust security measures. While Wise is not a bank, it provides the same level of security expected of financial institutions.

On March 12, 2024, Wise received approval from Japan's Financial Services Agency as a Type 1 Fund Transfer Service Provider. The previous transfer limit of ¥1 million was significantly increased, allowing transfers up to ¥150 million in a single transaction.

Wise Transfer Time

Bank international transfers generally take several days to a week for funds to reach the recipient. In contrast, about 45% of Wise transfers are delivered instantly.

The time it takes for a transfer to be delivered depends on the recipient’s country, currency, transfer amount, and deposit method (credit card or bank transfer), but Wise offers a much faster alternative for those looking to send money quickly.

Security of Wise Business Accounts

When it comes to handling business funds, security is a primary concern when using Wise.

Wise Payments Japan, Inc. is registered as a Type 2 Fund Transfer Service Provider (License No. 00040) with the Kanto Local Finance Bureau. Although it is not a bank, Wise operates with the same level of security as financial institutions.

Additionally, to prevent fraud and unauthorized activities, Wise utilizes the latest technology to provide 24/7 monitoring. Rigorous identity verification processes are also implemented to help prevent criminal activity.

Wise is a publicly listed company with over 5,500 employees and more than 16 million customers. It handles ¥1.6 trillion in transfers monthly, demonstrating its trustworthiness globally. Wise has been offering services in Japan since 2016.

Wise Supported Currencies

Wise supports over 40 currencies and allows transfers to more than 160 countries and regions worldwide.

The list of supported currencies is constantly expanding. You can check for the latest updates here. Additionally, business transactions may have currency-specific limits, so it’s important to confirm these in advance.

Summary

In this guide, we've provided a detailed explanation of Wise's business accounts.

Wise’s business account offers a range of convenient services for sole proprietors and corporations, such as international payments, bulk payroll processing, free receipt of payments in 9 major currencies, and administrative permissions for additional users.

Wise business accounts can be opened for free, with no monthly fees. Most features are free to use, making it an ideal solution for sole proprietors and businesses that frequently deal with international clients, employees, or suppliers.

For companies that engage in a lot of international transactions, we recommend considering Wise business accounts.