Wise Business account review 2025: Features, fees & more
Last updated: 27 May 2025
We review the Wise Business account and see how it stacks up against WorldFirst.
Key takeaways
- You can send and receive payments through Wise or set up a multi-currency account, which costs AUD 65
- Receiving payments is free except for SWIFT transfers
- There’s no monthly cost or minimum account balance requirement
- Wise also offers Mastercard-powered cards for business expenses
- WorldFirst is a Wise Business alternative that allows businesses to set up multi-currency accounts with 20+ currencies for free
Introduction
Wise is a global payment provider that allows users to send and receive money in multiple currencies. It offers separate accounts for individuals and businesses.
In this detailed review, we take a look at Wise Business and the services it provides.
We also compare Wise with WorldFirst so you can choose the right foreign currency account for your global business.
Table of Contents
What is Wise Business?
Wise Business is a multi-currency account that you can use to send, receive and hold balances in different currencies.
Businesses can use Wise to collect payments from marketplaces and send payments to business partners across multiple currencies and countries.
While Wise (formerly TransferWise) was launched in 2011, its business arm was introduced in 2016. Wise has 16 million registered users globally and Wise Business is used by 300,000 users every quarter [4].
Quick look: Pros and cons of Wise Business
| Pros | Cons |
|---|---|
Wise Business fees: The breakdown
Take a look at the fees for using Wise Business in Australia:
| Wise Business account fees [1] | |
|---|---|
| Monthly fee | Free |
| Opening a multi-currency account | AUD 65 |
| Receiving funds | Free for AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD, TRY and USD (non-wire)SWIFT payments have a fixed fee, which depends on the currency [1] |
| Holding funds in multiple currencies | Free |
| Sending payments to Wise accounts | Free and instant to other Wise users |
| Sending payments to other accounts | From 0.65% (fee varies by currency) |
| Converting currencies | From 0.65% |
| Getting a Wise debit card | Up to 3 virtual cards are available at no additional costs. For more cards, you will have to remove or replace the existing cards [7] |
*Fees checked in February 2025.
How does Wise work?
With Wise, businesses can send and hold funds without monthly account fees (transaction fees apply when sending payments). A one-time fee of AUD 65 gives you access to account details in 23 currencies for receiving payments [1].
Collected funds can be used for payments or converted to your base currency. Fees for sending, converting and receiving vary by currency.
If you’re looking for the right business bank account to suit your business goals and requirements, you may also want to explore Wise alternatives.
Features of Wise Business
Multi-currency account
Signing up for a multi-currency account with Wise Business gives you access to local bank account details for various currencies, including AUD, USD, CAD, EUR and GBP. You can use these local currency account details to collect payments from marketplaces, send payments to overseas business partners and hold balances in foreign currencies.
Receiving payments is free, except for SWIFT payments [8]. The fees for sending payments vary by currency [1].
Business debit card
Wise provides debit cards for online and in-store purchases, supporting 40+ currencies in over 160 countries [6]. You can choose between physical and virtual cards, both usable wherever Mastercard is accepted. Up to 3 virtual cards are available at no additional costs. For more cards, you will have to remove or replace the existing cards [7]
There are no cashback offers available. Check out our in-depth Wise Business card review for more details.
→ Explore the best multi-currency debit cards to find the best option for your growing business.
Batch payments
Wise enables users to make up to 1,000 payments simultaneously by uploading a .CSV or .XLSX file with the recipient and transaction details [3].
Support for marketplaces to collect payments
Wise doesn’t list any specific marketplace integrations, but you can still use it to collect marketplace payments.
By setting up Wise’s multi-currency account, you’ll get access to virtual account numbers and bank details for various currencies. Add the details to your seller accounts on marketplaces like Amazon and Etsy (make sure the currency matches the marketplace region). When a customer makes a purchase, you’ll receive the funds from the marketplace sale in your Wise account.
Integration with third-party apps
Wise integrates with several finance and admin apps, including Xero, QuickBooks, FreeAgent and FreshBooks. [5]
- Open 15+ local currency accounts and get paid like a local
- Pay suppliers, partners and staff worldwide in 100+ currencies
- Collect payments for free from 130+ marketplaces and payment gateways, including Amazon, Etsy, PayPal and Shopify
- Take control of spending with the World Card, a business expense card that saves you more with 1% cashback. Learn more
- Save with competitive exchange rates on currency conversions and transfers
- Lock in exchange rates for up to 24 months for cash flow certainty
Is Wise regulated in Australia?
Wise isn’t a bank but an international payment provider. In Australia, it’s regulated by the Australian Securities and Investments Commission (ASIC) and Australian Prudential Regulation Authority (APRA). It holds an Australian Financial Services Licence (AFSL) [2].
How to open a Wise account
Here are the steps to open a business account in Australia:
- Register on the Wise Business website with your email address. Check the fees and other charges involved before creating an account
- Add details about your business, including your registration number, the industry you’re in and the location of your office
- Add your personal details to verify your identity
Decide whether you want to send or receive payments through Wise or set up a multi-currency account, which costs an additional AUD 65.
The Wise alternative: WorldFirst
WorldFirst allows businesses to set up local currency accounts for free in 20+ currencies, including GBP, USD, CAD, EUR, AUD, NZD and CNH.
Fast-growing global businesses use WorldFirst to pay overseas suppliers and collect payments from 130+ marketplaces and payment gateways. With transparent international transaction fees and competitive exchange rates, you keep more of your earnings and protect your profit margins.
You can open an account with WorldFirst for free. There are no minimum balances required or hidden charges to worry about. Your World Account supports payments in 100+ currencies across 200+ countries and regions.
WorldFirst also offers Mastercard-powered multi-currency debit cards that let you pay in 150+ currencies with no foreign exchange fees on 15 supported currencies. You can earn cashback on all eligible payments you make with your World Card.
It’s important to compare business accounts before making the decision. If you’re still unsure about WorldFirst vs Wise, check out our side-by-side fees comparison.
| Wise Business account fees [1] | WorldFirst fees | |
|---|---|---|
| Monthly fee | Free | Free |
| Opening a multi-currency account | AUD 65 | Free |
| Receiving funds | Free for AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD, TRY and USD (non-wire)SWIFT payments have a fixed fee, which depends on the currency | Free |
| Holding funds in multiple currencies | Free | Free |
| Sending payments to other users in the same network | Free and instant to other Wise users | Free and instant to other WorldFirst users |
| Sending payments to other accounts | From 0.65% (fee varies by currency) |
|
| Converting currencies | From 0.65% | |
| Getting a debit card | Up to 3 virtual cards are available at no additional costs. For more cards, you will have to remove or replace the existing cards [7] |
Free for up to 20 cards |
*Fees checked in March 2025.
Sources
- https://wise.com/au/pricing/business
- https://wise.com/help/articles/2932693/how-is-wise-regulated-in-each-countryregion
- https://wise.com/help/articles/2663295/how-do-i-make-a-batch-payment
- https://newsroom.wise.com/en-CAS/223579-wise-unveils-new-look-as-it-reaches-16-million-customers-served-worldwide-and-continues-global-expansion
- https://wise.com/gb/business/app-marketplace
- https://wise.com/au/business/card
- https://wise.com/help/articles/2935762/how-do-i-order-a-wise-card
- https://wise.com/help/articles/3EsxRDF4uNpQncdgH480os/fees-for-receiving-money-by-swift
- https://wise.com/au/business/
Disclaimer: The information contained is general only and largely our views. Before acting on the information you should consider whether it is appropriate for you, in light of your objectives, financial situation or needs. Although information has been obtained from and is based upon multiple sources the author believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed. All opinions, estimates, mentioned products/services and referenced material constitute the author’s own judgement as of the date of the briefing and are subject to change without notice. WorldFirst shall not be responsible for any losses or damages arising from your reliance of such information.
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