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Wise Business account review 2025: Features, fees & more

Last update: May 27, 2025

Contents

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.

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
No monthly cost or minimum account balance requirement Send payments in 50 currencies and receive in 29 currencies [9] Wise’s multi-currency account offers access to 23 currencies [1]	Setting up a multi-currency account costs AUD 65 [1] Only up to 3 virtual cards are available at no additional cost. Physical cards may attract a fee [7] SWIFT payments have a fixed fee [1]

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]

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)	Domestic payments to New Zealand or Australian accounts: Zero Cross-border payments and local payments in currencies other than NZD or AUD: 0.4%, capped at AUD 15
Converting currencies	From 0.65%	Major currencies: Up to 0.6% Minor currencies: From 0.67% 1688 payments: Up to 0.8%
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.

Based in Sydney, Jim is responsible for the WorldFirst business across Australia and New Zealand. He brings with him over 25 years of experience helping Business Owners, CFO’s and Treasury Managers overcome the challenges with cross border payments and navigating volatile foreign exchange markets.

Jim Vrondas

Author

Country Manager ANZ at WorldFirst

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Wise Business account review 2025: Features, fees & more

What is Wise Business?

Quick look: Pros and cons of Wise Business

Wise Business fees: The breakdown

How does Wise work?