A detailed review of the Wise Business account for Australian businesses, covering its multi-currency features, card options, fees and how it stacks up against WorldFirst.
Key takeaways
- Wise Business is a multi-currency account that lets Australian businesses send, receive and hold funds in multiple currencies.
- Setting up a Wise multi-currency account carries a one-time fee of AU$65, which unlocks local currency account details in 23 currencies and access to Wise Business cards.
- Wise offers Mastercard-powered multi-currency debit cards for business expenses, with one physical card and up to three virtual cards available per account.
- Receiving payments is free for many currencies, though SWIFT transfers carry a fixed fee and a cross-border fee applies to same-currency transfers routed through local bank networks in another country.
- There is no monthly cost or minimum balance requirement to hold a Wise Business account.
- WorldFirst is an alternative to Wise that lets Australian businesses set up multi-currency accounts in 20+ currencies at no cost.
Wise is a global payment provider that supports sending, receiving and holding funds in multiple currencies. It offers separate accounts for individuals and businesses, along with multi-currency debit cards for business expenses. Setting up the full Wise Business account with local currency accounts and card access carries a one-time AU$65 setup fee.
This review looks at Wise Business in detail, its features, fees and card offering, and compares it with WorldFirst so you can decide which multi-currency account fits your international operations better.
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 | Setting up a multi-currency account costs AU$65¹ |
| Send payments in 50 currencies and receive in 29 currencies⁹ | Only up to 3 virtual cards are available at no additional cost. Additional cards require replacing existing ones⁷ |
| Wise’s multi-currency account offers access to 23 currencies¹ | SWIFT payments have a fixed fee¹ |
| Multi-currency debit cards available for business expenses | Cross-border fee applies even on same-currency transfers |
| Integrates with Xero, QuickBooks, FreshBooks and FreeAgent⁵ | No cashback on card spending in Australia |
Wise Business fees: the breakdown
Take a look at the fees for using Wise Business in Australia:
| Fee | Wise Business account¹ |
| Monthly fee | Free |
| Opening a multi-currency account | AU$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 currency¹ AU$6 cross-border fee applies when you receive same-currency transfers through local bank networks in another country, even if no currency conversion takes place. |
| Holding funds in multiple currencies | Free |
| Sending payments to Wise accounts | Free and instant to other Wise users |
| Sending payments to other accounts | From 0.63% (fee varies by currency). AU$6 cross-border fee applies when you send same-currency transfers through local bank networks in another country, even if no currency conversion takes place. |
| Converting currencies | From 0.63% |
| Getting a Wise debit card | Up to 3 virtual cards are available at no additional cost. For more cards, you will have to remove or replace the existing cards⁷ |
Fees checked in September 2026.
How does Wise work?
With Wise, businesses can send and receive funds in multiple currencies. For a one-time fee of AU$65, you get account details in 22 currencies for receiving payments¹. For each account, you get a unique account number and bank code that you can share with customers.
Collected funds can be used for payments or converted to your base currency. Fees for sending, converting and receiving vary by currency.
When you are sending or converting funds, Wise charges a fee starting from 0.63%. While Wise claims that it only charges “mid-market rates,” what it really means is that you are offered a guaranteed rate, which fixes the exchange rate for a specific period. If the currency markets are too volatile, Wise cannot guarantee the rates.¹⁰
→ 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 account
Multi-currency account
Signing up for a Wise business account gives you access to local bank account details for 22 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.
Wise has introduced a cross-border fee for business clients in Australia. This fee applies when your business sends or receives funds in any foreign currency using Wise’s domestic bank transfer networks.¹¹
Cross-border transfers apply in two cases:
- When you send same-currency payments in a currency different from your base currency (for example, an Australian business sending USD to USD).
- When you use your Wise balance to send funds to a bank account outside your home country.
In both situations, Wise charges a cross-border fee, even though no currency conversion occurs.
The current cross-border fee is AU$6. It doesn’t apply to same-currency transfers between Wise accounts and SWIFT transfers. But there is a separate fee charged for receiving SWIFT payments and USD wire. The exact fee depends on the currency you are receiving through SWIFT.¹²
Multi-currency debit card
Wise offers Mastercard-powered multi-currency debit cards for business expenses. The cards support payments in 40+ currencies across 160+ countries, wherever Mastercard is accepted.⁶
Wise Business accounts include one physical card in the name of the account holder and up to three virtual cards for team members at no additional cost.⁷ Additional virtual cards require removing or replacing existing ones.
Card behaviour depends on whether you hold the relevant currency in your Wise Business account. Spending in a currency you already hold triggers no foreign exchange charge. Spending in a currency you don’t hold triggers a currency conversion fee starting at 0.19%.
The cross-border fee does not apply to Wise Business cards. There are no cashback offers available in Australia.
→ Check out our in-depth Wise Business card review for more details and 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 business 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.
Apart from directly adding the local currency account details to marketplace seller accounts, Wise has added more ways to accept payments. Wise users can:
- Create invoices using its built-in invoicing tool
- Create a payment link
- Get paid through a QR code
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 the 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 apply for a Wise 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 AU$65.
The Wise alternative: WorldFirst
WorldFirst offers a convenient way for businesses to manage and move money globally through local currency accounts in 20+ currencies, including GBP, USD, CAD, EUR, AUD, NZD and CNH.
You can open a World Account for free, with no minimum balance requirements or hidden fees.
Your multi-currency account supports payments in 100+ currencies across 200+ countries and regions, making it ideal for businesses with suppliers or customers around the world. Fast-growing companies use WorldFirst to pay international vendors and collect earnings from 130+ marketplaces and payment gateways.
With transparent transaction fees and competitive exchange rates, WorldFirst helps you keep more of your revenue and protect your margins.
Here are the other key features of a World Account:
Multi-currency debit card
WorldFirst provides Mastercard-powered multi-currency debit cards that support 150+ currencies. You can spend in 15 currencies with zero foreign transaction fees, as long as you have sufficient funds in that currency balance.
Every payment made with the World Card earns cashback each month (T&Cs apply), letting you save even more as you spend.
Marketplace and payment gateway integration
WorldFirst integrates seamlessly with 130+ global marketplaces and payment platforms, including Amazon, AliExpress and Stripe. You can add your local currency account details directly to your seller accounts to receive payments in your customers’ local currencies.
If marketplace verification is needed, you can easily download an account verification letter straight from your World Account dashboard.
Account-to-account transfers
Transfers between World Accounts in the same currency are instant and free, making it simple for global teams or partner businesses to move funds efficiently.
Payments to China
WorldFirst supports local payments to China through a dedicated CNH local currency account. You can pay Chinese suppliers in USD, CNH or another preferred currency, and receive payments in CNH as well.
WorldFirst is also the only authorised international payment provider for 1688.com, China’s largest B2B marketplace. With World Pay, you can use your account balance to pay 1688 suppliers instantly, with no manual transfers required.
Security and regulation
WorldFirst Pty Ltd is an Australian-registered company that holds an Australian Financial Services (AFS) Licence and is regulated by the Australian Securities and Investments Commission (ASIC). It’s also a designated remittance provider registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC), ensuring compliance and transaction safety.
It’s important to compare business accounts before making the decision. If you’re still unsure about WorldFirst vs Wise, check out the side-by-side fees comparison below.
| WorldFirst fees | Wise Business account fees¹ | |
| Monthly fee | Free | Free |
| Opening a multi-currency account | Free | AU$65 |
| Receiving funds | Free | 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 currency¹. AU$6 cross-border fee applies when you receive same-currency transfers through local bank networks in another country, even if no currency conversion takes place. |
| Holding funds in multiple currencies | Free | Free |
| Sending payments to other users in the same network | Free and instant to other WorldFirst users | Free and instant to other Wise users |
| Sending payments to other accounts | 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 AU$15 |
From 0.63% (fee varies by currency). AU$6 cross-border fee applies when you send same-currency transfers through local bank networks in another country, even if no currency conversion takes place. |
| Converting currencies | Major currencies: Up to 0.6%.
Minor currencies: From 0.67%. 1688 payments: Up to 0.8% |
From 0.63% |
| Getting a debit card | Free for up to 20 cards | Up to 3 virtual cards are available at no additional cost. For more cards, you will have to remove or replace the existing cards⁷ |
Fees checked in September 2026.
FAQs
1. Is Wise considered a bank?
No. Wise is not a bank but an international payment provider. In Australia, it’s regulated by the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA), and holds an Australian Financial Services Licence (AFSL).²
2. What is a Wise account?
A Wise account is an online account that lets individuals and businesses send, receive and hold money in multiple currencies. The Wise Business version is designed for company use and includes multi-currency account details, business debit cards and integrations with accounting software.
3. Are Wise accounts safe?
Wise is regulated in Australia by ASIC and APRA, and holds an Australian Financial Services Licence. Wise uses standard security measures including two-factor authentication and encrypted data storage to protect customer accounts and funds. Like any financial service, users should apply their own security precautions such as strong passwords and phishing awareness.
4. How long does it take to open a Wise account?
The signup process for a Wise Business account is largely online and can typically be completed within a few days, depending on how quickly documentation is verified. Businesses need to provide details about the company, its beneficial owners and the account holder’s identity to complete registration.
5. How much does it cost to open a Wise account?
Setting up the full multi-currency account with local currency account details and card access carries a one-time fee of AU$65.¹
6. What are the alternatives to a Wise account?
Australian businesses have several alternatives to Wise, including WorldFirst, OFX and Airwallex. Each provider offers different combinations of multi-currency accounts, card features and fees. WorldFirst, for example, offers multi-currency accounts in 20+ currencies at no setup cost and supports payments in 100+ currencies to 200+ countries and regions.
7. Can I transfer money out of my Wise account?
Yes. You can send money from a Wise account to another bank account, another Wise user, or convert and hold the funds in another currency. Fees for sending payments start from 0.63%, with a cross-border fee of AU$6 applying to same-currency transfers through local bank networks in another country.
8. Does Wise charge for receiving money?
Receiving money into a Wise account is free for most currencies (AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD, TRY and USD via non-wire transfers). SWIFT payments carry a fixed fee that depends on the receiving currency. A cross-border fee of AU$6 also applies to same-currency transfers received through local bank networks in another country.
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/au/business/
- https://wise.com/help/articles/2448203/whats-a-guaranteed-rate
- https://wise.com/help/articles/79jNnUdgbD4IbJiUbExpqt/cross-border-fees-on-same-currency-transfers-for-your-business
- https://wise.com/help/articles/3EsxRDF4uNpQncdgH480os/fees-for-receiving-money-by-swift
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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