Review · checked 25 October 2026
Wise Business review: is the Wise Business account right for you?
This Wise Business review is for UK firms that get paid, pay suppliers or spend in more than one currency. The Wise Business account has no monthly fee and one setup fee, and most of what you pay depends on how much money you move and convert. Here's what it costs, how your money is protected and who should look elsewhere.
Our verdict
Good fit if you
- get paid by clients abroad and want local account details in several currencies
- pay overseas suppliers or contractors in their own currency
- want no monthly fee and are happy to pay a one-off setup fee
- need multi-currency cards for your team
Look elsewhere if you
- want FSCS deposit protection on your account balance
- need to pay in cash or cheques
- are a trust or a UK limited partnership looking to register
- mainly bank in pounds and want a full UK bank account with branch-style services
Partner: we may earn commission if you open an account through our link. It doesn't change our assessment. Disclosure
Wise started as a money transfer service, and the Wise Business account is built around multiple currencies. In this Wise Business review we read Wise's own pricing, card, eligibility and safeguarding pages on 25 October 2026. We set out the fees in plain numbers, explain why Wise is not a bank, and flag the points you should check with Wise before you sign up.
Wise Business review at a glance
| Provider | Wise Payments Limited, an electronic money institution (EMI) regulated by the FCA, registration number 900507 |
|---|---|
| Regulator status | Authorised by the FCA under the Electronic Money Regulations 2011. Wise is not a bank |
| Protection | Your money is safeguarded, not covered by the FSCS |
| Monthly fee | None. There is one account, with a 50 GBP setup fee |
| Who can apply | Sole traders, freelancers, limited and public companies, and partnerships, with some UK exceptions |
| How to open | Online or in the Wise app |
| Support | Business specialists for Wise Business account holders by email, phone or chat, 24/7 |
| Customer rating | Wise's site quotes 4.3 stars from over 303k Trustpilot reviews |
Wise Business fees
Wise doesn't sell plan tiers. You get one Wise Business account, and Wise describes the setup fee as "every Wise Business feature for one set-up fee". After that, there's no monthly charge. You pay for what you use, mainly sending and converting money.
| Plan | Monthly fee | Setup fee | What's included |
|---|---|---|---|
| Wise Business | None | 50 GBP | Account details to get paid in 22 currencies, first card, holding money in multiple currencies |
Wise's pricing page lists 50 GBP as the "all in" setup fee and also shows 50 GBP next to account details in 22 currencies. Check with Wise that this is a single charge, and whether VAT is added, before you rely on the total.
| What you do | Fee |
|---|---|
| Receive local (non-SWIFT) payments in AUD, CAD, EUR, GBP, HUF, NZD, PHP, SGD or USD | No fee |
| Receive a GBP SWIFT payment | 2.16 GBP |
| Receive a EUR SWIFT payment | 2.39 EUR |
| Receive a USD wire or SWIFT payment | 6.11 USD |
| Send money | Varies by currency, from 0.24% |
| Convert money | From 0.24%, with volume discounts over 20,000 GBP a month |
| Card payments | No fee (a conversion fee applies when you spend in another currency) |
| Extra team cards | 3 GBP each, no annual card fee |
| ATM withdrawals | No fee up to 250 GBP a month per account, then 2.69% of the amount over 250 GBP |
| Holding money | No fee |
| Adding money to external e-wallets | 2% |
Wise's pricing page doesn't spell out the fee for a simple pounds-to-pounds transfer within the UK, and it doesn't mention CHAPS or Direct Debits. If you'll mostly pay UK suppliers in pounds, check those costs with Wise before you open a Wise Business account. The no-monthly-fee structure only helps if the per-transfer costs suit how you work.
Visit Wise BusinessPartner: we may earn commission if you open an account through our link. Disclosure
Wise Business features
- Multi-currency account: the Wise Business account lets you get paid in 22 currencies with local account details, then hold and convert between currencies.
- Cards for your team: physical and digital multi-currency debit cards, usable in 231 countries and territories. Your first card comes with the setup fee.
- Team controls: custom spending permissions and access levels for each person.
- Batch payments: pay up to 1,000 contacts at once, which helps if you run a payroll of overseas contractors.
- Getting paid: invoicing, payment links and card payment acceptance.
- Accounting software: QuickBooks and Xero for bills and bank feeds, and bank feeds for Sage, FreeAgent, QuickFile, Zoho and others. Wise says availability varies by region.
- Cashback: Wise advertises 0.5% cashback on eligible card transactions for UK-registered Wise Business accounts. Read the conditions in the app before you count on it.
Wise also offers Interest and Stocks features. Interest is a fund product, not a savings account. Wise says its GBP fund averaged 3.03% a year over 5 years, before fees, with a 0.55% annual fee, and your capital is at risk. Check with Wise whether these features are open to your Wise Business account.
Is Wise Business safe?
A Wise Business account is not a bank account. Wise's UK entity, Wise Payments Limited, is an electronic money institution authorised by the FCA. That changes how your money is protected. Our guide to bank vs e-money accounts explains the difference in full.
With a bank, eligible deposits are covered by the Financial Services Compensation Scheme (FSCS) up to £120,000. Wise's e-money services, including the Wise Business account, are not covered by the FSCS. Instead, Wise safeguards customer money. It keeps your funds separate from its own, held as a mix of cash in banks and investments in secure liquid assets, mainly government bonds. Safeguarding is designed to protect your money if Wise fails, but it isn't the same as a deposit guarantee.
The Interest and Stocks features are provided by a different company, Wise Assets. Investments there may have FSCS investment protection up to 85,000 GBP, which covers a different kind of failure from deposit protection. It doesn't protect you from the value of the fund going down.
So is the Wise Business account safe enough? In this Wise Business review, our view is simple. For money passing through on its way to suppliers or clients, many businesses are comfortable with safeguarding. If you hold large balances for long periods, consider keeping that money in an FSCS-protected bank account and using your Wise Business account for currency work.
Cash and international payments
International payments are where our Wise Business review finds the account strongest. You get local account details in 22 currencies, so a client in Europe can pay you in euros like a local payment, and you pay no fee to receive local payments in the nine currencies Wise lists. SWIFT payments cost more to receive, from 2.16 GBP to 6.11 USD depending on currency.
When you send or convert, fees start from 0.24% and drop with volume over 20,000 GBP a month. When you spend on the card in another currency, Wise converts at the mid-market rate and adds its conversion fee.
Cash is the weak spot of the Wise Business account. Wise doesn't list a way to pay in cash or cheques, so a business that takes cash will need a second account. You can withdraw up to 250 GBP a month from ATMs with no Wise fee, then 2.69% of the amount over 250 GBP.
Who Wise Business suits
Freelancer with overseas clients
A good fit for a Wise Business account. Local account details mean clients pay you like a local supplier, and you choose when to convert.
Online seller buying abroad
Worth a look. Card spending converts at the mid-market rate plus a conversion fee, and team cards are 3 GBP each.
Company paying overseas contractors
A strong match for batch payments of up to 1,000 people at once.
Cash-based local business
Not a fit on its own. There's no listed cash deposit option.
UK-only business holding large balances
Consider a bank with FSCS protection as your main account.
Trust or UK limited partnership
Wise isn't currently taking new UK registrations from these.
Opening an account with Wise
You register for a Wise Business account online or in the Wise app. Wise doesn't publish a typical opening time, so allow a few days if you have a deadline.
- 1
Check you're eligible
Sole traders, freelancers, limited and public companies and partnerships can apply. UK trusts and Scottish, English and Northern Ireland limited partnerships can't currently register. Wise also excludes some industries, such as crypto, tobacco and adult content.
- 2
Enter your business details
Business name, type and registration number, registered and trading addresses, what you do, and your website.
- 3
Explain how you'll use it
Expected volumes, the countries you'll deal with and where your money comes from. Wise may ask for the last 3 months of bank statements.
- 4
Verify the people
Photo ID for owners with 25% or more, details of directors, and ID for the account owner. A signed authorisation letter may be needed. Sole traders don't need director information.
- 5
Pay the setup fee
Pay the 50 GBP setup fee to unlock your Wise Business account details and your first card.
Have these to hand before you start your Wise Business account application:
- Company registration number (if you have one)
- Registered and trading addresses
- Photo ID for each owner with 25% or more
- Recent bank statements showing your source of funds
Wise Business review: limitations
Pros
- No monthly fee
- Local account details in 22 currencies
- Sending and conversion fees from 0.24%
- Batch payments to up to 1,000 contacts
- Support available 24/7
Cons
- 50 GBP setup fee
- Not FSCS-protected
- No listed cash or cheque deposits
- ATM fee above 250 GBP a month
- UK pounds-only costs and CHAPS not set out on the pricing page
Check with Wise whether it supports the Current Account Switch Service and Direct Debits before you move your payments across. Check with Wise if your business is an LLP or a charity, as its eligibility page doesn't cover these.
Wise Business vs Tide
Tide is our featured partner, so we've kept this comparison to the published facts. The two accounts solve different problems. Tide is a UK everyday business account. The Wise Business account is built for money that crosses borders.
| Feature | Wise Business | Tide |
|---|---|---|
| Monthly fee | None | £0 on Free; paid plans from £12.49 |
| Setup fee | 50 GBP | None listed for the account |
| Protection | Safeguarded e-money, no FSCS | Eligible deposits FSCS-protected via ClearBank; some older accounts safeguarded |
| Bank transfers | Fee varies by currency | 5 a month on Free, more on paid plans |
| Card spending abroad | Mid-market rate plus conversion fee | 2.75% on Free, 0% on Smart and above |
| Cash deposits | None listed | Yes (fees apply) |
| Company registration | Not listed | £14.99 one-off, account included |
If your business is mostly UK-based, takes some cash or wants FSCS cover, Tide may suit you better as a main account. If you trade abroad a lot, a Wise Business account is built for exactly that. Plenty of businesses use both: a UK account for day-to-day banking and a Wise Business account for currencies.
New Tide members can use code STARTUP200 for up to £200 cashback: £75 after spending £100 on the Tide card within 30 days, plus £125 for paying £5,000 into a Tide Instant Saver within 7 days of opening and keeping it there for 30 days*. *T&Cs apply See our Tide promo code page for the full conditions.
Alternatives to Wise Business
If this Wise Business review suggests it's not the whole answer, compare business bank accounts on our compare business bank accounts page. Some reviews to start with:
- Revolut Business review: like the Wise Business account, a multi-currency option, with monthly plans and FX allowances.
- Starling review: a UK bank, so eligible deposits are FSCS-protected.
- ANNA review, Zempler review, Mettle review and Monzo Business review for UK everyday accounts.
Partner: we may earn commission if you open an account through our link. Disclosure
Wise Business FAQs
Is Wise a bank?
No. As this Wise Business review explains, Wise Payments Limited is an electronic money institution regulated by the FCA. Your money is safeguarded rather than covered by the FSCS.
Does the Wise Business account have a monthly fee?
No. There's a 50 GBP setup fee, then you pay per transaction, for example from 0.24% to send or convert money, and SWIFT receiving fees.
Is my money FSCS-protected with Wise?
Not the money in your account. Wise safeguards it instead. Investments through Wise Assets may have FSCS investment protection up to 85,000 GBP, which doesn't cover falls in value.
Can sole traders open a Wise Business account?
Yes. For this Wise Business review we checked Wise's eligibility page: sole traders and freelancers can apply, and they don't need to provide director information.
Can I pay cash into a Wise Business account?
Wise doesn't list a cash or cheque deposit option. If you take cash, you'll need another account for it.
How many currencies can I get paid in?
Wise gives you account details to get paid in 22 currencies, and local payments in nine of them, including GBP, EUR and USD, have no receiving fee.
How much are extra cards?
Your first card is included in the setup fee. Team cards cost 3 GBP each, with no annual card fee.
Sources
All checked 25 October 2026.
- Wise: business pricing
- Wise: Wise Business UK
- Wise: business card
- Wise: how Wise is regulated in each country and region
- Wise: how Wise Payments Ltd safeguards customer funds
- Wise: can my business use Wise?
- Wise: getting your business verified in the UK and EEA
- Wise: connecting accounting software
- Wise: how Interest works