Wise Business

Wise Business is a multi-currency account built for freelancers and sole traders who send, receive or hold money in more than one currency, with near mid-market exchange rates. A one-off £50 fee unlocks full account details in 22 currencies.

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At a glance

Wise Business is an e-money institution, not a bank, so funds are safeguarded rather than FSCS-protected. Its strength is currency conversion at close to the mid-market rate, making it best suited to sole traders who regularly invoice clients or pay suppliers abroad, rather than those trading entirely in GBP.

£50

From 0.24%

Currency conversion fee

One-off set up fee

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What is Wise Business?

Wise Business (formerly TransferWise for Business) is a multi-currency account for businesses that send, receive, hold or spend money in more than one currency. It’s not a bank - Wise Payments Limited is authorised by the FCA as an electronic money institution, so customer funds are safeguarded, legally ring-fenced from Wise’s own operating funds, rather than covered by the Financial Services Compensation Scheme. If Wise became insolvent, safeguarded funds should in principle be returned, but there’s no statutory £120,000 compensation backstop the way there is with a bank.

Key features

Multi-currency account, with local account details in 22 currencies
Batch payments, up to 1,000 recipients in one upload
Debit card, free ATM withdrawals up to £250/month (2.69% above that)
Invoice generator, payment links and QR codes
Bank feeds with Xero, QuickBooks and FreeAgent

How much does Wise Business cost?

There’s no ongoing monthly subscription fee. A one-off £50 charge unlocks full account details to receive money in 22 currencies plus the full feature set, including Direct Debits and invoicing tools. After that, you pay per transaction: currency conversion starts from 0.24% on top of the mid-market rate, holding money is free, and receiving domestic payments in major currencies is free. Receiving via SWIFT carries a small fixed fee (for example, $6.11 for a USD wire).

Pros and cons

Pros:

Near mid-market exchange rate, genuinely cheaper than most banks
No ongoing monthly subscription fee
Free multi-currency holding
Batch payments for multiple overseas contractors or suppliers
Bank feeds with Xero, QuickBooks and FreeAgent

Cons:

Not a bank - no FSCS protection, no overdraft, no cash deposits
£50 upfront fee, a real barrier if you don’t need multi-currency
2.69% ATM fee above £250 a month
SWIFT receiving fees apply per payment
FreeAgent bank feed needs re-authorising every 90 days
Not MTD for Income Tax recognised software

Who is Wise Business best for?

If you regularly deal in foreign currency, whether invoicing overseas clients or paying international suppliers, Wise Business is hard to beat on cost, with a near mid-market rate and no monthly subscription. If your business is entirely UK-domestic, the £50 setup fee buys you features you probably won’t use, and a free UK business account will likely serve you better. Wise isn’t MTD software itself, so pair it with a recognised accounting tool for your HMRC filing.

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Frequently asked questions

Is Wise Business a bank, and is my money FSCS protected?

No, Wise is an electronic money institution, not a bank. Funds are safeguarded under the Electronic Money Regulations rather than covered by the FSCS, which is a different, more limited form of protection than you’d get from a licensed bank.

What is the £50 Wise Business fee actually for?

It’s a one-off charge to unlock full account details to receive money in 22 currencies and the full feature set, including Direct Debits and invoicing. There’s no ongoing monthly fee after that - you only pay per transaction.

Can I use Wise Business for Making Tax Digital for Income Tax?

No, Wise is a multi-currency payments account, not accounting or tax-filing software, and doesn’t appear on HMRC’s list of MTD for Income Tax recognised software. You’ll still need MTD-compatible software like Xero, QuickBooks or FreeAgent, with Wise feeding transaction data in via a bank feed.

Is Wise Business worth it if I only invoice UK clients in GBP?

Probably not. Wise’s core advantage is near mid-market currency conversion, so if you never send, receive or hold foreign currency, a free UK business account will usually serve you just as well without the £50 setup fee.

Does Wise Business connect to my accounting software?

Yes, Wise offers bank feed integrations with Xero, QuickBooks and FreeAgent. The FreeAgent connection uses Open Banking and needs re-authorising every 90 days to keep working.

Compare accounting software for sole traders

Wise Business is one option among several worth comparing. Browse the full Business Banking directory to compare it against Starling, Tide, Monzo Business, Revolut Pro and Mettle.

Prices and offers correct at time of publication. Always check the Zoho website for current pricing and promotional terms before signing up.