Wise Business Review: Is It Right for Sole Traders?

Wise Business review for UK sole traders. Multi-currency accounts, international transfers and a Wise debit card - is the £50 setup fee worth it? Honest assessment.

7/23/20263 min read

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Wise Business review: is it right for sole traders?

Wise Business is a popular choice for sole traders who work with international clients or deal in multiple currencies. It's not a traditional business bank account - but for the right type of sole trader, it's hard to beat.

What is Wise Business?

Wise Business is an online account designed for businesses that send and receive money internationally. It lets you hold, send and receive money in over 40 currencies, and convert between them at the mid-market exchange rate - the rate you see on Google, without the markup that traditional banks typically add.

It's particularly well known for international transfers, where it's significantly cheaper than most high street banks and many other business accounts.

Who is it best for?

Wise Business suits sole traders who:

• Invoice clients in other currencies (euros, dollars, and so on)

• Receive payments from international platforms like Upwork, Fiverr or Stripe

• Buy software or services priced in foreign currencies

• Want a multi-currency account alongside their main UK business account

If all your income is in sterling from UK clients, Wise Business is probably not your primary tool - though it can still be useful for occasional international payments.

What does it cost?

There is a one-off account opening fee of £50. After that, holding and receiving money in most currencies is free. Sending money internationally is charged at a small percentage of the transfer amount, which varies by currency - but the rates are transparent and shown upfront before you confirm any transfer.

Receiving local bank transfers (like UK bank transfers in sterling) is free. Receiving international wires carries a small fee depending on the currency.

What do you get?

• A UK sort code and account number for sterling payments

• Local account details in multiple currencies (euros, US dollars, Australian dollars and more)

• A Wise Business debit card for spending in any currency

• Multi-currency balance you can hold and convert as needed

• Basic expense tracking and transaction history

• Batch payment tools for paying multiple people at once

What it doesn't do

Wise Business is not a full business bank account in the traditional sense. It's regulated as an e-money institution rather than a fully licensed bank, which means your money isn't protected by the FSCS in the same way as a Starling or Monzo account. It's worth understanding this distinction before making it your only account.

It also doesn't include accounting software, invoicing tools or MTD features - so you'd need separate tools for those.

What about the Wise personal account?

Some sole traders use the standard Wise personal account instead of Wise Business, particularly if they're just getting started and want to keep costs down. The personal account has no setup fee and handles international transfers in the same way. However, Wise's terms of service are intended for personal use, and if you're using it regularly for business purposes, the Business account is the appropriate option.

Is Wise Business worth it for sole traders?

If international payments are a regular part of your business, yes - the £50 setup fee pays for itself quickly compared to what high street banks charge for currency conversion and international transfers. If you're purely UK-based, it's less compelling as a primary account, though some sole traders keep it alongside a Starling or Monzo account specifically for international work.

Wise Business at a glance

• Price: £50 one-off setup fee, then pay-as-you-go for transfers

• Free to hold multiple currencies: yes

• FSCS protected: no (e-money institution)

• MTD compatible: no

• Mobile app: yes

• UK sort code and account number: yes

• Best for: sole traders with international clients or multi-currency income

You can compare Wise Business alongside other business bank accounts in our Business Banking directory.