A Wise Business Account is an online financial platform designed to help businesses manage their finances easily and efficiently.
In the last years, they scaled the business to even have a debit card service at hand. As a business owner just starting up, you may see solutions online and so a Wise business account is a great and also safe, and reliable solution.
What are 5 The Best Wise Business Account Benefits in 2023?
1. Multicurrency business account
Digital nomads and freelancers very often work with people from all over the world.
This means that they are paid in different currencies and need a solution to make this process as easy and cheap as possible. Wise offers a solution — our multi-currency account that allows you to get local banking details in the US, UK, Europe, Australia, New Zealand, and Poland to receive those currencies like a local.
With a Wise Business Account, you can send and receive payments in multiple currencies with low fees, get access to real-time exchange rates, and hold money in over 50 currencies.
2. Wise business card
Wise business cards come for your team with the opportunity to spend all over the world. Also, you can earn 0.5% cashback, with no foreign transaction charges on eligible business card transactions to all businesses with Wise business accounts registered in the UK.
Note to keep in mind. Currently, cashback is available to selected Wise business card customers in the UK.
What are transactions you can get cashback on?
You can get cashback on all transactions with your business card(s), except:
- Cash or cash-like transactions, like ATM withdrawals, or cashbacks and purchases of gift vouchers
- Gambling transactions, including bookmakers and casinos
- Payments to financial institutions (like credit card providers)
- Payments connected to commodities, investments, savings, or crypto assets
- Payments to government bodies or tax authorities
You can also create virtual debit cards to make online purchases.
Employees' expense cards for your team are also at hand with the Wise business account. You just need to apply for it.
3. Connect your accounting system
Automate your accounting with integrations to popular accounting software, and invite team members to collaborate on your account. You can choose from the most popular ones Xero, QuickBooks, or FreeAgent, and more.
4. Multi-users access
Additionally, Wise business account offers multi-user access with different levels of permissions, making it easy to manage payments and expenses across your team.
5. Transfer large amounts
Large amounts of more than GBP 100,000 safely and without extra hidden fees. Your local bank may have certain limits and so you won’t be able to transfer money all at once. Which means paying additional fees for the second or third transfer.
The Wise business account has more flexibility when it comes to sending large amounts. Before sending the amount, consult with Wise about the fee upfront and provide them with documents related to the transfer and you can easily go ahead and make the payment.
Overall, a Wise Business Account is a great choice for businesses that need to manage finances across borders and currencies.
3 Types of Wise Business Accounts
With Wise online, you can get to open any of these 3 types of accounts if you are in a business field, rather than an employee.
- Business online account
- Freelancing online account
- International online account
Literally, the access is online so you have it with you on your phone if you download the app.
So where to start with the Wise business account?
Choose which one from the above 3 types of accounts is the most suitable for you.
Then we need to get online and provide Wise with some basic information about the business as such.
Revolut business account as an alternative to the Wise business account
Revolut is a financial technology company that offers a variety of payment services to its customers.
- One of the key features of Revolut is its multi-currency account. This account allows customers to hold and spend money in multiple currencies, without incurring any additional fees.
- You can also use the account to make international money transfers, which are processed at the interbank exchange rate with no hidden fees.
- Revolut also offers a prepaid debit card that can be used anywhere in the world that accepts Mastercard or Visa. The card is linked to a multi-currency account, which means customers can easily switch between currencies when traveling abroad.
- The app also allows you to track your spending and set budgets, helping them to manage their finances more effectively.
Divvy business account as another alternative option to the Wise account
Divvy is an online solution for businesses. It is a modernized business finance solution, combining expense management software and smart corporate cards into a single platform. B
Divvy is a Bill company and business expense management solution that includes two main components: 1) physical and virtual charge cards and 2) expense and management software that tracks spending from those charge cards.
Solutions for business owners:
- access to the payment systems
- provides a business card and also currently virtual cards
- grants access to their expenses management system
NOVO checking business account
Novo checking account offers third-party integrations with apps such as QuickBooks and Stripe.
The account includes Novo Reserves, a budgeting tool that can help you account for expenses.
Here are the top reasons why Novo business account comes as a great alternative to a Wise business account:
- Free mobile check deposits
- Also no monthly fees or minimum balance requirements
- Further, free incoming wires
- Refunds all ATM fees
- Send free & unlimited mailed checks
- Free ACH transfers
- And last, but not least, thousands of dollars in exclusive perks
Fees:
While there are no monthly fees, there is an initial deposit of $50 to set up an account.
Incoming wires are free, as are ACH transfers and mailed checks.
There is no minimum balance requirement.
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