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Guide to Wise's benefits and features for businesses

In today’s fast-paced market, companies require flexible, secure, and borderless financial tools. This guide covers everything you need to know about Wise Business and how its features can help streamline your operations.

What is Wise?

Wise Business is a borderless financial platform that allows international companies to hold, convert, and manage funds in 40+ currencies from a single dashboard. By providing local bank details, it enables businesses to receive global client payments and transfer money at the real mid-market exchange rate without hidden bank fees.

Official Link: Wise Business

Advantages and Features

  • Multi-Currency: Hold and convert 40+ currencies in a single dashboard.
  • Local Bank Details: Get domestic routing/IBAN numbers to receive payments like a local.
  • Mid-Market Rate: Transparent, live exchange rates.
  • Batch Payments: Automate up to 1,000 payouts at once.
  • Accounting Integrations: Seamlessly syncs with software like Xero and QuickBooks.

Physical and Virtual Cards

  • Issue Visa/Mastercard debit cards to team members with custom spending limits.
  • Earn 0.5% cashback on eligible transactions.
  • Zero foreign transaction fees when paying from an existing currency balance.
  • Instantly freeze/unfreeze cards via the app.

Check Deposits

  • Not supported: Wise is a digital-only platform and cannot process physical checks.
  • Alternative: Funds must be received via digital methods (ACH, wire, direct deposit).

Official Link: What payments can I receive in each currency

Free Transfers

  • Wise to Wise: Free transfers to other Wise accounts (if in the same currency).
  • Receiving USD: Free to receive domestic USD ACH payments.

Official Link: Fees for using Wise Business

Treasury

  • Organize funds and ring-fence reserves using internal "Jars" and "Groups".
  • Hold working balances in multiple currencies to avoid conversion fees when paying local expenses.
  • Automate recurring payments for payroll or subscriptions.

Eligibility for Non-U.S. Residents

  • Eligibility: Non-U.S. residents can apply by registering a US LLC or UK LTD. Account approval depends on your personal country of residence.
  • Supported Countries: Most countries globally, unless restricted by international sanctions.
  • Required Documents: Business registration (e.g., Articles of Organization, EIN), a valid government photo ID (Passport), and personal proof of address. No US SSN is required.

Official Links: How can I verify my business? / Where can I use Wise?

Accepted Businesses

Wise supports standard models (freelancers, LLCs) but does not accept high-risk industries, including:

  • Adult content, alcohol, tobacco, cannabis, and gambling.
  • Pharmaceuticals and controlled substances.
  • Charities, non-profits, and financial services (crypto, MSBs).

Official Link: Acceptable Use Policy / Incompatible accounts and payments

Security

  • Bank-grade encryption: 256-bit protection for all data and funds.
  • Strict compliance: Advanced AML (Anti-Money Laundering) and KYC (Know Your Customer) programs with routine sanctions screening.

Customer Support

  • Channels: Comprehensive Help Centre, 24/7 email, and 24/7 phone support in select regions (US/UAE).
  • Service Quality: Smart troubleshooting flows resolve most issues instantly. Always log into your account first for the fastest, most personalized support.

Official Link: Wise Help Center

 


If you still have any questions or need further assistance with this topic, we are here to help!

✉️ Simply contact us via email at help@globalfy.com or send a WhatsApp message to +1 (866) 428-2030. Our team will be happy to assist you.