Wise

What is wise

Wise is an online financial platform focused on international money movement and multi-currency business accounts. The product marketed at the /business endpoint provides bank-account-style functionality in multiple currencies, cross-border payments with transparent per-transfer fees, physical and virtual debit cards, and developer APIs for automating bulk payouts and currency conversions. Wise is aimed at small and medium-sized businesses, freelancers working with international clients, e-commerce platforms, and platform businesses that need to move money across borders with predictable costs.

Wise positions its business offering as an alternative to traditional banks for international operations by separating currency conversion and payment execution into clearly itemized fees. Businesses use Wise to collect revenue in local currencies, hold and convert balances as needed, and pay suppliers or contractors in dozens of currencies. The platform emphasizes live mid-market rates plus a small, visible fee rather than opaque markups.

The business product integrates business account administration, expense cards, batch payments, and an API for programmatic payment and reconciliation. For companies that run payroll internationally, send regular vendor payments, or consolidate payments across multiple jurisdictions, Wise reduces FX friction and simplifies reconciliation with downloadable transaction reports and accounting integrations.

Wise features

Wise bundles features that support day-to-day cross-border finance operations, treasury tasks, and developer-led automation.

• Multi-currency balances: Hold and convert funds in dozens of currencies, receive local bank details in major currencies for customer collection, and switch between currencies at the live exchange rate plus a transparent fee.
• International transfers: Send money to bank accounts across many countries with per-transfer fee breakdowns and estimated delivery times shown before confirming payments.
• Business debit cards: Issue physical and virtual cards to employees, with controls for limits and spending categories, and real-time transaction monitoring.
• Batch payments and mass payouts: Upload CSVs or use the API to execute payroll or supplier payments in bulk to multiple recipients and currencies.
• Accounting and bookkeeping exports: Download transaction-level reports in CSV and integrate with accounting systems; many customers map transactions into Xero, QuickBooks, or similar platforms.
• User and permission management: Admin workflows for adding users, assigning roles, and setting approval flows for higher-value transfers.
• API and developer tools: Endpoints for creating recipients, initiating transfers, checking rates, and reconciling payments programmatically.

What does wise do?

Wise provides business accounts that function like international bank accounts without traditional global bank overhead. It supplies local receiving details (for example, IBANs, account numbers, and routing numbers depending on the currency) so businesses can accept payments from customers and platforms as if they had local bank accounts. Businesses can hold balances in those currencies and convert on demand.

When making payments, Wise calculates and displays the exact fees and the exchange rate before you confirm a transfer. That transparency removes surprise FX markups and simplifies internal cost estimation. Transfers are executed using Wise’s own payment rails where available, supplemented by established banking networks and local partners to ensure delivery.

For finance teams, Wise streamlines frequent cross-border activity via bulk upload tools, approval workflows, and downloadable reports for reconciliation. For product teams and platforms, the API lets you embed payouts and balance management directly inside application workflows.

Wise pricing

Wise offers these pricing plans:

• Free Plan: $0/month for a standard Wise Business account — includes multi-currency balances, local receiving details in supported currencies, and the ability to send money with per-transaction fees.
• Pay-as-you-go: Variable fees per transfer based on currency corridor and payment method. Fees typically combine a small fixed charge and a percentage of the converted amount; example corridors often fall between 0.35% and 1.5% plus a small fixed fee (local currency amount varies). Exact transfer fees depend on origin currency, destination currency, and payment method.
• Card fees and issuance: Business debit cards commonly carry a one-time issuance fee or a card shipping fee; ATM withdrawals and foreign card usage may incur percentage-based fees or limits depending on the account region.
• Bulk payments: No fixed extra subscription for batch uploads in most cases, but each payment in a batch incurs the standard per-transfer fee.

Check Wise's business account pricing page for the latest corridor-specific fees, card issuance costs, and any region-specific charges and enterprise options.

How much is wise per month

Wise starts at $0/month for the standard Wise Business account; there is no mandatory monthly subscription fee to open or maintain a business balance in most territories. Businesses pay per-transaction fees when they convert currency or send payments.

Most functionality — multi-currency balances, receiving details, and dashboard access — is included without a recurring monthly cost. If you use value-added services (for example, premium support on enterprise plans or specialized card programs), those can come with negotiated or fixed monthly charges.

How much is wise per year

Wise costs $0/year for the basic business account in the majority of regions; ongoing costs depend on transaction volume and FX conversions rather than an annual account fee. Yearly costs therefore scale with how much foreign currency conversion and cross-border payments your business performs.

Companies with high volume or special compliance needs often move to custom enterprise arrangements with contract-based pricing that may include monthly retainers or platform fees; those are negotiated separately with Wise sales teams.

How much is wise in general

Wise pricing ranges from $0 (no monthly fee) to around 1–2% per transaction plus small fixed fees. For many corridors the cost is under 1% of the transfer value when converting at the mid-market rate and adding the transparent service fee. For small local transfers the fixed element can be the dominant component; for large transfers the percentage fee becomes more relevant.

Because fees depend on corridor, payment method, and currencies involved, businesses should estimate costs using the live quote shown in the dashboard or the API’s pricing endpoints before executing high-volume conversions. For enterprise customers there are volume-based discounts and bespoke terms.

What is wise used for

Wise is used to receive, hold, convert, and send money across borders with transparent fees. Typical use cases include receiving client payments in local currencies without needing a local bank, paying international suppliers, managing multi-currency revenues for e-commerce stores, and running international payroll where local currency payouts are required.

Startups and scale-ups use Wise to reduce the friction of early global expansion: opening local receiving details allows teams to invoice and accept payments as if they had a local presence. Freelancers and consultants use Wise to accept payments from overseas clients and move funds to their home bank account or use the Wise card for local spending.

Marketplaces and platforms embed Wise via the API to automate mass payouts to sellers or contractors in multiple countries. The API lets platforms control payout timing, amounts, and recipients while keeping funds consolidated in Wise balances. Treasury teams also use Wise to hold currency reserves and make opportunistic conversions when favorable rates appear.

Pros and cons of wise

Pros:

• Transparent pricing with mid-market exchange rates and clearly itemized fees, which simplifies cost forecasting for international payments.
• Multi-currency business accounts with local receiving details reduce the need for multiple banking relationships in different countries.
• Developer-friendly API and batch payment tools make it straightforward to automate payroll and supplier payments.
• Faster onboarding for most businesses compared with opening foreign bank accounts; dashboard reporting aids reconciliation.

Cons:

• Per-transfer fees mean costs can add up for hundreds of small individual payments; for very high-volume FX, specialized banks or negotiated enterprise agreements can be cheaper.
• Coverage varies by corridor and product: not every currency or payment route is supported, and transfer speeds can vary by destination.
• Regulatory and compliance checks can cause delays for certain high-risk corridors or unusual business models; onboarding for regulated verticals may be stricter.

Overall, Wise is strong where transparency, ease of use, and developer APIs matter; it is less optimal where a company already gets deeply discounted bank FX as part of a large corporate banking relationship.

Wise free trial

Wise does not operate a time-limited "trial" in the traditional SaaS sense because the core product is a transactional business account. Instead, you can open a business account for $0 and start using supported features immediately after identity and business verification are complete. This operational model functions similarly to a trial because you can test receiving details, card functionality, and small transfers before committing to higher-volume activity.

For developers, sandbox API environments are typically available so you can test payment flows, recipient creation, and webhook behaviors without moving real money. These test environments are useful for integration work before going live with production keys.

If you expect to require enterprise-level service or white-label card programs, sales teams can provide pilot windows or phased onboarding that allow you to validate performance before signing long-term contracts.

Is wise free

Yes, Wise offers a free business account to open and hold multi-currency balances and to receive local payments in supported currencies. The account itself carries no mandatory monthly subscription in most regions, though each currency conversion and outgoing payment incurs fees.

Wise API

Wise provides a set of RESTful API endpoints designed for automating account management, pricing queries, transfers, and mass payouts. Typical API capabilities include:

• Creating recipients and beneficiary records programmatically
• Obtaining live exchange rates and fee estimates before initiating conversions
• Creating and funding transfers, and tracking payment status with webhooks
• Initiating batch payments via file upload endpoints or programmatic batch creation
• Accessing account balance and transaction history for reconciliation

The API documentation covers authentication (API keys), request/response schemas, and sample SDKs or code snippets in common languages. Developers use the API to embed payout capabilities inside payroll systems, marketplaces, and accounting platforms. For integration details and environment setup, consult Wise's developer documentation and API reference.

10 Wise alternatives

• PayPal — Global payments platform offering business accounts, payer tools, and cross-border transfers; convenient for merchants but FX markups can be higher than Wise.
• Revolut Business — Multi-currency accounts with cards and international transfers; strong in real-time spending controls and business banking features in supported regions.
• Payoneer — Cross-border receiving and payout services popular with marketplaces, freelancers, and affiliate networks; offers local receiving accounts and prepaid card options.
• Airwallex — Global payments and treasury platform targeting scaling businesses and platforms; offers API-driven flows and local receiving accounts in many markets.
• OFX — Specialist in larger FX transfers and international payments, with negotiated rates for high-value transactions and dedicated support for larger businesses.
• WorldFirst — Currency specialist for businesses and e-commerce sellers (availability varies by geography); focuses on volume FX and hedging options.
• Currencycloud — B2B FX and payments infrastructure (now part of larger financial networks) used by fintechs and platforms for white-label payment services.
• Western Union Business Solutions — Global coverage for corporate and cross-border payments, often used where traditional networks are required.
• Stripe Treasury / Stripe Connect — For platforms that already use Stripe for payments, Stripe’s treasury and payout features can handle multi-currency flows alongside payment processing.
• Veem — Platform for global B2B payments with an emphasis on simplified invoicing and integrations for accounting software.

Paid alternatives to Wise

• PayPal: Established global payments rails and merchant services; higher FX spreads but extensive payment acceptance options.
• Revolut Business: Subscription tiers that add accounting integrations, metal cards, and expanded limits; suited to businesses wanting banking-style features.
• Airwallex: Enterprise-grade multi-currency accounts and API-first product with tailored pricing for high-volume customers.
• OFX: Specialized FX service for large transfers with personalized support and negotiated pricing for volume.
• Stripe: Combines payments acceptance with payout infrastructure; often chosen by marketplaces that need unified payment and payout tools.

Open source alternatives to Wise

• Mifos: Open-source financial services platform for building banking and payment products; suited for organizations building custom fintech stacks.
• Apache Fineract: Core banking platform used by financial institutions and fintechs to implement account, ledger, and payment workflows.
• Open Bank Project: API-first banking middleware that supports interoperability for financial services and custom integrations.

While these open-source projects provide building blocks, they do not replace Wise’s network and regulatory coverage out of the box; they require substantial engineering, compliance, and banking partner integration to recreate comparable global transfer capabilities.

Frequently asked questions about Wise

What is Wise used for?

Wise is used for international payments and multi-currency account management. Businesses use it to receive funds in local currencies, hold balances, convert currencies at near mid-market rates, and send payments abroad with transparent fees. It reduces the need to maintain multiple foreign bank accounts for common currencies.

Does Wise offer local receiving details (like IBANs) for businesses?

Yes, Wise provides local receiving details for multiple currencies. Business accounts can receive EUR IBANs, GBP account numbers, USD routing and account numbers, and other local details where supported, enabling local collection without a foreign bank.

How much does Wise cost per transfer?

Wise pricing varies by currency corridor but typically combines a small fixed fee and a percentage of the converted amount. Example corridors often sit under 1% for larger transfers, but exact costs depend on origin and destination currencies and the payment method; use the dashboard or API to get live estimates before sending.

Is there a monthly fee for Wise Business accounts?

No, Wise Business accounts generally have no monthly subscription fee. The account is free to open and hold, and charges occur per conversion or outgoing transfer; enterprise or bespoke services may include negotiated fees.

Can Wise integrate with accounting software like Xero or QuickBooks?

Yes, Wise supports exporting transactions and integrates with common accounting platforms. You can export CSVs for reconciliation and use native or third-party connectors to sync with Xero, QuickBooks, and other bookkeeping tools for automated transaction mapping.

Can I issue multiple debit cards to employees with Wise?

Yes, Wise supports issuing physical and virtual cards for team members. Admins can set spending limits and controls, track card transactions in real time, and disable cards centrally to manage corporate spending.

Does Wise provide an API for automated payouts and reconciliation?

Yes, Wise offers a RESTful API for transfers, recipients, and balance queries. The API enables programmatic creation of mass payouts, retrieval of live rates, and access to transaction history for automated reconciliation workflows.

How fast are Wise transfers?

Transfer times vary by route and payment method; many transfers arrive within hours to a day, while some corridors take several business days. The dashboard shows estimated delivery time before you confirm a payment, and faster options may be available depending on the currency pair and funding source.

Is Wise secure and regulated for business use?

Yes, Wise is regulated in multiple jurisdictions and operates under relevant financial regulations. It uses standard industry security controls, customer verification (KYC), and regulatory reporting; enterprise customers can request detailed compliance information during onboarding.

Does Wise support high-volume or enterprise customers with custom pricing?

Yes, Wise offers enterprise and high-volume pricing arrangements. Businesses with substantial transfer volume or specialized product needs can negotiate bespoke commercial terms and access dedicated account or integration support.

wise careers

Wise publishes career opportunities across product, engineering, compliance, and customer support functions. Typical job listings include roles for software engineers, product managers, operations specialists, and compliance officers; these roles are often geographically distributed to match the company’s regulatory footprint. For current openings and hiring processes see Wise's careers portal and role descriptions on their corporate site.

wise affiliate

Wise runs partner and affiliate programs that allow referral and reseller relationships in many markets. Affiliates commonly earn referral fees for bringing new business customers who perform qualifying transactions. For current affiliate program terms, commission rates, and signup requirements review Wise's partner pages and affiliate documentation.

Where to find wise reviews

Independent user reviews and product comparisons can be found on software review sites and finance blogs where customers discuss fees, ease of use, and customer support experiences. For up-to-date feedback consult review aggregators and the business community — and cross-check with Wise’s own help center and pricing pages for the most current product capabilities and fee schedules. Specific references include Wise’s business pricing page at Wise's business account pricing page and the developer documentation at Wise's API documentation.