Sending money abroad for business purposes? Wise Business offers an inexpensive and convenient solution.
This article provides an in-depth look at Wise Business, including its major benefits, associated costs, and a full range of services offered.
Whether you need to pay international suppliers, compensate overseas contractors, or invoice customers globally, this payment platform facilitates seamless transfers.
Its award-winning platform, transparent low fees, and dedicated support equip businesses to move money internationally with ease.
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Key Benefits of Wise Business
The following are the benefits of using Wise Business:
1. Exceptional Exchange Rates
Wise Business offers better exchange rates than traditional banks and other money transfer platforms.
Rates reflect true mid-market rates with extremely low markups. This stretches the value of your money further when transferring between currencies.
2. Speedy Transfer Times
It offers quick transfers, often within 1-3 business days. Need money somewhere urgently?
Upgraded Express delivery options reach over 80 countries within 24 hours when sending certain currency combinations.
3. Low, Transparent Fees
Wise Business charges upfront, fixed fees for transfers starting at just 0.4% plus a small flat fee depending on the amount sent.
There are no hidden charges or surprise add-ons like some providers. Fee estimators let you calculate costs before sending.
4. Local Account Details
They provide local bank account details and the ability to invoice in over 50 countries.
This means you can receive funds directly without intermediary banks, improving speed and reducing fees.
5. Top Security
It uses extensive encryption and safeguards to protect data and money transfers. Accounts require two-factor authentication for added security.
Wise meets strict regulatory requirements as an authorized money transmitter.
6. 24/7 Customer Support
The platform offers responsive multilingual customer support via phone, email, and online chat 24 hours a day, 7 days a week.
Dedicated specialists can answer questions, troubleshoot issues, and help optimize your use of Wise services.
7. Reporting and Tracking
Robust reporting and tracking features let you monitor real-time transfer status, view historical transaction details, and generate custom reports on your Wise Business account activity. Stay informed on all money movement.
8. Business Profile and Users
Administrators can create and manage multiple user accounts within their business profile.
Set custom user permissions and access levels based on roles for secure money management.
Wise Business Costs and Fees
Wise Business is significantly cheaper for international money transfers than banks and many other providers.
Fees are always disclosed upfront before locking in a transfer.
Let’s examine the fee structure:
- Exchange Rate Markup: Average 0.4% markup from mid-market rates. Gives you close to the “real” exchange rate.
- Transfer Fee: Fixed fee based on transfer amount starts at approx. $3 for smaller amounts and up to $15 for higher sums.
- Processing Fee: Small additional flat fee per transfer (typically $1-3).
- Express Delivery Fee: Additional fixed fees apply if choosing expedited Express delivery to receive money faster, starting around $9.
So for example, a $10,000 transfer from USD to EUR would incur around $51 in total fees. This represents an effective fee of only 0.51% of the transfer amount.
At banks, the same transfer could cost $200 or more when factoring in opaque exchange rate markups.
The fee estimator on Wise’s website lets you calculate the all-in cost for a transfer based on the details entered. This provides upfront transparency.
Overall, costs via Wise Business are frequently 5-8x cheaper than traditional wire services from banks and legacy money transmitters.
Transfers reach their destination much faster thanks to Wise’s direct bank partnerships worldwide.
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Wise Business Services and Features
Wise Business offers a full suite of money transfer services tailored to global business needs:
1. Online Transfers
The Wise Business platform allows fast online money transfers to over 80 countries. Send funds easily via desktop or mobile app.
Online transfers are completed in as little as 24 hours for standard delivery.
2. Multi-Currency Accounts
Open local currency bank accounts with Wise in 10+ currencies like USD, EUR, and GBP.
Hold balances globally, convert between currencies instantly, and make payments from specific accounts.
3. Local Bank Details
Get unique local bank account details to receive business payments directly in over 50 countries. Avoid inefficient intermediary banks and save on fees.
4. Global Invoicing
Create and send professional invoices globally then receive payments directly into your Wise account. Send dunning reminders and view invoice status in real time.
5. Pay Suppliers Worldwide
Pay supplier invoices in local currency easily via Wise Business. Makes paying international partners fast, cheaper, and more transparent.
6. Payroll
Run payroll for overseas employees and contractors through Wise Business at a low cost. Pay workers in local currency via direct deposit.
7. POS and Payment Collection
Accept payments online and at points of sale via Wise Business even across borders. Customer payments deposit directly into your Wise account.
8. Custom Debit Cards
Order Wise Business Mastercards for ATM access to account balances worldwide and making in-person/online payments in 150+ currencies with interbank rates.
9. Company Expenses
Automate submitting and reimbursing employee expense claims in various currencies through the platform.
10. Functional Invoicing Address
Get a dedicated address to list invoices in key countries to support compliance needs and facilitate local payments.
11. Reports
Generate detailed reports on account activity, view past transfers, extract customer invoices, and monitor cash flow trends. Customize reports as needed.
12. Alerts
Create rate and payment alerts tailored to your business needs for easier money management and monitoring.
13. API Access
Wise APIs enable seamlessly integrating Wise Business transfers, multi-currency payments, and data into your existing systems and workflows.
14. Dedicated Support
Enjoy priority email and phone support from Wise Money operations specialists ready to assist businesses around the clock.
15. Onboarding Assistance
Wise experts help you navigate regulatory requirements when setting up your business account to ensure smooth onboarding across borders.
Conclusion
Wise Business provides everything growing companies need for efficient, affordable international money movement.
Sent funds reach their destination quickly thanks to Wise’s extensive bank integrations worldwide. Transparent, competitive pricing beats traditional wire transfers.
Robust tools for invoicing, payroll, marketplaces, and more enable seamlessly managing global payments from one platform.
Paired with excellent exchange rates and outstanding customer support, Wise Business eliminates hassles and unlocks huge savings for your borderless business.
FAQ
Is Wise Business Legit and Legally Compliant?
Yes, Wise operates legally worldwide holding licenses in all jurisdictions it offers services.
It complies with all applicable money transmission regulations and banking requirements.
What Types of Businesses Use Wise Business?
All types and sizes of businesses across 200+ countries use Wise Business for transferring and receiving money internationally.
Popular with online businesses, freelancers, agencies, global suppliers, affiliate marketers, and more.
What Can I Pay For With Wise Business?
You can pay invoices, contractors, suppliers, affiliates, employees, taxes, and any other business obligation domestically or abroad using Wise Business. Services tailored for B2B payments.
How Long Do Transfers Take?
Most transfers are completed within 1-3 business days. Express delivery reaches many destinations within 24 hours for urgently sent approved currencies. Tracking shows the transfer status in real-time.
Can I Cancel a Transfer?
Transfers can be canceled before funds are converted into the recipient currency, which happens quickly.
After currency exchange, transfers cannot be canceled, so ensure details are correct before confirming.
Is Wise Business Safe to Use?
Yes, Wise uses bank-level security including 256-bit encryption and two-factor authentication.
It meets all data protection regulations like GDPR. No account data is ever sold or used for marketing.
Does Wise Have Mobile Apps?
Yes, Wise offers convenient iOS and Android apps to manage transfers and accounts from your smartphone on the go. Apps are highly rated for usability.
How Does Wise Compare to PayPal?
Wise offers lower fees, better exchange rates, more supported currencies, faster transfers, greater transparency, and dedicated business service.
However, PayPal offers simpler invoicing and more brand recognition in the US.
Does Wise Charge Receiving Fees?
No, Wise does not charge any fees for receiving money into your accounts, only for sending. This inbound payment service is free.
Can I Use Wise Without a Business?
Wise personal accounts are intended for private transfers by individuals.
To access business tools like invoicing, payroll, and higher transfer limits, formally register your business when opening your Wise account.
