Having an international business and operating in different countries can often be complicated. Different time-zones, language barriers and setting up international payments to pay your suppliers or receive money in different currencies can create a lot of extra work. Often, banks won't let you set up an international business account without a subscription and endless paperwork and even when they do, hefty transaction fees are often involved. At Wise, we understand the need for businesses being able to expand internationally, hold different currencies, and convert easily and at low cost, wherever they are.
If you're paying for textiles from India, office furniture from Oslo or a freelancer in San Francisco, you can manage all of your multi-currency payments in one Wise Business account, getting fast, affordable and efficient international payments with no hidden fees.
Holding multiple currencies
Wise lets you hold and send 40+ currencies to 160+ countries while having account details in 9+ currencies in one international business account. We've also launched global account details in 19+ currencies, giving your customers even more ways to pay you. As a result, our multi-currency account allows you to operate truly internationally, without the need to pay for costly foreign transfers and hidden bank fees.
You can easily manage multiple currencies, and pay invoices, team members and suppliers as well as get paid by clients and customers anywhere in the world, at the same speed as someone who's just across town, with low fees.
Check out this updated list of currencies and countries currently available.
Hold money as balances
When you open the app or login onto the website, you can open a balance in any of the currencies currently available. Choose the new currencies you'd like to hold by clicking 'Open' and selecting the currency you need. You can now hold, send and spend from your multi-currency balance. Top up in the currency you've chosen and, if available, get paid using your local account details. See our coverage here.
Holding money in Groups
The Wise Business account enables you to hold money in Groups, helping you manage your team’s debit card spending in multiple currencies. By assigning your team members to a Group for a dedicated purpose e.g. a marketing budget, business travel or a team event, they'll be able to spend with their digital debit cards from that specific group with individual and team spending limits. You’ll also be able to open pots in 40+ currencies for your Group to spend from, allowing for a more streamlined budgeting and expense tracking experience. All roles can also send money from Groups - find out more about different roles you can assign in your Wise Business account.
Holding money in Jars
Money in a Jar is kept separately from your balances. Opening a Jar gives you flexibility to separate money for a specific purpose, whether that is to ensure your business savings are kept safe, to help you manage payroll, cover unexpected costs or plan for future investment. Jars enable you to set money aside in any of the 40+ currencies the Wise Business account currently offers.
When you open a Jar, you'll choose the currency you want to save in, give it a name and an icon. Then you can add money from any of your balances. When you're ready to spend, you'll need to withdraw money to a balance that's in the same currency as the Jar. Jars can be found in the same place as your opened balances.
Holding money as Interest / Stocks (in Jars and Balances)
And, if you’d like to give your money a boost we’ve made it possible for you to earn a return by investing the balances held in Jars or Balances as Interest or Stocks. When you invest in Interest your money is held in low risk funds held in government-backed assets which track central bank rates, with variable rates currently available on money held in GBP, USD and EUR*.
In addition, Interest has ‘easy access’, meaning that while your money is invested your balance remains liquid, so you can continue to send and spend as normal.
As with all investments, your capital is at risk and growth is not guaranteed. To see the variable rates available for Interest, the variable rate and 5 year past performance of Interest funds, please visit our website.
When you invest in Stocks, your money is held in an equity index tracking fund. Your money is at risk whenever you invest, but in funds like this, that risk is spread. So if one company doesn’t do so well, your total investment might be less affected. For more information on Stocks see our FAQs page.
You can withdraw the money held in Jars as Interest into your balance instantly when you need to use it. With Stocks, You can send, spend or withdraw up to 97% of your invested Balance or Jar at any given time. For more information on Stocks see our FAQs page.
Treasury
If you’re a medium to large sized business, you can also use Wise to manage treasury in multiple currencies across different offices and entities with ease. With the ability to hold and send money in 40+ currencies, and receive in 9+ currencies, Wise eliminates the need to open a bank account for each of your offices or subsidiaries in other countries. If you run multiple businesses or subsidiaries, you can open Wise accounts for each one and access them from one set of login details, with secure logins and employee approvals.
Treasury and cash management with Wise also means you can seamlessly handle inter-company payments and convert foreign currency balances in seconds at the mid-market rate, helping you to manage overheads while keeping FX costs down. Plus, Wise makes international payouts fast, with over 59% of payments arriving within an hour and 95% arriving within a day.
Converting money in the Wise Business Account
Manual Conversion
Converting your money between currencies is easy as well as affordable. All you have to do is select which balance you'd like to convert from, click convert, enter the amount and the currency you're converting to, review and confirm the conversion.
Conversions usually happen within a few seconds and should be reflected in your international business account immediately.
Auto conversion
To ensure you get the best rate every time, we offer Auto Conversions in the Wise Business account. Auto Conversions convert your money automatically between two currencies in your Wise account, once it hits your desired exchange rate. We watch the rate 24/7, so you can focus on your business and leave the foreign exchange to us. You can always delete any of your existing Auto Conversions and/or create a new one to ensure you're getting the best possible rate. You can have up to 15 pending Auto Conversions open at any time. Learn more about auto conversions and how to set them up.
Pricing
Understandably, as a business you want to know the cost of those conversions. We have three principles when it comes to the pricing:
- Low, and getting lower: We charge as little as possible, and we’re on a mission to drop prices until we’re eventually free.
- Radically transparent: We’re honest and upfront about what things cost, we use the mid-market rate, and never hide fees so you know exactly how much your payment will cost and the amount that will arrive in your recipient’s account.
- Fair for all: You pay for what you use. No more. No less. We believe no one should pay the cost of someone else’s ‘free’.
The rates displayed were accurate on 2nd August 2024.
To see how much your business transfers could cost, use the calculator below.
Calculate your international transfer
Wise Business account enables businesses to hold and send money in over 40+ currencies to 160+ countries, with local account details in 9+ currencies and global account details in 19+ currencies. Whether you'd like to send in multiple currencies, receive or set direct debits, the Wise Business account allows you to do so with fast and transparent international payments. Additionally, the account provides features like holding money in Jars for easier saving or Groups to streamline your digital card expenses, making it a versatile tool for businesses of different sizes.
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information. This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional. We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
