A closer look at Wise Business and its alternatives
As global business becomes more connected, the need for flexible and low-cost ways to send and receive money across the borders continues to grow. The Wise Business account (formerly TransferWise) is a popular solution for small and medium-sized businesses that manage international transactions.
In this Wise Business review, we look at what the Wise account offers, how it works, and what you need to know about the features, fees and customer support channels. Because Wise and Revolut aren’t the only solutions in this space, we also look at OFX as an alternative, especially for businesses that manage high-value international payments or prefer more personalised support.
Need a partner to help you manage every aspect of your company’s finance operations?
Try OFX Business for FREE
Jump straight to:
What is the Wise Business Account?
How to open a Wise Business Account
Wise Business vs OFX for Business
What is the Wise Business Account?
Wise was launched in 2011 as a consumer-focused money transfer platform, originally designed to help travellers and individuals move money across borders more affordably than by using traditional banks. Since then, it’s expanded into business services.
Wise Business is a multi-currency business account designed to help companies pay invoices, manage overseas staff, and receive payments from clients globally. It’s built on Wise’s real exchange rate model, offering local account details in up to 10 currencies and access to over 40+ currencies worldwide.
Businesses can send money to 160+ countries, hold and convert currencies, and manage expenses via virtual and physical debit cards. There are also tools for batch payments, team permissions, and accounting integrations.
Key features and fees of Wise Business1 2 3
Key features and fees of Wise Business Multi-currency account with local bank details
Businesses can hold balances in over 40 currencies with Wise Business and access local account details in up to 10 currencies (including USD, EUR, GBP, AUD, NZD, and CAD). This allows clients to pay like a local, avoiding the usual SWIFT fees.
Real exchange rates
Wise uses the mid-market exchange rate with no hidden markups. Conversion fees vary depending on the currency, starting from 0.63%.
Batch payments
You can send up to 1,000 payments in a single file upload, which is good for payroll or when paying supplier invoices.
Business debit card
Each Wise Business account comes with a free virtual card, accepted anywhere Mastercard is. Additional physical and virtual debit cards can be issued at a low cost, making it easier to manage team spending across regions. Account owners can set individual spending limits, and customise user permissions.
Accounting integrations
Wise Business connects with Xero, QuickBooks and other accounting platforms to reconcile transactions automatically. Stripe, Amazon and Shopify integrations are also supported.
Invoicing and payment links
You can generate invoices directly from your Wise dashboard and add payment links to make it easy for your clients to pay in their local currency.
Wise Business fees1 2 3
Wise Business is known for its transparent pricing. Here’s how it works:
| Fee Type | Details |
|---|---|
| Account opening details | Free to open; a one-time fee applies to access local account details. |
| Currency conversion | From 0.63% depending on the currency pair. |
| Receiving international payments | Free for domestic payments (non-SWIFT) in AUD, CAD, EUR, GBP, HUF, NZD, SGD, TRY, USD. SWIFT fees vary (e.g., USD $6.11, GBP £2.16, EUR €2.39). |
| ATM withdrawals | Free up to a limit of 2 withdrawals and up to $350 per month total 3 and more withdrawals and less than $350 per month = $1.5 per withdrawal Over $350 per month total 2 or less withdrawals +1.75% of amount over $350 3 or more withdrawals +1.75% of amount over $350 + $1.50 per withdrawal |
| Debit Card | First business Mastercard debit card is free; additional cards may cost $6 or equivalent. |
How to open Wise Business Account
Opening a Wise Business Account is a straightforward process, but there are a few eligibility requirements to keep in mind. Your business must be registered and operated in a supported country. You’ll need to provide key details such as your company name, registered address, nature of business, and information about your directors or shareholders.
You’ll also be asked to verify your identity and submit official business documents, such as a certificate of incorporation or business registration. Once verified, you can start sending, receiving and converting currencies through the Wise platform. Most accounts are approved within a few business days.
Speed and efficiency
Wise has become known for fast international transfers. According to their website, around 50% of payments are instant and 80% arrive within 24 hours. The platform also provides live updates, notifications, and the ability to track transfers from your dashboard or mobile app.
Global supplier management
For businesses with overseas vendors, Wise Business makes it easier to:
- Pay invoices in local currencies
- Avoid intermediary bank fees with local account details
- Provide predictable delivery times
- Keep track of expenses and payments across currencies
This simplifies supplier relationships and helps avoid payment delays due to currency conversion or cross-border banking complications.
Security and compliance
Wise is regulated by financial authorities globally, including the FCA (UK), ASIC (Australia), and FINTRAC (Canada). Funds are held in segregated accounts, and the platform uses encryption and two-factor authentication to protect users.
Support and User Experience
Wise offers support via email and chat, and by phone in selected regions. Businesses can invite team members, assign user permissions, and manage access based on roles. The interface is user-friendly and available via web and mobile.
Before choosing a provider, it’s helpful to consider how others rate the experience. As of 27 June 2025, Wise holds a 4.3 out of 5 rating Trustpilot 3 from more than 260,000 reviews. Positive feedback often highlights the platform’s ease of use, particularly for personal travel-related transfers and its transparent fee structure.
Some business users on Trustpilot, however, have reported issues such as unexpected account holds and limited customer support during resolution. While many businesses find Wise fast and easy for everyday international transfers, especially to major currencies, others note that its global coverage and service depth may not match more comprehensive financial providers.
Ideal use cases
Wise Business is best suited for:
- SMEs and startups with overseas clients or suppliers
- Freelancers and contractors working with global platforms
- Ecommerce businesses selling in multiple markets
- Companies with remote or international teams
Wise Business vs OFX for Business: A Comparison
Looking for the best international business account? Compare OFX and Wise to see which suits your business goals best.
| Feature | Wise Business fees1 2 3 | OFX for Business4 |
|---|---|---|
| Best for | Small to mid-sized businesses making frequent, low-to-mid value transfers online | SMEs to large businesses managing high-value or complex global payments, expenses, and currency exposure |
| Monthly Fees | None. It’s a pay-as-you-go model | $0 for core account and cards. $15 Business Plus unlocks approval workflows, expense management and AP automation. |
| Exchange Rate Model | Mid-market rate with a variable fee (from 0.63%) | Competitive, tiered rates tailored to your business, often lower at higher volumes, with no fixed margin. |
| Transfer Speed | ~50% of transfers are instant; 80% within 24 hours | Most major currency transfers settle within 1–2 business days, supported by OFX’s global banking network. |
| Supported Currencies | 40+ currencies | 30+ currencies to 170+ countries. Efficient support for emerging market transfers. |
| Receiving Account Details | Local bank details in 10 currencies | Local details for 5 major currencies (AUD, USD, EUR, GBP, CAD), with the ability to hold, pay and receive in 30+ |
| Minimum Transfer Amount | None | None |
| Maximum Transfer Amount | Limits vary by region and method | No upper limit. It’s purpose-built for large or recurring international transactions |
| FX Tools | No FX hedging tools | Full suite of risk management tools, including forward contracts and limit orders |
| Batch Payments | Yes – up to 1,000 recipients via file upload | Yes – pay 1,000s in one go with editable batch files, approval workflows, integration with Employment Hero, remittances with your logo and Xero integration |
| Customer Support | Email and chat support; limited phone service | 24/7 global phone support with dedicated business account managers (your OFXperts) |
| Card Offering | Virtual business debit card with basic spend tracking and cashback | Multi-currency Visa debit card (virtual and physical). Spend controls and team management on Business Plus plan |
| Integrations | Xero, QuickBooks, Stripe, Amazon, Shopify | Xero, QuickBooks, Saasu and custom ERP integrations, Employment Hero. Automatic sync for eligible platforms |
OFX Global Business Account
Summary
- Wise is ideal for businesses that need a self-serve, online-first multi-currency account with excellent transparency and automation features.
- OFX is better suited to businesses handling larger, more complex payments and looking for personalised support, risk management tools, or specialist FX guidance.
While Wise delivers a fast, self-serve platform for sending and receiving global payments, it may not suit every business need. OFX goes a step further for businesses that want to streamline operations at scale.
Beyond international payments, OFX offers more advanced automation tools designed specifically for business use, available with a Business Pro plan. These include built-in expense management, accounts payable automation, and detailed spend controls that help teams stay on top of budgets, avoid overspending, and improve cashflow visibility. It’s a system designed to reduce the admin load, cut processing time, and surface opportunities to save.
OFX also supports larger and more complex transactions, with flexible FX tools, seamless accounting integrations, and 24/7 access to currency experts for tailored support. If your business needs greater control over spend, smarter payment workflows, or hands-on help as you scale globally, OFX may be the better fit.
Why are more businesses choosing OFX?
If you’re looking to streamline global payments for your business, manage expenses with ease, and take control of your business finances from one single platform, you can try OFX for free. It’s a fully integrated global money management solution for modern businesses, with around the clock support from real humans.
Multi-currency account: Hold, pay and receive money in 30+ currencies with competitive rates and get local bank details for 5 major international currencies: AUD, USD, EUR, CAD, GBP so you can pay like a local and skip the FX fees.
Fast, secure global transfers: Make international payments with confidence using our extensive global payment rails
Simplify your accounts payable: Pay invoices, manage approvals, and track budgets all in one place with AP Automation
Integrated employee cards: Issue multi-currency corporate cards to your team and set individual spend limits
Multi-layered approval workflows: Build flexible, transparent processes that suit your business structure
24/7 support from real people: Speak to an OFX specialist any time, day or night
Sign up for your free OFX Business Account today
What is a Wise Business account?
A Wise Business account lets companies hold, send, and receive money in multiple currencies. It provides local account details in 9 currencies and allows transfers to over 70 countries, using mid-market exchange rates with a variable fee.
What is an OFX Business account?
The OFX Business account is an all-in-one platform for international payments, FX management, and expense control. It’s designed for businesses of all sizes that send, receive, or convert foreign currency, offering competitive rates, AP automation tools, and 24/7 expert support.
How do Wise and OFX compare on fees?
Wise charges no monthly account fees. Wise charges a variable fee on each transfer based on currency and amount. OFX also offers no monthly account fees on the Business Plan and no fixed transfer fees. Wise is cost-effective for lower-value transfers; OFX often delivers better value for larger volumes.
Can I hold multiple currencies?
Yes, you can. Wise lets you hold 40+ currencies in a digital wallet. OFX supports 30+ currencies, with the ability to hold and convert balances for payment via your business account.
Do Wise or OFX offer business cards?
Yes. With the Wise Business Account, you get one free virtual debit card per business account (Mastercard), with additional cards for a fee. OFX provides a corporate Visa multi-currency card (virtual or physical) for team spend, expense tracking, and budget control. You can find all the benefits of the OFX Corporate Multi-Currency Card here.
Can I integrate these systems with our accounting software?
Yes. Wise connects with Xero, QuickBooks, and some ecommerce platforms and OFX offers direct integrations with Xero, QuickBooks and Saasu, plus custom ERP support.
How fast are international money transfers with each provider?
With Wise, up to 50% of transfers are instant, and most complete within 24 hours. With OFX, transfers typically arrive within 1–2 business days, depending on currency and destination.
What currencies do they support?
Wise supports 40+ currencies, including most major and emerging market currencies. OFX supports 30+ for business NCP, with deep coverage of business-critical markets like USD, GBP, EUR, AUD, NZD, CAD, HKD, and SGD.
Do they offer FX tools for risk management?
Wise has no FX risk tools (e.g., forward contracts or limit orders), where OFX does. OFX offers tools like forward contracts, target rate orders, and expert guidance to manage currency exposure.
How is customer support different?
Wise operates primarily online, with chat and email support. Phone support may be available, but it is limited for business accounts. OFX offers 24/7 phone support with real people, including dedicated account managers for business clients.
Is there a minimum or maximum transfer amount?
With Wise, there is no minimum. Limits vary depending on currency, destination, and region. OFX Business has a no minimum transfer amount and no upper limit, making it a good option for high-value transactions.
Are Wise and OFX regulated?
Yes, both are licensed and regulated. Wise is regulated in the UK by the FCA and in other markets globally. OFX is ASX-listed, ASIC regulated in Australia, and licensed in major markets including the US, UK, Canada, NZ, and Singapore.
Which is better for high-volume or B2B international payments?
OFX is generally better suited to higher-value, B2B or recurring cross-border payments, with lower FX margins at scale, no hidden fees, and personalised support. Wise is convenient for smaller, online-only transactions.
Can I use these accounts for payroll or paying suppliers overseas?
Yes. Both Wise and OFX support batch payments – link to , which can be used for payroll or supplier payouts. OFX also offers AP automation tools, approval workflows, and multi-user access for larger finance teams.
Disclaimer: All facts and features in this article have been sourced from publicly available information on Wise.com, OFX.com and from third-party reviews. It is intended for general information purposes only and does not constitute financial advice.
