Provider review
Wise Business
Among the cheapest ways to move money between currencies, and a poor choice as your only UK business account.
Who holds your money
Wise Payments Limited, an FCA-authorised electronic money institution. It is not a bank and does not hold a UK banking licence.
Not FSCS-protected. Funds are safeguarded in segregated accounts at partner institutions, which is a contractual protection rather than a statutory guarantee.
Verify the firm reference number on the FCA Financial Services Register before relying on this.
Scorecard
Seven criteria, each weighted. Every score below says what drove it.
Below the size threshold for the CMA-mandated survey, so there is no independent service data. This score rests on public review platforms alone and should carry less weight than a surveyed provider’s.
Local account details in more than 20 currencies and batch payments to 1,000 recipients. Weak on everything that is not payments.
Capped. Wise is an e-money institution, not a bank. No FSCS cover on any balance. No account without deposit protection can score above 3.5 overall, whatever else it does well.
No monthly fee, but the free plan cannot receive payments until you pay the one-off set-up fee.
3.50% AER with no plan fee to reach it, worth about £612 a year on £25,000.
The cheapest cross-border payments here. No cash, no cheques.
Broad, including businesses incorporated outside the UK.
Weighted total 3.4 / 5. Weightings published on how we rate.
Service quality evidence
This provider is not included in the CMA's independent business banking survey, which covers the 17 largest business current account providers. Its service score is drawn from public review platforms only, which is a weaker evidence base than a regulator-mandated survey.
Interest on balances
Verified from provider site| Rate on the free tier | 3.50% |
| Best sustainable rate | 3.50% |
| Extra cost to reach it | None |
| Access | Not a deposit |
| Net on £25,000 | £612 |
3.50% on GBP after a 0.56% annual fund fee, plus 4.88% on USD and 1.72% on EUR. But this is not savings: Wise Business Interest invests your money in a fund holding government-guaranteed assets, run by Wise Assets UK Ltd. Wise states plainly that capital is at risk. There is no FSCS deposit cover, which is why we discount it heavily however good the headline looks. Rate published by Wise, dated 26 September 2025 — confirm before relying on it.
Affiliate note
Where we hold a commercial arrangement with a provider, this box says so and every link on the page is marked. Commission never affects the score or the ranking.
Fees are checked against the provider’s published tariff. If a page has not been re-checked within 60 days, it says so at the top.
The verdict
Wise does one thing better than almost anyone: moving money between currencies at a transparent, low margin. For a UK business paying overseas contractors, buying from foreign suppliers, or invoicing clients who want to pay in their own currency, the pricing is consistently among the best available and the fee structure is unusually easy to understand.
Local account details in multiple markets mean an American client can pay you as if you were a US business, which removes both cost and friction from getting paid. There is a one-off setup fee rather than a monthly subscription, so holding the account costs nothing on an ongoing basis.
It is not, however, a business bank account in the sense most people mean. There is no cash handling, no overdraft, no lending, and — most importantly — no FSCS protection. Wise is an electronic money institution, and your funds are safeguarded rather than statutorily guaranteed.
The right way to use Wise is almost always alongside something else: a licensed UK bank as your primary account holding the balances that matter, with Wise handling the cross-border flows. Used that way it is excellent. Used as your only account, it leaves your money less protected than it needs to be.
Who it suits
- Businesses paying overseas suppliers or contractors regularly.
- Companies invoicing international clients who want to pay in their own currency.
- Anyone holding several currencies who wants transparent conversion pricing.
Who should look elsewhere
- Anyone wanting a single primary account. No cash, no credit, no FSCS.
- Businesses holding large balances. Safeguarding is not a statutory guarantee.
- Cash-handling businesses. Not supported at all.
Every tier, priced
What each plan includes, and what the step up actually costs over a year.
| Plan | Monthly | Per year |
|---|---|---|
| Wise BusinessMulti-currency balances, local account details in multiple markets, transparent conversion pricing, debit cards, batch payments, Xero and QuickBooks integrations. | £0 plus a one-off setup fee | £0 ongoing |
Pricing must be verified against the provider's own site before publication. Providers reprice without notice.
The fees that are not in the headline
The monthly fee is what gets advertised. These are the charges that decide what you actually pay.
| Charge | Cost | Who it affects |
|---|---|---|
| Account setup | One-off fee | Everyone, paid once at opening. |
| Monthly account fee | £0 | Everyone. Nothing to hold the account. |
| Currency conversion | Transparent percentage margin | The core proposition, and consistently competitive. |
| Receiving in supported currencies | Often free with local details | Businesses invoicing overseas clients. |
| Cash deposits | Not supported | Rules out retail and hospitality entirely. |
| Overdraft or lending | Not offered | Businesses needing credit. |
Applying
Application is online and generally quick. Wise accepts a broad range of business types and structures, including companies with overseas ownership, which is part of its appeal.
Expect verification of identity for directors and beneficial owners, plus questions about the countries and currencies you will transact in.
Where applications fail
- Prohibited sectors and jurisdictions — exclusions apply, particularly around sanctioned countries.
- Incomplete beneficial ownership — all significant owners must be verified.
- Unclear transaction flows — be specific about currencies, countries and counterparties.
- Failed identity verification — the standard gate.
Alternatives worth costing
- Revolut Business — Broader business tooling and now a licensed UK bank, though plans start at £10 a month.
- Starling Business — A licensed bank with flat-fee international transfers, suitable for occasional overseas payments.
- HSBC — The right answer for importers and exporters needing trade finance rather than payments.
Wise Business questions
Is Wise Business FSCS protected?
No. Wise Payments Limited is an authorised electronic money institution, not a bank. Funds are safeguarded in segregated accounts at partner institutions, which is a contractual protection rather than a statutory guarantee.
Can I use Wise as my only business account?
You can, but we would not recommend it. There is no cash handling, no overdraft and no FSCS protection. Wise works best alongside a licensed UK bank rather than instead of one.
How much does Wise Business cost?
There is a one-off setup fee and no monthly charge. You pay per conversion and per transfer, with the pricing published transparently.
Is Wise cheaper than a bank for international payments?
For straightforward cross-border transfers it usually is, often substantially. For trade finance, documentary credits or foreign currency lending, a bank like HSBC is the appropriate provider.