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Wave vs Wise Business

Wave logo

Wave

Software

Financial software for small businesses

From
Free
Rated
-
Full reviewWebsite
Wise Business logo

Wise Business

Software

The smart way to send and receive business payments

From
$29/month
Rated
-
Full reviewWebsite

The short version

  • Only Wave has a free tier, so it costs nothing to try first.
  • Each has a real cost: Wave automatic bank transaction import and receipt scanning require the Pro plan at $19 a month; Wise Business opening a Wise Business account in the UK carries a one off setup fee of 50 GBP
  • They diverge on capability: Wave covers Double-entry accounting, Wise Business covers Multi-currency accounts.

Where they differ

Only the attributes on which Wave and Wise Business actually diverge.

Attributes where Wave and Wise Business differ
AttributeWaveWise Business
Starting priceFree$29/month
Pricing modelfreemiumusage-based
Free tierYesNo
PlatformsWeb, Ios, AndroidWeb, Ios, Android, Api
Founded20102011

Identical on both: user rating (Not yet rated), category (Unknown).

What each one covers

Drawn from each product's published feature list. An absence here means we hold no record of it - not that the product lacks it.

Only in Wave

  • Double-entry accounting
  • Invoicing
  • Expense tracking
  • Financial reporting
  • Bank reconciliation
  • Receipt scanning
  • Multi-currency
  • Sales tax tracking

Only in Wise Business

  • Multi-currency accounts
  • International transfers
  • Batch payments
  • API access
  • Team management
  • Xero
  • QuickBooks
  • Various

Both cover

  • Web support
  • Ios support
  • Android support

What people use each for

The jobs each tool is most often brought in to do.

Wave

  • Invoicing and bookkeeping for very small businesses and freelancersnot Wise Business
  • Accepting card payments against issued invoicesnot Wise Business

Wise Business

  • Holding and converting multiple currencies as a businessnot Wave
  • Paying international suppliers and contractors at the mid market ratenot Wave
  • Receiving payments into local currency account details in several countriesnot Wave

Where each one falls short

Documented limitations, not opinions. Every one is a constraint you would hit in normal use.

Wave

  • Automatic bank transaction import and receipt scanning require the Pro plan at $19 a month
  • The free plan pays a $0.60 per transaction fee on card payments on top of 2.9%, which Pro waives only for the first 10 transactions a month
  • Beyond 10 transactions a month the Pro plan pays the same per transaction fee as the free one
  • Amex is charged at 3.4% rather than 2.9% on both plans

Wise Business

  • Opening a Wise Business account in the UK carries a one off setup fee of 50 GBP
  • Volume discounts on transfers start only above 20,000 GBP equivalent sent per month

Pricing, plan by plan

Wave

Free
  • AccountingFree
    • Unlimited invoicing
    • Expense tracking
    • Financial reports
  • Payments$undefined/transaction
    • 2.9% + $0.60 per transaction
    • Credit card processing
    • Bank payments (1%)
  • Payroll$35/month
    • $35/month base + $6/employee
    • Tax calculations
    • Direct deposit

Wise Business

$29/month
  • StandardFree
    • Multi-currency account
    • Real exchange rate
    • Batch payments

Which should you pick?

Choose Wave if

  • You need double-entry accounting.
  • You want to start without paying.
  • You work on Web, Ios, Android.
  • You also want invoicing.
Wave review

Choose Wise Business if

  • You need multi-currency accounts.
  • You work on Web, Ios, Android, Api.
  • You also want international transfers.
Wise Business review

Questions people ask

Is Wave or Wise Business better?
Neither clearly leads. Wave starts at Free and Wise Business at $29/month, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Wave or Wise Business?
Wave has a free tier; the other does not. Paid plans start at Free for Wave and $29/month for Wise Business.
Does Wave or Wise Business run on more platforms?
Wave runs on Web, Ios, Android. Wise Business runs on Web, Ios, Android, Api.
Can I use Wave for free?
Yes. Wave has a free tier, so you can try it without paying. Wise Business starts at $29/month.
What is Wave best used for?
Wave is most often used for invoicing and bookkeeping for very small businesses and freelancers, accepting card payments against issued invoices. Of those, invoicing and bookkeeping for very small businesses and freelancers and accepting card payments against issued invoices are not what Wise Business is typically brought in for.
What can Wave do that Wise Business cannot?
Wave covers Double-entry accounting, Invoicing, Expense tracking, Financial reporting. Wise Business covers Multi-currency accounts, International transfers, Batch payments, API access. Both handle Web support, Ios support, Android support.
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