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Personal Finance · head to head

Wise vs Wise Business

Wise logo

Wise

Personal Finance

International money transfers at the real exchange rate

From
Free
Rated
-
Full reviewWebsite
Wise Business logo

Wise Business

Accounting

The smart way to send and receive business payments

From
$29/month
Rated
-
Full reviewWebsite

The short version

  • Only Wise has a free tier, so it costs nothing to try first.
  • Each has a real cost: Wise exchange rate fees start at 0.31% plus corridor-specific transfer fees; Wise Business opening a Wise Business account in the UK carries a one off setup fee of 50 GBP
  • They diverge on capability: Wise covers Real exchange rates, Wise Business covers Batch payments.

Where they differ

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

Attributes where Wise and Wise Business differ
AttributeWiseWise Business
Starting priceFree$29/month
Pricing modelUnknownusage-based
Free tierYesNo
PlatformsWeb, IOS, AndroidWeb, Ios, Android, Api
CategoryPersonal FinanceAccounting

Identical on both: user rating (Not yet rated), founded (2011).

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 Wise

  • Real exchange rates
  • Bill payments
  • Bank accounts
  • Cryptocurrency
  • IOS support

Only in Wise Business

  • Batch payments
  • API access
  • Team management
  • Xero
  • QuickBooks
  • Various
  • FCA regulated
  • Bank-level security

Both cover

  • International transfers
  • Multi-currency accounts
  • Web support
  • Android support

What people use each for

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

Wise

  • Budget Managementnot Wise Business
  • Expense Trackingnot Wise Business
  • Investment Trackingnot Wise Business

Wise Business

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

Where each one falls short

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

Wise

  • Exchange rate fees start at 0.31% plus corridor-specific transfer fees
  • Transfer speed dependent on destination country banking infrastructure
  • No published documentation of maximum transfer limits
  • Multi-currency account features may have regional restrictions

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

Wise

Free

No published plan breakdown. See the Wise review.

Wise Business

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

Which should you pick?

Choose Wise if

  • You need real exchange rates.
  • You want to start without paying.
  • You work on Web, IOS, Android.
  • You also want bill payments.
Wise review

Choose Wise Business if

  • You need batch payments.
  • You work on Web, Ios, Android, Api.
  • You also want api access.
Wise Business review

Questions people ask

Is Wise or Wise Business better?
Neither clearly leads. Wise 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, Wise or Wise Business?
Wise has a free tier; the other does not. Paid plans start at Free for Wise and $29/month for Wise Business.
Does Wise or Wise Business run on more platforms?
Wise runs on Web, IOS, Android. Wise Business runs on Web, Ios, Android, Api.
Can I use Wise for free?
Yes. Wise has a free tier, so you can try it without paying. Wise Business starts at $29/month.
What is Wise best used for?
Wise is most often used for budget management, expense tracking, investment tracking. Of those, budget management and expense tracking are not what Wise Business is typically brought in for.
What can Wise do that Wise Business cannot?
Wise covers Real exchange rates, Bill payments, Bank accounts, Cryptocurrency. Wise Business covers Batch payments, API access, Team management, Xero. Both handle International transfers, Multi-currency accounts, Web support, Android support.

Answered from the vendors’ own pages

Wise: What are Wise's transfer fees and exchange rates?

Wise uses mid-market exchange rates without hidden markups and charges a flat fee starting from 0.31% plus a currency transfer fee depending on the corridor. Volume discounts are available for larger transfers.

Source
Wise Business: How fast are international transfers with Wise Business?

Wise Business offers fast global payments with 70% arriving in 20 seconds and 95% arriving in under 24 hours. You can also pay up to 1,000 contacts in a single batch transfer.

Source
Wise: How long do international transfers take with Wise?

Transfers can arrive same-day within seconds according to Wise marketing materials, though actual timing depends on the destination country and banking infrastructure.

Source
Wise Business: Does Wise Business offer volume discounts?

Yes, volume discounts are available on monthly transfers over 20,000 GBP or equivalent.

Source
Wise: Is there a cost for a Wise account or monthly subscription?

Opening a Wise account is free with no monthly subscription. You only pay fees when you send money or convert currency.

Source
Wise Business: How does Wise Business keep funds secure?

Wise customers move over AED60 billion monthly with systems built to keep funds safe. The company runs over 7 million daily fraud checks (80 per second), keeps funds diversified with secure financial institutions, and offers 24/7 customer support.

Source
Wise: Can I send money between Wise users for free?

Sending or receiving the same currency between Wise contacts is free. Converting to a different currency costs less than standard rates but is not free.

Source
Wise: What security features does Wise offer?

Wise includes two-factor authentication for account protection, holds funds with established financial institutions, maintains 24/7 customer support, and has dedicated fraud and security teams.

Source
Wise: How much money can I transfer with Wise?

Wise does not publicly specify transfer limits on the main site. Limits may vary by country, sender verification level, and corridor.

Source
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