Wise Business: Your key to seamless international finance
17 / 05 / 24
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If your business operates in an international market where multi-currency transactions and financial transactions are standard, finding a financial partner that provides flexibility and efficiency can be challenging. Transferwise European Bank (Wise) offers a solution that enables your business to manage its finances quickly and cost-effectively.
If you have any doubts about choosing a business account, Wise Business provides a wide range of services, providing reliable support and tools to grow your business. Not only will it improve your financial image, but it will also simplify your tax returns, helping your business grow.
What do I need to know about Transferwise (Wise) European Bank?
European Bank Transferwise (Wise) is a financial technology company that specialises in providing online products and services worldwide, complying with local and international regulations, including anti-money laundering laws.
Wise is authorised with various financial institutions in the countries where it is present, making it a trusted financial services provider. Founded in London in 2011 by Estonian entrepreneurs, Wise started with money transfer services and today serves more than 10 million customers in over 170 countries with a wide range of financial products and services.
One of the reasons to trust Wise is its commitment not to use or sell customer data, which confirms its reliability and security. HTTPS encryption, two-step authentication and identity verification by real employees overseeing every transaction are used to protect all transactions and provide a secure customer experience.
Transferwise European Bank (Wise) provides support for various legal forms of business including sole traders, freelancers, limited companies, public companies, partnerships, and charities and trusts registered in various countries such as the European Economic Area, Canada, USA, UK, Switzerland, Australia and New Zealand.
Remember that the following companies and not-for-profit organisations are not eligible for a Wise Business account:
- Charitable organisations and trusts.
- Companies involved in cryptocurrency, tobacco, adult content or other industries that are not supported by Wise.
- Brazilian companies that intend to make transfers to BRL.
- Superannuation funds or self-managed superannuation funds (SMSFs) in Australia.
- Businesses offering services or products related to Cuba-US relations.
- Companies with bearer shares, regardless of the jurisdiction in which they are incorporated.
It is important to note that despite having a personal remittance licence in all countries of operation, Wise may face restrictions in the area of business remittances. This is due to certain restrictions in currency routes that the company cannot use for business due to current local legislation.
Why choose Wise Business?
Wise Business is a free international multi-currency online account designed to provide a borderless business with optimised financial processes and costs. Its benefits include the ability to store, receive and spend money in different currencies, fast transactions, relatively low fees and a real exchange rate with no hidden mark-ups. An internationally recognised debit card, an open API to optimise workflows and multi-user access are also provided.
The multi-user access feature in Wise Business gives the account holder the ability to assign different levels of access. These levels include Administrator, who has full control over the account; Employee, who can use company funds with certain limits; Payer, responsible for managing payments; Preparer, who creates payments for approval; and Viewer, who can view account activity and work with accounting software.
In summary, here's what you can do with your Wise Business account in over 70 countries:
- Get paid in local currency;
- Pay invoices in local currency;
- Manage payroll;
- Spend money in different currencies at real exchange rates.
Manage your cash flow abroad
The Wise Business debit card gives you the ability to pay for business expenses and make purchases both online and in physical shops around the world. In case there is no local currency in your account, Transferwise European Bank (Wise) will automatically convert the amount for you. The card is currently available to order for Wise Business customers in most European countries, the US, Canada, Singapore, Japan, New Zealand and Australia.
How Wise's open API can support your business
Let's talk about how Wise's open API can improve your business, helping you save time and resources. This application programming interface is available online for developers, allowing them to create connections between applications and Wise. Simply put, Wise's open API allows businesses to integrate their accounts with financial management software and other software, optimising financial processes according to their needs, without the need for a Wise team.
How Wise's open API can help your business by simplifying your accounting processes:
- You can automate many financial processes - cross-border and domestic invoice payments, recurring transfers, standing orders.
- Optimise payroll through automation.
- Streamline expense reporting.
- Initiate payments from invoicing systems.
- Track the status of business transfers.
- Track payments received into your local Wise Business account.
- Receive real-time notifications to various internal communication platforms.
- Track exchange rates for multiple currencies and automate conversion at mid-market rates.
Whether you're just starting to build your integrations or already running your operations, you can always seek help from Wise's 24/7 customer support team.
Business Requirements
If you need to open a business account with Wise, there may be additional terms and conditions specific to your country beyond the general requirements. For example, if your business is registered in the EU, New Zealand, Singapore, Hong Kong or Japan, the Wise team may request additional details and documents.
To open a business bank account with Transferwise European Bank (Wise), the following information is usually required:
- Registration details of your business, including the name, type of legal entity and other details.
- Your company's registered and trading addresses (it is important that these are real addresses and not virtual or PO Boxes).
- Information about the scope of your business.
- Links to your company's website and social media pages.
- Personal details of all beneficial owners, including their names, dates of birth and countries of residence.
- An explanation of the purpose of using the new business account.
You may be required to provide the following documents when opening an account with Wise:
- A copy of the company director's passport or ID card.
- A document proving the registered address of the company.
- A document confirming the trading address(es).
- Articles of Association and Memorandum of Association of the company or other company formation documents.
- Agreements for the ownership of the business.
- A business licence if required for your line of business.
If the prospective Wise Business account holder is not the owner or senior manager of the company, they will need to provide documentation to prove their authority to open the account on behalf of the business.
Credit card statements
The following documents can be used to verify your business address:
- A utility bill (gas, electricity, landline telephone, excluding mobile phone bills) issued within the last three months.
- A scanned or photographed copy of a bank or credit card statement in PDF format.
- A tax bill or tax notice.
- A document issued by another local authority or FCA authorised institution within the last 12 months.
In some countries there may be obstacles for non-residents to open a business account with a traditional bank due to the requirement of permanent residency status. In such cases, a Wise multi-currency account may be the best solution as there is no need to open a local account to accept payments in local currency.
If your business operates in an international market where multi-currency transactions and financial transactions are the norm, European Bank Transferwise (Wise) is the solution that will provide you with flexibility, efficiency and security.
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