Our verdict: designed for cross-border businesses
Does Wise Business replace the need for a bank account? It really depends on what you need to do with it.
With clients, customers and suppliers in different countries – especially countries with a local Wise account option – you can easily save money on payments. The platform is made for low-cost international transfers, with the added flexibility of storing many currencies to avoid currency conversion fees.
Our own tests have shown a fast and reliable service, and we definitely saved money compared to using our bank accounts.
We wouldn’t go as far as to say that it replaces the need for a bank account, though. There are no overdraft and loan options, and features are limited to payments and transfers, without the usual extras like bookkeeping tools and invoicing seen elsewhere.
Cash and cheques deposits are not possible, which would be a deal-breaker for some. Wise Business seems to be totally geared towards online businesses as well as freelancers, given that only Shopify, Stripe and Amazon are mentioned as platforms that can send payments to your Wise Business account.
Overall, Wise Business is one of the cheapest bank transfer systems around. It’s fast, easy and cheap for borderless businesses, but we’d consider using it alongside another business account for other features than international payments.