Frequently Asked Questions about Wise Business (formerly TransferWise for Business)
How much does a Wise Business account cost?
A Wise Business account is free to open and use for managing and transferring money, but a one-time £16 fee will get you extra banking details like an IBAN, account number, routing number, or SWIFT code.
Can I hold local account details with Wise Business?
You can hold local account details with Wise Business, formerly TransferWise, in the following currencies: British Pounds, Euros, US Dollars, Australian Dollars, New Zealand Dollars, Hungarian Forint, Romanian Leu, and Singapore Dollars.
What currencies can I manage money in with Wise Business?
You can manage money in the fifty following currencies with Wise Business, formerly TransferWise for Business: British Pound, US Dollar, Euro, Canadian Dollar, Australian Dollar, Swiss Franc, New Zealand Dollar, Philippine Peso, Swedish Krona, Singapore Dollar, United Arab Emirates Dirham, Argentine Peso, Bangladeshi Taka, Botswana Pula, Bulgarian Lev, Chilean Peso, Chinese Yuan, Costa Rican Colón, Czech Koruna, Danish Krone, Egyptian Pound, Georgian Lari, Ghanaian Cedi, Hong Kong Dollar, Croatian Kuna, Hungarian Forint, Indonesian Rupiah, Israeli Shekel, Indian Rupee, Japanese Yen, Kenyan Shilling, South Korean Won, Sri Lankan Rupee, Moroccan Dirham, Mexican Peso, Malaysian Ringgit, Nigerian Naira, Norwegian Krone, Nepalese Rupee, Peruvian Sol, Polish Zloty, Pakistani Rupee, Romanian Leu, Russian Ruble, Thai Baht, Turkish Lira, Tanzanian Shilling, Ukrainian Hryvnia, Ugandan Shilling, Uruguayan Peso, Vietnamese Dong, West African CFA Franc, South African Rand, Zambian kwacha.
Is Wise Business safe?
Wise (formerly Transferwise) is a long-established name in the online financial world and is fully licensed and authorized. It employs over 2,000 employees and is one of the biggest names in the field.
Officially, Wise (formerly TransferWise) and consequently, Wise Business is not a bank and consequently not covered by financial protection schemes like the Financial Services Compensation Scheme (FSCS) or the Federal Deposit Insurance Corporation (FDIC). This means that your money is not insured by these schemes if Wise were to go under. However, Wise follows safeguarding rules set by the big financial authorities around the world such as the Financial Conduct Authority (FCA) in the United Kingdom and the European Economic Area and the Financial Crimes Enforcement Network (FinCEN) in the United States. As a result, Wise stores your money in accounts at established financial institutions like Morgan Chase and Barclays, and so if Wise were to go under, your money would be safe.