Overview

• Wise (formerly TransferWise) is a UK-founded fintech, launched in 2011, offering multi-currency accounts and global money transfers. It’s publicly traded and regulated but operates as a Money Services Business, not a bank
• Ideal for international users and small businesses, Wise supports 40+ currency balances and local account details (e.g., USD, EUR, GBP) in 10 major currencies

Services Offered

Account Types: Business Accounts only (no personal accounts)

Currencies Supported: Hold and manage 40+ currencies, send to 140+ countries, with local account details in 8–23+ currencies (e.g., USD, EUR, GBP, AUD, CAD, SGD, HUF, NZD, RON, TRY)

Banking Services:

• Multi‑currency account: hold and convert across 40+ currencies at mid‑market rates
  
• Local receiving account details (GBP sort code, EUR IBAN/SWIFT, USD routing)
• International payments: send to 70+ countries, fast transfers to 160+ countries
  
• Wise debit card: physical & virtual cards for employees, 2 free ATM withdrawals/month (€100/£200), 0.5% cashback
  
• Batch payments: upload spreadsheets to pay up to 1,000 recipients in one go
  
• Invoicing & payment links: create and send invoices, payment links without extra cost
• Online/mobile app with real‑time FX rates, notifications, and money‑saving tools like “Jars” and “Groups”
  

Team & Controls:

• Multi‑user access with custom roles and permissions, team card spending limits
  

Integrations & APIs:

• Syncs with Xero, QuickBooks, Sage, Wave, FreeAgent, QuickBooks, and others
  
• Open API for automating payments, invoicing, payouts, and balance tracking with test sandbox

Required Documentation for Bank Account Opening

Personal Account

• Passport or driving license (ID)
• Proof of address (utility bill, bank statement)
• Possibly selfie verification
  

Business Account

• Business registration documents (e.g., Certificate of Incorporation/Articles)
• EIN (or local equivalent)
• Registered and trading address proof
• Owner/director information (ID, address)
• Ownership structure (25%+ holders)
• Business website, description, revenue sources

Account Opening Process

1. Sign Up: Register online via web or app (personal or business) with email and password
2. Verify Identity & Address: Upload government ID, proof of address, and selfie (if required)
3. Business Details (if business account): Provide company docs, EIN, addresses, ownership & director info
4. Optional Fee: Pay one-time fee (~$31 USD) for account details (e.g., USD, GBP)
5. Verification & Setup: Wise reviews your submission—typically within 2 business days; complex cases may take longer
6. Ready to Transact: Once approved, you can hold, convert currencies, receive local payments, and order debit cards (if eligible)

Account Opening Summary