Our Wise Business account review in one line: it is a multi-currency payment account, not a bank account, that lets a company hold, receive, convert and pay out money in many currencies for a one-time setup fee of 50 GBP in the UK, 31 USD in the US or 60 EUR in Ireland. It suits founders billing in several currencies, including foreign owners of US LLCs, but it has no government deposit insurance and Wise can close accounts, so it shouldn’t be a company’s only account.
Last checked: September 2026. Fees are from Wise’s UK, US and Ireland business pricing pages; other countries differ.
In short:
- Wise Business charges a one-time setup fee (50 GBP in the UK, 31 USD in the US, 60 EUR in Ireland) that unlocks account details in 22 currencies, with no monthly fee and conversion from 0.24% in the UK.
- US companies owned by non-residents can apply, with non-US beneficial owners providing a photo ID instead of an SSN, but Wise can’t onboard businesses in Nevada or US territories and won’t accept virtual or mail-forwarding trading addresses.
- Wise safeguards customer money in cash or secure liquid assets rather than insuring it, and when it closes an account it typically gives 90 days from its first email to move money out.
Who can open one
Wise accepts sole traders and freelancers, limited and public companies, most partnerships, and trusts registered in Australia, Canada, New Zealand and the US. It doesn’t serve businesses involved in crypto, tobacco or adult content, anything relating to Cuba with US connections, companies with bearer shares (wherever they’re incorporated), or Australian superannuation funds.
Where your company is registered changes what you get:
- US LLCs and corporations. Wise needs your EIN, registered address, a physical trading address, details of anyone owning 25% or more, and each director’s country of residence. Non-US beneficial owners provide a photo ID; US-resident owners or US passport holders provide an SSN. Businesses in Nevada or US territories can’t be onboarded.
- The trading address is the sticking point. Wise says it “can’t accept PO boxes, registration agencies, mail forwarding services or other similar virtual addresses.” Your registered address is where the company was incorporated; the trading address must be the physical place you actually work from every day.
- Some countries are limited. Businesses in Bahrain, Israel and Malaysia can’t hold money in a Wise Business account, per Wise’s balance availability page.
- Cards depend on country. The Wise Business card is available to businesses in the UK, EEA, Switzerland, Crown Dependencies, the US, Canada, Singapore, Japan, the Philippines, Australia, New Zealand and Brazil, among others. Elsewhere there’s a waitlist.
If you move or your company relocates to a country where a currency isn’t available, Wise says those account details will automatically become inactive.
Fees, from Wise’s own pages
| UK | US | Ireland (EEA) | |
|---|---|---|---|
| One-time setup fee (includes account details in 22 currencies) | 50 GBP | 31 USD | 60 EUR |
| Monthly fee | None | None | None |
| Conversion and sending | From 0.24% | From 0.23% | From 0.2% |
| Receiving local (non-wire) payments in major currencies | Free | Free (ACH free) | Free |
| Receiving a USD wire or Swift | 6.11 USD | 6.11 USD | 6.11 USD |
| Receiving GBP / EUR Swift | 2.16 GBP / 2.39 EUR | 2.16 GBP / 2.39 EUR | 2.16 GBP / 2.39 EUR |
| Free ATM withdrawals per month | 250 GBP, then 2.69% | 250 USD, then 1.95 USD + 1.95% | 250 EUR, then 2.69% |
In the UK the first card is free, and extra employee cards and replacements are 3 GBP each. US pricing also lists a 2% fee for e-wallet top-ups.
For most service businesses the costs that matter are incoming USD wires (so ask US clients to pay by ACH) and the conversion percentage on large amounts.
Limits
Wise’s receiving limits are high for business use. On its US partner bank details, business accounts can receive up to 50 million USD per transaction or day and 150 million USD a year. Wise’s UK blog lists sending limits of 20 million GBP and 20 million EUR, and for USD 1 million via local ACH or 20 million when paying from your USD balance. Large transfers can still trigger document requests.
Safeguarding is not deposit insurance
Wise states plainly: “We don’t lend out your money. Banks do.” It safeguards customer money by keeping it separate from its own and holding it “in cash, secure liquid assets, or insured by a comparable guarantee”, mostly short-term EU, UK and US government bonds and money market funds. Protection runs through different regulated entities (Wise Payments Ltd in the UK, Wise Europe SA in the EEA, Wise US Inc in the US, and others), each under its own rules.
What safeguarding doesn’t give you is a government scheme that pays out a fixed amount if the provider fails, as FSCS or FDIC does for a bank. A company holding payroll or tax reserves has reason to keep the bulk with an insured bank.
Account closure and availability risk
Wise says it closes accounts where activity breaches its Customer Agreement or Acceptable Use Policy, and that its “decision to close an account is usually final.” It usually gives “90 days from when we first email you to move your money out”, and you generally can’t reopen a closed account. You can appeal if there’s been a misunderstanding.
Onboarding can also pause. In November 2023, per City AM, Wise temporarily stopped taking new business customers in some UK and EU markets because of demand. Existing customers weren’t affected.
Alternatives: Revolut Business, Mercury, Airwallex
| Who can open | Price | Status | |
|---|---|---|---|
| Revolut Business | Companies registered in the UK or EEA; US-registered companies if the applicant lives in a supported country (including the US, UK, Canada, Australia, Singapore, the UAE and most of the EEA) | UK plans: Basic 10 GBP a month, Grow from 30 GBP, Scale from 90 GBP; FX over the allowance costs 0.6% | Varies by entity |
| Mercury | Companies formed in the US; founders needn’t be US citizens or residents, but need a US principal address (not a registered agent address or PO box) and existing or planned US operations | Free base plan; Plus 29.90 USD and Pro 299 USD a month billed monthly (about 15% less billed annually) | A fintech, not a bank; deposits held with partner banks Choice Financial Group and Column N.A., Members FDIC |
| Airwallex | UK pricing shown; check eligibility for your country | Explore 0 GBP or 19 GBP a month (waived with 10,000 GBP deposited a month or held); Grow 49 GBP | FX 0.5% above interbank for major currencies, 1% for others |
Many founders run two side by side: Wise for collecting and converting, plus a second provider or a bank as fallback.
Related: Wise vs Revolut for digital nomads: fees, limits and when you need a local bank · Wyoming LLC for non-US residents: Form 5472, banking and tax (2026) · Where to incorporate as a digital nomad: US LLC, UK, Estonia, UAE · Why banks close digital nomads’ accounts, and which are safer bets · Multi-currency business accounts (2026): Wise, Revolut, Airwallex, Mercury
Quick answers
Q: How much does a Wise Business account cost?
There’s no monthly fee. Wise charges a one-time setup fee of 50 GBP in the UK, 31 USD in the US or 60 EUR in Ireland, which unlocks account details in 22 currencies. Conversion starts from 0.24% in the UK, and receiving a USD wire costs 6.11 USD.
Q: Can a non-resident open a Wise Business account for a US LLC?
Yes. Non-US beneficial owners provide a copy of a photo ID instead of an SSN, and the company needs an EIN. Wise can’t onboard businesses in Nevada or US territories, and the trading address can’t be a PO box, registration agency, mail forwarder or other virtual address.
Q: Is money in a Wise Business account insured?
No. Wise is not a bank and doesn’t lend out customer money. It safeguards funds by keeping them separate and holding them in cash, secure liquid assets or under a comparable guarantee. That protects against misuse but isn’t a government deposit guarantee such as FSCS or FDIC.
Sources
- Wise: business pricing (UK)
- Wise: business pricing (US)
- Wise: business pricing (Ireland)
- Wise: business card fees (UK)
- Wise: can my business use Wise
- Wise: verify your US business
- Wise: business account requirements in the US
- Wise: can my business get a Wise card
- Wise: where can I open a Wise balance
- Wise: how do I open account details to receive money
- Wise: fees and limits for receiving money
- Wise: sending large payments with Wise Business (UK)
- Wise: is my money safe
- Wise: my account is being closed by Wise
- City AM: Wise halts new UK and EU business customers
- Revolut: Business plans (UK)
- Revolut: eligible countries for a Business account
- Mercury: eligibility
- Mercury: pricing
- Airwallex: pricing (UK)
This is general information from the Nomad Forums team, not immigration, tax or legal advice. Rules change; check the official source or a qualified adviser before applying.
Over to you: If you opened a Wise Business account for a US LLC while living outside the US, what did you use as your trading address, and how long did verification take? Has anyone had a Wise Business account closed or restricted, and what reason, if any, were you given?