Nowadays, scam transactions in the UK are showing their rise. For instance, £11.4 billion was lost in 2024 due to fraud. These frauds include fake parcel delivery texts and social media marketplace scams. What's more concerning is that many scammers use AI voice cloning to drain someone's money. On online platforms, many scams start to use Authorised Push Payment (APP). To reduce these risks, the Wise Business account offers extra security, like a two-factor login and an anti-fraud team. Without a doubt, these features give businesses a safer way to handle money.
In this article, we'll explore the benefits of using a Wise Business account. We discuss how it helps to ensure safety in doing international transactions. Besides, we'll also learn how to set up Wise accounts for business. By learning best practices for business, you can learn how to send money without worrying about fraud. Let's get into the writing!
What is a Wise Business account?
A Wise Business account is a digital account for companies that are working across countries. It lets businesses hold and manage over 40 currencies, so they can send money to more than 160 countries. At the same time, they can also receive payments with local banks in up to 10 currencies. For instance, USD, EUR, GBP, and AUD.
In addition to currency management, Wise Business has features that make business finances easier. First, it has a physical and digital debit card that can set spending limits and track expenses. Second, the account supports multiple payments to up to 1000 people at once. This feature helps finance payroll and supplier payments. Aside from that, it also integrates with software to make bookkeeping simple. These features help improve cash flow and save so much time.
Benefits of using Wise for business transactions
If your business wants to make easy international payments, the Wise Business account has a lot of benefits. For instance, it offers low fees and real exchange rates. By using this platform, you can open multi-currency accounts. Aside from that, Wise also integrates with accounting platforms. These features make international business transactions easier and smoother. Here are more details about the benefits of using Wise for Business:
- Low fees and transparent pricing: Wise Business account charges a £45 setup fee without monthly fees. Besides, its transfer costs start at 0.33%. The fee amount depends on the currency.
- Multi-currency accounts: As mentioned above, Wise Business users can manage more than 40 currencies. It also provides local bank details for up to 10 currencies. This feature allows you to send and receive money without going to the local branch.
- Real exchange rates: Wise Business uses the real mid-market exchange rate for conversions. Unlike regular banks, this helps users avoid hidden profits.
- Fast international payments: More than half of Wise’s transactions are sent instantly or within an hour. However, it depends on the currency and the destination.
- Automate transaction records: Wise Business account users can connect their accounts to accounting software. This feature automatically records the transaction.
Use Wise for Safe and Efficient Transactions
The Wise Business account has changed the way businesses send money across the country. As shown above, Wise has many benefits for businesses. It has multi-currency accounts and manages payroll easily. Thus, millions of users trust Wise for global transactions. The company helps over 12.8 million people send £118.5 billion a year. Moreover, it handles around 5% of all cross-border personal money transfers worldwide.
Wise Business is a perfect option for those who need a safe and easy platform for sending money. This digital bank has clear pricing and can send money instantly. What's more interesting is that it prioritises safety. As a result, businesses can pay for international services or manage business expenses in another country. Here, we are going to look at the key features of Wise Business.
Sending payments locally and internationally
As mentioned before, the Wise Business account lets businesses send money to more than 160 countries, with fees starting at 0.33%. The currency uses the mid-market exchange rate. In addition to that, the debit card allows spending abroad and getting cash out from ATMs. As a result, users can do transactions in both online and local stores.
Receiving payments from clients
Wise Business eases international payments by giving users local bank details in many currencies. This means businesses can get money as if they had a local bank account. There are no fees for domestic transfers in dominant currencies like USD, EUR, and GBP. However, fixed fees apply for international wire or SWIFT payments. For instance, there is a £2.16 fee for receiving GBP SWIFT payments.
Using the multi-currency account
The multi-currency account lets users manage over 40 currencies in one Wise Business account. At the same time, users can hold and convert currencies at the real mid-market rate. The Auto Conversion feature allows users to set target exchange rates for currency pairs. Once the market hits the rate, Wise will auto-complete the conversion.
Generating invoices with Wise details
Aside from holding money, Wise Business has a tool that helps businesses send invoices quickly. The free invoice generator from Wise allows users to make an invoice by adding logos, item details, and their chosen currency. After creating an invoice, people can download it in different file formats. Besides, Wise also lets users add direct payment links to invoices.
Tracking transactions and using security features
A Wise Business account uses strong security to protect accounts and payments. For instance, it has real-time alerts that help users track their account activity and find unusual activity. Wise Business also has a Two-factor authentication (2FA) feature to confirm the user's identity. In addition to that, Wise keeps users' data and privacy with encryption. Those features show that Wise follows the Consumer Protection law to keep information.
Set up a Wise Business Account
Before opening a Wise Business Account, businesses need to learn the requirements to register for the account. In general, users must be at least 18 years old. Wise accepts different business types. For instance, sole traders, freelancers, limited companies, partnerships, and registered charities. However, Wise prohibits some risky industries like gambling, cryptocurrency, adult content, tobacco, and pharmaceuticals. Here are the details on how to register a business with Wise Business:
- Register online: To register your Wise Business account, visit the Wise website or download the app on your phone. Then, click "Register," select "Business" as your account type, and sign up using your email or other account.
- Enter business details: After signing up for the account, enter the business name and details. For example, legal structure, registration number, registered and trading addresses. You can also add a description of your business activities and any website or social media links.
- Verify your identity: To verify your Wise Business account, you'll need to upload a valid ID photo. This can be a passport or driving licence. You also need to provide proof of address and submit business registration documents.
- Pay the setup fee: After submitting for verification, you need to pay a registration fee of £45. This money is for unlocking the local account details and just paid once. You can pay this fee by debit/credit card or your Wise balance.
- Wait for verification: Usually, the verification of a Wise Business account takes 1 to 2 working days. However, if more details are needed, it may take up to 10 working days.
- Activate your account: Once Wise Business verifies your account, you can do transactions. You can also order a Wise Business debit card to do transactions around the world.
Best Practices for Businesses Using Wise
A Wise Business account has many benefits that help simplify finance for small and medium businesses around the world. For instance, the multi-currency account feature helps businesses set up local bank details in key markets. This lets them receive payments just like when they're using a local bank account. Plus, Wise lets businesses send up to 1,000 batch payments at once.
Aside from doing transactions, businesses can integrate their Wise account into accounting software. This feature can make financial work easier because it automatically syncs transactions. For businesses with teams from other countries, Wise allows them to add multiple users. By doing so, businesses can assign roles and permissions to keep their money safe and managed.
Security and compliance are very important when managing money abroad. Therefore, the Wise Business account follows rules from the UK’s Financial Conduct Authority (FCA). Besides, Wise uses encryption and two-factor authentication to protect user data. By using those features, businesses can handle international transactions safely.
Conclusion
In conclusion, the Wise Business account is a safe and easy way for businesses to do international transactions. It supports many currencies and charges low fees. Wise uses real exchange rates and strong security like two-factor authentication and fraud checks. Wise also connects with accounting software and allows batch payments. Overall, Wise Business is a great choice for companies to do transactions safely.
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