Review: Wise Business Account Singapore

Rating

Overall rating: 4.5/5

What is the Wise Business Account?

Wise is a UK-based fintech which offers multi-currency accounts for both personal and corporate clients, allowing them to receive, hold and send international payments. Formerly known as TransferWise, it was founded by Taavet Hinrikus and Kristo Kaarmann in 2011. Kristo worked as a management consultant with PricewaterhouseCoopers and Deloitte Consulting, while Hinrikus was Skype’s former Director of Strategy.

Wise specialises in facilitating international transactions for businesses engaged in cross-border commerce. Since its listing on the London Stock Exchange in 2011, Wise has raised over US$1.7 billion in funding. While not a bank in itself, Wise is licensed by the Monetary Authority of Singapore and ensures the security of customer funds through major banking institutions.

Wise key features 

• Multi-currency wallet and exchange that lets you hold, send, receive, and convert funds in 40+ currencies, using the real mid-market rate with no hidden markups.
• Local account details for receiving money in up to 9 currencies, including USD, GBP, EUR, AUD, and SGD.
• International payments to 140–160 countries (depending on region), with transparent fees and support for batch payments via spreadsheet upload.
• Multi-user access and controls with custom permission levels, approval workflows, spending limits, and role-based settings for team management.
• Virtual and physical business debit cards for spending online or in-store in 40+ currencies and 160+ countries.
• Free invoicing and payment link tools to streamline payment collection.
• Accounting integrations and open API for syncing transactions with Xero, QuickBooks, and automating workflows.
• Transparent pricing with no monthly subscription or minimum balance fees — all fees are displayed upfront before confirming transfers.
• Regional limits that vary by currency; for instance, the Wise Business USD account offers high local wire limits and specific caps on international transfers.

Wise Business Account: Pros and cons

Overview of the Wise Business Account

Multi-currency business account 

The Wise Business Account helps you manage cross-border payments and collections efficiently.

• Transact globally in over 70 countries using real mid-market exchange rates.
• Transparent fee structure with every transaction includes a clear cost breakdown.
• Receive local bank details for 9 currencies: SGD, USD, GBP, EUR, AUD, NZD, CAD, HUF, and TRY.
• Get paid like a local from 30+ countries through platforms like Shopify, Stripe, Adyen, and Amazon.
• Send payment tracking links to recipients to monitor transfer progress.
• Withdraw funds via ATMs globally using your Wise debit card.
• Make bulk payments to up to 1,000 recipients at real-time exchange rates, ideal for payroll, freelancer, or vendor payments.

Debit card

Wise offers business debit cards for seamless expense management and employee spending control.

• Issue Wise debit cards for team members to manage business expenses easily.
• Set spending limits, freeze, or unfreeze cards anytime through the Wise dashboard.
• Get real-time spending notifications for all purchases made.
• First card is free; each additional employee card costs SGD $4.
• Spend directly from your Wise account balance in the same currency to avoid conversion fees.
• Use cards online, in-store, or internationally with ATM withdrawal access.
• Cards supported in major regions, including Singapore, Europe, Australia, and New Zealand.

Accounting integrations 

Wise connects directly with leading accounting tools to automate financial workflows.

• Integrates with accounting platforms like Xero, QuickBooks, and FreeAgent.
• Automatically syncs transactions and balances to streamline bookkeeping.
• Simplifies reconciliation with transparent reporting and category mapping.
• Enables easy expense tracking through built-in data export options.
• Support resources available online, including guides on account setup, transfers, and card management.
• For complex queries, users can contact support directly via their Wise account.

Foreign exchange/international transactions

Wise is built for cross-border business payments, offering access to real mid-market exchange rates, which are the same rates used by financial institutions. Businesses can send, receive, and convert over 40 currencies and make transfers to more than 70 countries directly from their account.

• No hidden markups; all conversion fees are shown upfront before confirming the transaction.
• Most international payments are processed within 1–5 business days, depending on the currency and destination.
• Every transaction includes a detailed fee breakdown, ensuring full visibility over costs.
• Local account details are available in key currencies (SGD, USD, GBP, EUR, AUD, NZD, CAD, HUF, TRY), enabling businesses to receive payments from clients and platforms like Shopify, Stripe, Adyen, and Amazon.
• Wise does not process transfers to certain sanctioned or high-risk countries (e.g., North Korea, Russia, Iran, Afghanistan, Syria).

Here are some countries that aren’t supported by Wise:

During registration, Wise will inform you about the support available for specific types of businesses in the country of your choice.

Interest

Wise also allows you to earn returns on idle balances held in your account.

• Earn returns in SGD, USD, GBP, and EUR by opening a Wise Account
• Returns are added every working day
• Withdraw anytime with no lock-in period
• Funds are invested in government-backed assets and short-term debt issued by large, reputable companies
• Annual fees charged as a percentage of your total balance
  
  • SGD: 0.68%
  • GBP: 0.44%
  • EUR: 0.44%
  • USD: 0.44%

Wise customer support

Wise offers several ways to get help, whether you’re logged into your account or not.

If you are logged in:

You can access support directly through your Wise web dashboard or mobile app. Click the Help or '?' icon to open the Help Centre, which provides smart suggestions and articles based on your query. If you can’t find what you need, simply select Contact us to reach Wise’s support team via email or live chat, and the platform will guide you to the best contact option for your issue.

If you can’t log in:

You can still contact Wise without signing in. Visit the Help Centre on the Wise website, scroll to the bottom of any article, and click Contact us. A few quick questions will prompt you to identify the issue, ensuring your request reaches the appropriate support team.

Phone Support:

For a faster resolution, it’s recommended to log in first. This ensures you are connected with the right regional support team and phone number.

US customers who are unable to log in can call +1 888 501 4041 (toll-free). For other countries, log in to view the correct number for your region.

Wise’s phone lines are open 24/7, though standard call charges may apply depending on your service provider.

Wise fees and charges you should look out for

Wise takes pride in its transparent approach: No subscriptions, no monthly fees. You'll consistently have a clear view of the fee before each transaction, ensuring you only pay for the services you actually use.

NOTE: Wise charges a fixed fee whenever you receive a SWIFT payment. The fee is in the currency in which the payment is received and not the currency in which the sender sends it. Wise regularly reviews and adjusts the fees to show the real cost of moving your money from one currency to another. Any changes in their pricing structures are immediately updated to their registered users. Wise isn’t responsible for any correspondent bank fees charged on the sender’s account.

Please visit the Wise Business Pricing page to obtain more information about the exact fees for your country. Any other transaction fees applicable will be shown whenever you initiate a transfer of funds.

How to set up a Wise Business Account

Eligibility requirements

Wise Business accounts are open to Singapore-registered entities and select international businesses. Eligible business types include:

• Private Limited Companies (Pte. Ltd.)
• Sole Proprietors and Partnerships
• Limited Liability Partnerships (LLPs)
• Charities and Trusts (supported in select countries like the US, UK, EU, and Australia)

To open a Wise Business Account, you must:

• Be 18 years or older.
• Be authorised to act on behalf of your business.
• Operate in a supported industry (Wise does not support certain restricted sectors such as crypto, gambling, alcohol, or arms-related trades).

Required documents

For Singapore-registered businesses:

You will need to provide:

• Registered business name (as per ACRA)
• Registered business address (no P.O. boxes or virtual offices)
• Trading address (physical operating location)
• UEN (Unique Entity Number)
• Company website and brief business activity description
• Ownership details: List of shareholders owning ≥25%, including names, countries of residence, dates of birth, and ownership percentages
• Director details: Names, dates of birth, and countries of residence
• Identity documents: NRIC or passport and proof of address (e.g., utility bill or bank statement)

For Non-Singapore entities:

• Company registration certificate or Business Registry Extract (must include directors and ownership details, issued within the past 6 months)
• Proof of registered address and authorisation letter (if the applicant is not a director)
• Identity and address proof for all beneficial owners and authorised persons

Wise may also request additional documents for LLPs or non-profit organisations, such as details of trustees or managing partners.

Application process

To register, companies must provide the following information.

1. Sign Up Online: Go to the Wise Business sign-up page and register your account.
2. Add Business Details: Enter your business name, registration number (UEN), address, nature of business, and ownership information.
3. Verify Your Identity: Upload your identification and proof of address. If you are not a company director, you may need to provide an authorisation letter confirming your role.
4. Pay the One-Time Setup Fee (if applicable): Depending on your registration country, Wise may charge a small one-time fee to open account details for global currencies (like USD, EUR, or GBP).
5. Wait for Verification: Wise will review your documents. Verification usually takes up to 10 working days, though many accounts are approved sooner.
6. Start Transacting: Once approved, you will receive confirmation by email and can begin sending, receiving, and managing funds across currencies.

How long does it take to set up a Wise Business Account?

While still quicker than traditional banks, opening a business account with Wise can take up to 10 working days to set up, which is still longer than other fintech providers.

How to start using your Wise business account

Once your account is approved, you can begin transacting immediately. Here’s what to do next:

• Log in to your Wise Business dashboard or mobile app.
• Add funds to your account in SGD or any supported currency.
• Access local bank details for 9 currencies (SGD, USD, GBP, EUR, AUD, NZD, CAD, HUF, TRY).
• Send and receive payments internationally at mid-market FX rates.
• Issue debit cards for yourself and your team for day-to-day business spending.
• Integrate Wise with accounting tools such as Xero, QuickBooks, or FreeAgent.
• Monitor transactions and reconcile payments in real time.

Your Wise Business account is now ready to handle multi-currency payments, team expenses, and international transactions efficiently.

Who Is Wise Business Account best suited for?

Wise is ideal for Singapore SMEs that:

• Send, receive, or hold funds in multiple currencies (e.g. USD, EUR, GBP) and want to avoid bank markups.
• Operate remotely or globally, paying contractors or vendors overseas.
• Want clean, transparent fees and prefer pricing you can see upfront.
• Use accounting tools or e-commerce platforms and need seamless integrations.
• Need batch payment capability to streamline vendor/staff disbursements.

In short, Wise is best suited for small- to medium-sized businesses with cross-border needs, rather than those with heavy payroll or tax/GIRO requirements.

TrustPilot Rating: 4.4/5 (based on 271,604 reviews)

Wise received overwhelmingly positive reviews from users. Commonly praised aspects include its ease of use, efficiency, transparent pricing terms and fees, and competitive exchange rates. Reviewers frequently highlight the speed and reliability of the services offered, particularly when managing finances across multiple currencies. The availability of virtual cards is another well-received feature. However, opinions on payment processes and customer service differed; the general sentiment toward the app and its overall service is positive.

The Wise Alternative: Aspire

Aspire is a fintech company, headquartered in Singapore with a presence throughout Asia. It’s backed by world-class venture capitalists, including Lightspeed, Sequoia, Tencent, and Paypal Ventures, just to name a few. 

Aspire's All-in-one Finance OS streamlines the way business owners and finance teams handle crucial financial operations. A notable distinction between Wise and Aspire lies in Aspire's broader array of features designed to facilitate local operations. This encompasses a wider range of local payment options and support for CPF, Salary via GIRO, and corporate tax payments, areas where Wise falls short.

In addition, Aspire’s free local transfers make it ideal for businesses that make frequent local payments to suppliers, vendors, employees, and more. 

Aspire has also partnered with Wise to offer leading SGD FX rates. This means with Aspire, you can enjoy Wise's attractive FX rates (same fees on both platforms) within the convenience of Aspire’s all-in-one business account. 

Aspire also offers more comprehensive capabilities for managing spend, such as more granular spending controls, claims, expense management capabilities, and wider accounting integrations.

Aspire Yield allows businesses to earn interest on idle balances, offering liquidity without compromising accessibility. Aspire also features a robust partner rewards ecosystem, with over US$500,000 worth of startup perks from partners such as AWS, Notion, and HubSpot. Additionally, its Bills automation tool simplifies payables management by scanning and scheduling supplier invoices directly within the platform.

Here is a summary of some key differences compared to Wise:

Business Account

• Faster account opening within 1 business day
• Zero fees to open your account
• Free local transfers to and from your SGD, IDR, GBP, EUR and USD accounts
• Free transfers via your USD account to SGD, AUD, CAD, CZK, DKK,EUR, GBP, HKD, HUF,IDR, INR, MXN, MYR, NOK ,PHP, PLN, RON, SEK, USD
• Supports PayNow for CPF, and corporate tax payments
• Supports salary payment via GIRO
• Does not support cash withdrawals or cheques

Corporate cards

• Issue unlimited virtual cards to employees instantly
• More granular card controls and customizations
• Save on business expenses with unlimited 1% cashback with your Aspire Card

Software and integration

• More advanced accounting integrations to Xero, Quickbooks, Netsuite and more
• Offers integrated receivable, expense, and payable management functionalities

Conclusion

The Wise Business account is a good choice for global businesses that need to send and receive international payments frequently in a number of currencies. With the lowest FX rates in the market, a Wise Business account can drastically reduce the cost of your international payments. It is no surprise that it has become a popular choice among businesses in Singapore. 

If you're after a more comprehensive corporate account to seamlessly manage day-to-day operations, you should explore options tailored to those needs.

Ultimately, the choice between Wise and Aspire is based on your business's unique financial requirements.  While Wise shines in its coverage of global currencies, Aspire's emphasis on local operations and comprehensive financial management make it a powerful contender for businesses seeking an all-in-one solution. Armed with these insights, you can confidently choose the right business account for your financial success.

‍Open an account with Aspire today.