As businesses and individuals navigate the complexities of international payments, many find themselves weighing the benefits of Wise versus Wise Business. This article aims to clarify what each service offers, compare their pricing and features, and help you determine which option best suits your needs.
A quick overview on Wise and Wise Business
What is Wise?
Wise is a financial technology company that offers international money transfer services and multi-currency accounts. It allows users to send, receive, and hold multiple currencies at real exchange rates with low, transparent fees.
Wise is used by individuals for sending money internationally and managing funds in different currencies. Businesses utilize it to pay international suppliers, receive payments from global clients, and manage payroll for employees in different countries.
What is Wise Business?
Wise Business is an international payment platform that allows businesses to send, receive, and manage money across borders. It functions as a multi-currency account, enabling users to hold and convert funds in numerous currencies, and offers a debit card for spending in different currencies without foreign transaction fees.
Businesses use Wise Business for global payments, receiving payments from international clients, and managing expenses with the Wise debit card. Unique features include local account details in various currencies and competitive exchange rates without hidden fees.
Pricing of Wise and Wise Business
Wise offers a straightforward pricing model for personal accounts with no setup fees, while Wise Business requires a one-time setup fee of £45. Both services charge a fee for sending money, starting from 0.33% of the transaction amount. Holding money in your account is free for both, but receiving USD wire and Swift payments incurs a fixed fee of $6.11 per payment.
Spending with the Wise debit card is free when using funds in the same currency for both personal and business accounts. However, ATM withdrawals over £200 per month are subject to a 1.75% fee plus £0.50 per withdrawal. Overall, Wise Business has an additional setup fee, but the transaction fees are similar to those of Wise.
Features of Wise and Wise Business
Wise features
Wise offers a range of unique features that cater to both personal and business users, making it a versatile choice for international financial needs:
- Multi-currency account: Hold and convert money in over 40 currencies, simplifying international transactions.
- High-speed transfers: Over half of transfers are completed in under 20 seconds, ensuring quick access to funds.
- Low fees: Transparent pricing with a fee calculator helps users understand costs upfront.
- Wise debit card: Spend and withdraw cash worldwide without foreign transaction fees, ideal for frequent travelers.
- Local bank details: Receive payments like a local in multiple countries without needing a physical presence.
Wise Business features
Wise Business offers a range of unique features that cater to the needs of businesses engaged in international transactions:
- Local account details: Receive payments in multiple currencies as if you had local bank accounts in those regions.
- Business debit card: Spend in over 40 currencies across 160+ countries without foreign transaction fees and earn 0.5% cashback.
- Software integrations: Seamlessly connect with accounting software like Xero, QuickBooks, and FreeAgent for streamlined financial management.
- Batch payments: Pay multiple suppliers or employees in one go, saving time and reducing administrative burden.
- Team access control: Manage who can access and control funds within your business account, enhancing security and oversight.
Comparing Wise, Wise Business and OneSafe
Why choose one over the other?
- Why Choose Wise Over Wise Business: If you're an individual looking for a straightforward way to manage multiple currencies and make international transfers, Wise offers a user-friendly platform with no setup fees. The service is ideal for personal use, providing transparent and low-cost currency conversions, and a debit card for spending globally with minimal fees.
- Why Choose Wise Business Over Wise: For businesses engaged in international transactions, Wise Business offers additional features like local account details in various currencies and software integrations with accounting tools. The one-time setup fee of £45 is offset by the ability to manage global payments, batch payments, and team access control, making it a comprehensive solution for business needs.
Considering OneSafe vs Wise and Wise Business
- Why Choose OneSafe Over Wise and Wise Business: OneSafe is uniquely designed for businesses operating in the Web3 and crypto sectors, offering seamless USD to USDC conversion on Polygon for instant, borderless transactions. This feature, combined with end-to-end expense and payroll management, makes OneSafe an optimal choice for companies needing reliable, adaptive banking solutions tailored to the digital asset space.
What are the customers saying?
Wise reviews
Customer reviews for Wise highlight a mix of experiences. Users often mention issues with account access, document verification, and occasional delays in transfers. Concerns about customer support and increasing fees are also noted. Check out more Wise reviews here.
Wise Business reviews
Customer reviews for Wise Business highlight a mix of experiences. Users often mention issues with account access, document verification, and occasional delays in transfers. Concerns about customer support and increasing fees are also noted. Check out more Wise Business reviews here.
OneSafe reviews
Customer reviews for OneSafe highlight the platform's exceptional customer support, ease of payroll processing, and ability to simplify complex banking tasks for Web3 companies. Users consistently praise the seamless USD to USDC conversion on Polygon, which facilitates instant, borderless transactions, and the end-to-end expense and payroll management features.
Notable feedback includes:
- “OneSafe has the best customer support I've ever experienced from a bank.” - Amit Chu, Investments @ Celo Foundation
- “OneSafe is a game-changer. They solve so many headaches for our company. Finally a banking solution that gets it.” - Marco, CEO of Ensuro
Want to learn more? Check us out here.
Wise, Wise Business, or OneSafe: Which is the best platform for you?
In conclusion, whether you choose Wise, Wise Business, or OneSafe, each platform offers unique benefits tailored to different needs. However, for businesses operating in the Web3 and crypto sectors, OneSafe stands out with its seamless USD to USDC conversion and comprehensive financial management tools. We recommend OneSafe for its innovative approach and exceptional customer support, making it a top choice for modern businesses.
