Wise Business Review
Guide to Wise Business for US LLCs. Multi-currency accounts, low FX fees, and how to use Wise alongside a US bank account.
Wise Business (formerly TransferWise) is a multi-currency account ideal for international payments. While it's not a full replacement for a US bank account, it's an excellent complement for receiving international payments and converting currencies at low rates.
What is Wise Business?
Wise is a financial technology company founded in 2011, known for transparent international transfers at the real exchange rate. Wise Business extends this to companies with features like:
- Multi-currency account — Hold and receive money in 40+ currencies
- Local account details — Get US, UK, EU, and other local bank details
- Low FX fees — Convert currencies at the mid-market rate with small fees
- Debit card — Spend in any currency
Key Features
Multi-Currency Account
Hold balances in USD, EUR, GBP, and 40+ other currencies. When you receive payment in a foreign currency, it stays in that currency until you choose to convert it.
Local Account Details
Get local bank details in multiple countries:
- US — ACH routing number and account number
- UK — UK sort code and account number
- EU — IBAN for SEPA payments
- Australia, Singapore, and more
This lets your international clients pay you in their local currency as if you had a local bank account.
Low FX Fees
Wise uses the mid-market exchange rate (the real rate you see on Google) plus a small, transparent fee—typically 0.4-0.6% for major currency pairs.
Compare this to traditional banks that often mark up the exchange rate by 2-4%.
Fees
| Service | Cost |
|---|---|
| Monthly fee | $0 |
| Receiving USD (ACH) | Free |
| Receiving USD (wire) | $4.14 |
| Receiving EUR (SEPA) | Free |
| Currency conversion | ~0.4-0.6% |
| Sending international transfer | Varies by corridor |
| Debit card | Free |
How to Use Wise with Your US LLC
Wise Business works best as a complement to a primary US bank account like Mercury. Here's a typical setup:
- Primary account (Mercury) — Main operating account, US payments, payroll
- Wise Business — Receive international payments, convert currencies, pay international contractors
Example Workflow
- Client in Germany pays you €5,000 to your Wise EUR details
- Money arrives in your Wise EUR balance
- Convert to USD at the real exchange rate
- Transfer to your Mercury account
Limitations
Wise Business is not a full bank account:
- No FDIC insurance — Funds are held in pooled accounts (Wise is not a bank)
- No credit products — No loans, lines of credit, or credit cards
- Limited US features — Can't receive domestic wires (only ACH)
- Transaction limits — Large transfers may require additional verification
For these reasons, we recommend Wise as a secondary account, not your primary business bank.
Opening a Wise Business Account
- Sign up online at wise.com/business
- Verify your identity — Upload passport and proof of address
- Verify your business — Provide LLC documents and EIN
- Get your account details — Takes 1-3 business days
Our Verdict
Wise Business is excellent for what it does—international payments and currency conversion. If you receive payments from clients in multiple countries, Wise can save you significant money on FX fees.
However, it shouldn't be your only account. Pair it with a proper US bank account (Mercury) for a complete banking setup.
Need help setting up your business banking? Our LLC Formation package includes banking guidance.