Wise Business Review

Wise Business is the first account I tell every new LLC client to open. Not because it’s the best primary bank — Mercury is better for that — but because it’s the easiest to get approved for, and it gives you something Mercury can’t: local bank details in multiple currencies.

While I personally don’t keep large balances in Wise, a lot of my clients use it as their primary account without issues. My recommendation is always redundancy — have at least two accounts. Wise is the one that should be open first.

Why Open Wise Business First

Easiest Approval

Mercury and Relay sometimes reject non-resident applications. Wise almost never does. If you’ve just formed your LLC and need a bank account today, Wise is the path of least resistance.

Multi-Currency Bank Details

This is Wise’s real differentiator. You get local bank details for receiving money in:

• US — ACH routing number and account number
• EU — IBAN for SEPA payments (EUR)
• UK — Sort code and account number (GBP)
• Australia — BSB and account number (AUD)
• And 18+ more currencies

Your German client pays you with a regular SEPA transfer to your EUR IBAN. Your US client pays via ACH. Your UK client pays via Faster Payments. No one has to send an international wire. This saves both you and your clients money.

The Exchange Rate

Wise uses the mid-market rate (the real rate you see on Google) plus a small, transparent fee — typically 0.4-0.6% for major currency pairs like EUR→USD. Traditional banks mark up the rate by 2-4% and don’t tell you about it.

For a $10,000 conversion, that’s the difference between paying $50 (Wise) and $300 (traditional bank).

Connects to Interactive Brokers

If you invest through Interactive Brokers, Wise connects directly — you can move money between the two without wire fees. This is part of my own setup: IBKR → Wise → anywhere else I need it.

Key Features

Local Account Details (22 Currencies)

This is what makes Wise different from Mercury and Relay, which give you USD-only bank details.

Currency	Details You Get	Use Case
USD	ACH routing + account number	US clients, US services
EUR	IBAN	European clients (SEPA)
GBP	Sort code + account number	UK clients
AUD	BSB + account number	Australian clients
CAD	Transit + account number	Canadian clients
+ 17 more	Various local formats	Global coverage

Debit Card

Wise includes a debit card that works internationally. Spend in any currency and Wise converts at the mid-market rate. Not a credit card, but useful for business expenses.

Batch Payments

Pay multiple contractors or invoices at once. Upload a CSV, review, and send. Useful once your business grows beyond a handful of payments per month.

Fees

Service	Cost
Monthly fee	$0
Receiving USD (ACH)	Free
Receiving EUR (SEPA)	Free
Receiving GBP (Faster Payments)	Free
Receiving USD (wire)	$4.14
Currency conversion	~0.4-0.6% (mid-market rate)
Sending international transfer	Varies by corridor (shown upfront)
Debit card	Free

Limitations

Be honest about what Wise isn’t:

• Not FDIC insured — Wise is not a bank. Funds are held in pooled accounts at partner banks. Wise is regulated but your money doesn’t have the same protection as a Mercury or Relay account.
• No credit products — No credit card, no loans, no line of credit
• Can’t receive domestic wires — US account details support ACH only, not wire transfers
• Transaction limits — Large transfers may require additional verification
• Occasional account reviews — Wise can freeze accounts for compliance review, same as any fintech

For these reasons, I recommend Wise as your first account but not your only account. Once approved, apply for Mercury as your FDIC-insured primary bank.

Opening a Wise Business Account

1. Sign up at wise.com/business
2. Verify your identity — Upload passport and proof of address
3. Verify your business — Provide Articles of Organization and EIN
4. Get your account details — Usually 1-3 business days

The process is straightforward and has the highest approval rate of any option I recommend.

My Recommended Banking Stack

1. Wise Business — Open first. Get your US + EUR bank details. Start receiving payments.
2. Mercury — Apply next. FDIC-insured primary US bank. IO credit card.
3. Revolut Business — Optional. Best mobile app, instant personal transfers.

This gives you redundancy (never rely on a single account), multi-currency coverage, FDIC protection, and a credit card — all for $0/month.

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Need help setting up your business banking? Our LLC Formation package includes banking guidance — I walk you through opening your first accounts.