914/23, 2.53 PM \Wise Business vs Personal: What's the diferenco? - Wise Business Bank Accounts Wise Business vs Personal: What's the difference? Panna Kemenes 19.09.22 4 minute read Wise is a global technology company that offers two online money accounts. One for personal and one for business use. Both accounts offer the ability to send, spend, and receive payments and hold balances in multiple currencies. A major advantage of these accounts is their low, transparent fees for international transfers. So what's the difference between Wise Business vs personal? The Wise Business account adds useful features for managing and organizing business finances. It’s one stress-free account that gives hiups:iwise.comiusiblogiwise-businesss-personal 19914/23, 253 PM \Wise Business vs Personal: What's the diferenco? - Wise 7 (Discover Wise Business NX 7 This article covers Wise Personal vs Business differences in the US. Some features and fees may differ in other countries that offer the Wise Business account. What's the difference between Wise Business vs Personal? Wise has two types of accounts: The Wise account for personal use, and Wise Business. Both accounts offer an easy, low-cost way to send international transfers and receive payments. However, there are key differences between them. The personal Wise account is for people living, working, and traveling abroad. It’s perfect for anyone who needs to send, spend, or receive money internationally. The account can hold over 40 different currencies, with conversions made at the mid-market exchange rate. Account holders can also get a debit card which can be used to spend in different currencies and 150+ countries. The Wise Business account is a cost-effective way to send business payments and get paid from abroad in multiple currencies. Conversions also fakesplace at the mid-market exchange rate. This account 2 Sign up ») hiups:iwise.comiusiblogiwise-businesss-personal ane914/23, 2.53 PM \Wise Business vs Personal: What's the diferenco? - Wise on time. + Better visibility and organization of business finances. This is helpful for account reconciliations and audits. + Administration controls for users. It's possible to allow team members to carry out specific tasks. + Receive payments from e-commerce platforms (such as Amazon or via Stripe). + Create invoices using the Wise invoice generator or invoice templates. + Features for bill payment, including a QuickBooks Bill Pay connection. Bill payments will be synced, matched, and categorized in QuickBooks for simple reconciliation. + Batch payment options. This allows the fast payment of up to 1,000 people, by simply uploading a spreadsheet. Q Want to dive deeper into what a business account is? Read What is a business account? to learn more. hiups:iwise.comiusiblogiwise-businesss-personal ane914/23, 253 PM \Wise Business vs Personal: What's the diferenco? - Wise Wise Personal vs Business: Quick comparison Feature Business _ Personal International transfers at the real mid-market v Vv rate Hold over 40 currencies v v Account details for major currencies Vv Vv Send money to 160+ countries Vv Vv hiups:iwise.comiusiblogiwise-businesss-personal ane914/23, 2.53 PM \Wise Business vs Personal: What's the diferenco? - Wise Accounting software connection v x Batch payments v x Multi-user access controls v x Receive Stripe and Amazon payouts v x Wise open API v x Wise Personal vs Business fees Both the Wise and the Wise Business account are free to open in the US. There is no monthly fee for either account. A If you're in the EEA or the UK, you'll need to pay a one-time setup fee fee when signing up. You can read more on the Wise Business fees help page. With the Wise personal account, it's free to hold 40+ currencies and to receive payments in 9 currencies. However, USD wire payments and CAD SWIFT payments cost a fixed fee per payment. hups:wise.comius/blogiwise-businesss-personal 519914/29, 2:59 PM \Wise Business vs Personal: What's the diferenco? - Wise withdrawals are charged at a low fee of $1.50 plus 2%. | You can visit the Wise account fees page to see a full breakdown. The Wise Business account enables you to hold 40+ currencies in one account for free. You also get access to a host of business tools and connections at no extra cost. Get your own UK, Eurozone, Australian, New Zealand, US account details and more for a small, one-time setup fee. This allows you to have local account details in areas where you don't have a local address. Use them to get paid or withdraw international payments from platforms like Amazon for free. There is a small fixed fee of $4.14 for receiving USD wire payments and a fixed fee for receiving CAD SWIFT payments. You can get your first Wise Business debit card for free, and order subsequent cards for your team members for $5 each. | You can check the Wise Business fees page for a full breakdown. © With Wise Business, you also get access to features such as the QuickBooks connection, batch payments, invoicing tools, and more. For no extra fee. You won't need to sign up for a higher subscription package as you may with other providers. Register for free and use the features you need, when you need them. Can Wise be used for business? hups:wise.comius/blogiwise-businesss-personal 619914/29, 2:59 PM \Wise Business vs Personal: What's the diferenco? - Wise The Wise Business account is designed for business use. Most types of businesses can use Wise. This includes: + Freelancers and sole traders. * Limited and public companies large or small. « Partnerships. * Charities and trusts in certain countries. (Including the UK, EEA countries, Switzerland, US, Canada, Australia, and New Zealand). Wise Business caters to business needs, with many additional features over the personal account. It’s easier to manage and control money, conduct reconciliations and audits, and produce and manage invoices and payments. A crucial point for businesses is that you can also receive payments from international customers with ease. You get access to local account details for a simple one-time fee. This means your customers can pay in their local currency - without having to worry about bad exchange rates. The business account can also cut the costs of doing business overseas, leaving more of your hard-earned profit intact. ( USD US dollar v tN ( GBP British pound v hiups:iwise.comiusiblogiwise-businesss-personal m9914/23, 253 PM \Wise Business vs Personal: What's the diferenco? - Wise You send exactly 1,000 USD 77wWise Exchange rate 0.791296 Transfer fee 9.13 USD Recipient gets 784.07 GBP . C ‘Send money ) PB PayPal Exchange rate 0.756120 Transfer fee 4.99 USD Recipient gets 752.35 GBP -31.72 GBP The above information applies when you pay in via bank transfer. How do we collect thi Can | change my Wise account from business to personal? You don’t need to change your Wise Business account to a personal one. You can simply open a personal account alongside your business hiups:iwise.comiusiblogiwise-businesss-personal ane914/29, 2:59 PM \Wise Business vs Personal: What's the diferenco? - Wise It is good practice to have separate accounts for personal and business use. Doing so will make business receipts and expenses easier to track, and aid reconciliations and audits. To open a personal account from your business profile, click on your name in the top right corner of the account screen. In the dropdown, choose “Get a personal account” and follow the instructions to open the account. If you only want to use the personal account, you can withdraw money from the business account and then close the account. You'll then be left with the Wise personal account. Try Wise Business: The no-stress international business account When choosing between Wise Business vs personal, the main question is which one will suit your needs. If you have a business, then opening a business account to keep your finances separate is good practice. The Wise Business account offers this, and much more. Whether you need to sync bill payments with QuickBooks, pay several employees at once, or receive payments from overseas. Wise Business is here to make business banking easier. You won't find these features with the Wise personal account. You can open a Wise Business account easily online - no need to wait in line or book appointments. hiups:iwise.comiusiblogiwise-businesss-personal ene914/23, 253 PM \Wise Business vs Personal: What's the diferenco? - Wise Q Can't decide if you should open a business account? Read the guide to find out if you need a business account This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. hups:wise.comiusilogiwise-businesss-personal 1019914/29, 2:59 PM Wise Business vs Person What's the diference? - Wise MONEY FOR HERE, THERE AND EVERYWHERE hiups:iwise.comiusiblogiwise-businesss-personal nie914/29, 2:59 PM \Wise Business vs Personal: What's the diferenco? - Wise ess Best Banks For Nonprofits (2023) Looking for the best banks for non-profits and possible alternative accounts? Learn more about their features and pricing. Mike Renaldi 24.08.23 8 minute read hups:wise.comius/blogiwise-businesss-personal rane914/23, 253 PM \Wise Business vs Personal: What's the diferenco? - Wise ess Wise Business Account Requirements - How to Open an Account in the us Mike Renaldi 5, 03.08.23 6 minute read hups:wise.comius/blogiwise-businesss-personal 139914/29, 2:59 PM \Wise Business vs Personal: What's the diferenco? - Wise Business BMO Harris Business Accounts Review (2023) Mike Renaldi 27.06.23 8 minute read hups:wise.comiusilogiwise-businesss-personal 149914/29, 2:59 PM \Wise Business vs Personal: What's the diferenco? - Wise Business How Many Business Bank Accounts Can You Have? Mike Renaldi 26.06.23 6 minute read hups:wise.comiusilogiwise-businesss-personal 1519914/23, 2.53 PM \Wise Business vs Personal: What's the diferenco? - Wise Bu: ss Best bank for small business in Florid, More and more companies are launching new payment solutions for small businesses. 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Mike Renaldi 5 16.06.23 6 minute read Tips, news and updates for your location C = < YC a ) Cc SH = S\ 7 Xu DX * DK = ) c = YC a = ) L DK u JD = ) C = ( L dC = DL e ) a S\ = \ 7 C JO BOC = ) hiups:iwise.comiusiblogiwise-businesss-personal a92 u = I = IN ad C = dC = DC a C = IC " dC = C EI dC " dC + C dC = DC : C " IC a DC = C dC = DC a C = IC = IC " C 7 dC DC a C IC - IC = C = dC = dC " C = IC DC = PRP PY YI YY WY YY YY hiups:iwise.comiusiblogiwise-businesss-personal914/23, 253 PM \Wise Business vs Personal: What's the diferenco? - Wise Learn more Send money abroad Swift/BIC codes Currency converter IBAN codes| Rate alerts Compare exchange rates Business templates Follow us Hyde Legal Privacy policy Country site map © Wise Payments Limited 2023 Wise US Inc is authorized to operate in most states. In the other states, the program is sponsored by Community Federal Savings Bank, to which we're a service provider. hups:wise.comius/blogiwise-businesss-personal s9n9