Business Bank Accounts
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Wise Business

: 2024 Review

Best for remote small businesses
Price: 
Free after $31 opening fee
Countries:
Global
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Wise Business

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Review

Wise Business is my go-to account for paying international vendors and service providers. I love using it for international transfers due to its low fees, fast transfer times, and versatility (over 50 currencies offered). As a bonus, it also offers helpful features like team management and expense tracking.

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How to apply

  • Apply online here
  • You'll be asked to submit your personal and company documents

Pros

  • No monthly charges
  • Utilize the actual exchange rate for transforming overseas income
  • Hold account balances for 10 different currencies, including USD, GBP, and EUR
  • Process payments for as many as 1,000 invoices and salaries simultaneously
  • Benefit from exceptionally competitive, fixed fees for international payment transfers within the industry
  • Seamlessly connect with accounting software such as QuickBooks
  • Transfer funds to as many as 80 different countries
  • US-based businesses have the option to open an interest-bearing account

Cons

  • Prices have been steadily on the rise as time has
  • Basic accounting software with minimal integration
  • Local ACH transfers incur charges
  • ATM fees after $100 or 2 transactions in a month

Key Benefits and Features

  • Provides access to over 50 currencies in over 170 countries, all without any foreign transaction fees
  • Offers seamless connections with Xero, QuickBooks, Sage, FreshBooks, Wave, Oracle NetSuite, and other software solutions
  • Allows fund transfer to as many as 80 countries
  • Safeguard and change money across 50+ currencies
  • US-based businesses can benefit from an interest-bearing account with a competitive APY

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Fees

  • Opening fee: $31 one-time
  • Monthly Fee: $0
  • Bank Transfers: variable
  • Card Purchases: variable
  • Foreign transaction fee: Varies by currency pair, typically lower than traditional banks

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Sources: Monito, Fit Small Business

Dexter Zhuang
Dexter Zhuang

Dexter is the founder of Money Abroad, an online education platform that helps people live on their own terms. He writes about money and portfolio careers. Starting his career in San Francisco, he has lived and worked across Southeast Asia and Latin America for the past 6 years. He has 10+ years of experience building products and teams at public companies (Dropbox) and scaling startups (Xendit). His work has been featured in global outlets like Business Insider, CBS, and Tech in Asia. He graduated from Dartmouth College.

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