Wise Business Account Review - The Definitive Guide for All New Zealand Businesses
We explain what Wise is and what it offers, whether you can trust it for a business account, the pros, cons, risks and considerations, how it compares to other business accounts, and frequently asked questions to help you decide if Wise is right for your business.
Updated 10 August 2025
Summary:
Key features of the Wise Business account:
Our guide covers:
Advertising Disclaimer: MoneyHub may earn a referral bonus for anyone that’s approved through some of the below links. Our research and findings are independent of any bank, credit card issuer, or product manufacturer/service provider, and have not been endorsed by any of these entities. Please see our Advertising Policy for more details about how we make money.
- Wise, previously known as Transferwise, is known most for its low cost and speedy money transfer service alongside its debit card used for travel money.
- Wise also offers a dedicated Wise Business account account, competing with traditional banks who offer business banking with foreign exchange services. However, the Wise Business account minimises fees and the time it takes to send and receive money overseas, alongside other features.
- Wise has (arguably) created a business account that offers value and convenience to established small-medium enterprises (SMEs) with regular foreign currency transactions, who routinely pay hefty fees to banks. The Wise Business account is likely to appeal to entrepreneurs, side hustlers and part-time professionals as an alternative to standard business bank accounts and services like PayPal for making and receiving international payments.
- Local banks offer, in comparison, high fee, low tech and slow solutions when it comes to moving money to and from New Zealand. The existing bank offerings are arguably seen as 'legacy' offerings and attract significantly higher costs and transfer delays compared to Wise's business offering.
Key features of the Wise Business account:
- It’s free to operate - there’s a one-off NZ$40 to signup to get the account activated, and Wise markets the account as something where you ‘only pay for what use’. This means there are no monthly fees for operating an account
- Hold and exchange 40+ currencies, including NZD, USD, EUR, AUD, JPY and GBP
- International transfers to 160+ countries
- Mid-market rate currency exchange with low, transparent fees
- Local bank details to receive payments in currencies, including the USA, Australia, the UK and more
- Batch payments – you can pay up to 1,000 people at once
- You can connect to Xero or QuickBooks for easy reconciliation of invoices in NZD or any other currencies you invoice in.
- API integration (if required)
Our guide covers:
- What is Wise? Can I Trust It For a Business Account? What Are The Risks?
- Advantages, Risks and Considerations of Wise Business Accounts
- Wise Business Accounts vs Westpac, Kiwibank and Other Business Bank Accounts
- Wise Business Account Frequently Asked Questions
- Wise Business Account Testimonials
- Our Conclusion
Advertising Disclaimer: MoneyHub may earn a referral bonus for anyone that’s approved through some of the below links. Our research and findings are independent of any bank, credit card issuer, or product manufacturer/service provider, and have not been endorsed by any of these entities. Please see our Advertising Policy for more details about how we make money.
What is Wise? Can I Trust It For a Business Account? What Are The Risks?
Wise is a financial technology company that started in 2011 in London. It has since become a globally recognised platform for managing multi-currency transactions and international money transfers, and its shares are traded on the London Stock Exchange.
Wise distinguishes itself from traditional banking institutions by focusing on providing digital-first financial solutions, particularly aimed at reducing costs and complexities associated with international transactions. No bank in New Zealand offers a business account in any way similar to Wise, meaning it offers a product that's arguably in a class of its own.
However, Wise is not without its risks and doesn’t offer the customer service/contact centre support you’d expect with a local bank. This means that the Wise business account is most suitable to businesses who are comfortable forgoing in-branch service for significantly lower FX fees, superior FX rates and, in many cases, quicker money movement.
Wise distinguishes itself from traditional banking institutions by focusing on providing digital-first financial solutions, particularly aimed at reducing costs and complexities associated with international transactions. No bank in New Zealand offers a business account in any way similar to Wise, meaning it offers a product that's arguably in a class of its own.
However, Wise is not without its risks and doesn’t offer the customer service/contact centre support you’d expect with a local bank. This means that the Wise business account is most suitable to businesses who are comfortable forgoing in-branch service for significantly lower FX fees, superior FX rates and, in many cases, quicker money movement.
Can I Trust Wise?
Wise is not a bank account; Wise is a non-bank payment provider and therefore every Wise account is an electronic money account. Our research team is familiar with Wise and MoneyHub uses the Wise Business Account for making and receiving payments. However, this is not an endorsement of its service or safety, and we explain further features of Wise below to help you evaluate whether or not it's right for you:
Other safeguarding Wise has in place includes:
- Security Measures: Wise employs robust security measures including two-factor authentication and real-time transaction notifications, aiming to protect users' funds and data.
- User Reviews and Reputation: Wise has received a substantial number of user reviews and feedback online, and thousands of MoneyHub users have adopted standard Wise accounts and ordered the Wise Debit Card. However, there are always risks - if you're not comfortable with Wise, do not proceed.
Other safeguarding Wise has in place includes:
- 100,000 new customers join Wise every week
- 24/7 customer support (email, live chat or phone)
- Money is safeguarded and held completely separate to Wise’s
- Two-step authentication and the ability to the account's freeze card
- Biometrics and encryption - you can use your phone’s in-built tech to boost your protection
- Over 1,000 anti-fraud specialists, real human help is available when you’ve got questions, and further details are outlined on the Wise website
Understanding the Key Features of Wise Business Accounts
If your business transacts heavily in FX, Wise’s business account offering has numerous benefits:
- Multi-Currency Accounts and Transactions: Wise enables businesses to hold, manage, and transfer money in multiple currencies, which is useful for any New Zealand-based business paying and/or receiving money internationally, given Wise offers local account details (as explained in detail below). Whereas traditional bank accounts involve $10-$20 fees to send money overseas (and long waits), Wise's transfer times are near-instant for most currencies, and the fees are a fraction of what banks charge.
- Transparent Fee Structure: One of the main features of Wise is its transparency in fees. Unlike some traditional banks where it can be ‘send, wait and find out the true cost later’, Wise provides upfront information about the costs associated with transactions. This means you'll know the exact cost and time the money will take to arrive before making any payment.
- Integration with Accounting Software: Wise can be integrated with accounting platforms like Xero, aiding in streamlined financial management and reporting. Invoice payments can be reconciled in one or two clicks, which is beneficial for anyone running multiple currency accounts.
MoneyHub Founder Christopher Walsh shares his views about the Wise Business Account:"When paying overseas suppliers or receiving money in non-NZD, banks don't deliver anything close to what Wise offers. I don't like the poor value FX rates, high transfer fees, and waiting time that go with using a bank for either receiving or sending foreign currencies. Business needs to be easy - the Wise Business Account does just that, leading with the best FX rates and lowest fees.
Disclaimer - I am a Wise customer. I use my personal Wise card and MoneyHub's Wise Business Account because it's so easy, transparent and flexible. I have introduced many friends to Wise as well. It has a great app, the lowest fees on offer, and the flexibility of foreign bank accounts, making it a comprehensive solution for business and personal needs. It's also secure, flexible and transparent, and puts you in control of your money". Whatever you decide to do, make sure it's the right solution for your business needs. Wise is a strong offering, but if your business doesn't transact in non-NZD currencies, the service has little benefit". |
MoneyHub Founder
Christopher Walsh |
Advantages, Risks and Considerations of Wise Business Accounts
Wise offers value and convenience, but the business account won’t be right for every business. We outline must-know facts to help you decide if Wise will suit your business.
Know This First: Wise's business account can be a game-changer. Whether you're an exporter, an online retailer, or a service provider with an international client base, having the ability to receive and hold money in different currencies simplifies financial management and reduces costs associated with currency conversion.
How It Works:
Advantages:
Potential Risks and Considerations
Know This First: Wise's business account can be a game-changer. Whether you're an exporter, an online retailer, or a service provider with an international client base, having the ability to receive and hold money in different currencies simplifies financial management and reduces costs associated with currency conversion.
How It Works:
- Setting up a Multi-Currency Account: Opening a multi-currency account is a straightforward online process and once approved you can start receiving money in various currencies almost immediately. Our research team’s trial observed it took an average of two working days for the business account to be approved.
- Converting and Transferring Money: You can convert currencies within your Wise account at any time, with transparent fees and real-time rates. Transferring money to other accounts, whether domestic or international, is also streamlined.
Advantages:
- Currency Support and Conversion: Wise supports transactions in over 40 currencies, offering the ability to hold and convert money in multiple currencies, which is particularly beneficial for international transactions. This means you can convert NZD to one of 40+ currencies and get it sent overseas in a few seconds in one straightforward transaction. By comparison, Kiwibank and Westpac (for example) have far fewer currencies, inferior FX rates compared to those offered by Wise, and slower transfer times.
- Receiving Money in Various Currencies: Alongside making payments, Wise also allows businesses to receive payments in major currencies like AUD, EUR, JPY, GBP, and USD (and many more) directly into Wise accounts. This feature is particularly useful for New Zealand businesses that deal with clients or suppliers in these regions, allowing them to receive payments in the local currency of the transaction. This cuts out the banks' relatively unfavourable foreign exchange rates, which reduce revenue and increase costs, thus reducing gross margins.
- Local Account Details: Wise provides local account details for each supported currency. For instance, you can get an Australian account number to receive and pay AUD, a sort code and account number for GBP transactions, and a routing and account number for USD needs. By offering these local account details, Wise Business account holders can facilitate payments as if the business was operating in each country.
- Cost-Effectiveness: Wise has a transparent fee structure and uses the mid-market exchange rate for currency conversion.
- User-Friendly Platform: Many users find Wise easy to use, with a user-friendly interface and intuitive mobile apps for managing accounts on the go.
- Integration with Accounting Software: Wise Business accounts offer integration with various accounting software (e.g. Xero), enhancing financial management efficiency.
- Security Measures: Wise employs robust security measures like two-factor authentication, real-time notifications, and continuous monitoring for anomalies to keep your data and money safe.
Potential Risks and Considerations
- Limited Banking Features: Wise does not support cash deposits and has limitations on ATM withdrawals. It also does not provide any lending services, which may be a drawback for any business relying on overdrafts, business loans and other forms of credit.
- Fees: While opening a Wise Business account involves a one-time fee of NZ$40, there are additional fees for services like sending money, ATM withdrawals over certain limits, and currency conversion. Wise doesn’t charge monthly or annual costs, but it charges for every transaction that involves foreign exchange.
- Regulatory Challenges for Fintechs: Fintech companies like Wise can face challenges in standardising compliance processes and keeping up with evolving regulatory requirements, especially when expanding internationally. While New Zealand regulation arguably moves slowly, a change in regulations could impact Wise’s operations and services.
Wise Business Accounts vs Westpac, Kiwibank and Other Business Bank Accounts
Our comparison of business bank accounts indicates some key differences between what Wise offers and the business accounts available from traditional banks. These include:
Our view: The choice between Wise and traditional business bank accounts from the likes of Westpac or Kiwibank will depend on every business's specific needs, especially regarding international transactions, preferred banking services, and fee structures. Wise may be more advantageous for businesses heavily involved in international trade, while traditional banks offer a broader range of financial products and in-person services. Wise delivers leading value for businesses transacting in foreign currencies, but arguably has less value for NZD-only businesses.
- International Transactions: Wise excels in international transactions with more competitive rates and fees than traditional banks, as outlined in our video.
- Fees Structure: Wise has a one-off sign-up fee and no monthly fees, while traditional banks typically have monthly account fees.
- Currency Support: Wise supports a broader range of currencies for holding and transacting than traditional banks. While every bank offers USD, EUR, AUD and other major trading currencies, Wise goes further with 40+ currencies wherever a client of supplier is based.
- Customer Service: Traditional banks offer in-person branch services, which Wise lacks. Wise is digital-only and has never offered instant support assistance.
- Additional Banking Services: Westpac and Kiwibank (and other banks) provide a wider range of banking products like loans and overdraft facilities, which are unavailable with Wise.
Our view: The choice between Wise and traditional business bank accounts from the likes of Westpac or Kiwibank will depend on every business's specific needs, especially regarding international transactions, preferred banking services, and fee structures. Wise may be more advantageous for businesses heavily involved in international trade, while traditional banks offer a broader range of financial products and in-person services. Wise delivers leading value for businesses transacting in foreign currencies, but arguably has less value for NZD-only businesses.
Wise Business Account Frequently Asked Questions
How cost-effective is Wise for frequent international transactions compared to traditional banks?
Wise is typically more cost-effective for frequent international transactions due to its lower fees and mid-market exchange rates. Wise's fee structure is transparent, allowing businesses to know the exact cost upfront.
Can Wise Business Accounts handle high-volume, multi-currency transactions efficiently?
Yes - Wise Business accounts are designed to manage high-volume, multi-currency transactions. They support over 40 currencies and offer features like batch payments, which meet the needs of businesses dealing with multiple international transactions.
What are the timeframes for international transfers with Wise compared to traditional NZ banks?
International transfers with Wise are often faster than those with traditional New Zealand banks. Wise's transfer times are near-instant for most currencies, significantly reducing the wait time compared to the longer processing periods typical of traditional banks, which can be 1-3 days for USD, GBP and AUD transactions.
Are there any limitations in banking features with Wise that might affect a business relying heavily on international transactions?
While Wise excels in international transactions, it lacks some traditional business banking features like lending, credit cards, overdrafts or call accounts paying interest. This may be a drawback for businesses that require these specific banking services.
How does the lack of in-person customer service with Wise impact businesses?
Businesses accustomed to in-person support may find Wise's digital-only approach challenging. However, for those comfortable with online and mobile banking, Wise's platform offers sufficient support and efficiency for managing high-volume transactions.
Is the Wise Business account suitable for businesses that only transact in NZD?
In many cases, it's unlikely. The Wise Business account is specifically advantageous for multi-currency transactions. For businesses operating solely in NZD, the benefits of the Wise account are less significant than the service and locally-focused features offered by traditional banks.
Are there any additional costs or hidden fees with Wise that businesses should be aware of?
Wise is known for its transparency in fees. While there is a one-time sign-up fee of $40 and transaction-based fees, there are no hidden costs. All fees are clearly stated upfront, allowing businesses to make informed decisions.
Wise Business Account Testimonials
Our team actively engages with New Zealanders to gather their insights on using Wise. While international in origin, the testimonials we've collected below are presented as they were shared with us. While we cannot independently confirm each testimonial's authenticity, we believe they offer genuine insights into users' typical experiences with the Wise business account.
Testimonial 1: Efficiency and Cost-Effectiveness
"A crucial part of our international dealings involves non-sterling transactions, and Wise has proven to be exceptionally cost-effective and efficient. For instance, transferring Euros to our partners in Germany costs much less than the higher fees (and delays) we'd experience with our local bank. Beyond just transfers, Wise's simple conversion process and the availability of both physical and virtual cards, especially for different currency accounts, add to its utility. It's also a boon for receiving foreign currency payments, helping us avoid conversion fees charged by local banks. Having used Wise since its Transferwise days, we highly recommend it for its reliability and cost savings".
Testimonial 2: Reliability with Some Caveats
"We initially shifted our main business account to Wise, attracted by its advantages. However, we faced challenges with unexpected account re-verifications, which could temporarily freeze the account for up to two weeks. This posed a significant issue for our operations, particularly for time-sensitive processes like payroll. Despite Wise's responsive and helpful support, this aspect made the account less suitable for our needs. You can read our detailed experience in this post. While no platform is perfect, and alternatives have their issues, Wise's issues were particularly impactful for our business operations".
Testimonial 3: Wise Personal vs. Business Account User Experience
"I've set up two Wise Business accounts: one for an NGO and one for my consulting firm. The setup process was straightforward, though slightly more documentation-intensive for the NGO than for my business. A key distinction between Wise Personal and Business accounts lies in the access control features. The Business account allows for varying access levels:
These features particularly benefit my business operations, allowing me to grant tailored access to my accountant and assistant. From a broader perspective, Wise is essential for my business primarily dealing with non-EU clients, as it significantly reduces the banking fees associated with receiving international payments."
Testimonial 1: Efficiency and Cost-Effectiveness
"A crucial part of our international dealings involves non-sterling transactions, and Wise has proven to be exceptionally cost-effective and efficient. For instance, transferring Euros to our partners in Germany costs much less than the higher fees (and delays) we'd experience with our local bank. Beyond just transfers, Wise's simple conversion process and the availability of both physical and virtual cards, especially for different currency accounts, add to its utility. It's also a boon for receiving foreign currency payments, helping us avoid conversion fees charged by local banks. Having used Wise since its Transferwise days, we highly recommend it for its reliability and cost savings".
Testimonial 2: Reliability with Some Caveats
"We initially shifted our main business account to Wise, attracted by its advantages. However, we faced challenges with unexpected account re-verifications, which could temporarily freeze the account for up to two weeks. This posed a significant issue for our operations, particularly for time-sensitive processes like payroll. Despite Wise's responsive and helpful support, this aspect made the account less suitable for our needs. You can read our detailed experience in this post. While no platform is perfect, and alternatives have their issues, Wise's issues were particularly impactful for our business operations".
Testimonial 3: Wise Personal vs. Business Account User Experience
"I've set up two Wise Business accounts: one for an NGO and one for my consulting firm. The setup process was straightforward, though slightly more documentation-intensive for the NGO than for my business. A key distinction between Wise Personal and Business accounts lies in the access control features. The Business account allows for varying access levels:
- View-Only Access: Suitable for individuals who need to monitor transactions without initiating them.
- Transaction Setup Without Approval Rights: Ideal for team members who prepare transactions but don't have final approval authority.
- Approval Rights with Limits: Useful for those authorized to approve transactions but only up to a specified amount.
- Full Master Admin Rights: Complete control over the account, including transaction approvals and administrative settings.
These features particularly benefit my business operations, allowing me to grant tailored access to my accountant and assistant. From a broader perspective, Wise is essential for my business primarily dealing with non-EU clients, as it significantly reduces the banking fees associated with receiving international payments."
Our Conclusion
- The Wise Business Account is a reliable solution for New Zealand-based small to medium-sized enterprises engaged in frequent international transactions.
- Wise's appeal lies predominantly in its cost-effectiveness, speed, and multi-currency capabilities, positioning it as a compelling alternative to traditional banks for any business dealing with global payments and currency exchanges.
- While Wise offers substantial advantages like transparent fee structures, seamless integration with accounting software, and robust security measures, it has limitations. Its lack of traditional banking features such as cash deposits, lending services, and in-person customer support may deter some businesses. There's also a lack of local support should you need help, urgent or not.
- The Wise Business Account stands out for its ability to facilitate efficient and cost-effective multi-currency transactions, making it a valuable tool for businesses looking to streamline international payments.
- However, traditional banks are likely to be a better solution for businesses operating predominantly in NZD or requiring a full suite of traditional banking services.
- Ultimately, the decision to choose Wise should be informed by carefully assessing your business's individual needs, transaction frequencies, and the extent of international dealings.
