Wise Business
Wise Business is the account freelancers reach for when clients pay in several currencies. After a one time setup fee, it provides local account details in around ten currencies, including USD, EUR, GBP, AUD and CAD, so a client can send a domestic transfer while the money lands in one balance. Conversions use the mid market rate with an upfront percentage fee, batch payments cover many recipients at once, and the account links to Stripe, QuickBooks, Xero and Payoneer style marketplaces.
The right choice for cross border invoicing and for anyone who has watched a traditional bank shave three percent off a payment. Important caveat: Wise is a licensed money institution rather than a bank, so funds are safeguarded rather than covered by deposit insurance schemes, and there is no credit, overdraft or cash deposit. Interest features exist only in some countries.
Pros
- Local account details in about ten currencies
- Mid market exchange rate with clear fee
- Batch payments to many recipients
- Works with Stripe, Xero, QuickBooks
- Holds dozens of currencies in one balance
Cons
- Not a bank, no deposit insurance
- One time account setup fee
- No overdraft or credit
- Cash deposits impossible
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