SuanSupply
This guide includes affiliate links. If you sign up through one, we may earn a commission at no extra cost to you. We only recommend tools that fit the job.
The short version
- Our verdict: Wise Business is one of the cheapest ways for a small business to pay and get paid in other currencies, and a strong fit for importers and online sellers. It is not a replacement for a bank.
- Cost: a one-time US$31 (CA$55 in Canada) to unlock account details, no monthly fee, and transfer fees from 0.23% in the US and 0.19% in Canada, at the mid-market exchange rate.
- Best features: local account details in 22 currencies, batch payments to up to 1,000 recipients, team access and debit cards.
- Limits: no loans or credit, no cash or cheque deposits, balances are not FDIC insured, and paying Chinese suppliers in yuan only works to company accounts.
What is Wise Business?
Wise Business is a multi-currency account for companies and freelancers that sends, receives and converts money at the mid-market exchange rate with a small, upfront fee. You hold balances in many currencies, get local bank details to receive payments like a local business, and pay suppliers abroad without a bank's exchange rate markup. Wise is a regulated money transmitter, not a bank, so it doesn't lend money or take cash.
How much does Wise Business cost?
| Fee | United States | Canada |
|---|---|---|
| Setup (one time, unlocks account details) | US$31 | CA$55 |
| Monthly fee | None | None |
| Sending or converting money | From 0.23%, depends on the currency | From 0.19%, depends on the currency |
| Receiving local payments (ACH, EFT, SEPA and others) | Free | Free |
| Receiving a USD wire (Swift) | US$6.11 | US$6.11 |
| ATM withdrawals with the card | Free up to US$250 a month, then US$1.95 + 1.95% | Free up to CA$100 a month, then CA$2.69 + 2.69% |
| Volume discount | From about US$25,000 a month | From about CA$35,000 a month |
Wise business pricing pages for the US and Canada, checked October 6, 2026. Wise shows the exact fee before every transfer.
The percentage depends on the route. In our guide to paying Chinese suppliers, sending US$1,000 in USD to a company account in China as yuan cost about 0.85% + US$3.10, still far below the 2.5 to 3% exchange rate markup a typical bank adds on top of its wire fee.
See the exact fee for your own transfer before you sign up: Wise shows the rate and fee for any amount and currency.
Check Wise Business feesWhat can you do with a Wise Business account?
- Hold and convert dozens of currencies in one account, at the mid-market rate.
- Get paid like a local with account details in 22 currencies, including USD, CAD, EUR, GBP and AUD. Marketplace or client payouts in those currencies arrive as free local payments.
- Pay suppliers and contractors abroad, one by one or in a batch of up to 1,000 payments.
- Debit cards for you and your team, with spending permissions per person.
- Invoices and payment links, so customers can pay you by bank transfer or card.
- Accounting and API: connect it to accounting software such as Xero or QuickBooks, or automate payments with the Wise API.
Is Wise Business good for paying Chinese suppliers?
Yes, for most small importers. A Wise Business account can send yuan (CNY) to a company bank account in mainland China, or US dollars if your invoice is in USD. You need the company's English name, account number, SWIFT code and bank address. It can't pay individuals in China for goods: personal Alipay and Weixin transfers are for personal accounts. Always pay in the currency on your contract, and pay only the company account named on it.
Before a big order, send a small test payment and ask the supplier to confirm the amount that arrived. It shows you the real cost and catches any bank detail mistakes.
Is Wise Business safe?
Wise is regulated in every country it serves. In the US, Wise US Inc. is registered with FinCEN and licensed as a money transmitter in the states that require it. In Canada, Wise Payments Canada Inc. is registered with FINTRAC and with the Bank of Canada as a payment service provider. Customer money is kept separate from Wise's own money at large banks. The trade-off: Wise is not a bank, so balances are not FDIC or CDIC insured. Many businesses keep their main operating cash in a bank and use Wise for international payments.
Wise Business pros and cons
| Pros | Cons |
|---|---|
| Mid-market exchange rate with the fee shown up front | No loans, overdrafts or credit |
| No monthly fee; one small setup fee | No cash or cheque deposits, no branches |
| Local account details in 22 currencies | Not FDIC or CDIC insured |
| Batch payments, team cards and permissions | Can only pay Chinese companies in CNY, not individuals |
| Fast transfers on many routes | Support is online and in the app |
Wise Business vs Airwallex vs Payoneer vs a bank
| Option | Best for | Watch for |
|---|---|---|
| Wise Business | Low-cost supplier payments and receiving in many currencies | No credit; check the fee for your route |
| Airwallex | E-commerce sellers who want multi-currency cards and payouts | Plans and fees differ by country |
| Payoneer | Marketplace payouts, especially Amazon sellers outside the US | Higher conversion and withdrawal fees |
| Your bank | Credit, cash and one account for everything | A wire fee plus an exchange rate markup, often 2.5 to 3% |
Our Wise vs Airwallex vs PayPal comparison puts the options side by side for supplier payments.
How do you open a Wise Business account?
- Check you're eligibleSole proprietors, freelancers, companies and partnerships can apply. Some business types, like certain financial or high-risk ones, aren't supported.
- Have your details readyYour business name, registration or EIN/BN details, address, what you sell and the ID of owners and directors.
- Sign up and verifyApply online. Verification usually takes a few days, longer if Wise asks for more documents.
- Pay the setup feeThe one-time fee unlocks your account details in 22 currencies. You can explore the account before paying it.
- Add your first recipientAdd a supplier, send a small test payment and save them for next time.
Who should use Wise Business?
It's a good fit if you buy from suppliers abroad, sell to customers in other countries or get paid by marketplaces in several currencies, and you want to stop losing 2 to 3% on every exchange. It's not the right fit as your only business account if you need credit, deposit cash or cheques, or want deposit insurance on your balance.
Paying suppliers or getting paid in other currencies? Wise Business sends money at the mid-market rate with a low fee shown up front, and no monthly fee.
Open a Wise Business accountPaying a supplier in China? Work out what the order really costs per unit, with freight and duty, before you send money.
Open the free landed cost calculatorFrequently asked questions
Is Wise Business free?
There is no monthly fee. In the US you pay a one-time US$31 (CA$55 in Canada) to unlock account details in 22 currencies, then a small fee per transfer or conversion, from 0.23% in the US and 0.19% in Canada.
Is Wise Business a bank?
No. Wise is a licensed money transmitter and payment service provider. It doesn't lend money or take cash, and balances are not FDIC or CDIC insured.
Can I pay Chinese suppliers with Wise Business?
Yes, to company bank accounts in mainland China in CNY, or in USD if your invoice is in dollars. Wise Business can't pay individuals in China for goods.
How long does Wise Business verification take?
Usually a few days. It can take longer if Wise asks for extra documents about your business or its owners.
Can I receive Amazon or Etsy payouts in Wise Business?
You can give a marketplace your Wise local account details in a supported currency, such as USD, EUR, GBP or CAD, and payouts arrive as local payments. Check the marketplace's own rules for the payout account.
Wise Business or Airwallex: which is cheaper?
It depends on your route and volume. Compare the amount your supplier receives for the same invoice in both; our comparison guide on paying Chinese suppliers walks through it.
General information as of October 6, 2026, not financial advice. Fees and features change and differ by country; check Wise's pricing page for your route before you sign up. SuanSupply is not affiliated with Wise beyond the affiliate link on this page.