How to Safely Manage Business Transactions with a Wise Account

With fraud on the rise, businesses in the UK are constantly at risk of losing money through scams, with £11.4 billion lost to fraud in 2024 alone. Scams ranging from fake parcel delivery texts to AI-driven voice cloning are becoming more sophisticated, and many are utilizing Authorised Push Payment (APP) methods to trick people into transferring money. To combat these risks, a Wise Business account offers enhanced security features like two-factor authentication and fraud protection, providing businesses with a secure way to handle their transactions.

In this post, we’ll take a deep dive into the benefits of using a Wise Business account for international transactions, how it helps ensure safety, and the process of setting up an account. Let’s explore how Wise can offer a safe, efficient, and cost-effective solution for your business transactions.

What is a Wise Business Account?

A Wise Business account is a digital platform designed for companies dealing with cross-border payments. With this account, businesses can manage over 40 currencies, send money to over 160 countries, and receive payments in multiple currencies through local bank details. This makes it easier to manage global finances and send or receive money without needing to visit a local bank.

In addition to its currency management capabilities, Wise Business offers a debit card (both physical and digital), which allows businesses to set spending limits, track expenses, and manage payments. The account also supports batch payments, enabling businesses to send payments to up to 1,000 people at once, which is especially useful for payroll and supplier payments. Moreover, Wise integrates with accounting software to streamline bookkeeping and save time.

Key Benefits of Using Wise for Business Transactions

Wise Business accounts are designed to simplify international transactions while keeping costs low and transactions secure. Here are some of the main benefits:

• Low Fees and Transparent Pricing: Wise Business charges a one-time setup fee of £45, with no monthly fees. The transfer fees start as low as 0.33%, depending on the currency.
• Multi-Currency Accounts: Businesses can manage over 40 currencies and receive payments in up to 10 local currencies. This feature enables businesses to avoid extra fees when receiving payments from different countries.
• Real Exchange Rates: Wise uses the mid-market exchange rate for currency conversions, meaning businesses get the real exchange rate without hidden markups.
• Fast Payments: Most transactions made through Wise are completed within an hour or instantly, depending on the currency and destination.
• Automated Transaction Records: Wise integrates with accounting software, automatically recording transactions and syncing them with your books, making financial management easier.

Secure and Efficient Transactions with Wise

For businesses that need to send money internationally, Wise offers a safe and efficient way to handle transactions. With over 12.8 million users and £118.5 billion transferred annually, Wise processes around 5% of all cross-border personal money transfers worldwide. Here’s how Wise makes it easier and safer to send and receive money:

Sending Payments Locally and Internationally

With a Wise Business account, businesses can send money to more than 160 countries. Payments start at just 0.33% in fees, and the platform uses the real mid-market exchange rate for conversions. The Wise debit card also allows for easy spending abroad, whether online or at physical stores.

Receiving Payments from Clients

Wise simplifies the process of receiving international payments by offering local bank details in multiple currencies. This means businesses can get paid as if they had a local bank account. There are no fees for receiving domestic payments in major currencies such as GBP, USD, or EUR. However, there are fixed fees for international payments, such as £2.16 for receiving GBP via SWIFT.

Using the Multi-Currency Account

Wise’s multi-currency account lets businesses hold and convert over 40 currencies at the real mid-market rate. The Auto Conversion feature enables users to set target exchange rates for currency pairs, and Wise will automatically convert the funds when the rate is met, saving time and effort.

Generating Invoices with Wise

Wise offers a free invoice generator that lets businesses create invoices by adding logos, item descriptions, and the desired currency. Once created, invoices can be downloaded in various formats, and businesses can also add direct payment links, making it easier for clients to pay quickly.

Tracking Transactions and Security Features

Wise takes security seriously and provides several layers of protection for users. For example, the platform sends real-time alerts to track account activity and notify users of any unusual behavior. The two-factor authentication (2FA) feature adds another layer of security by requiring users to verify their identity before making transactions. Additionally, Wise uses encryption to protect users’ data and ensure privacy.

Setting Up a Wise Business Account

Opening a Wise Business account is simple and can be done online. Here’s what you need to do to get started:

1. Register Online: Go to the Wise website or download the app, select “Business” as your account type, and sign up using your email address.
2. Enter Business Details: Provide your business name, registration number, addresses, and a description of your activities. You’ll also need to provide links to any social media or websites associated with your business.
3. Verify Your Identity: Upload a valid ID (passport or driving license), proof of address, and business registration documents.
4. Pay the Setup Fee: A one-time setup fee of £45 is required to activate your account. You can pay this fee using a debit or credit card, or through your Wise balance.
5. Wait for Verification: The verification process typically takes 1-2 working days, though it may take up to 10 days if additional documentation is required.
6. Activate Your Account: Once verified, you’ll be able to use your Wise Business account to send payments and manage your business finances globally.

Best Practices for Businesses Using Wise

Wise Business accounts offer several advantages, including the ability to set up local bank details in multiple currencies and send bulk payments. To get the most out of Wise, businesses should integrate their accounts with accounting software to automate transaction records and reduce manual work. Additionally, businesses can add multiple users to their account, assigning roles and permissions to ensure the security and proper management of funds.

Security is a priority with Wise, and the platform adheres to regulations set by the UK’s Financial Conduct Authority (FCA). Encryption and two-factor authentication ensure that your data remains secure, providing peace of mind for businesses handling international payments.

Conclusion

The Wise Business account is an excellent choice for companies looking for a safe, efficient, and affordable way to manage international transactions. With low fees, real exchange rates, and strong security features, it offers a seamless solution for global payments. Wise also integrates with accounting software, offers multi-currency accounts, and allows businesses to send batch payments. Overall, Wise provides businesses with a reliable platform for managing finances across borders securely.