Introduction
Wise (formerly TransferWise) has revolutionized international banking. In 2025, it’s one of the most cost-effective and transparent ways to send, receive, and manage money globally. Whether you’re a digital nomad, an ecommerce brand, or a startup hiring global talent, Wise offers a smarter alternative to traditional banks.
What Makes Wise Different
Wise uses the real mid-market exchange rate—no markup. You’ll always see what you’re paying before you hit send. Plus, they’ve expanded their business offerings to include multi-currency accounts and local banking details for USD, EUR, GBP, AUD, and more.
Setting Up Your Wise Account
Setup takes less than 10 minutes. Once verified, you get:
- Access to 10+ local account numbers
- The ability to hold 50+ currencies
- A Wise debit card for easy spending
- Instant global transfers to 70+ countries
Key Features
Real-time exchange rates
Low transparent fees
Local bank details in multiple countries
Multi-currency account for businesses
Bulk payments and API for enterprise use
Smartphone app with advanced security
Wise for Business
Freelancers can invoice clients abroad
Agencies can pay remote teams
Startups can pay vendors and contractors
Wise lets you keep money in various currencies to hedge against exchange losses
Fee Structure
No monthly fee for the basic account
Sending money: 0.4%–0.7% depending on the currency
Receiving money: Free for local payments
ATM withdrawals: Free up to a monthly limit
Pros
Best exchange rates in the industry
Very low fees
Regulated and secure
Excellent mobile experience
Great for B2B and remote-first teams
Cons
No cash deposit options
Not ideal for receiving platform payments like Upwork or Fiverr
Limited in-person support
Use Case Example
A freelance designer in India working with a US client can use Wise to get paid in USD with no PayPal markup, convert to INR at real-time rates, and receive funds in their local bank account in minutes.
Conclusion
If you’re managing global transactions, Wise is the smartest way to do it. With unbeatable transparency, low fees, and powerful features, it’s the future of borderless banking for small business owners.
