Wise Business Card Review

• Pros:
• No foreign transaction fees
• Uses the real mid-market exchange rate for currency conversion
• Hold and spend in over 40 currencies
• Employee cards with spending controls
• No annual fee for the first card

• Cons:
• Not a credit card, so no access to a line of credit
• No rewards program for points or cash back
• ATM withdrawal fees can apply

The Wise Business card does not come with a traditional welcome offer or sign-up bonus. Instead of enticing new users with a large sum of points or cash back after meeting a spending threshold, Wise focuses on providing long-term value through its low-fee structure and favorable exchange rates. For businesses that conduct a significant amount of international business, the savings on currency conversion and foreign transaction fees can quickly outweigh the value of a one-time bonus. This approach is refreshing in a market saturated with flashy sign-up bonuses that often come with complex terms and conditions. Wise's strategy is to attract and retain customers by offering a genuinely useful product that solves a real problem for international businesses.

The Wise Business card is known for its transparent and low-fee structure. There is no annual fee for the first card on the account. If you want to issue cards to your team members, there is a one-time fee of $5 per card. A card replacement fee of $5 also applies if you lose your card. Standard delivery of the card is free, but if you need it sooner, you can opt for express delivery for a fee starting from $11.58.

When it comes to ATM withdrawals, you get two free withdrawals per month, as long as the total amount withdrawn is not over $100. If you withdraw more than $100 in a month, you will be charged 2% of the amount over $100. After your two free withdrawals, there is a $1.50 fee per withdrawal. These fees are charged per account, per month. It is important to note that these fees are charged by Wise, and some ATM operators may charge their own additional fees. It is always a good idea to check the fees of the ATM before making a withdrawal.

Wise is also transparent about its currency conversion fees. When you spend in a currency that you don't have in your account, Wise will automatically convert the amount from the currency with the lowest conversion fee. The conversion fee varies depending on the currency, but it is always shown upfront, so you know exactly how much you are paying. This is a significant advantage over traditional banks, which often hide their conversion fees in the exchange rate.

The Wise Business card is packed with features designed to make international business easier and more affordable. One of the standout benefits is the ability to hold and manage money in over 40 different currencies within a single account. This allows businesses to pay and get paid like a local in multiple countries, avoiding costly conversion fees. Some of the supported currencies include USD, EUR, GBP, AUD, CAD, JPY, and many more. This feature is particularly useful for businesses that have clients or suppliers in different parts of the world. For example, a US-based business can receive payments in EUR from a client in Germany and hold the funds in their Wise account without having to convert them to USD immediately. They can then use the EUR funds to pay a supplier in France, all within the same account.

For businesses with teams, Wise offers employee expense cards. You can issue cards to your team members for a small one-time fee of $5 per card. These cards come with customizable spending limits, giving you control over your team's expenses. You can set daily, monthly, or per-transaction spending limits for each card. You can also restrict the card to be used only for certain types of purchases, such as travel or office supplies. You can track all transactions in real-time through the Wise app, which provides instant spending notifications. The ability to freeze and unfreeze cards with a single tap adds an extra layer of security. This feature is invaluable for managing team expenses and preventing unauthorized spending.

Wise also offers virtual cards, which can be created instantly and used for online payments. This is a great feature for managing different types of expenses or for making secure online purchases. You can create multiple virtual cards and use them for different subscriptions or online vendors. This makes it easy to track your online spending and cancel a card if it is compromised, without affecting your other cards. The card is part of the Visa network, ensuring wide acceptance worldwide.

As a debit card focused on low-cost international transactions, the Wise Business card does not have a rewards program in the traditional sense. You won't earn points, miles, or cash back on your purchases. The primary financial benefit, or "reward," comes from the significant savings on fees. By using the mid-market exchange rate for currency conversions and charging no foreign transaction fees, Wise helps businesses keep more of their money. For companies that spend a lot of money internationally, these savings can be substantial. For example, a business that spends $100,000 a year on international transactions could save thousands of dollars in fees compared to using a traditional bank account.

Since the Wise Business card does not offer a rewards program, there are no points or miles to redeem. The value is realized upfront through lower transaction costs rather than through a backend redemption process. This straightforward approach is appealing to businesses that prefer tangible savings over complex rewards programs.

The concept of transfer partners, which is common with travel rewards credit cards, does not apply to the Wise Business card. The Wise account itself is designed for sending and receiving money internationally, but it does not have a system for transferring points to airline or hotel loyalty programs.

To be eligible for a Wise Business account and card, you need to have a registered business. The application process is done online, and you will need to provide information about your business, including its registration details. Wise supports a wide range of business types, including sole traders, limited companies, and partnerships. The verification process typically involves providing identification documents for the business owner and any major shareholders. The process is usually quick and straightforward, and you can often get your account up and running within a few days.

While the Wise Business card is a strong contender in its niche, there are other options available for businesses that need to make international payments. Here are a couple of alternatives:

• Revolut Business: Like Wise, Revolut offers multi-currency accounts and business debit cards. Revolut provides more integrated business tools, including invoicing and payment processing, but its fee structure can be more complex depending on the plan you choose. Revolut offers different subscription plans with varying levels of features and fees, so it's important to choose the one that best suits your business needs. Revolut's free plan has limitations on the number of free international transfers and the amount of money you can exchange at the interbank rate. Its paid plans offer more features and higher limits, but they come with a monthly fee.
• Payoneer: Payoneer is another popular platform for international payments, particularly for freelancers and online businesses. It offers a business debit card and allows you to receive payments from clients and marketplaces around the world. Payoneer's fees and exchange rates should be compared with Wise to see which is more favorable for your specific needs. Payoneer is especially popular among those who sell on international marketplaces like Amazon and Upwork, as it offers direct integration with these platforms. However, Payoneer's fees can be higher than Wise's, especially for currency conversions and ATM withdrawals.

Wise takes security seriously and has implemented several measures to protect your money. The Wise Business account uses two-factor authentication to secure your account from unauthorized access. You will need to verify your identity using your phone every time you log in or make a transaction. Wise also provides instant spending notifications, so you are always aware of the activity on your account. If you lose your card or suspect it has been compromised, you can freeze it instantly from the Wise app. You can also unfreeze it just as easily if you find it. Wise is regulated by the Financial Conduct Authority (FCA) in the UK and by other regulatory bodies in the countries where it operates. This means that it is required to hold your money in segregated accounts, separate from its own funds. This ensures that your money is safe even if Wise were to go out of business.

The Wise Business card is an excellent choice for businesses that frequently work with international clients, suppliers, or employees. If your business involves making or receiving payments in multiple currencies, the Wise card can save you a significant amount of money on fees. It is also a great option for business owners who prefer the control of a debit card over a credit card and want to avoid the risk of accumulating debt. The card is particularly well-suited for digital nomads, freelancers, and online businesses that have a global customer base.

However, if your business primarily operates domestically and you are looking for a card that offers a generous rewards program, the Wise Business card is probably not the right fit. Businesses that want to earn cash back, points, or travel rewards on their spending would be better served by a traditional business credit card. Also, if your business needs access to a line of credit, you will need to look for a different solution, as the Wise Business card is a debit card and does not offer credit.

The Wise Business card is a powerful tool for any business that operates in the global marketplace. Its transparent pricing, use of the mid-market exchange rate, and lack of foreign transaction fees make it a cost-effective solution for international spending. While it lacks a traditional rewards program, the savings it provides on currency conversion can be far more valuable for the right type of business. The card's features, such as the multi-currency account, employee cards, and virtual cards, make it a versatile and practical solution for managing international business finances. If you are looking for a simple, transparent, and affordable way to manage your international business spending, the Wise Business card is definitely worth considering.