Wise Business vs Personal Accounts in Australia: Features, Fees and other comparisons

Wise is an international payments service provider that specialises in low-cost overseas transactions. To make it easier for everyone to send money globally for less, we offer two accounts for personal and business use.

Since 2016, customers in Australia have been able to send, receive, and hold money in multiple currencies using these accounts. However, our business account goes a step further, offering multiple additional features to streamline and improve financial management.

It’s important to note that Wise is regulated by the Australia Securities and Investments Commission (AISC) and has an Australian Financial Services Licence (AFSL). Whether you’re a business or personal account holder, you have peace of mind that your money is always safe and secure with us.

Table of contents
Comparison: Wise Business and Wise Personal in Australia Wise Business account Wise Personal account Account fees: Wise Business vs Personal Key Features of Wise Business Is Wise suitable for businesses in Australia? How to get your own Wise Business account Wise Business account FAQs

Difference between Wise Business and Wise Personal in Australia

With Wise, you’ll always get fast international payments with low fees. That’s our trademark. However, our two account types: personal and business, are tuned to different user requirements.

With Wise Business, you get a host of smart features that are vital for managing international business finances effectively, cutting costs, and driving growth in both Australian and overseas target markets.

In contrast, Wise Personal is focused on individuals who just want to spend and receive money internationally.

Here’s a comparison of the features available with Personal and Business accounts.

Feature	Wise Business	Wise Personal
Low-cost international transfers at the mid-market rate	✔	✔
Hold 40+ currencies	✔	✔
Account details for 8+ currencies	✔	✔
Send money to 140+ countries	✔	✔
QuickBooks and accounting software integrations	✔	❌
Batch payments	✔	❌
Free invoicing and tracking tools	✔	❌
Multi-user permissions and business cards	✔	❌
Receive Amazon and Stripe payouts	✔	❌
Create payment links	✔	❌

Using a personal account for business finances is against our terms of use. Even if you are only a sole trader or startup, you need to register for a business account to pay suppliers, get paid by clients and customers, and manage your cash flow. As Wise Business has so many value-added features, it would make sense to create a new account anyway. Let’s take a look at what’s on offer.

Let us dive deeper into what each Wise account types offer.

What is a Wise Business account?

The Wise Business account offers everything you need to manage international transactions, at scale. You can receive payments in 40+ currencies and send them to 140+ countries. No longer do you have to fear growth and expansion into new territories. Wise brings order and transparency to business with predictable fees, always at a mid-market rate.

You also get local account details in 8+ currencies including NZD, USD, GBP, and EUR. When you receive payments in these currencies, it’s like having a local bank account. Moving money back and forth is no longer a burden on your business, especially when there are no hidden fees.

Wise Business offers even more than just excellent money management, though.

There’s a ton of features unique to this account including free invoicing tools, batch transfers, payment links, accounting software integration, multi-employee and team access, and Wise Business cards. We will cover more on these below!

Sign up for the Wise Business account! 🚀

What is a Wise Personal account?

Our Wise Personal account is tailored for personal use, allowing you to move money across borders. You can send, receive, and hold money in over 40+ currencies.

Wise Personal is perfect for frequent travellers, remote workers, expats, digital nomads, and students. Basically, anyone who needs to manage finances internationally and who is fed up with expensive rates and fees.

The main features include a multi-currency account with seamless overseas transactions, and the ability to receive money fast ‘like a local’ with global account details.

Personal account users can also:

• Get a debit card for a small fee to pay and withdraw cash in countries around the world
• Pay with Wise using digital wallets including Apple Pay and Google Pay

Wise Business vs Personal account fees in Australia

It’s free to sign up for both a Wise Business and Wise Personal account in Australia. There’s no registration fee, and no monthly charges or subscriptions thereafter. But let's how see how these two accounts differ in terms of our transparent fees and pricing!

Here’s an overview of the costs associated with our Business and Personal accounts.

Feature	Wise Business Pricing	Wise Personal Pricing
Register for a Wise account	Free	Free
Sending money	From 0.65%	From 0.65%
ATM Withdrawals - Up to 350 AUD/month per account	Free (up to 2 withdrawals)	Free (up to 2 withdrawals)
ATM Withdrawals - Over 350 AUD/month per account	For each withdrawal - 1.75% of amount + 1.50 AUD	For each withdrawal - 1.75% of amount + 1.50 AUD
Converting money	From 0.65%	From 0.65%
Receiving domestic payments	Free	Free
Hold and convert money (between 40+ currencies)	Free	Free
Getting account details (To receive money in 8+ currencies)	65 AUD	Free
Wise physical card	Free for first card (No subscription fees)	10 AUD (No subscription fees)
Wise digital card	Free	Free

As you can see, the costs of spending, holding, and receiving money are very similar for both our Personal and Business accounts. We want everyone to get the best deal and we are committed to our ‘fair for all’ policy of ensuring you only pay for what you use, and nothing more.

Our Wise Business account really comes into its own with a suite of features that take the hassle out of managing business finances globally.

Sign up for the Wise Business account! 🚀

Key Features of Wise Business in Australia

A Wise Business account opens up a new way of managing finances for your business. With no registration fee or monthly charges, you get access to:

Free invoicing and tracking tools

Professional invoices in just a few clicks? No problem. With Wise Business, you get a free invoice template tailored for your business. All you need to do is request a payment in your account and send an invoice directly or download it as a PDF and email it to the recipient. They can then pay in their local currency, even if they’re overseas.

After invoices are shared, you can track their progress and filter by status for complete control of your payments.

Pay in bulk with batch payments

Fed up with manually completing multiple payments? Wise Business lets you pay hundreds of people in one go by uploading a single spreadsheet with relevant transfer details and then clicking send. Batch payments make light work of payments — perfect if you’re using Wise to pay your freelancers, contractors or even suppliers.

Receive payments with ease

Receive from Amazon, Stripe and other ecommerce platforms in up to 8+ currencies. You can also use payment links to generate your own payment requests quickly. These can be added to emails, invoices, and messages. Australian Wise Business account holders can get have local bank account details in up to 8+ currencies where you can receive payments.

QuickBooks and Xero integration

Wise Business integrates with industry-leading accounting software so all of your transactions across multiple currencies automatically sync without you needing to micro-manage anything. You can pay bills with Wise and see them in Quickbooks, Xero, and Sage instantly, with any fees easily identifiable — making reconciliation easier than ever.

With our open API, It only takes a few seconds to connect, sync and view your Wise feeds in your accounting software. Less admin, more transparency, better for your business.

Multi-user access

You don’t have to work alone. With Wise Business, you can add multiple team members and manage their permissions to ensure privacy and security. You can also give your team their own corporate debit cards and adjust spend limits for individuals or an entire budget.

Is Wise suitable for businesses in Australia?

The Wise Business account is designed specifically for business use in Australia. Over 600,000 business customers use Wise to manage their expenses, complete international transactions without hidden charges, and hold funds in 40+ currencies.

Most Australian businesses — small, medium, and large — can use Wise Business to wrestle back control of their finances and save costs. These include:

• Freelancers and sole traders
• Limited companies and public companies
• Partnerships
• Charities and trusts in Australia

However, Wise doesn’t work with any unregistered charities, businesses involved in prohibited activities including cryptocurrency and adult content, and superannuation funds.

How to get your own Wise Business account

Ready to spend money and receive payments in multiple currencies? You can register for a Wise Business account right now. All you need are some personal and business details to register and verify your business.

Here’s how to sign up:

1. Navigate to wise.com or download the Wise app to register an account
2. Input your email address
3. Select ‘Business’ account from the two options and then find ‘Australia’ from the drop-down box for the country where you live
4. Input your phone number and verify it with a security code

After you’ve registered, we’ll need a bit more info about your business to verify it:

1. Complete the ‘tell us more about your business section’. Here, you can share details about your business size, sector, industry, products and services, and whether you have a website and social media accounts.
2. Provide some personal details so we can verify your identity.
3. Tell us how much money you want to send and pay for a transfer.

We’ll then send you confirmation that your account is verified via email — typically within a few working days.

If you’ve already got a Personal account with us, you can open a Business Account in the settings. With so many additional benefits and no barrier to entry — it’s free to register — there’s no reason not to.

Sign up for the Wise Business account! 🚀

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Wise Business account FAQs

Can I switch my Wise account from Business to Personal?

You don’t need to switch back and forth. You can create a Wise business account and use it alongside your personal account. Keeping the two separate accounts will make it easier to track and manage your business expenses and establish audit trails. Personal account users are also prohibited from using their accounts for business finances.

How do I transfer money from a Wise business account to a Wise personal account?

You can send money by logging into your business account, selecting a currency and amount, and then entering your personal account bank details as the ‘recipient’. After clicking ‘send’, you will receive the money from your Wise business account direct to your Wise personal account.

How long will it take for Wise to verify my business account?

It takes less than 10 working days to verify your Wise business account. You can complete the verification process by signing up for an account, sharing key business details and providing some personal information. After setting up and paying for a transfer, Wise will then begin verifying your account. It’s important to verify your business account as it helps us to keep your money safe while ensuring we comply with financial regulations.

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* Wise Interest is a custody and nominee service offered through Wise Australia Investments Pty Ltd (ACN 659 961 083) (AFSL: 545411). Franklin Templeton is the issuer and manager of the Franklin Government Cash Fund. Capital at risk. Growth not guaranteed. Terms and conditions apply. Please refer to the Wise Australia Interest Legal page for Wise Australia Investment's Financial Services Guide and the fund's Product Disclosure Statement to see if this product is right for you.