Wise Business vs Personal: Which Account Suits Your Needs Better in Singapore?

Wise is a financial technology company specialising in currency conversion which uses the mid-market exchange rate, with account options for personal and business customers. The company launched in the UK in 2011, with international payment services which stood out for being fast, efficient and using the mid-market rate. Over time, Wise also added in personal account and card services, and then Wise Business accounts and cards to support freelancers and business owners trading at home and abroad.

In Singapore, Wise is licensed by the Monetary Authority of Singapore (MAS) as a Major Payment Institution under the Payment Services Act.

If you’re not sure whether to open a Wise personal account or an account with Wise Business this guide is for you. We'll cover:

Table of contents
Wise business vs personal account: side by side What’s the difference between the Wise personal account and business account in Singapore? Wise Personal Account Wise Business Key features of Wise Business in Singapore Wise Personal vs Business Account fees in Singapore Can Wise be used for business in Singapore? Go global, stress-free with Wise Business

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

Wise business vs personal account: side by side

The major difference between Wise Business vs personal accounts?

Wise Business adds on some pretty smart features to help businesses grow and operate on a global scale - like more visibility and control of expenses, batch payments, and accounting integrations.

Here’s a quick overview of the main differences between the Wise personal and business accounts - there’s more detail coming up later on each.

Feature	Business	Personal
International transfers at the mid-market rate with low, transparent fees	✔️	✔️
Hold over 40+ currencies	✔️	✔️
Account details for 8+ currencies	✔️	✔️
Send money to 140+ countries	✔️	✔️
Interest	✔️	✔️
Free invoicing tool	✔️	❌
Accounting software integrations	✔️	❌
Batch payments	✔️	❌
Multi-user permissions	✔️	❌
Receive Stripe and Amazon payouts	✔️	❌
Wise open API	✔️	❌
Wise Business Card	✔️	❌
Employee cards and expense management	✔️	❌
Download statements, including tax statements, trade order report or holding statements	✔️	❌

*Details correct at time of research, 27th February 2025

Discover Wise Business

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What’s the difference between the Wise personal account and business account in Singapore?

Both Wise personal and business accounts in Singapore offer an easy, low-cost way to send international transfers and receive payments in a selection of foreign currencies - they both also have the option to add on a linked debit card for spending and cash withdrawals around the world.

However, there are some key differences you need to be aware of.

Wise Personal Account

The personal Wise account is ideal for individuals who travel for work and leisure, or need to send, spend, or receive money internationally on a frequent basis. The account can hold over 40 currencies, with conversions made at the mid-market exchange rate. Account holders can also obtain a Wise Multi-Currency card, which can be used to spend in different currencies across without any foreign transaction fees across 231 countries.

📝 It's important to note the personal account cannot be used for business transactions, as this is against the terms of use. If a customer wishes to use Wise as a business, they can get a Wise Business account instead as it offers more features with business functionality.

Wise Business

The Wise Business account offers an affordable way for Singapore businesses to send international transfers and receive payments from abroad in multiple currencies. With conversions at the mid-market exchange rate, this account includes features and tools designed to streamline business operations, organise your company's finances and expenses, reduce transaction costs, and ensure timely payments.

Let’s imagine you already:

• use a Wise personal account to hold, send, and spend in foreign currencies for yourself.
• You might use your Wise card when you travel,
• and the Wise app to make fast and secure payments to others overseas, for example.

If you then launch a business in Singapore you might be thinking about continuing to use your Wise personal account to pay your overseas suppliers, or to receive payments through PSPs like Stripe and marketplaces like Amazon.

This isn’t necessarily a good plan, for a couple of important reasons.

1. As soon as you have to transact on behalf of your business you should open a dedicated business account to keep your own personal and business finances separate. This makes it far easier to manage your money, file and pay taxes, and spot where you may be able to give your profits a boost by cutting costs or improving efficiency.
2. Depending on the type of business entity you have, it may even be mandatory to have a separate business account to keep everything in order.

Even where it’s not obligatory to have a separate business account, you’ll still find there are good reasons to open a Wise Business account.

Illustration of Wise Business products

Wise Business accounts offer extra benefits which are optimised for business customers, including:

• Ways to issue expense cards to employees,
• Options to make batch payments to 1,000 people at a time, and
• Cloud accounting integrations.

TLDR: By continuing to use your Wise personal account to manage your company finances, you’re missing out on a lot of great perks that Wise Business has to offer.

➡️ Explore Wise Business

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Key features of Wise Business in Singapore

When you open a Wise Business account, you'll get access to a slew of exciting business account features for a one-time fee of 99 SGD. That's right - No hidden fees or monthly subscriptions, or monthly bank charges.

Let's dive into some of these features in detail.

Create invoices for free

With a Wise Business account you can create professional looking invoices to issue to customers. This isn’t an option with a Wise personal account.

Being able to bill clients with a sleek and professionally appropriate invoice is important to build your company’s brand.

Issue your invoice and then use the Wise Business account to receive payment, allowing you to offer your customer the choice to pay you in their preferred currency, even if they’re abroad.

The easier you make it for customers and clients to pay, the better for everyone!

➡️ Check out the Wise Business Invoicing Tool here ⬅️

Batch payments

Wise Business accounts offer a Batch Payments tool to make up to 1,000 payouts in one go.

This can be very helpful if you’re paying multiple suppliers or contractors, or if you’re using your account to handle payroll. All you’ll need to do is upload one spreadsheet to send multiple payments in whichever currencies you need, hassle free, and with low and transparent Wise transfer costs.

Accounting integrations

The Wise Business account offers accounting integrations with your favourite cloud accounting solutions like Xero and QuickBooks. This makes it easy to keep track of your business finances, with all your payments and transactions reconciled across multiple currencies.

Wise personal accounts do not offer cloud accounting tools - so to use this handy feature you’ll need to register your Wise Business account instead.

Team Access

The final important difference you should be aware of is the availability of multi-user access.

With Wise Business you can set and manage user permissions to allow your team members to access your account in the ways which are important for their specific job.

You can choose from various different user profiles to make sure different team members can only access the information you want to share with them. This allows you - for example - to give your finance team access to manage payments, while still restricting the access for other employees for security.

If you issue employee expense cards, you can set permissions to ensure individual card owners can see only their own transactions and limits, allowing them to manage their business expenses without impacting account security at all.

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Wise Personal vs Business Account fees in Singapore

Keeping costs to a minimum is a no-brainer when running a business - and using a Wise Business account can be a very simple way to manage your finances with flexible account and card services with low service fees and no ongoing costs to worry about.

Here’s a look at the Wise Business fees compared to the Wise personal fees to give you a quick idea.

Service	Wise Personal	Wise Business
Register a Wise account	Free	Free
Monthly fee	No monthly fee	No monthly fee
Hold 40+ currencies	Free	Free
Order a Wise card	8.5 SGD one time fee	Free for first card 4 SGD for replacement
Send international payments	From 0.26%	From 0.26%
ATM withdrawals	2 withdrawals, to 350 SGD/month fee free* 1.5 SGD + 1.75% after that	2 withdrawals, to 350 SGD/month fee free* 1.5 SGD + 1.75% after that
Get account details for 20+ foreign currencies	Free	99 SGD one-time fee for full account features
Receive local payments in AUD, CAD, EUR, GBP, HUF, NZD, SGD, TRY, and USD (non SWIFT, non wire)	Free	Free
Receive USD wire or SWIFT	6.11 USD	6.11 USD
Receive CAD SWIFT payment	10 CAD	10 CAD

*Details correct at time of research - 27th February 2025
*Wise will not charge you for these withdrawals, but some additional charges may occur from independent ATM networks

💡 Remember, Wise Business gives you access to a host of business tools and integrations at no extra cost. Unlike many other business account providers that charge extra subscription fees for these features, Wise Business only charges a low one-time fee. There's no monthly or annual fees after that. Register online and use the features you need, when you need them.

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Can Wise be used for business in Singapore?

The Wise Business account is designed for business use. 600,000 business customers already use Wise Business each quarter. 

Most Singapore business types will be able use the Wise Business account, including:

• Sole traders and freelancers
• Limited and public companies
• Partnerships

Take your SG business global with powerful Wise Business features
🚀 Always Get the Mid-Market Rate No more hidden markup fees or foreign transaction fees - We give you the exact mid-market exchange rate + a transparent, low conversion fee.	🌍 Global Multi-Currency Account that Feels Local Send money to over 70 countries and manage multiple currencies without breaking a sweat. Get account details to receive payments in GBP, EUR, AUD and more currencies just like a local
💸 Pay Once, Unlock Forever Forget about monthly charges or annual fees. With Wise Business, you can unlock the full suite of features for a one-time fee of 99 SGD	💼 Batch Payments Brilliance Too many invoices? Power through up to 1,000 invoices in just one click with our Batch Payments Tool
💳 Command Your Cash Flow with Wise Business Cards Give your team their own corporate debit cards to keep expenses clean and easy to monitor. Need more control? Approve payments, set spending limits, and freeze your card if you've lost it.	📄 Free Invoicing Tool Level up your invoicing game with our free tool. Create and send professional invoices that not only get noticed but get paid.

Learn more about Wise Business

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How to apply for a Wise Business Account

You can easily register for a Wise Business account either from the Wise app or through the Wise desktop site. The process is designed to be very easy to navigate, so all you need is your phone or laptop and some key personal and business documents, like your passport or NRIC for ID, and your business registration information.

1. Open the Wise app or click here for the Wise Business desktop site
2. Select Register and confirm you want to open a business account
3. Follow the prompts to add details about your business, and yourself as the account holder
4. Upload your personal and business documents to complete the verification step
5. You’re ready to go once the Wise team has verified your account

To get full feature access to your Wise Business account you’ll need to pay a one time fee 99 SGD. You’ll also be able to order your Wise Business debit and expense cards through the app, to transact easily at home and abroad.

Can I switch my Wise account from Business to Personal?

There's no need to switch. Just open a personal account alongside your business one.

Keeping them separate makes it easier to track business receipts and expenses, and simplifies reconciliations and audits. Remember, a Wise personal account is not for business use.

To add a personal account from your business profile, click your name in the top right corner of the account screen, select “Get a personal account,” and follow the instructions.

If you prefer using just the personal account, withdraw funds from your business account and close it. You’ll then have only the Wise personal account.

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Go global, stress-free with Wise Business

Now you’ve got a clearer idea of the similarities and differences between Wise business and personal accounts, you should be able to decide if you need a Wise personal account or if you could get more benefits from Wise Business.

If you have a Singapore-registered business, then opening a business account to keep your personal and company finances separate is good practice.

The Wise Business account is one great option, but if you want to shop around some more,

➡️ Check out our full review of the best business banking accounts in Singapore ⬅️

⭐ Wise Business offers all of the great features you get with a Wise personal account - plus some handy extras focused on helping business owners including features like:

• Sync bill payments with Xero and QuickBooks,
• Pay several employees at once, and
• Receive payments from overseas - all without hefty foreign transaction fees.

Get started with Wise Business today