Zelle Business vs Wise Business: Brief Overview

Business finance can be complicated, and finding a solution that fits your needs is often difficult. Payment platforms like Zelle Business and Wise Business are two solutions that offer distinct advantages for businesses.

In this article, we’ll dive deep into Zelle Business vs. Wise Business to understand which might best suit your business needs.

Managing a global business?

Try Wise Business >>

Send fast and secure cross-currency payments at the mid-market exchange rate
No minimum balance requirement and no monthly fees
Integrates with QuickBooks, Xero, Sage, and more

Zelle Business vs. Wise Business - Comparison Overview

When deciding between Zelle Business and Wise Business for your business, it’s essential to look at each platform individually and how it manages transactions. Both platforms offer similar services but have key differences and unique benefits that could suit your business.

One key difference between Zelle Business and Wise Business is their transfer capabilities. Both Zelle Business and Wise Business facilitate instant transfers, but Zelle Business is limited to the US, while Wise can handle global transfers. Another critical difference is currency management. Zelle Business operates only USD, while Wise supports transactions in 40+ currencies.

Wise Business Account Requirements

Wise Business is a comprehensive solution for businesses that manage finances and transfer money domestically and abroad. There are a few steps businesses will need to take to set up a Wise Business. Here’s what you need to know:

1. Verify your business: To verify your account, you will need to provide information about your business to Wise, including your business name, address, type of business activities, and the nature of transactions expected to be conducted through the account. You'll also need to provide personal details of the business’s owners and directors. This typically includes full names, dates of birth, addresses, and sometimes a valid ID to verify their identities.
2. Provide proof of address and other documentation: Depending on business location and structure, you may also need to provide additional details such as proof of address and business documents.
3. Link your business bank account: You must provide a primary business bank account that will be used for funding the Wise account. The linked bank account must be in the business's name.

Wise Business Account Fees

Wise is known for its transparency and cost-effectiveness, especially when handling domestic and international transactions. Here’s a breakdown of the typical fees associated with a Wise Business account:

1. Currency conversion fees: Wise charges a small fee for converting currencies, often lower than traditional banks. This fee varies depending on the currencies involved and the amount being converted.
2. Transaction fees: Wise charges a nominal fee for each transaction, which varies depending on the route and the payment method used.
3. Payment method fees: Additional fees may apply depending on how you fund your transactions (bank transfer, credit card, or debit card). Credit and debit card payments typically have higher fees due to processing costs associated with card networks⁴.

Wise Business Account Features

Wise Business accounts are designed to streamline financial operations for businesses engaged in international transactions. Here are some of the key features of the Wise Business account:

1. Send quick transfers: Convert money in seconds with the real exchange rate. 50% of payments to outside Wise arrive within an hour.
2. Get Paid: Receive same and cross-currency payments with local account details in 8+ currencies. Your business can get paid as if it's using a local account.
3. Access to BatchTransfer: Signing up to Wise Business allows access to BatchTransfer which you can use to pay multiple invoices in one go.
4. Track Expenses/ Accounting Integrations: Keep track of your teams global expenses through team alerts and special accesses. Easily reconcile transactions with QuickBooks and Xero, as well as Odoo, NetSuite, Sage, Zoho Books, and Wave.

Need to send a cross-currency business payment? See how much you could save!

Zelle Business Account Requirements

Setting up a Zelle Business account involves understanding and meeting specific requirements so the platform can integrate with your business operations. Here are the key requirements for establishing a Zelle Business accountⁱ:

1. Identify bank participation: The first step in setting up Zelle Business is ensuring your bank or credit union is a participating member of the Zelle network; otherwise, the platform cannot be used.
2. Set up your business bank account : You must have a business checking account with a participating bank.
3. Register for Zelle: As part of the registration process, you must provide your business contact information, including an email address and/or mobile phone number.

Zelle Business Account Fees

Zelle Business does not charge users direct fees for sending or receiving money. However, participating banks or credit unions may charge nominal fees for domestic payments, so checking with your bank before making transactions with Zelle Business is best.

Zelle Business Account Features

Zelle Business offers a wide range of features for maximum convenience and efficiency, enabling businesses to manage payments easily. The standout feature is its instant transfer service to participating banks, with money arriving in minutes between accounts.

Zelle integrates with central banks online and on mobile, allowing businesses to use Zelle on the go. It also has an extensive network of participating banks, making it widely accessible. There are no fees associated with transfers, and Zelle includes robust security measures to protect transfers²