How to Open a Wise Business Account: 2024 Guide

If you’ve got a Canadian business you need easy ways to manage your money, send and receive payments, and connect with customers, suppliers, contractors and team members abroad. Meet Wise Business.

With Wise Business you can hold 40+ currencies, get debit and expense cards to spend and withdraw globally, receive payments with local account details from customers, PSPs and marketplaces, and settle invoices and bills in 160+ countries. Wise uses the mid-market exchange rate and low, transparent fees – making it an ideal choice for a growing business.

This guide includes a step-by-step review of how to open a Wise Business account, eligibility requirements, and how to start making and receiving international payments with Wise.

Key points: Opening a Wise Business Account

• Open your Wise Business account online or using your phone

• Get verified by uploading images of key documents, no need to visit a branch location

• One time 42 CAD fee for full account access, with no ongoing charges

• Wise Business accounts benefit from the features of Wise personal accounts, plus extras like batch payments, multi-user access, accounting integrations and more

How to open a Wise Business Account

It’s easy to open a Wise Business account and there’s no need to even leave home. All you need is your normal Canadian ID and proof of address documents, some key business information and paperwork, and a phone.

Here’s how to open a Wise Business Account in a few simple steps:

1. Download the Wise app, or open the Wise desktop site

Download the Wise app on an Apple or Android phone for a simple onboarding experience.

2. Register with your email address, or an Apple, Google or FaceBook account

Confirm you want a business account and register using your preferred contact information.

3. Follow the prompts to enter your personal and business details

You’ll be asked to give some information about yourself and your business, such as the industry you’re in, and your entity type.

4. Upload your personal ID and address documents, and the required business paperwork for verification

Take a clear photo of the documents required and upload these images in the app for verification. We’ll cover what is needed in more detail later.

5. Pay the one time account opening feeTo get full access to your account features you’ll be prompted to add a balance and pay your one time account opening fee of 42 CAD.

6. Once your account is verified, you can start transacting

Once your Wise Business account is up and running, you can add a balance, order a card, add users and set their access permissions, open a currency balance in select currencies, send money and more.

You can use your Wise Business account to:

• Send money to 160+ countries, including batch payments to run international payroll and cover supplier invoices

• Hold and exchange 40+ currencies with the mid-market exchange rate

• Order debit and expense cards, set spending and withdrawal limits and review everything from your phone

• Open a currency balance in CAD, USD, GBP, EUR and many other currencies, to get paid using local account details

• Add your accountant or team members to your account to help manage admin

Wise Business Account requirements

There are some important eligibility criteria, including around business types and entity structures which you’ll need to know about before opening a Wise Business Account. There are also some required documents which are part of the verification process – we’ll run through these later.

Wise Business Account in Canada can be opened by:

• sole traders and freelancers

• limited and public companies

• partnerships

• charities and trusts

There are some business areas which Wise can not support, including cryptocurrency, tobacco, adult content, or other prohibited activities.

Wise Business Account verification

To get verified with Wise you will need to provide a suite of information and documentation, to comply with Canadian and international laws and regulations. Usually this will mean you’re asked for the following information about your

Business:

• The legal name of your business entity

• Primary place of business and Canadian street address

• Canadian Social Insurance Number (SIN) / Canadian Business Number

• Details of shareholders who own 25% or more of the business

• List of directors, including full name, country of residence, and date of birth

• Details of your company’s website and a short description of what your business does

You’ll be prompted to upload or enter details about yourself as account owner, including:

• A photo ID document like a passport or a driving license

• Proof of your address such as a utility bill in your name

• Your SIN

You may also be asked for ID and more details for beneficial owners, who own 25% or more of the business, or for extra documents based on your entity type.

Wise Business requirements in Canada for foreigners

Any foreign entrepreneur who wants to start a business in Canada and open a Wise Business account can do so.

You don’t need to be a Canadian resident or citizen to open a Canadian Wise Business bank account and you don’t even need to be planning a move to Canada to open an account.

You can open a Wise Business account as a non-Canadian citizen by going to the Wise app or desktop site and selecting Open a business account with CAD account details. You will need to enter details about yourself and your business, including uploading your personal ID, address documents and business paperwork for verification.

How long does Wise take to verify a business account?

Wise Business will usually review and verify all account applications in 10 days or less.

If any additional information or documents are needed, you’ll be contacted by email.

Fees to open and maintain Wise Business Account

When you open a Wise Business Account you’ll pay a one time account opening fee of 42 CAD to get full account features including local account details.

After this there are no annual or monthly maintenance fees, and no minimum deposit requirement.

If you’re exchanging currencies to send a payment, spend or within your account, you get the mid-market exchange rate with low fees from 0.33%. If you receive a payment using local account details there are often no fees to pay, but there’s a 6.11 USD fee to receive an incoming USD wire, and a 10 CAD fee to receive CAD by SWIFT transfer.

If you’d like to order a Wise Business card for yourself or for team members, there’s no fee to pay, but there is a 5 CAD replacement fee for lost cards.

Is the Wise Business account free?

Registering for a Wise Business account is free, with no ongoing monthly or annual fees to pay. However, there is a one time 42 CAD fee to gain full access to account features.

Once you have a Wise Business account, creating new currency balances and spending a currency you hold using your Wise card in any of the 40+ supported currencies is fee-free.

Some transactions are for free but others do have some fees, which are shown transparently in the Wise app or on the Wise desktop site. Here’s a quick overview of some of the free features you’ll get with your Wise Business account.

How long does it take to open a Wise Business Account?

If you have all your information and documents to hand it should only take a few minutes to open the Wise Business account, after which Wise will complete the verification process as quickly as possible – within 10 days in most cases.

Once you have a Wise Business Account you can order a card for yourself or for team members. Cards are delivered to the user’s registered address within 14 days for free or 1-2 days with Delivery by DHL at a fee that starts from 15.41 CAD.

Is a Wise Business Account safe to keep money in?

Yes. Wise is a safe service which is licensed and regulated in Canada and in many other countries and regions globally.

When you hold money in a Wise Account, it is held separately to Wise’s own operating capital, in top tier banks and highly liquid assets like government bonds. Deposited funds are not lent out to others. This means you can always get your money when you need it, and your assets are safeguarded in the unlikely event that Wise ran into financial difficulties itself.

Learn more: Is Wise safe to keep money with?

How to setup a Wise Business Account

Once your account is open and verified you can start to use it. Here are a few of the great features you’ll be able to access.

Open a foreign currency balance

Open a currency balance in the currency of your choice, including Canadian dollars, American dollars, euros, British pounds and more, to hold, send and receive payments.

Just look for the Open + symbol, tap it and choose currency balance to see your options. You can open balances in 40+ currencies, and get local account details to receive payments in 8+ currencies.

Receive payments in select currencies

You can receive payments from customers, PSPs, marketplaces and anyone else who needs to send you money, using local account details in select currencies.

To get your account details just open the currency balance you want to receive, and select the View Account Details option. You can see the local account information needed, which you simply give to the person sending you money.

Order a Wise Business card

You can order yourself a debit card or get expense cards for your team. You can set spending and add withdrawal limits for yourself and any other card holders in the Wise app, so you can control cash flow while giving your team members the tools they need to do their jobs. Some ATM withdrawals are free every month before fees begin – and it’s always free to spend a currency you hold in your account. Order cards by selecting the Card tab in the Wise app.

Read our comprehensive review on Wise Business to learn more about different business features: Wise Business Review

Wise Business account vs personal

The features you get with Wise Business aren’t exactly the same as you do if you’re a Wise personal customer. Here’s an overview:

Learn more: Wise personal vs business accounts

Wise Business Account supported countries

You can open a Wise Business account in Canada and also a broad range of countries and regions including the European Economic Area (EEA), US, Switzerland, Australia, and New Zealand. Your options will depend on where you live, and where your business is registered – look on the Wise local pages for your location if you’re not in Canada.

Can I open a Wise Business account without a Canadian address?

Yes. If you’re in another country which is supported by Wise Business you can still open an account using your local ID and proof of address in your country of residence. You can then open a CAD account balance, receive payments, spend and send money in CAD and other currencies.

Can I use a Wise personal account for Business?

If you’re a sole trader or business owner it makes sense to have a different account for your business compared to the account you keep your personal funds in. In many cases this is mandatory – but even if you’re not obliged to split out your personal and business finances, it can make life much easier if you do.

Wise Business accounts have no ongoing fees and also offer features which are useful for business owners, such as batch payments, multi-user access, cloud accounting integrations and more. These features are not available for Wise personal customers.

Learn more about personal accounts here: Wise Account Review & How to open a Wise Account

Key takeaways: Opening a Wise Business Account

• Hold and exchange 40+ currencies, send payments to 160+ countries, spend with Business debit and expense cards in 150+ countries

• Get local account details to receive payments in select currencies from customers, PSPs and marketplaces

• Pay a one time 42 CAD fee for account opening, with no minimum balance and no ongoing fees

• Fully digital application, onboarding and verification process

• Safe and regulated service, which is available in many countries and regions globally

Wise Business Account requirements FAQ

Can I open a Wise Business account in Canada if I’m not resident?

Wise Business is available in many countries and regions globally. You may be able to open an account using your local ID and proof of address in your country of residence. You can then open a CAD account balance, receive payments, spend and send money in CAD and other currencies.

Does Wise Business work in Canada?

Yes. You can open a Wise Business account online or in app in Canada, and access all the features you need to manage your money across borders.

Can I open a Wise Business account online?

Yes. You can open a Wise Business account online on the Wise desktop site, or in the Wise app which is available on Apple and Android phones.

How much does it cost to open a Wise Business account?

There’s a one time fee of 42 CAD to open your Wise Business account and get full feature access. After that there are no ongoing fees to pay.