Uniwide Formations has partnered with Wise (formerly “Transferwise”) to offer business owners in the United Kingdom and across the world a cheaper and better way to send and receive international and e-commerce payments.
Wise is a leading provider of international payment services for businesses that want to make and accept payments across borders. Wise has developed technology that allows them to provide these services at a fraction of the cost of traditional banks.
Wise has been purpose-built for businesses of all sizes, from freelancers and start-ups to SMEs and larger enterprises, who are looking for low-cost, quick and convenient ways to send – and receive money from – overseas.
How a Wise Business Account works
You can hold up to 50 different currencies in your Wise Business Account and convert them whenever you need to. The Wise Business Account comes with its own debit card, which you can use to spend your money abroad without paying any fees. You can also withdraw cash from ATMs around the world without paying any fees.
You may quickly establish an account and obtain a British account number and sort code, European IBAN, US account and routing number, as well as a BSB code.
Wise is as little as one eighth (1/8) of the cost using a traditional bank. Wise uses the real mid-market exchange rate, so you always know how much money you are getting with no bad exchange rates and no hidden fees. Furthermore, with Wise there is no need to set up a new bank account in another country: You can simply hold and manage your money in over 50 currencies all from one account.
Is Wise a bank?
No, Wise is not a bank. They are an electronic money institution, which means that your money will not be covered by the Financial Services Compensation Scheme (FSCS) or any other protection scheme that you would get with a bank account. You cannot get an overdraft or take out a loan, and you will not earn interest.
The main benefit to having a Wise account, over a traditional bank account, is being able to manage your money without borders — without international transaction fees or outrageous exchange rates.
Is it safe to use Wise?
Since 2011, Wise has helped over 11 million people in 71 countries. People trust Wise to move $5 billion of their money every month. They are a publicly traded company on the London Stock Exchange, so their financial stability is regularly audited and scrutinized.
Wise follows a strict series of regulations established by national regulatory bodies in each country they operate, including the FCA in the United Kingdom and FinCen in the United States. These authorities are there to safeguard you and ensure that Wise is always acting ethically and fairly.
Which businesses can use Wise?
Wise can help businesses of all sizes – from freelancers and entrepreneurs to large corporations in various jurisdictions, such as the United Kingdom, the European Economic Area (EEA), Canada, the United States, Switzerland, Australia, New Zealand and Hong Kong.
When you create a free account and provide your company information, Wise will let you know if they support businesses in your country.
What are the benefits of using Wise?
- It is always cheaper than PayPal. Better exchange rates, no monthly fees – and best of all – no hidden expenses, so you know exactly what you are receiving.
- You can receive money in USD, CAD, GBP, EUR, SGD, AUD, NZD and TRY with no need to convert it. You may also receive money from internet marketplaces and Payment Service Providers (including Amazon, Stripe, Etsy and more).
- Pay or send invoices in over 50 different currencies and in over 80 countries.
- Work with clients with no hassle: Send or receive money, even if your counterparty does not have a Wise account.
- Faster payments: 50% of all payments are completed instantly or within an hour.
- It is easy to connect your Wise account to marketplaces and get a certificate of account ownership.
- Integration with accounting tools, including Xero, Quickbooks and Freeagent.
- Direct Debit functionality to pay foreign sales tax.
- Batch payments: Make up to 1,000 payments at once by uploading a spreadsheet with details for each transfer and submitting just one payment.
- A Wise debit card, available in selected countries, may be used for online payments and expenses.
- Discounted fees for high-value transactions.
Wise Business Account for a UK limited company
If you want to form a company in the United Kingdom then you will almost certainly need access to a business bank account. Unfortunately, if you are not resident in the UK then setting up a company bank account with major banks may be difficult. This is because most UK banks require residency as one of the conditions for opening an account.
We have partnered with Wise to provide our non-UK resident clients with a quick and easy way to make international business payments.
We have therefore included a referral to Wise in our Non-resident company formation package. This means that all overseas clients who are unable or ineligible to open a UK-based business bank account with the more traditional providers may apply instead for the Wise Business Account through Uniwide Formations.
Although this option may appeal primarily to non-UK residents, Wise may be of interest to companies owned and managed by UK residents, too. After all, they offer very attractive terms for international payments, including no monthly fees, low foreign currency exchange rates and quick and efficient transactions.
Costs of using a Wise Business account
Wise offers a free Business account, which includes all of the features listed above. There are no monthly fees or minimum balance requirements. You pay only for what you use.
| Access to bank details to receive money | One-time fee of £16 / $31 / €21 |
| Receive payments in USD, EUR, GBP, CAD, etc. to your Wise account | Free |
| FX rate | Interbank exchange rate (no markup) |
| Converting currencies or sending money abroad | On average 0.6% (depending on currency and volume) |
How do I get started with Wise?
Wise provides an exclusive deal for customers of Uniwide Formations. If you apply for a Wise Business Account through us then you will get a discount on an international transfer of up to £20,000 – saving you up to £70 on transaction fees.
Option 1 – If you want to set up a new company in the UK
You can add a Wise Business Account to your company formation order. Go to our website, select one of our company formation packages and begin filling out your application.
Before you have finished your company formation application you will be presented with a list of additional services. Among these services you will find the Wise Business Account. Simply add it to your incorporation order (we charge you nothing for this) and carry on to the end of your application.
As soon as your company is registered at Companies House we will provide you with a referral link for applying to open a Wise Business Account.
Option 2 – For established businesses
If you already have a business and would like to take advantage of the free Wise account then please go ahead. You will need to provide your name, e-mail address and phone number. You can include your company’s information and also connect your accounting software after setting up your account.
You may then start using Wise to send and receive payments in a variety of currencies, batch payments and direct debits, in addition to using the account’s other features.
To open your Wise Business account, simply click below. Then, on the new page that has just appeared, choose "Get started" / "Create your account".
Uniwide Formations provides a promotional link and are not responsible for services provided by third parties according to their terms & conditions. Please note that an application to open an account is subject to approval by the payment institution and is not guaranteed. The fees of the payment institution may apply.
