Michael Houghton's Journey To Cross-Border Prosperity With Wise Business

In the cutting-edge world of software development, efficient financial management can make or break a business. For Michael Houghton, who has been providing this type of services for his worldwide clients, Wise Business has been a game-changer in simplifying international transactions in multiple currencies, including Euros, US, Australian, and New Zealand Dollars, all while saving him money on exchange fees.

Since launching his freelancing business in 2004, Michael has provided software consultancy services to some of the world's leading brands, including Apple, Marks & Spencer, HSBC, and The University of Colorado, helping these leading global brands to scale their online and e-commerce platforms. And as he is scaling his business, he continues to choose Wise Business to facilitate international payments and transactions.

The struggle of International Payments

Originally from New Zealand, Michael's software development journey has been truly international, with clients based around the world, including the US, Australia, New Zealand, the UK, Ireland, Singapore, and various parts of Europe. Currently residing in Limerick, Ireland, Michael has contributed to hundreds of software projects. He specialises in using PHP and the Laravel framework, with a primary focus on scaling ecommerce and SaaS platforms. Additionally, he excels in building large-scale web platforms encompassing order management systems, accounting platforms, and social media web applications.

But with so many international clients, managing finances across multiple countries was far from easy. Michael recounted that when he first moved to Ireland, he used to rely on traditional bank providers and ATM withdrawals to access his funds in various currencies, losing significant amounts to exchange rate fees along the way: ''When I first moved, I was still being paid in New Zealand and Australian dollars. I had local bank accounts for those countries. And to get paid in Euros, I would literally go down to an ATM, withdraw the money and then drive to the bank. And of course, naturally, the exchange rates I was getting were the bank's rates, and they were terrible. I was losing a lot of money every year, potentially up to €10,000 annually due to exchange rates and fees''.

''The low fees over the last couple of years we've been using Wise Business have been such a huge blessing.''

Michael also says, ''Often, I would wonder how much money I'll get in the end and where it was. You might send it from your New Zealand account but wouldn't see it in the European account for five days. You're hoping it comes through. There were times when the intermediary would 'clip the ticket', as we call it, so they would take a fee as well. So you were expecting to get so much money, and when it actually came through, they'd taken a 25 euro fee, which was really for nothing but passing a bit of money''.

Simplifying International Finances with Wise Business

Around three years ago, Michael discovered Wise Business, stating that "it changed everything" for his business in terms of "making it easy for our customers to pay, keep track of everything that is going on, and to make transfers instantly." He explains that this makes it more cost-effective and beneficial not only for him but also for his customers. They can now pay him in their preferred currency to Michael's Wise Business account, where he holds local account details in Euros, US, Australian, or New Zealand Dollars, among others.

''I knew that if I went down to the local bank here in Limerick, it would probably take six to eight weeks to open an account. I was able to open an account within 30 minutes with Wise.''

Michael was particularly impressed by the ability to access USD account details, saying that being able to receive money in US dollars was a dream that he never thought would be possible without being based in the US: ''People in the US, they don't like to think about paying somebody else in another bank account, so to have that routing number and all of that sort of stuff, that's there has been such a blessing. And again, it works so well, paid so quickly from them, it's straight into the account and it's converted within minutes, so it's ideal. So that was such a bonus.''

Moreover, the Wise Business debit card proved to be a game-changer for Michael during his business trips. It allows him to pay in his own currency, allows him to pay in over 150 currencies, eliminating the risk of high conversion fees, which is especially vital during international travel: ''The Wise debit card is an amazing thing as well. Being able to have a debit card that always has the right currency is amazing, I often need to take business trips to London, and being able to use the transport without any fear of currency risk is also fantastic.'' Michael also finds that Wise's no monthly subscription model and one-time opening fee is critical to controlling costs for his business.

“The option to pay a one time 50 euro fee means I have no fees for life. It's been nothing but positive for us in terms of helping us to run international business as efficiently as possible and effortlessly as well.''

Lastly, Michael emphasises the advantages of Wise's latest account features, including Interest* , which allows businesses to earn a return while they grow *. Michael says this Wise Business investment feature, which allows customers to invest their EUR, USD and GBP balances and earn variable returns "pretty much pays for itself". My local bank isn't giving me anything in interest, whereas you guys are. So that's the other huge thing. There's a great sense of fairness in the banking system with you guys, whereas your local bank, you know, that's the opposite''. Michael says. Michael's trust and confidence that he can continue to grow his business with Wise is steadfast, and he has even suggested it to family members looking to save on their international payments.

Michael's international future

Michael Houghton's journey as a software developer and entrepreneur has been truly international. Through it all, Wise Business has emerged as a crucial ally, helping Michael to streamline global operations, reducing fees and costs, and enhancing the overall efficiency of international payments. As Michael sets his sights on future success, Wise Business remains by his side, to ensure his international payments are met with simplicity, speed and low cost.

*Our interest-earning fund is offered through Wise Assets. Capital at risk. Growth not guaranteed.