5 Mistakes to Avoid When Raising Money Overseas
Raising capital overseas in 2025 comes with unique challenges. With a fast evolving backdrop of global economic uncertainty and geopolitical instability,...
Managing your business finances efficiently is essential. Whether you're working with domestic or international clients, paying freelancers or suppliers, or withdrawing funds from platforms like Amazon or Etsy, international payments are often part of the process. However, these payments can come with hidden fees, slow processing times, and costly markups that reduce your profits.
That’s where Wise Business comes in. It’s a multi-currency account designed for businesses that want to send, receive, and manage money internationally without the usual banking frustrations.
Wise is not a bank, but it offers a versatile business account designed to meet the needs of businesses at every stage of growth. Whether you’re just starting out, scaling up, hiring a global team, or managing an established enterprise, Wise Business provides a simple and cost-effective way to handle international payments.
One of the key steps to getting started is completing the verification process, which ensures your business is set up quickly and securely. Here’s everything you need to know about the verification process to help you get up and running with Wise Business.
Wise Business is an online account that lets you make payments, get paid, and spend money around the world with the mid-market exchange rate in over 40 currencies. You can also use it to pay invoices, buy inventory, and handle payroll in over 160 countries.
Setting up your Wise Business account takes a few minutes. Just head to the Wise homepage and click ‘Set up in minutes’ to get started. Alternatively, you can download the Wise app and hit ‘Register’.
From there, you’ll begin the onboarding process. First, enter the work email address you want to be linked to your Wise Business account. This will be your login and the primary contact for your account.
Next, Wise guides you through adding basic business details - things like your company name, registered address, and the type of business you run. If you’re a sole trader or freelancer, don’t worry - you can still sign up, and the process is just as smooth.
Once that’s done, you’ll need to verify your business to unlock full access to Wise Business features.
If you already have a personal account with Wise, you can link your new business account to it, so that you can access both with the same login. You can open a business account from within your personal account on the web or app by selecting Open a business account from your name icon in the corner.
In the UK, there’s a one-time fee of £45 to cover onboarding costs. The Wise Business account has no monthly subscription - just this single payment. Once you’ve paid the fee and your account is verified, you’ll have full access to all Wise Business features.
To get your Wise Business account up and running, we’ll ask you a few questions about your business activities, where you operate, who’s behind it and how you will be using Wise.
While we aim to support as many businesses as possible, there are some industries we’re not allowed to onboard, namely crypto businesses, alcohol, and gambling to name a few. For a full list of businesses we are unable to onboard please see our acceptable use policy.
As part of the process, you’ll need to provide your business registration details. This is typically from a national or state registry, depending on your country.
We’ll also ask for:
The more details you provide, the faster we can process your application. Missing or unclear information may lead to delays.
If you already have a personal Wise account, you won’t need to provide extra information about your identity. But if this is the first time you’re using Wise, you will need to provide us with:
Once everything’s submitted, we’ll review your application and update you as soon as your account is ready to go!
If you have directors or shareholders who own 25% or more of the business, they’ll also need to be verified. Depending on the country where your business is registered and operates, we may ask for additional details to confirm their connection to the company and verify their identity.
Since Wise operates in 40+ currencies, you might also need to provide extra documents specific to your country. It’s a good idea to have these ready to keep the process smooth.
Once you’ve submitted all your details and paid the one-time fee, we’ll start reviewing your application. This typically takes up to two working days. We’ll keep you updated throughout, and if we need anything else, we’ll reach out via email, push notifications, and the Wise app.
While we verify your account, you can start setting things up:
Once we give you the green light, you’ll be able to send, receive, and manage money internationally - without the hassle.
We can’t wait to welcome you to Wise Business and help you grow without borders.🚀
Protecting your information is very important to us at Wise. All data, financial details, or documents you provide us are stored securely, encrypted, and kept private as per the privacy policy that you can find on our website.
Getting your Wise Business account verified is an essential step to unlocking its full features. By providing accurate business details, identity verification, and any necessary shareholder information, you can ensure a smooth approval process.
Wise typically reviews applications within a couple of days, keeping you updated throughout. While waiting, you can start setting up by linking accounting software and adding team members. Once verified, you'll be ready to send, receive, and manage international payments seamlessly with Wise Business.
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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