Wise review
Multi-currency accounts with transparent, close-to-mid-market exchange rates.
Updated 2026-07-03 • Last reviewed 2026-07-12
Features
- Multi-currency account balances, hold and convert dozens of currencies
- Exchange rates close to the mid-market rate with a clearly shown fee
- Free company formation bundled in for eligible UK customers
- International payment and invoicing tools
Fees
- Transparent per-transaction FX fee rather than a hidden markup in the rate
- No traditional monthly account fee model
Pros
- Best-in-class transparency on currency conversion cost
- Genuinely useful if you pay overseas suppliers or get paid in foreign currency
- Free company formation for eligible customers
Cons
- Not a UK bank account replacement — no FSCS protection.
- No credit facilities (overdrafts or loans).
- Weaker fit for cash-handling businesses.
Best for
Multi-currency transactions and international ecommerce.
Not ideal for
Domestic businesses primarily dealing in GBP or cash.
Eligibility
UK-registered businesses trading domestically or internationally.
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Alternatives
FAQs
Is Wise good for a purely UK-domestic business?
Usually not the best fit, Wise's core strength is specifically international money movement. A UK-only business is often better served by a free account like Starling or Mettle.
Does Wise offer free company formation?
Yes, for eligible UK customers who open a Wise Business account.
Not sure Wise is the right fit?
Answer a few quick questions and we’ll recommend the setup that actually fits your situation, with an honest reason behind it.
Or see the full comparison.