Wise is an international money transfer and multi-currency account service. It is not a bank. In the USA, Wise US Inc is registered as a money service business (MSB), a licensed company that moves money; in the UK, Wise is authorised to issue electronic money. Wise converts currencies at the mid-market exchange rate, the midpoint between the buy and sell rates, and shows its fee separately instead of hiding it in the rate.
A Wise Business account holds and converts 51 currencies and sends payments to more than 160 countries. The Batch Payments tool makes up to 1,000 payouts at once. The Wise API lets a company's own software create transfers, such as recurring transfers, payroll or invoice payments, and a sandbox account allows tests before going live. A business can also get local account details in 22 currencies to receive money. Wise Platform lets banks, marketplaces and other companies build Wise's payment network into their own products.
Opening an account is free. Wise charges a fee on each transfer or conversion, which depends on the currency, and a one-time set-up fee for the full set of business features.