Wise
The international account for your Estonian company
Wise Business
Multi-currency business account with no ...
Free
Wise (formerly TransferWise, founded by Estonian developers) is the go-to banking solution for e-Residents — about 80% use it as their primary business account. Multi-currency accounts in 50+ currencies, transfers at the mid-market rate with 0.4-0.6% fees, and seamless auto-sync with Xolo and Companio. Belgian IBAN (BE prefix) works across the entire SEPA zone.
Wise has been my primary business account since 2018, after switching from a traditional LHV bank account. I hold EUR, USD, and GBP balances. My US clients pay into a local US routing number, UK clients into a UK sort code — all landing in Wise in the original currency. I convert to EUR when the rate is good. Typical saving vs my old bank: 1-2% per transaction. At €5,000/month in foreign currency, that's €50-100/month saved. The Xolo integration is the killer feature — every transaction syncs automatically, no manual bookkeeping.
— Sebastian Kühn, e-Resident since 2015
Pros & Cons
Pros
- No monthly fees — effectively €0/month for EUR operations
- 50+ currency accounts with local receiving details (USD, GBP, AUD)
- Mid-market rate transfers — saves 1-2% vs traditional banks
- Seamless auto-sync with Xolo (transactions categorized automatically)
- Visa debit card (physical €7, contactless, Apple/Google Pay)
Cons
- One-off ~€50 setup fee for full business account details
- Not a full bank — e-money license, no deposit insurance (funds held in segregated accounts)
- No credit or lending facilities
- Occasional compliance review delays (rare, but can freeze account for days)
- Belgian IBAN (BE) — very rarely an issue, but some clients expect Estonian IBAN
Why Wise
When I registered my Estonian company in 2017, the banking question was simple: Estonian banks didn't want to open accounts for e-Residents, and Wise (then TransferWise) had just launched their business product. Six years later, Wise is still my only business bank.
Every euro my Estonian company earns and spends goes through Wise. Client payments, contractor payments, subscriptions, dividend distributions — all Wise. I've processed well over €500,000 through this account without a single major issue.
What I love
The exchange rates
Wise uses the real mid-market rate for currency conversion. No markup, no hidden spread. When a US client pays in USD, I know exactly what I'll get in EUR. The conversion fee is typically 0.4-0.6%, shown upfront before I confirm.
Xolo integration
This is the game-changer. Every Wise transaction syncs to my Xolo dashboard automatically. My accountant sees everything in real-time. No CSV exports, no manual entries, no "which payment was this?" conversations. It just works.
Multi-currency accounts
I hold balances in EUR, USD, and GBP simultaneously. When a client pays in their currency, I can choose to convert immediately or hold it. This flexibility has saved me money during unfavorable exchange rate periods.
Speed
SEPA transfers: same day (often within hours). International transfers: 1-2 business days for most corridors. I've never had a payment take more than 3 days.
The Visa debit card
Physical card for in-person expenses, contactless payments, ATM withdrawals. It's a real business card tied to my business account. I use it for travel expenses, equipment purchases, and the occasional business lunch.
What could be better
No Estonian IBAN
Wise gives you a Belgian IBAN (starts with BE). For 99% of use cases this doesn't matter — SEPA is SEPA. But some Estonian government portals or very specific local services expect an EE-prefixed IBAN. I've encountered this exactly twice in 6 years.
Customer support
Standard support is via chat and email. Response times are usually fine (24-48h), but when you have an urgent payment issue at 11pm, there's no phone number to call. For a business account, this occasionally feels insufficient.
Limited virtual cards
You get one physical card and limited virtual cards. If you need separate cards for different expense categories (ads, SaaS subscriptions, team expenses), Revolut does this better.
No overdraft or credit
Wise is a payment institution, not a bank. No overdraft, no credit lines, no business loans. If you need credit facilities, you'll need a traditional bank alongside Wise.
Pricing
| Feature | Cost |
|---|---|
| Account | No monthly fee (one-time ~€50 setup fee for account details) |
| SEPA transfers | Free |
| EUR → USD conversion | ~0.43% |
| EUR → GBP conversion | ~0.37% |
| Physical Visa card | €7 one-time |
| ATM withdrawal | Free up to €200/month, then 1.75% |
| Receiving payments | Free (SEPA), small fee (SWIFT) |
Effective monthly cost: €0-10 depending on currency conversion volume. After the one-time ~€50 setup fee for your account details, an all-EUR business runs essentially free.
Who Wise Business is for
Perfect for:
- Estonian e-Residents using Xolo (the integration is unmatched)
- Freelancers billing international clients in multiple currencies
- Anyone who values transparent, low-cost banking
- People who want simple, no-nonsense business banking
Not ideal for:
- Businesses needing credit lines or overdraft
- Companies needing many virtual cards
- Businesses requiring an Estonian (EE) IBAN specifically
My verdict
| Aspect | Verdict |
|---|---|
| Exchange rates & fees | Nobody else comes close |
| Xolo integration | Runs without me touching it |
| Multi-currency support | Ten currencies, zero friction |
| Card features | Does the job, nothing more |
| Customer support | Chatbot first, human eventually |
| Overall | Personal Choice — every euro I earn passes through it |
My #1 Recommendation
Wise Business
No monthly fee (~€50 one-time setup)“Wise Business has been my only business bank for 6+ years. The real exchange rates and Xolo integration make it the obvious choice for any Estonian company.”
Start with Wise Business— Fee-free transfer for new signupsAffiliate link. I receive a commission at no extra cost to you.
Bottom line
Wise Business is the default banking choice for e-Residents for a reason. No monthly fees (just a one-time ~€50 setup for account details), transparent, fast, and it integrates perfectly with the e-Residency ecosystem. Unless you have a specific need that Wise can't meet (credit, Estonian IBAN, many virtual cards), just use Wise.
Continue reading
- Wise vs Revolut — Detailed comparison if you're considering the alternative
- Banking Setup — Step-by-step guide to setting up your business banking
- Xolo Review — The service provider that integrates best with Wise
- Choosing a Service Provider — Banking integration should factor into your provider choice