Wise Business Review — My Go-To for Estonian Company Banking

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.

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

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 rating

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