Hello from ICEINK. In this blog entry, we would like to discuss further about differences between WISE Personal account and WISE Business Account. To open WISE Personal or WISE business account, both is completely free. But, with WISE Business Account, it can be used for several common transaction in the day to day business such as :
- Payment of invoices at the commercial exchange rate in over 50 countries.
- To make employee payments around the world.
- Payment in batches.
- Debit cards for business expenses that can be used in multiple currencies.
- Payment and cash flow management.
- Receipt of payments from customers and investors.
- Can add multiple people to manage business account.
- Can withdraw money from platforms like Shopify, Stripe and many more.
WISE ACCOUNT FEES FOR BUSINESSES
WISE did not charge with any subscription or any monthly fees. You’ll always see the fee upfront and only pay for what you use. With WISE Business account, the fees are lower than using traditional banks. The currency conversion is based on the commercial exchange rate. If you spend with your WISE Business debit card in a currency that is not active in your account, the conversion is automatically done at the lowest price. *it is possible to receive free money depending on the currency. The fee for both personal and business account is approximately the same, you can refer table below :
Receive AUD, CAD, EUR, GBP, HUF, MYR, NZD, SGD, TRY and USD (non-wire)
WISE TRANSACTION LIMIT (FOR MALAYSIAN USER)
Based on official WISE article, for Malaysia resident, you can send up to 975,000 MYR per transfer. However, WISE may ask for more documents if you want to send more than 200,000 MYR. It usually takes 2 working days to arrive in your recipient’s bank account. Conversion may take up to 2 working days. Here are some details for Malaysian user :
- If your recipient has a non-resident local bank account in Malaysia, they can only receive a maximum of 10,000 MYR per day. Their bank might close the account if they try to receive more than this.
- Malaysian and Expatriates are allowed to send 30,000 MYR per day. If you’re foreign worker, you can send up to 5,000 MYR per month (foreign worker can only send up to 5,000 MYR to 5 recipients in their home country per month).
- You can only send MYR from banks within Malaysia (FPX). You can’t send MYR by SWIFT.
- You cannot hold more than 20,000 MYR in your personal account (total amount you have in your account in all currencies). But for business account, there are no holding limits.
HOW TO OPEN WISE BUSINESS ACCOUNT
- Click here to visit WISE website.
- Go to Create account and select the business.
- Provide necessary information.
- After you complete the registration, WISE will review your company’s data. This might take around six or seven business days.
- Once approved, go to the platform and start using WISE for Business.
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