what is wise account

A Wise account is an online account that allows you to send, receive, and spend money internationally. With a Wise account, you can hold money in over 40 currencies and convert between them at the real exchange rate whenever you need. You can also send fast and efficient payments to over 70 countries from your account and spend internationally from your Wise balance with a linked Wise card. Wise accounts come with local bank details for up to 10 currencies, and you can set up Direct Debits in AUD, CAD, GBP, EUR, and USD. To open a Wise account, you need to get verified, usually with some photo ID, proof of address, and/or a picture of you holding that ID. It usually takes about 2 working days. Wise is safe, secure, and regulated. Wise also offers business accounts that are great for entrepreneurs, freelancers, and business owners who need to pay and get paid in foreign currencies. Wise business accounts are virtual multi-currency accounts that let you receive and make payments and spend money around the world at cheaper rates. You can connect your Wise business account to Xero, QuickBooks, or FreeAgent in real-time to save on manual admin and to view all of your business’ money in one place. You can add your accountant as a viewer, your finance team as payers, and your co-founder as an admin to work together as a team. Moreover, the Wise business account can be integrated with popular online marketplaces and ecommerce platforms Shopify, BigCommerce, and Wix to receive payment in 10 major currencies as if you were a local.