You formed a US company to get paid by US clients, plug into Stripe, and look credible to American customers. Then a client in Germany wants to pay in euros, or you owe a contractor in the Philippines, and your US account quietly converts everything to dollars and back at a markup you never see on the statement.
That is the gap Wise Business fills. It is a multi-currency account that lets your US company hold, receive, and send money in dozens of currencies at the real exchange rate, for a one-time setup fee and no monthly cost.
For the majority of non-resident founders, Wise works best alongside a main US account, not instead of it, and you have to open it yourself.
Key takeaways
- Wise is a money service, not a bank. Your funds are safeguarded and held separately, but they are not FDIC-insured, which matters for a large idle balance.
- Opening and sending money are free, with no monthly fee. Receiving with local account details costs a one-time activation fee of $31, or the equivalent in your local currency
- It holds 40+ currencies and gives you account details to receive in around 20 currencies, including USD, EUR, and GBP. A USD-only account like Mercury or Relay cannot hold other currencies.
- For most non-resident founders it is a complement to a primary US account. Use it for the money that crosses currencies, and keep your everyday dollars in your main account.
- You apply directly to Wise with your passport or ID and company documents. A formation service cannot open the account for you.
Not sure which accounts fit your setup? Tell us how you get paid and we will point you the right way.
What is Wise Business, and is it a bank?
Wise Business is a multi-currency account for companies, run by a licensed money service, , not a bank.Your US company can hold balances in 40+ currencies, get local account details to receive money in over 20 of them, and send payments at the mid-market rate plus a clear, stated fee.
Wise sells the same core product to individuals. The business version adds: batch payments to up to 1,000 recipients in one upload, team access with spending controls, an open API, and syncing with QuickBooks and Xero.
Wise reports moving over $240 billion across borders in its 2026 financial year, for around 19 million customers, with reported savings of over $3 billion.
In the US, Wise is a licensed money service registered with FinCEN, not a bank, so calling it a “bank” is not accurate. Mercury and Relay are also fintech platforms; they provide banking through partner banks. The useful comparison is what each account does with your money.
Most banks and fintechs add their own markup to the exchange rate, so you pay more than the published rate without seeing a separate fee. Wise works differently: it converts at the mid-market rate and shows you the fee as a separate line.
Mid-market rate:
The mid-market rate is the real exchange rate you see on Google or Reuters, the midpoint between what buyers and sellers pay.
Is money in Wise FDIC-insured?
No, money in Wise is not FDIC-insured. FDIC insurance protects deposits at a chartered US bank up to a limit if the bank fails. Wise does not lend out your money, so it is not FDIC-insured. Instead it “safeguards” your funds, holding them separately in cash at large banks and in government bonds. Different structure, and a point where a partner-bank account has an edge for large idle USD balances. See the FDIC on deposit insurance.
How much does Wise Business cost?
Opening a Wise Business account costs nothing, and you can start sending money right away with no monthly fee. The one cost to plan for is receiving.
To get paid with local and international account details, Wise normally charges a one-time activation fee of £50, or the equivalent in your local currency, then you pay per transaction after that. Currency conversion starts around 0.57% at the mid-market rate and varies by the currencies involved, with a discount once you convert more than $25,000 in a calendar month.
Confirm current numbers on Wise’s business pricing page before you rely on them.
The contrast with other options is where the money shows up. Mercury charges a flat 1% conversion fee, and Relay’s starts at 1%. Traditional US banks usually bury 1% to 4%, often 2% to 3%, inside a worse exchange rate, plus a wire fee. On a $100,000 payment, a 3% hidden markup is $3,000 you never see itemized.
| Wise Business | USD-only fintech (Mercury, Relay) | Traditional US bank | |
|---|---|---|---|
| Opening fee | Free to open; £50 to activate receiving details | Usually free | Varies, often free |
| Monthly fee | None | None on base plans | Often $0 to $30 |
| Hold non-USD balances | Yes, 40+ currencies | No, USD only | No, USD only |
| Receive foreign currency | Account details in 20+ currencies | Converts to USD on arrival | Converts to USD, fees vary |
| FX on conversion | Mid-market + from ~0.57% | ~1% | 1% to 4%, hidden in the rate |
| FDIC insurance | No (funds safeguarded, not FDIC-insured) | Yes, via partner banks | Yes |
| US business debit card | Not currently (waitlist) | Yes | Yes |
Figures are for a US-registered business and can change; check each provider’s current pricing before you decide.
Where does Wise fit for a non-resident founder?
For most non-resident founders, Wise is the currency layer on top of a primary US account, not the main account itself. Your Stripe payouts, US client ACH, and everyday dollars belong in a primary US account. If you have not set that up yet, start with our guide to the top US accounts for non-residents and how to open a US account as a foreigner.
Wise becomes useful the moment money crosses currencies. Invoicing a UK or EU client and want to hold their currency? Paying a contractor or supplier overseas? Sitting on a euro balance you will spend later anyway? That is the job Wise does better and cheaper than a USD-only account that force-converts twice. That is the pairing we recommend to most clients: a US account for dollars, Wise for everything multi-currency.
The founders who get the most from Wise treat it as the currency layer and keep a primary US account for everyday dollars and their FDIC cushion. If a good chunk of your money crosses currencies, Wise pays for itself quickly. I still like pairing it with a US account so you have a debit card, a place to park a larger idle balance with FDIC protection, and one less thing to think about when everything is in dollars.
— Vincenzo Villamena, CPA, CEO at Entity Inc.
Who is Wise Business right for?
Strong fit if you invoice clients in EUR, GBP, or other currencies and want to hold those balances, pay contractors or suppliers abroad, and want mid-market FX with records clean enough to hand to your accountant.
Weaker fit if your money is almost all dollars in and dollars out. Then Wise mostly saves you on the occasional overseas payment, and a USD-only account already covers you.
Watch for: no US business debit card yet, no FDIC cover so do not park a large idle USD cushion there, and some features and cards vary by country.
Can a non-resident open Wise Business for a US LLC?
Usually yes. Wise supports US-registered businesses, and it verifies you with your passport or ID and personal details rather than a US Social Security number. That can make it reachable when other routes ask for an SSN or ITIN. Approval still depends on your company type, country of residence, and industry, and the decision is always Wise’s.
If you are weighing whether you even need a tax ID for any of this, read do you need an ITIN to open a US LLC.
Does Wise depend on where you live?
Yes. Wise eligibility follows your country of residence, not where your LLC is registered. If you don’t live in a country Wise supports, you can’t open a Wise account for your US company, even though the company is American.
Wise lets you hold a balance and open account details only if you live in a country it supports. Your US LLC does not change that. Serbia is one example: it is not on Wise’s list of countries where you can hold money, so a founder living in Serbia can’t open Wise Business for a US LLC, even with the company fully set up. Some neighboring countries, such as Croatia, Romania, and North Macedonia, are supported. A separate group is blocked entirely for sanctions or regulatory reasons, including Russia, Belarus, Iran, Cuba, Syria, and Venezuela.
Check Wise’s own list before you rely on it: where you need to live to hold money with Wise.
What do you need to open Wise Business?
Wise lets you apply online in one sitting if your documents are ready. Have these on hand:
- Your business name, registered address, and any trading addresses
- Business registration details and, in some cases, formation documents
- Your role in the business, plus name, date of birth, and country of residence for owners and directors
- A copy of the director’s passport or ID card
- Proof of business address, such as a utility bill, bank or card statement, or tax notice from the last three months
- Your business website and social links, and a short description of what the company does and how it will use the account
You have to apply yourself. Wise is clear that account opening cannot be done by a third party, including a formation service. If you are not a director, you will need to show you are authorized to act for the business. When your documents are in order, you can apply through Wise Business.
This is where a formation partner helps without overstepping. We get your company, EIN, and paperwork in order so the application goes smoothly, and we point you to the account that fits how you get paid. We do not open accounts, and we would be wary of anyone who claims they can. You apply, Wise decides.
Applying through Entity Inc.
Opening a Wise Business account costs nothing. If you would like to receive payments using local and international account details, Wise normally charges a one-time activation fee of £50, or the equivalent in your local currency. When you apply through our referral link, you will initially pay this fee, but Wise will credit it back to your account once your application is approved.
We can help you get your company and documents in order so the application goes smoothly. Let us know once you have applied so we can claim the refund of the fee for you.
When you are ready, apply through Wise Business.
A real example
One customer story Wise shares is a German software startup that used Wise Business to receive USD and support a US fundraising round without waiting on traditional banking. Wise reports the business completed US verification in about 4 days, cut FX costs on supplier payments by roughly 65%, saved around 650 euros a month on FX, and later received a 10 million pound investment to its US details.
Those figures are illustrative and based on customer-reported outcomes. FX fees vary by currency route and volume, so treat the story as a plausible outcome, not a promise.
“Wise Business helps international founders manage money across borders without needing separate accounts in every country. They can receive and hold USD, pay suppliers or teams, and keep clear records for their accountant all in one place.”
Wise Business Partnerships
Does Wise change your US tax filing?
No, Wise does not change your US tax filing; the filing is the same whichever account you use. Multi-currency money creates a bookkeeping problem, and that is where founders get caught at filing time. A foreign-owned single-member US LLC is a disregarded entity that files a pro forma Form 1120 plus Form 5472, with a $25,000 minimum penalty per form for getting it wrong. Every currency conversion is a number your accountant needs, recorded correctly.
Wise helps here because it exports multi-currency reports and syncs with QuickBooks and Xero, so your records stay clean across currencies. Set it up well and you save money on FX and hand your accountant a tidy ledger, which is the part that actually protects you at tax time.
FAQ
Can a non-resident open a Wise Business account for a US LLC?
Usually yes. Wise supports US-registered businesses and verifies you with your passport or ID rather than a US SSN. Approval depends on your company type, country, and industry, and it is Wise’s decision to make.
What does Wise Business cost?
Opening the account costs nothing, and Wise charges no monthly fee. To receive with local and international account details, Wise normally charges a one-time activation fee of £50, or the equivalent in your local currency. When you apply through our referral link, you will initially pay this fee, but Wise credits it back once your application is approved. Currency conversion starts around 0.57% at the mid-market rate and varies by route.
Do I still need a US bank account if I have Wise?
For most founders, yes. Keep a primary US account for Stripe payouts, US client payments, and everyday dollars, and use Wise for money that moves across currencies.
Can Entity Inc. open a Wise account for me?
No, and neither can any other service. Wise requires you to apply and verify your own identity. We help you get your company and documents ready and point you to the right option, then you open the account and Wise approves it.
Does Wise give me US details to receive USD?
Yes. A US business gets local account details, including a US routing and account number, so US clients and platforms can pay you like a domestic account.
Can I get a Wise Business debit card for my US company?
Not right now. Wise paused business cards for US-registered businesses and runs a waitlist. Personal Wise cards and non-US business cards are not affected.
Is Wise Business worth it for international founders?
Wise Business is one of the cleaner ways for a non-resident founder to hold and move money across currencies at the mid-market rate and with no monthly cost. Treat it as the currency layer beside your primary US account, keep an eye on the missing US card and the lack of FDIC cover, and it does one job well while saving you real money on cross-border payments.
Not sure how Wise fits your setup?
Every founder gets paid differently. Tell us how your money moves and we will help you figure out the right banking setup, and how it lines up with your US tax filing.