Wise is becoming a popular way to make cross-border payments without worrying about high exchange rates or hidden fees. The company works with a system that enables you to transfer money to your Wise account via any bank account across the UK. Once there is enough money in your account, you can exchange it with various currencies in a highly transparent manner. 

How Does It Work?

Wise allows businesses to create a free account through their website. Once your account has been verified, you can make or receive payments across the globe without worrying about varying exchange rates. Wise is currently operational in over 70 countries, making it extremely easy for businesses to pay their invoices or purchase inventory from around the world. 

Wise is commonly used by sole traders and freelancers who do not have access to dedicated accounting managers for their work. However, more and more public companies and charities are also expressing their interest in Wise since this service makes accounting and book-keeping fairly easy for the business. 

The best part about using Wise is its transparency of exchange rates. Instead of worrying whether the company is charging you more than the market rate, Wise allows you to view the most recent exchange rates as reported by XE, Google, and Yahoo on their own website. Through this basic but effective feature, customers can compare exchange rates during different times of the day and make an exchange whenever they want. 

Using Wise for business purposes is a great idea. Instead of paying for transfer fees that are typically hidden, Wise requires you to pay only a small percentage of the amount that you are exchanging. This means that if your business has international dealings which require constant currency exchanges, it may be more cost-effective to opt for Wise instead of traditional transfer methods. 

Why You Should Use Wise for your Business

There are many reasons why businesses are recommended to shift to Wise for their payments, including: 

1. Ease of Access

It only takes a minute to set up a Wise business account for your organization. All they need are some basic details regarding your business, and the account is free of cost. 

2. Safe and Protected

If you are worried about the safety of your money, then Wise ensures protection via HTTPS encryption and two-factor authentication for your account. This means that any transaction you make across the world is safe. 

Wise is also registered internationally with various financial authorities, allowing you to conduct business transactions across the border. 

3. Cost-Effective

The biggest advantage of using Wise is that they are far cheaper than banks or services such as PayPal. Since most customers have the complaint of exchange rates being higher than the market value on these platforms, Wise ensures that you receive the real mid-market exchange rate on every transaction that you make. 

Since businesses tend to make large transactions daily, using Wise can be a great way to cut down on unnecessary costs. 

4. Automated Finances

Business owners and finance managers have many things to handle throughout the day. Since Wise understands that you may not always have the time to make individual exchanges for every transaction, they provide the option for you to integrate your account with your business tools. This allows you to automate your payments without having to worry about late payments or any penalty fee in the future.