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Tips for getting started with TransferWise for Business

TransferWise for Business is a free, online multi-currency account. It lets you make payments, get paid, and spend money around the world with the real exchange rate. You can also use it to pay invoices, buy inventory, and handle payroll in over 70 countries – for up to 14x cheaper than PayPal.

Here are some tips to help you get started.

It’s quick, easy, and free to open an account.


It only takes a few minutes to set up your TransferWise for Business account. You just need to enter some details about yourself and your business. Once we verify your business, you can start sending money, and order your debit card. 

Tip: Watch this video to learn more

We’re not a bank, but we are regulated like one. 


Since 2011, we’ve helped over 4 million people and businesses send money to over 70 countries. We’re registered with numerous financial authorities, so you can do business around the world. 

We use HTTPS encryption, and two-factor authentication to protect all your transactions and make sure everything is secure. We’ll never misuse or sell your data.

Tip: Read customer reviews on Trustpilot

We’re 14x cheaper than PayPal. 


Banks and services like PayPal often set their own, unfriendly exchange rates. This means you pay more than you need to when you send, spend, or receive money internationally. And they pocket the difference. 

At TransferWise, we never mark up the exchange rate. You always will get the real mid-market exchange rate – like you’d find on independent sources like Google, XE, Yahoo Finance or Reuters. Our customers are already saving over £3 million every day.  

Tip: Compare us to others

We make sure to verify every business.


Once you’ve opened your TransferWise for Business account, we’ll need to verify you and your business. We usually just need a photo ID, proof of address, and some information about your business. It usually takes about 2 working days. Verification requirements vary by region, and you can read more about them here

Tip: Get verified before sending money to avoid delays

You can automate your finances.


Our open API lets you connect your account with your business tools. This means you can automate payments and workflows. So you can also build whatever you need to do business better. Get creative!  

TransferWise also works with Xero and your favourite accounting tools. You can connect your accounts to automatically sync your activity, and make accounting a cinch. 

Tip: Learn more about our API  

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