Wells Fargo business account review: The essentials

TransferWise content team
6 minute read

Modern businesses need modern online business bank accounts. They can be used to pay invoices, freelancers, contractors, and third-parties in their home country and abroad, and receive payments from customers and partners. As soon as any new business begins making and receiving transactions, it needs to establish a business account. There are many online. Like individuals, businesses can hold savings accounts, checking accounts. But they also can have merchant services’ accounts. Those are accounts that allow businesses to receive payment from its customers.

Wells Fargo is one of the most established and respected financial institutions in the United States, and offers several types of business banking accounts. This article will walk you through some of the accounts Wells Fargo offers for larger businesses, their associated fees, transaction limits, and balance minimums. We’ll also introduce a new type of online business account through the currency exchange service TransferWise. To learn about Wells Fargo’s small business accounts, see this article.

Wells Fargo has different fees according to state — we’ve used New York for this article. Make sure you check out the correct fees for your state.

You can apply for a Wells Fargo business account no matter what state you’re in. Wells Fargo is a national chain with branches in most states, but if there’s not a branch close to you, you can still submit an application online or apply over the phone.¹

Need to manage money in multiple currencies or countries? TransferWise could help

Before you get started, a word.

Banks often charge hefty fees for foreign and multi-currency accounts. And if you’ve already tried managing multiple accounts in multiple countries, you know it’s rarely simple.

TransferWise could help. With TransferWise, it’s free to open a borderless multi-currency account with no monthly fees. There, you can manage and send dozens of different currencies all from the same account. All around the world. (Likely, for a lot cheaper than your bank.)

Give it a try. Check out TransferWise today.

Now, back to what you came here to read.

Wells Fargo Business Checking Accounts: How to Choose The Best Account For Your Business

Wells Fargo offers two accounts for larger businesses: the Platinum Business Checking Account and the Analyzed Business Checking Account.²

When you open either a Platinum Business Checking Account or an Analyzed Business Checking Account, you must make an initial deposit at a minimum of $25. Wells Fargo recommends bringing the minimum deposit along with your business documents when applying.

With the Platinum Business Checking Account, you can avoid the monthly fee by keeping a balance minimum of $25,000, or $40,000 in combined balances across savings, checking, and other accounts. ³

The following table breaks down the fees associated with Wells Fargo’s Platinum business checking account. For the Analyzed business account fees, you need to reach out to Wells Fargo.

Wells Fargo Platinum Business Checking Account³
Monthly service $40 ( possible to waive if required conditions are met )
Minimum opening deposit $25
Transaction fee $0.50 each after 500 transactions
Deposit fee After first $20,000 of the month, $0.30 after each $100 deposited

What Do I Need To Open a Business Account With Wells Fargo?

If you are intending to open a business bank account, you’ll need to verify the existence of the business as well as your own identity. If you are applying in person, you must bring original or certified copies of your primary business documents. If you are applying over the phone, the Wells Fargo representative you are working with will instruct you on how to send in your business documents.

Along with submitting your business documents, you’ll be required to fill out the following forms.

  • Authorization for Information and Certificate of Authority: This provides relevant business and personal information, and authorizes Wells Fargo to check your credit.
  • Certification Regarding Beneficial Owners of Legal Entity Customers: This document certifies that your business is operating as a legal entity (not required for sole proprietorships).

About the Wells Fargo Platinum Business Account

Well Fargo designed the Platinum Business Account for businesses that have been around for a few years and have a large, established customer base. They offer a different checking account for smaller, newer businesses.

The key perks of the Platinum Business Account are these:⁵ ⁶

  • It includes 500 free transactions every month
  • You can make up to $20,000 in cash deposits each month for no charge
  • Wells Fargo lets you earn interest on your account balance
  • Wells Fargo offers discounts and special offers to account holders
  • Text and mobile banking features
  • Wells Fargo also doesn’t charge fees for stop payments, money orders, cashier’s checks, and the following per pay period: two incoming domestic wire transfers, and two domestic non-Wells Fargo ATM transactions per pay period
  • You can also open up to two additional Platinum Business accounts at no extra charge.
  • You can choose a custom design for your business debit card using your business’ logo and tagline
  • You determine who can access your account
  • Any unauthorized debits or ATM transactions will be reimbursed if you report them immediately
  • Cash deposits, electronic direct deposits, and incoming wire transfers are all available the same business day they’re made

About the Wells Fargo Analyzed Business Checking Account

Wells Fargo offers a second business checking account for even larger companies or organizations who have complicated financial needs and have a high volume of transactions, the Analyzed Business Checking account.

The Platinum Business account is designed for companies that have a high volume of transactions and deposits. The Analyzed Business Checking account is for companies that have more complex financial needs, like treasury management, and want more control over how payments are processed. They also offer earnings allowances, which is a perk for businesses that have a high number of transactions that allows a reduction in transaction costs based on usage.

The Analyzed Business Checking account offers a few other services, like access to information reporting, remote check deposit, ACH deposits, online wire transactions, and fraud protection. Account holders also have access to the Commercial Electronic Office (CEO) Portal, and online tool that allows business managers to upload receipts, check balances, and track expenses.⁷

Consider TransferWise — a worthy alternative

Do you frequently make overseas payments? TransferWise could be the key to save a significant amount. TransferWise isn’t a bank, but you may be interested in checking their business account anyway, to see if it can help your business save money. With no opening or account maintenance fees, it’s easy to jump on board. TransferWise has established itself as a leader in the currency exchange business. They offer online currency exchange at the mid-market exchange rate — which is the rate that usually only banks and providers get access to.

It’s called TransferWise for Business, and you can create an account here. You can send and receive money in over 40 different currencies (that covers over 70 countries, a huge swath of the world), and at the optimal mid-market exchange rate. As with the Borderless account, you receive banking details not just for the country your business resides in, but also for Australia, New Zealand, the UK, and the US.

TransferWise for Business also allows you to make batch payments and integration with the TransferWise API. The API allows you to enhance your payment tools by doing things like automating payments. You’ll also be able to connect your account to the popular Xero accounting software.

Businesses managers are responsible for overseeing a large volume of transactions and large amounts of cash deposits. And, if business is going well, the work never stops. It’s important to find a financial institution offering a bank account that serves your specific banking needs. As we’ve seen, Wells Fargo offers two distinct, useful accounts with competitive fees, backed by high-quality customer service. But it’s also an institution that’s been around since 1852. It’s established and reliable, but maybe not cutting edge. TransferWise is fresh and tailored to the modern, global economy. They offer an account that allows you to make send and receive money in multitude of currencies, enabling you to run a truly global business, with mostly free services, low fees, and customer-friendly exchange rates. Keep TransferWise in mind, they can keep your business ahead of the game.


  1. Wells Fargo FAQ Business checking and savings account questions
  2. Wells Fargo business checking account comparison page
  3. Business Account Fee and Information Schedule
  4. Wells Fargo business documents required to open an account
  5. Wells Fargo Platinum business account
  6. Wells Fargo Platinum business account fees
  7. Wells Fargo Analyzed business account

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

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