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There are plenty of business banking accounts available from traditional banks, but the ones provided by online-based institutions – like Wise Business Banking – are often the most accessible and affordable solutions. Especially if you already manage most of your business online.
Wise Company banking services provided by BBVA USA., Member FDIC. Your deposits are FDIC insured up to $250,000, through our banking service provider, BBVA USA.
With Wise, you not only benefit from an online business checking account, you also have access to their payments platform and up to 1% cash back on deposits. To find out if Wise Business Banking is a good fit for your enterprise, keep reading.
Click here for the best free business checking accounts.
Wise Business Banking $100 Sign Up Credit
- What you’ll get: $100 credit
- Where it’s available: Online, nationwide
- How to earn it:
- Get a $100 credit in your Wise account when you sign up and spend $1000 on your Wise card the first 30 days.
- The Wise card is the black commercial physical or the colored virtual card included in your account.
- When it expires: Not listed
Compare with other top Business Checking bonuses here, including a $300 Business Checking bonus from Chase.
Wise Business Banking Features
Launched in 2019 and backed by BBVA, Wise Business Banking only offers one account option – a digital-based business checking account – which you can open quickly and easily online or via the Wise mobile app. It’s FDIC-insured and comes with payments functionality, so you can make and receive payments with your checking account. Let’s get into all of Wise Business Banking features below.
Wise Pay
As we mentioned, one of top features of the Wise Business Banking account is Wise Pay, their integrated invoicing and payments platform. It allows you to receive payments as well as pay your employees, contractors and vendors.
To receive payments, create and send invoices via the Wise app. You can accept payments by card or ACH transfer. You can also use a Wise card reader to accept in-person payments
To send payments, use the mobile app to mail a check, send an ACH transfer or use Instant by Wise. The latter allows you to send money directly from your Wise account to the recipient’s bank account, as long as they have a debit card based in the U.S. The deposit will post within minutes, even on nights and weekends.
Cash Back Incentive
Every month, Wise will pay a cash back incentive on your deposits, up to 1% annually. You’ll automatically earn a 0.5% annual incentive on your deposits. Qualify for an additional 0.1% each year for every $1,000 spent monthly on Wise Cards, up to a maximum of 0.5% annually (for a spend of $5,000 or more each month).
Debit Card & ATM Access
The Wise Business Banking account comes with a business debit card, which you can use to withdraw cash at any Allpoint ATM for free. All physical and virtual Wise cards provide spending controls, real-time notifications and Google Pay support.
Customer Support
Once you register for a Wise account, they’ll get you onboard within 24 hours. You can access a 30-minute training video with a pro, as well as live chat support 24/7.
Other Features
Wise Business Banking accounts also provides the following additional features:
- A dashboard to track your spending, monitor cash flow and instantly pay employees and vendors.
- Add and manage contacts, making it even easier to pay employees and vendors on a regular basis, as well as view payment history based on an individual contact.
- Everything is accessible via the mobile app, available for both iOS and Android devices.
Bottom Line
Wise Business Banking is ideal for smaller B2B, online-based and service-based enterprises, because they offer affordable payment and simple invoicing tools that are integrated with their bank account.
For another online-only business banking solution, take a look at BlueVine also. They offer mobile check deposits and a high 1.0% interest on balances up to $100,000.
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Editorial Disclaimer: Opinions expressed here are author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
Disclaimer: These responses are not provided or commissioned by the bank advertiser, credit card issuer, hotel, airline or other entity. Responses have not been reviewed, approved or otherwise endorsed by any of the entities included within the post. It is not the bank advertiser's or any other entity's responsibility to ensure all posts and/or questions are answered.