Wise Business Account Requirements - Opening an account in Australia

If you’ve been receiving international payments since around 2011, you might remember Wise by its old name: Transfer Wise. Today, Wise Business makes it easy to send, receive, and hold money in different currencies without the hefty fees involved with cross-border money transfers.

For businesses in Australia, this can mean getting paid by clients overseas, paying suppliers abroad, or covering team expenses in multiple currencies. And because everything is managed online, it’s straightforward for both small businesses and larger companies to stay on top of their global payments.

Table of contents
Is Wise a bank? The Wise Business account - Overview Account requirements in Australia Fees in Australia Open a Wise Business account FAQs

Sign up for the Wise Business account! 🚀

Is Wise a bank?

Wise isn’t a bank. It’s an Electronic Money Institution (EMI). Wise can hold and move money, but it can’t use customer deposits for lending or investments the way banks do. Instead, customer funds are safeguarded in separate accounts with trusted financial institutions. In Australia, it’s licensed by the Australian Securities and Investments Commission (ASIC) and holds an Australian Financial Services Licence (AFSL number 513764).

Wise also takes regulation seriously wherever it operates. In Australia, there are compliance teams and systems working all the time in the background to make sure customers’ money is protected. So while it doesn’t function like a bank, Wise adheres to strict financial regulations in Australia to keep your money secure.

💡 Learn more about how Wise keeps customers safe

The Wise Business account - Overview

Having a dedicated business account is essential for keeping your company’s finances organised. It separates personal spending from business transactions, makes tax reporting easier, and builds credibility with clients and suppliers. Using a personal account can quickly become confusing, especially when it comes to reporting to the Australian Taxation Office (ATO). If you wish to see the differences, here’s a helpful guide: Wise Business vs Personal accounts.

Opening a Wise Business account is fully online and simple to complete. You’ll provide details about your business, such as business name, legal type, ABN or ACN, and addresses, along with information about directors or owners. An account representative (with a personal Wise profile) will also be needed. Supporting documents like proof of incorporation, identity documents, and proof of address may be required. Once everything is uploaded, Wise reviews the information, and accounts are often verified within a few business days.

Verification of your business is an important part of the process to set up your Wise Business account. It ensures that every account is tied to a genuine business and helps Wise stay compliant with international regulations. Dedicated compliance teams check documents against financial standards in Australia and abroad to keep accounts safe.

Wise Business account requirements in Australia

To open a Wise Business account in Australia, you’ll need to provide some details about your company and its representatives. These requirements help Wise confirm who you are and ensure the account is being used for legitimate business purposes.

Here’s what you’ll be asked for:

1. Business name

• Your registered business name (up to 50 characters).
• If the name is longer, you may need to use an abbreviation.

Check out our article on How to register a business name in Australia.

2. Business legal type

• Whether you operate as a sole trader, partnership, company, or other entity.
• Your legal structure will affect the documents you’re asked to provide.

For reference, here’s an overview of business registration in Australia.

3. Business category

• The sector you work in, and a short description of your main activities.

4. Directors and owners

• Details of the directors, partners, or other controlling figures depending on your legal setup.

5. Business registration number

• In Australia, this is your ABN (Australian Business Number) or ACN (Australian Company Number).
• If you don’t yet have one, here’s a guide on what it costs to get an ABN.

6. Registered business address

• The official address tied to your registration documents.

7. Trading address

• The place where your daily operations are carried out (if different from the registered address).

8. Account representative’s details

• The person opening the account needs a personal Wise profile first.
• This person will act as the main representative for the business account.

9. Purpose of the account

• You'll need to state the reason for opening the account. Perhaps for receiving payments from foreign clients, to settle suppliers, or for daily staff expenses.

10. Business description/industry questions

• Wise will also ask you a few more questions about your business, like how it's structured, what line of business you're in, and how you conduct business. They'll also ask you to provide supporting evidence like proof of address or a certificate of incorporation, depending on your situation. It's an industry standard in all financial services and part of complying with local regulatory needs.

11. Business website (not essential)

• A website is not a necessity, but if you've got one, including it may ensure the verification process goes a bit quicker.

Note: Wise will ask you for further documents to verify the information you supply. For instance, proof of address or incorporation certificates. This is a normal procedure with financial institutions and maintains compliance with local regulations.

👆 For more specific information on requirements for different business types in Australia, refer here

Wise Business account fees in Australia

Feature	Price / Fee	Notes
Account setup	65 AUD one-time	Unlocks all Wise Business features.
Registering with Wise	Free	Creating a Wise profile is free.
Sending money	From 0.63%	Fee varies by currency. Transparent, shown upfront.
Converting money	From 0.63%	Mid-market exchange rate, no hidden markups.
Receiving SWIFT in other currencies	Varies	See full list.
Domestic AUD transfers	Free	Non-SWIFT transfers in AUD are free.
Spending with Wise debit card	Free	Spend in the same currency online, in-store, or abroad.
ATM withdrawals	Up to 350 AUD/month (max 2 withdrawals): Free	After that: 1.50 AUD + 1.75% per withdrawal.
Holding money in account	Free	No ongoing charges.
Wise Interest	Keep your money in an interest-earning fund 0.72% annual fee.	Returns not guaranteed.

Check out this page for more details on Wise Business fees and pricing info in Australia.

Now that you know the requirements for a Wise Business account in Australia, you’re ready to set one up. Open your Wise Business account today and start managing your money globally with fewer fees and more control.

Open a Wise Business account

Setting up a Wise Business account in Australia is easy and entirely online. Once your account is set up, there are no ongoing fees or surprise monthly charges. The fees you may incur will only be when you send money or convert money. They will be 100% transparent to avoid any nasty surprises.

A Wise Business account allows users to can send, receive, and hold in multiple currencies. Experience hassle-free global transactions by transacting like a local business. Here's what you get with a Wise Business account:

• Free to register — Hold and convert between 40+ currencies. Send to 140+ countries
• Debit cards for you and your team, which you can use in 150+ countries
• Multi-user access for team members, with ways to control and manage permissions
• Pay up to 1,000 recipients at once with the Wise batch payments feature
• Integrate with your favourite cloud accounting solutions like Xero, QuickBooks, and more
• Get account details to receive in 8+ currencies for a one-time fee of 65 AUD

Sign up for the Wise Business account! 🚀

This general advice does not take into account your objectives, financial circumstances or needs and you should consider if it is appropriate for you.

With these features, Wise Business gives Australian companies a practical way to handle global payments, whether you’re a freelancer billing overseas clients, a startup paying remote staff, or a growing company managing suppliers worldwide.

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FAQs on Wise Business account requirements

1. How long does it take to open a Wise Business account in Australia?
Most accounts are verified within a few working days, but it depends on how quickly the required documents are provided and approved.

2. Can sole traders open a Wise Business account?
Yes. Sole traders, partnerships, companies, and other registered entities can apply.

3. Do I need a business website?
No. A website is optional, though providing one may help speed up the verification process.

4. What documents will I need?
You’ll usually need your ABN or ACN, registered business address, director or owner details, and ID for the account representative. Wise may ask for additional documents, such as proof of address or a certificate of incorporation.

5. Is my money safe with Wise?
Yes. While Wise is not a bank, it’s licensed and regulated in Australia by ASIC, APRA, and AUSTRAC. Customer funds are safeguarded in separate accounts with trusted financial institutions.