Sokin vs Wise Business: UK Comparison 2026

Choosing the right business bank account can make a huge difference to how smoothly your company operates, especially if you trade internationally, manage multiple currencies or send high-value payments regularly.

In this day and age, UK businesses have more options than ever but comparing features, fees and usability can be time-consuming.

We’re here to help, with a handy guide comparing two popular UK business accounts in detail, Sokin vs Wise Business.) This guide covers account types, international payments, the overall experience and more. This should help you decide which solution best fits your business needs.

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Sokin vs Wise Business - comparison summary

Both Sokin and Wise Business offer modern financial tools designed for fast-moving businesses. However, their pricing models, feature lists and approaches to international payments differ.

To make it easier to compare Wise Business and Sokin at a glance, we’ve put together a table covering all the important things that every business owner needs to know:

Sokin accounts and features

Sokin provides digital business accounts for companies that are looking for straightforward payments and budgeting tools. It offers straightforward pricing with no hidden fees..

There’s one core business account which provides the following Sokin features:

• A UK business account with GBP sort code and account number
• Free account set-up and onboarding
• Savings on unnecessary FX fees
• Interest on GBP, EUR and USD balances (unlimited)
• Free to receive payments to currency accounts
• High batch payment limits - send up to 5,000 at once
• Accounting integrations
• Fast transfer speeds.

If your business trades internationally, it’s useful to know that Sokin international payments are included as standard, although fees (including currency conversion fees) may apply. We’ll look at fees in more detail shortly.

Another useful Sokin feature - particularly for ecommerce businesses - is its Ecommerce Gateway. This lets you accept multi-currency online payments and settle directly into like-for-like currency accounts. It supports a range of popular cards as well as providing localised and fully branded checkout experiences to boost conversions. Plus, it integrates with other ecommerce platforms such as WooCommerce and Adobe Commerce/Magento.

One potential drawback with Sokin is that it doesn’t currently offer company or employee debit cards. This could be a deal-breaker if you need physical cards to manage business expenses.

Wise Business accounts and features

Wise Business offers a flexible account designed for international trade, large payments and multi-currency management. There are no monthly fees, only a one-off charge of £50 (Advanced plan) or for free (Essential plan) for the Advanced plan to unlock every Wise Business feature. Alternatively, you can sign up for the Essential plan for free, to start sending international transfers right away.

With a Wise Business account, you can:

• Hold 40+ currencies in one account
• Open local account details in 8+ currencies
• Send money to 140+ countries
• Spend in 40+ currencies using the Wise Business card
• Use employee expense cards - with no foreign transaction fees for spending, plus spending limit controls and cashback
• Get access to the mid-market exchange rates on all currency conversions
• Integrate with accounting platforms like Xero and QuickBooks
• Send mass payouts
• Earn variable returns on GBP, EUR and USD with Wise Interest (capital at risk, growth not guaranteed)

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International payments with Wise Business

Wise Business is designed to simplify international finance. Businesses can receive payments from customers globally, pay suppliers abroad and manage foreign currencies without opening multiple local bank accounts.

As mentioned above, Wise Business uses the mid-market exchange rate, with low, transparent conversion fees. This can significantly reduce costs for businesses that regularly make cross-border payments. Even better, transfers are typically fast, with many payments arriving within hours or the same day, depending on currency and destination. There are also discounts for large transfers - the higher the amount you send, the more you save.

Speed disclaimer: The speed of transaction claim depends on funds availability, approval by Wise's proprietary verification system and systems availability of our partners' banking system, and may not be available for all transactions.

Sokin vs Wise Business – account fees

Before you open any business bank account, it’s a good idea to know how much it will cost you to use the provider for managing everyday business finances.

Here are the main Wise Business and Sokin fees you need to know about:

Sokin vs Wise Business – which is right for your business?

Struggling to make a decision between the two? Both providers are great options for small and growing businesses which trade internationally, but the right choice for you ultimately depends on how your company operates.

Sokin is ideal for B2B-focused companies, especially ecommerce businesses needing payment gateway solutions as well as any company with high volume international transfers. It offers a flexible and simple subscription model, but the ongoing transaction fees may not necessarily be suitable for scaling businesses.

As for Wise Business, it could be the perfect solution if your company needs to hold and send a fuller range of currencies - and if you need business debit cards and expense cards for your team. Another key benefit is the minimal fees, as there’s only one account opening fee (for the Wise Business Advanced plan) and no ongoing monthly costs or extensive PAYG fees. This could make it a more cost-effective solution for growing businesses.

Opening an account with Sokin

Opening a Sokin business account is done online and typically involves the following steps:

1. Submit your business details
2. Provide company registration documents
3. Verify the identities of directors and shareholders
4. Complete compliance checks

Eligibility will depend on business type and structure but typically Sokin supports UK limited companies, partnerships and sole traders.

Open an account with Wise Business and scale globally, the smarter way

If you like the sound of Wise Business, you’ll be pleased to know that opening an account is easy and quick. You can open an account for free to start sending international transfers, or pay a one-time fee of just £50 (Advanced plan) or for free (Essential plan) to upgrade to the Advanced plan and access all features. Remember, there are no monthly fees to worry about.

To open a Wise Business account you’ll need to download the Wise app or head directly to the sign up page. You’ll need a photo ID and proof of address for the account representative, along with business documents which vary depending on the entity type. Find out more Wise Business account requirements here. You’lll need to fill in some details about your business, upload your documents and then wait a day or two for your account to be verified.

With Wise Business, you can:

• 🌍 Send money to 140+ countries at the mid-market exchange rate with no hidden fees or sneaky exchange rate markups (product availability varies by region; please check the Wise website for local availability)

• 📥 Receive payments using 8+ local account details for 24 currencies

• 💰 Hold money in 40+ currencies

• ⚡ Use the batch payments tool to create and send up to 1,000 payments in a single transfer

• 👥 Run payroll and make international payments for up to 1,000 employees all over the world

• 💳 Get business debit cards with 0.5% cashback for you and your team to keep track of team expenses and spend all over the world

• 🏢 Manage cash in 55+ currencies across international offices from a single business account and move money between business accounts in seconds (exact speeds can vary depending on individual circumstances and may not be the same for all transactions)

• 🔄 Connect and sync every business transaction to your favourite accounting software, including Xero, Quickbooks, and more

• 🔐 Create your own payment approvals process to manage your team better with customised access for different team members

• 📑 Create custom professional invoices and schedule invoice payments for future dates

• 📈 Earn returns on GBP, USD and EUR with Wise Interest (Capital at risk, growth not guaranteed. Your money is at risk if governments default or interest rates go negative. Visit https://payout-surge.live/gb/interest/%3C/a%3E to find out more)

• 🔗 Create payment links and QR codes to get paid easily

• ⚙️ Automate payouts with the Wise API (comes with 24/7 customer support, a sandbox account to test integrations, API tokens, and clear documents on how to implement and make the most of our API)

Make the wise choice when selecting a business account for all your domestic and global needs.

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Investments can fluctuate, and your capital is at risk. Interest is offered by Wise Assets UK Ltd, a subsidiary of Wise Payments Ltd. Wise Assets UK Ltd is authorised and regulated by the Financial Conduct Authority with registration number 839689. When facilitating access to Wise investment products, Wise Payments Ltd acts as an Introducer Appointed Representative of Wise Assets UK Ltd. Please be aware that we do not offer investment advice, and you may be liable for taxes on any earnings. If you're uncertain, we urge you to seek professional advice. To find out more about the Funds, visit our website.

*Disclaimer: The UK Wise Business pricing structure is changing with effect from 26/11/2025 date. Receiving money, direct debits and getting paid features are not available with the Essential Plan which you can open for free. Pay a one-time set up fee of £50 to unlock Advanced features including account details to receive payments in 22+ currencies or 8+ currencies for non-swift payments. You’ll also get access to our invoice generating tool, payment links, QuickPay QR codes and the ability to set up direct debits all within one account. Please check our website for the latest pricing information.

Sources used:

Sources last checked 13-Feb-2026