Wise Business account requirements in New Zealand

Many businesses in New Zealand work with international clients, suppliers, or contractors overseas. Managing these payments well starts with having the right type of account.

That’s where Wise Business comes in. Formerly Wise, it’s built for companies that work across borders. You can hold, send, and receive money in multiple currencies without hidden fees or high exchange rates.

This guide walks you through what New Zealand businesses need to know: the account requirements, the verification process, the documents you’ll need, and the features you’ll get once you’re set up.

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Is Wise a bank?

It’s a common question: “Is Wise a bank?” The short answer is no.

Wise operates as a financial technology company, not a traditional bank. Globally, it’s licensed as an Electronic Money Institution (EMI) in some jurisdictions and a money services business in others. In New Zealand, Wise is subject to oversight from the Department of Internal Affairs (DIA), which enforces anti-money-laundering and counter-terrorism financing laws.

The difference between Wise and a bank comes down to how customer funds are handled:

• Banks can use deposits to issue loans and generate interest. They’re also covered by deposit protection schemes.
• Wise doesn’t lend or invest customer balances. Instead, money is safeguarded in separate accounts with reputable financial institutions. Wise can’t use those funds for its own operations.

This safeguarding model means your money isn’t protected by a government deposit insurance scheme in New Zealand, but it is kept apart from Wise’s own money. On top of this, Wise uses strong security practices, including two-factor authentication and continuous monitoring, to keep your account safe.

Wise Business account — overview

Having a dedicated business account is crucial for any business, regardless of its size. It helps keep personal and business finances separate, simplifies bookkeeping, and makes tax filing much easier. Using a personal account for business is against Wise's terms of use and lacks the features a business needs.

Opening a Business Account is simple and can be completed entirely online. You'll begin by registering and providing your business and personal details. The final step is verification, where Wise may require documents like your ID, proof of address, and business registration information to confirm your identity and that your business is in operation. This process can be very fast, provided you have all the necessary documents ready.

Sign up for the Wise Business account! 🚀

Why do I need to verify my business?

Wise is a regulated financial institution. To keep your money safe and comply with financial regulations, we have to verify everyone who uses our service. When you set up a business account, we might ask for documents or confirmation of details on a business registry to verify your identity, confirm your business is currently trading, and make sure it meets our acceptable use policy.

We may also ask for additional information from time to time to comply with new regulations. Dedicated compliance teams check documents against financial standards in New Zealand and abroad to keep accounts safe.

Wise Business account requirements in New Zealand

When you apply for a Wise Business account in New Zealand, you’ll need to provide some details about your company and the people who run it. The exact paperwork may differ depending on whether you’re a sole trader, a partnership, or a company, but most applicants are asked for the same core information.

1. Business registration number: In New Zealand, this is your NZBN (New Zealand Business Number), a single identifier thatwhich is used by government agencies and business services everywhere.

2. Registered and trading addresses: You'll need to provide Wise with both your proper registered address and the actual location where you operate the business. A P.O. box won't be considered a trading address.

3. Business name and legal type: Enter your formal registered name (maximum 50 characters) and verify your legal type, i.e., sole trader, partnership, limited liability company, or trust.

4. Directors or owners: Enter the names of directors, partners, or any shareholders with 25% or greater ownership of the business.

5. Account representative: The individual applying must currently have a personal Wise profile. They'll be the main representative attached to the business account.

6. Business activity and category: Explain in brief how your business operates, and the industry in which you operate.

7. Account purpose: Explain how you'll be using the account, receiving payments from foreign customers, paying suppliers based overseas, or as an expense for staff.

8. Business website: You do not have to have one, but adding one may improve the verification process.

9. Additional supporting documents: Wise may ask for extra documents depending on your situation, such as:

• Government-issued ID for directors.
• Proof of address (like a utility bill).
• Certificate of incorporation.
• Invoices or contracts that show business activity.

Having these details ready before you apply can make the process quicker and smoother.

Wise Business - Pricing & features

For the latest fees, always check the Wise Business New Zealand pricing page.

Open a Wise Business account: Pricing and features

Opening a Wise Business account in New Zealand is simple, as long as you know what to prepare. From your NZBN and registered address to ID for directors and an explanation of how you’ll use the account, the requirements are straightforward.

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 40 NZD

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.

FAQs

1. How long does it take to open a Wise Business account?
   If you have your documents ready, the process is usually quick. Many accounts are verified in a few business days, though Wise advises it can take up to 10 working days.
2. Can a sole trader open a Wise Business account?
   Yes. The account is suitable for sole traders, freelancers, partnerships, and limited companies.
3. Do I need a personal Wise account before signing up for a Wise Business account?
   Yes. The person applying must create a personal profile before opening the business account.
4. Is a website required?
   No. It’s optional, but including one can help speed up checks.
5. Is my money safe with Wise?
   Yes. Although Wise isn’t a bank, it’s regulated in New Zealand and follows DIA requirements. Customer money is safeguarded in separate accounts, meaning it’s protected from Wise’s operational funds.