Wise Business Account Requirements - How to Open an Account in Singapore

For businesses in Singapore seeking an easier way to manage overseas transactions, a Wise Business account could be the answer. Whether you’re paying suppliers or receiving payments from clients abroad, it allows you to hold and transact in over 40+ currencies without the steep fees that typically come with traditional banks.

In this guide, we’ll walk you through everything you need to know about opening a Wise Business account in Singapore — from gathering the required documents to completing the registration process. We’ll also highlight the business-friendly features that come with a Wise Business account, which aren’t available with a personal account.

Is Wise a bank?

No, Wise is not a bank—it’s a financial technology (fintech) company. In Singapore, Wise is licensed by the Monetary Authority of Singapore (MAS) as a Major Payment Institution under the Payment Services Act and also holds a Capital Markets Services (CMS) licence.

These licences allow Wise to provide services such as multi-currency accounts, international money transfers, and debit cards. However, because Wise does not hold a banking licence, it cannot offer credit-based services like overdrafts or loans.

To keep customer funds and data secure, Wise implements industry-level security measures, including:

• Account verification and two-factor authentication (2FA)
• Safeguarding customer funds in separate accounts with trusted local banks like DBS and OCBC
• Advanced anti-fraud systems, monitored by a dedicated 24/7 security team

Wise Business account overview

A Wise Business account helps you keep your business and personal finances separate, making accounting, tax reporting, and compliance easier. Having a dedicated business account also signals professionalism to clients and partners, strengthening your business’s credibility and trustworthiness.

On top of these important benefits, a Wise Business account gives you access to exclusive features designed to support your business operations—such as batch payments, team access, accounting software integrations, and invoicing—that aren’t available with a personal Wise account.

Getting set up with a Wise Business account is quick and straightforward — and can be done entirely online. If you already have a personal Wise account, you can easily add a Business account from your account settings, while new users can sign up for a Business account right away.

To complete the setup, Wise will ask for certain documents and information to verify your account, including a valid ID and your business registration details. These checks are needed to comply with MAS regulations and help keep accounts secure by preventing fraudulent activity.

Requirements for the Wise Business account

When setting up a Wise Business account, you’ll need to provide certain information and documents. Gathering these in advance will help ensure a smooth and efficient registration process.

Below is a list of the details you’ll be asked to provide:

• Business name — up to 50 characters; abbreviate longer names
• Business legal type — e.g., Private Limited Company (Pte Ltd), Sole Proprietorship, Limited Partnership (LP)
• Business category — sector, categorisation, or activity
• Directors or equivalent — names and details of individuals who control or own the business
• Business registration number — UEN (Unique Entity Number) issued by ACRA
• Business registered address — official address registered with ACRA
• Business trading address — location where daily operations occur
• Account representative's personal details — a personal Wise profile is required (can be created during signup)
• Account purpose — reason for opening the business account
• Business website — not mandatory
• Business description or industry questions — details about what your business does

You’ll also need to upload certain documents as part of the verification process. The exact requirements can vary depending on your business type and ownership structure, but may include the following:

• Government-issued ID (e.g., passport or NRIC)
• Proof of residential address (for the person opening the account)
• Selfie (for identity verification)
• Authorisation letter, if you’re not a director
• Company registry document from ACRA
• ID of the highest-ranking director
• If one of the shareholders is another business, we'll also need either: company registry document showing the owners of that business (OR) Beneficial Owner declaration document

*Verification: a)This list is for information purposes only and is not meant to be a comprehensive list of all of the items that Wise may request to verify a customer's identity. b) Eligibility is subject to verification of customers identity c) Wise may request additional documents to verify a customer's identity

Steps for setting up a Wise Business account

Once you’ve gathered all the required information and documents, you can proceed to set up your Wise Business account.

Follow these steps if you're an existing Wise personal account holder:

1. Sign in to your account through Wise's website or mobile app.
2. Click your profile icon at the top of the page.
3. Select “Open an account” and choose Business account from the options.
4. Follow the prompts to complete the setup of your business account.

For new users without a Wise account:

1. Download and install the Wise app, select “Sign up”, and choose to set up a Business account. Alternatively, click here to sign up using your browser.
2. Complete the registration by following the instructions provided.

Open a Wise Business account

Managing your company’s international finances is easier with a Wise Business account. Signing up is free, and for a one-time fee of 99 SGD, you can unlock account details to receive money in 24 currencies. Once that's paid, there are no monthly subscriptions or paid tiers, no maintenance or annual card fees, and your first physical card is free.

By opening an account, you'll be joining the now over 700,000 global businesses thriving with Wise, including freelancers, startups, small to medium-sized enterprises (SMEs), and large enterprises.

Wise Business serves as an alternative to traditional business account as you can hold, send, receive and exchange currencies all in one place. You’ll always get the mid-market rate with low, transparent fees. Even better, you can connect Wise Business cards to your account to control team spending in real time and reduce admin.

Here's what you get with a Wise Business account:

• Hold and manage 40+ currencies for all your international transactions.
• Pay foreign currency bills and ad-hoc business travel expenses using the Wise Business card without hefty foreign transaction fees.
• Get your first Wise Business card for free when you open a Wise Business account.
• Always get the mid-market rate with transparent conversion fees.
• Seamless integrations with popular accounting software.

➡️Get started with Wise Business today