HSBC Business vs. Wise Business: Compare Fees, Features & Accounts

Choosing the right business account is essential for managing finances efficiently, especially when dealing with domestic and international transactions. HSBC Business and Wise Business are two popular options, each catering to different needs.

HSBC provides a traditional banking experience with in-person support, several business products, and integrated services for established companies. Wise Business, though, focuses on low-cost international transfers, multi-currency accounts, and efficient digital management, which makes it ideal for businesses operating globally.

With that being said, let’s compare the two so business owners such as yourself can understand fees, features, and convenience, so you can select the account that best fits your operational and financial goals.

Discover Wise Business: Simplify Your International Finances
Wise makes it easier to manage your business finances. You can manage everything from one app, there are no monthly fees, and international payments use the mid-market rate. It also integrates smoothly with accounting software to keep your operations running efficiently.
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Table of contents

HSBC vs. Wise Business : Quick Overview Comparing Costs Between HSBC vs Wise Business Fees and Exchange Rates Payment Methods and Accessibility Key Differences: HSBC Business vs. Wise Business HSBC features and accounts WIse Business Account Features How to Open an Online HSBC Business Account vs. A Wise Business Account Start Your Online Application Verify Directors and Submit Documentation Open Without Visiting a Branch Access Integrated Services and Tools Final Thoughts

HSBC vs. Wise Business : Quick Overview

	HSBC	Wise Business
Key features	Full-service business checking Branch access & in-person support Cash management tools Business loans & credit options¹	Mid-market exchange rates and transparent fees Hold account details in various currencies Fast peer-to-peer international transactions
Main fees	Monthly account fee: $16–$25 (depending on plan)¹	No monthly fees No minimum deposit
Great for	US-focused businesses Companies that value in-person banking¹	Freelancers and small business owners who need to separate finances and handle global transactions

If you’re a US-based company, choosing between HSBC Business and Wise Business depends on whether you prioritize traditional banking services or digital-first global payments. HSBC provides full-service banking with branch support, but Wise focuses on low-cost, multi-currency operations optimized for international transactions. The table below summarizes the key features, fees, and ideal use cases for each.

Comparing Costs Between HSBC vs Wise Business

	HSBC	Wise Business
Cost per transaction	Not explicitly listed, dependent on plan Domestic wire: $25 each¹ (may be subject to plan)	From 0.57% for sending money (Fee varies per currency)5 Free for receiving non-wire domestic payments
Monthly fees	$16–$25 (depending on plan)¹	N/A
International transfers	Incoming international wire: $15–$20¹ (may be subject to plan) Outgoing international wire: $30–$40¹ (may be subject to plan)	Currency conversion from 0.57%, always at the mid-market rate5
Debit card spending	Free within the US6	Free
ATM withdrawals	Free within the US6	Free up to $100/month5 2% ATM fees over $100/month + $1.50/withdrawal5
Holding foreign currencies	Subject to plan	Free5

Fees and Exchange Rates

HSBC Business accounts in the U.S. charge a monthly maintenance fee typically ranging from $16 to $25, depending on the plan and account balance requirements. Domestic ACH and wire transfers may incur additional fees, but international wires cost between $35 and $50 for outgoing transfers and $15–$20 for incoming.

HSBC applies a margin over the interbank exchange rate for currency conversions, which can increase costs for businesses that make frequent international payments.

Wise Business, though, provides a digital-first approach with no monthly fee for the standard plan. International transfers carry a low transparent fixed fee plus a small percentage of the transfer amount, with Wise providing the real mid-market exchange rate, so you can avoid hidden markups and reduce overall costs.

Payment Methods and Accessibility

HSBC Business provides traditional banking methods, including ACH, domestic and international wire transfers, and bill payment services. U.S. customers can access accounts through branch locations, online banking, and mobile apps, giving a combination of in-person and digital access. International transfers are available but may be slower and more costly due to higher fees and bank intermediaries.

Wise Business is a Money Service Business which operates entirely online, while also providing 24/7 access via its website and mobile app. Wise Business allows you to accept a range of payment methods, which include:

• ACH
• Debit Cards
• Credit Cards
• SWIFT payments
• Existing WIse account balance

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Wise Business Could Help Your Company Save on Global Payments

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Key Differences: HSBC Business vs. Wise Business

HSBC features and accounts

If you’re a business owner, it’s more than likely you’ll need to manage your finances. So with that being said, choosing the right business bank account is extremely important for small businesses. HSBC provides a variety of accounts tailored to different needs. Each account provides a mix of online tools, branch access, and support for international payments and multi-currency accounts, so businesses have flexibility and control over their finances. Below is a list of the main HSBC small business banking options and what each has to offer:

HSBC Business Advance Account (U.S.)

The HSBC Business Advance Account targets small businesses expecting growth and higher transaction volumes. It includes the features of a standard business checking account, higher free transaction limits, optional overdraft facilities, and access to business support services.¹

HSBC Business Flexible Account

The HSBC Business Flexible Account provides small businesses with a scalable solution that adapts as operations grow.¹ This account allows variable transaction limits, easy online management, and optional access to overdrafts or lending facilities.¹

HSBC Business Platinum Account

HSBC’s Business Platinum Account is aimed at established small businesses that require premium banking services.¹ It provides higher transaction limits, access to lending and credit facilities, and comprehensive support for international payments.²

Wise Business Account Features

The Wise Business account is a cost-effective way for US businesses to send international transfers and get paid from abroad in multiple currencies. Conversions also take place at the mid-market exchange rate. This account adds features and tools that are helpful for business use. You can also get a Wise Multi-Currency card for business, and employee expense cards. These features make it easier to run your business, organize finances, cut costs, and get paid on time.

Wise Business also includes several additional features to benefit both US-based and international businesses:

• Free invoicing tool
• Request business payments with payment links
• Quickbooks connection
• Interest feature

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How to Open an Online HSBC Business Account vs. A Wise Business Account

Opening an HSBC business account or a Wise account online is designed to be straightforward, even for small business owners with very busy schedules. HSBC and Wise provide clear guidance every step of the way, so you can open an account quickly.⁴ So let’s break down how to open both an online HSBC business account and a Wise account efficiently so you can open your account as quickly as possible.¹

Start Your Online Application

HSBC: Businesses begin by filling out an online application with company details, including registration information, business type, and contact info. This ensures regulatory compliance and verifies business identity.²

Wise: The application also starts online with company information, including legal name, registration number, and business type. Details of company directors and authorized users are required.

Verify Directors and Submit Documentation

HSBC: Directors and authorized signatories verify their identity by uploading IDs, proof of address, and business documents to meet legal and regulatory standards.⁴

Wise: All company directors and beneficial owners must be verified. Users upload IDs, proof of address, and company registration documents. Accounts are often approved within hours to a day.

Open Without Visiting a Branch

HSBC: Online banking can be started without visiting a branch, although some accounts may still require in-person verification depending on business type.⁴

Wise: Fully digital; all account setup is completed online.

Access Integrated Services and Tools

HSBC: Integrates with loans, merchant accounts, and international payments. Users can manage transactions, set up recurring payments, and monitor cash flow from the dashboard.¹

Wise Business : Integrates with popular accounting software, allows scheduled payments, and provides real-time tracking of transfers.

Save Time and Money On Overseas Payments With Wise Business

Wise Business can help you save big time on international payments.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in currencies.

Signing up to Wise Business allows access to BatchTransfer which you can use to pay up to 1000 invoices in one go. This is perfect for small businesses that are managing a global team, saving a ton of time and hassle when making payments.

Some key features of Wise Business include:

• Mid-market rate: Get the mid-market exchange rate with no hidden fees on international transfers

• Global Account: Send money to countries and hold multiple currencies, all in one place. You can also get major currency account details for a one-off fee to receive overseas payments like a local

• Access to BatchTransfer: Pay up to 1000 invoices in one click. Save time, money, and stress when you make 1000 payments in one click with BatchTransfer payments. Access to BatchTransfer is free with a Wise Business account

• Auto-conversions: Don't like the current currency exchange rate? Set your desired rate, and Wise sends the transfer the moment the rate is met

• Free invoicing tool: Generate and send professional invoices

• No minimum balance requirements or monthly fees: US-based businesses can open an account for free. Learn more about fees here

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Final Thoughts

If you’re comparing HSBC Business vs. Wise Business, the choice depends on your company’s priorities and operational needs. HSBC provides a business bank account experience, blending branch access, advisory support, and integrated financial tools, which can be ideal for small businesses looking for reliability and personalized guidance.¹ However, Wise Business focuses on speed, while also being transparent and efficient for international payments and multi-currency accounts.

Many business owners even choose to use both platforms together, and perhaps use HSBC for domestic operations and Wise for international transactions.² In the long run, understanding your business’s specific needs will guide you toward the solution that best balances what you need as a business owner.

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Sources:

1. Best Business Bank Accounts | Anna Money
2. Compare International Business Bank Account | Airwallex
3. Best Online Business Bank Account | WorldFirst
4. Business Account Fees & Pricing Breakdown | HSBC
5. Business Fees | Wise
6. Debit Card Fees | HSBC