Business

How to Transfer Money from Wise Business Account to Wise Personal

Panna Kemenes

11.03.25 (updated more than 1 year ago)

Read time 3 minutes

As a Wise account owner, you can easily make international transfers and domestic transactions using various local account details to keep fees down.

Sometimes though, you may also want to move money internally between your Wise Business and personal accounts. This guide will show you exactly how to make business to personal Wise transfers, and best practices for doing so.

💡 Read the guide on how to open a Wise Business account

How to Transfer Money From Wise Business to Personal: Step-by-Step

You can set up a Wise transfer from your Wise Business account to your personal account using the following step-by-step instructions:

Retrieve your personal account bank details

Open your personal account in Wise
Select the currency you wish to receive, which will show you your bank details
Take note of these details as you’ll need them to complete the transfer

Start the transfer

Open your Wise Business account
Select the currency you wish to send
Click “Send”, and enter the amount
Create a new recipient using your personal account bank details you found earlier
Once the transfer is complete and you’ll see the funds appear in your personal account

💡 It’s important to know that the personal account cannot be used for business transactions, as this is against the terms of use. In order to use Wise as a business, customers should use the Wise Business account.

Common Errors and How to Avoid Them

While it’s a simple process, small mistakes can lead to delays, additional fees, or failed transactions.

Here are some of the most common mistakes business owners make when transferring money from their Business account to their personal account, and how to prevent them.

Selecting the Wrong Account Details

When selecting your personal account bank details, be sure to choose the right currency. If you wish to receive funds in USD, select your USD account details, and use those when you make the transfer across from your Business account.

Entering the Wrong Information

When setting your personal account details up as the recipient for the transfer, there’s a chance that a typo slips through when entering the bank information, which could lead to a failed transaction. To avoid this, be sure to have your personal account information ready at hand when setting up the transfer.

Insufficient Funds in your Business Account

You might take all the right steps in the process, but if you don’t have enough money in your Business account to complete the transaction, it will register as failed. Make sure that your Business account has enough funds to cover the transfer to your personal account before you try to send the money.

Best Practices for Fund Transfers Between Wise Business and Personal

When you transfer funds between your Wise Business and personal accounts, it’s important to make sure you’re doing everything by the books.

Here are some best practices to keep in mind when making this type of transfer:

Clearly Label Transactions

For the purpose of understanding transactions when you look back on them, it’s important to label your transactions using the reference field to specify the purpose. For example, terms like “owner’s draw” or “salary payment” can be useful for reconciliation later down the line.

Labelling transactions also helps keep the divide between personal and business funds clear so you can avoid confusion.

Keep Clear Records for Taxes

Bookkeeping is an essential process for any business, and for Wise account management and making transfers between accounts, it’s a good idea to keep a detailed log of every transfer.

By tracking each and every transfer, you can feel confident that you won’t encounter any issues when it’s time to file taxes. When it comes to your tax obligations, make sure you understand what the rules are according to your business structure. Some business models consider personal withdrawals from the business as income, while others would deem it dividends or owner’s equity.

Some business owners use accounting software to automatically track every transfer they make between online bank accounts. As a Wise account owner, you can easily connect to QuickBooks, which should make your life a lot easier as it’ll handle the bookkeeping for you.

Plus, you can download statements through Wise which you can then provide to your accountant or in the case in which your business is audited.

The Easy Way to Manage Your Money

With a Wise Business account, you can not only separate your business and personal finances, but also enjoy various Wise features designed to keep costs down and make your life easier.

Open a Wise Business account online

Some key benefits of Wise Business include:
Major local account details to receive international payments with ease No monthly account fees just a simple one-off fee for account details Receive payments from e-commerce platforms such as Amazon or via Stripe. Free invoicing tool to generate and send invoices. Create invoices using the Wise invoice generator or invoice templates. Accounting integrations, including a QuickBooks Bill Pay connection. Bill payments will be synced, matched, and categorized in QuickBooks for simple reconciliation. BatchTransfer. Fast payment of up to 1,000 people.

Some key benefits of Wise Business include:

Major local account details to receive international payments with ease
No monthly account fees just a simple one-off fee for account details
Receive payments from e-commerce platforms such as Amazon or via Stripe.
Free invoicing tool to generate and send invoices. Create invoices using the Wise invoice generator or invoice templates.
Accounting integrations, including a QuickBooks Bill Pay connection. Bill payments will be synced, matched, and categorized in QuickBooks for simple reconciliation.
BatchTransfer. Fast payment of up to 1,000 people.

🔍 You can also read the article on Wise Business vs Personal to understand the difference between the two accounts, and the added benefits of using Wise Business

Editor & Business Expert:
	Panna is an expert in US business finance, covering topics from invoicing to international expansion.	You can read more useful business articles on her author profile.

Author:
	Sam is a UK-based copywriter with 4+ years of experience writing for SaaS and eCommerce brands.	He creates comparison guides, informative blog posts, and covers other finance-based topics.

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