Venn vs Wise for Small Business Payments in USD and EUR

Sending money across borders has been a common challenge for as long as we can remember, especially for small businesses. But with a solution that’s reliable, fast, and cost-effective, companies can revamp their cash flow and protect their margins.

Venn and Wise are two popular options in the small business payments space, both offering US business accounts and tools for international transfers. Yet, they handle exchange rates, fees, and other workflows very differently.

If you constantly make USD to EUR, or EUR to USD payments, this guide’s for you.

Why USD–EUR payments matter for US small businesses

Working with international clients or suppliers is common for US businesses, including those in Europe. When doing so, sending money from the US in dollars to recipients in euros is often a regular occurrence in order to pay for goods or services.

The problem is that the way international payments are handled is by no means as straightforward as domestic ones. These transfers have long been known to have hidden fees and poor exchange rates, and often take several business days, complicating cash flow. Even a difference of a few percent or a tiny markup can eventually add up when payments are frequent, large, or both.

Getting to know Venn

Although Venn is a business banking service built for Canadians, it offers accounts in CAD, USD, GBP, and EUR, with CDIC protection, low FX, and even 2% interest.¹ Your one account allows you to issue global corporate cards, collect funds in foreign currencies, and use local accounts to access local payment methods like EFT and ACH.

Venn markets itself as an “all-in-one banking platform” as it features GICs for investing and tiered plans for those designed for businesses with different levels of activity. FX rates are fixed at a specific percentage, and international wires cost a flat rate, with prices depending on which tier you’re on.

Getting to know Wise Business

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

Venn vs Wise: Fees and exchange rates

Venn and Wise both seek to stray away from stereotypically high fees and poor exchange rates associated with traditional banks.

Venn Pricing

Venn provides international transfers as part of its platform, but exchange rates and fees vary depending on the plan or payment type. However, rates aren’t always fully transparent upfront, which can make budgeting for USD to EUR payments a bit less predictable.

The tiered pricing structure is as follows:³

As mentioned, businesses can also earn 2% interest on their USD balance.

Wise Pricing

Wise offers a business account with no monthly fees whatsoever, just a one-time set-up fee of 31 USD for every feature. The platform operates on a pay-as-you-go basis, charging fixed fees based on the transaction amount, destination, and currency. Sending and converting money starts from 0.57%. Whenever you make a transfer, you’ll see an entire pricing breakdown before you hit send.⁴ A multi-currency account lets you receive volume discounts when spending over 25,000 USD (or equivalent) and, most importantly, Wise uses the mid-market exchange rate, with no markups.

Wise Business Could Help Your Company Save on Global Payments

Venn vs Wise: Speed and usability

Both platforms feature a handy transaction-tracking feature that lets you see how your transfer is progressing through the network.

When sending EUR through Wire or SEPA, Venn claims it typically takes 1 business day to arrive.⁵ With Wise, a wire transfer can arrive anywhere from 2 hours to 1 business day, while card payments and Wise account transfers can arrive in seconds.⁶ These times also depend on how much money you’re sending.

Integration into small business workflows

To cater to small businesses, Venn and Wise boast all sorts of features that come in useful in any workflow.

Venn’s global corporate cards allow you to earn 1% cashback on every single transaction, with automatic receipt collection so you can close your books faster.⁷ Meanwhile, the Wise business debit lets you spend in 40+ currencies at the mid-market rate with no foreign transaction charges.⁸

Other unique features include both platforms’ ability to sync to your accounting software, Wise’s guaranteed rate feature to lock in favorable exchange rates, and Venn’s dedicated accounts payable suite.

When each might be a fit

Venn and Wise have similar goals, but they diverge in how they support small businesses and international payments.

Venn may be a good fit if you’re looking for a broader financial platform that combines everyday banking tools with added features like investing and cheaper and faster international transfer options. If you prioritize having numerous financial services in one place and send international payments more occasionally, it might be a better choice.

Wise is better suited for businesses that handle international payments frequently. Its focus on real exchange rates and true transparency makes it practical if you often work with European partners. Being able to keep more of your earnings can make a meaningful difference over time.

Sources:

1. Announcement: Now earn 2% interest on your CAD and USD balances | Venn
2. Which currencies can I add, keep and receive in my Wise account? | Wise
3. Pricing | Venn
4. Business Pricing | Wise
5. How long will it take for my funds to arrive or reflect on my account? | Venn
6. Wise Business
7. Corporate Cards | Venn
8. The Wise Multi-Currency Card That Saves Your Business Money | Wise