Wise vs. Square for Business: Compare Accounts, Fees, and Features

It can be tough deciding on a financial platform for your business. Wise vs. Square Account for Business brings very different strengths to the table. Wise is designed more for international businesses, while providing low-cost transfers and multi-currency accounts that make dealing with global clients and suppliers easier.

Square focuses on simplifying in-person payments with tools like point-of-sale systems and business account management, but Wise specializes in cost-effective cross-border transactions. The best choice depends on whether your business priorities are local operations or international payments.

So let’s take a look at the most important differences between the two, so you can determine what works best for you.

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

Wise Business vs Square: Quick Overview Protecting Your Business Finances with Wise and Square Wise vs Square account for business: Key features Wise Business Account Square Business Account Managing Global Payments with Wise vs. Square Payment Processing: Is Square Worth It for Small Business? How does Square work for small businesses? How does Square work for business? Can you change your business name on Square? Is Square worth it for a small business? Final Thoughts Frequently Asked Questions (FAQs)

Wise Business vs Square: Quick Overview

Platform	Key Features	Main Fees	Great For
Wise Business1	Mid-market exchange rates and transparent fees Hold account details in various currencies Fast peer-to-peer international transactions Access to Batch Transfer	A small transparent transfer fee is charged upfront. Uses the real mid-market exchange rate with no markup No monthly fees	Businesses with international clients, suppliers, or employees; freelancers and e-commerce sellers needing global payments
Square2	Payment processing POS hardware/software Payroll Business loans	No monthly fees for basic plan transaction-based fees (percentage plus per-transaction charge)¹	Small and local businesses in retail, hospitality, or services need end-to-end business tools.

Protecting Your Business Finances with Wise and Square

Wise Business operates as a regulated Money Service Business and delivers transparency in exchange rates and low fees, which can help with customer trust. It also supports FDIC passthrough insurance for USD balances up to $250,000 when opting in, so business funds are protected.¹

Meanwhile, Square devices are PCI-compliant and encrypt card data, so transactions are safeguarded.² On top of that, Square’s cloud-based platform includes built-in fraud prevention and deposit controls for sellers, while its ecosystem provides operational functions within a secure environment.²

Not to mention, both Wise and Square provide operational features that enhance business efficiency. Wise enables multi-currency account management, access to BatchTransfer, and real-time transaction tracking, so businesses can make international operations much more efficient and maintain financial visibility.²

Square, though, provides integrated point-of-sale systems, inventory management, and reporting tools, so businesses can manage day-to-day operations securely while maintaining compliance with financial regulations.²

Both providers emphasize safety, but Wise primarily focuses on transparent international transfers and insurance protections, whereas Square secures in-person and online payments through industry-standard encryption and fraud safeguards.

Wise vs Square account for business: Key features

Wise Business Account

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: With the invoicing tool, Businesses can create and track invoices, and get paid in 8+ local account details and 17+ global account details.
• Request business payments with payment links
• Quickbooks connection (as well as integrations with other popular accounting softwares)
• Interest feature for held USD, GBP, and EUR
• With a Wise Business account you can also use BatchTransfer to make multiple international transfers with just one payment.

Open a Wise Business account in minutes

Square Business Account

The Square business account provides tools for managing local payments and day-to-day business operations. It supports card processing, POS hardware, and mobile transactions, and also provides features that can assist with payroll, inventory management, appointment scheduling, and banking. It’s a tool designed to help businesses handle payments, organize operations, and manage finances in one place.

Square also includes several additional features that may benefit businesses:

• Payroll management with tax filing support
• Inventory tracking with low-stock alerts
• Appointment scheduling and customer booking options
• Banking services such as instant transfers and business checking
• Integrations with eCommerce platforms and third-party applications

Managing Global Payments with Wise vs. Square

Wise Business provides a true multi-currency experience: holding, converting, sending, and receiving in more than 40 currencies, with real local bank details available for major regions (U.S., U.K., Europe, etc.). Registering the account is free, and for a small one-time setup fee, you gain access to all the business account features. It simplifies cross-border operations by minimizing currency conversion costs and facilitating global payouts.¹

Square does not offer a multi-currency holding account; its core function is local currency processing for payments at POS or online. Square supports payment in various currencies in some regions, but it lacks the flexible major currency account capabilities critical for internationally operating businesses. This might make Wise the better choice for firms that are in need of global money services.

Payment Processing: Is Square Worth It for Small Business?

One of the most common questions is how Square actually works in practice. Many entrepreneurs want to know whether it’s the right fit for their size, revenue, and day-to-day needs. Square is well-known for being easy to set up and providing a wide range of tools that help with payment processing. Below, we’ll look at some of the most frequently asked questions about Square, including how it supports small businesses, what features it provides, and whether it’s really worth the investment.

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Wise Business Could Help Your Company Save on Global Payments

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How does Square work for small businesses?

Square offers a pay-as-you-go model with no fixed monthly fees, charging per transaction, and providing free POS software.³ This plan is especially well-suited for smaller businesses, typically those with monthly revenue under $10,000, although businesses of any size can use it.” While providing easy setup and card payments, plus several hardware options.³

How does Square work for business?

Square integrates payments, inventory, appointments, payroll, e-commerce and even loans into a single platform, so operations across retail and service industries are made to be more efficient.²

Can you change your business name on Square?

The sources specified don't address this directly. However, Square’s dashboard typically allows business name updates in account settings, but it’s worth verifying within your Square portal.

Is Square worth it for a small business?

If you’re a business owner who needs an intuitive, integrated payments ecosystem without upfront costs, Square provides immense value. Its available tools simplify day-to-day operations, so it’s a solid investment for small-scale retail or service-focused enterprises.

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

Choosing between Wise Business and Square comes down to your company’s priorities. Wise is built for businesses dealing with international clients, suppliers, and employees. It provides low-cost transfers, multi-currency accounts, and global banking tools that minimize foreign exchange costs.¹ For small businesses operating primarily in local markets, Square shines with its easy-to-use payment processing, POS hardware, and integrated services like payroll and inventory.²

Both platforms deliver strong security and reliability, but they serve very different needs: Wise excels in global money management, but Square empowers small businesses to accept payments and manage daily operations easily. So if you want to determine what’s best for you, you will need to weigh your business goals, and then you can determine which platform provides the best financial fit.

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Frequently Asked Questions (FAQs)

Does Wise Business charge monthly fees?

No, Wise Business does not charge ongoing monthly account fees. Instead, you only pay a small one-time fee to set up local bank details for currencies like USD, GBP, or EUR and access all the business account features.¹ Transfers incur a small, transparent fee, typically a percentage of the amount plus a fixed charge, always shown upfront.¹

Can Square be used for international businesses?

Square is primarily designed for local markets and does not provide true multi-currency accounts like Wise.¹ It can process payments in supported regions, but its services are largely focused on domestic businesses.² Features such as POS hardware, payroll, and appointment booking work best for companies serving customers in their home country.²

How do Wise and Square differ in pricing models?

Wise Business charges based on usage, with no monthly fees.¹ Currency conversions are done at the mid-market exchange rate with a small, transparent markup and a fixed fee per transfer.¹ This model benefits companies making occasional or frequent global payments.

Square charges per transaction: a fixed percentage plus a small fee each time a card payment is processed.² There are no monthly subscription costs for basic services, but transaction-heavy businesses may see fees accumulate quickly.² So with that being said, Wise is best for cost-efficient international money management, while Square’s pricing works for local businesses handling consistent customer payments.²

What types of businesses benefit most from Wise?

Wise Business is particularly valuable for globally connected companies. Freelancers, international contractors, e-commerce stores, and import/export firms can use Wise to invoice in multiple currencies, hold balances, and pay overseas suppliers or employees at low cost.¹ It also integrates with accounting platforms, while reducing administrative costs for global businesses.¹

What types of businesses benefit most from Square?

Square is designed for small businesses that operate locally, particularly in retail, hospitality, and services.² Restaurants, salons, and independent shops benefit from Square’s POS systems, inventory tracking, mobile payments, and appointment scheduling tools.² It also provides payroll and financing options, while also creating a single ecosystem for business operations.²

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Sources:

1. Business Pricing | Wise
2. Wise Business vs. Personal in the US | Wise
3. Wise vs. Square Payments Comparison | Software Advice