Not long ago, xiaoz shared "Regarding the Registration of a UK Company". After registering the company, it is essential to open one or more business accounts for payments and receipts. There are many options for business accounts for UK companies, such as WorldFirst/Payoneer. This article aims to explain how to open a WISE business account for a UK company. WISE offers low fees, multiple features, and even provides a physical debit card, making it very advantageous.

Preparation

To apply for a WISE business account, you need the following documents:

• UK company, refer to: Regarding the Registration of a UK Company
• UK phone number, refer to: Activating a Giffgaff UK SIM card and Things to Note
• Regularly used email
• Passport of the legal representative

Issues Encountered

xiaoz first addresses the issues encountered during account opening to help others avoid pitfalls.

During account opening, if prompted with "Due to high demand, we are currently unable to set up your business. Please join our waiting list, and we will notify you by email when you can register," xiaoz found that this situation may occur for newly registered UK companies. Usually, waiting for a month before attempting to register again should suffice.

After successful payment, pay attention to the email sent by WISE, as you may be asked to provide additional information. Each person may receive different questions. During registration, xiaoz was asked the following questions:

What types of products do you sell, or what services do you provide?

Short description explaining how your business will use Wise — who will be your recipients or who will send you money, and what will be the reason for payments?

A link to your business’ website or online storefront, if you have one. The website on your application indicates under construction and could not load the details.

The business’ trading address(s) – this is usually where you work every day, or where customers contact you; an office, co-working space, shop, studio, or home are common examples.

Simply respond to the email truthfully based on your actual situation!

When applying, it is not recommended to fill in the website domain because doing so may lead to further website content review and the request for more information. A netizen revealed that when applying for a WISE business account, filling in the website resulted in rejection because the website did not meet the requirements.

Applying for a WISE Business Account for a UK Company

WISE invitation registration link: https://wise.com/invite/u/qac3phc

Follow the instructions to truthfully fill in the information during the application process, paying attention to the following:

• You can switch the language to "Chinese" in the upper right corner.
• Fill in the information truthfully to avoid rejection or subsequent risk control issues.
• Select "Business" as the account type.

During the application process, provide company information, upload the legal representative's passport, and then fill out the questionnaire form. When filling out the form, avoid exaggerating the amounts, as the more information you provide, the more documentation will be required later. Therefore, fill out the form truthfully based on your actual business situation!!!

Payment of Account Opening Fee

The one-time account opening fee for a WISE business account is £45 (the price has increased, it seems cheaper before). This fee can only be paid with a prepaid card or credit card and does not support payment with a domestic credit card.

Here are the results of xiaoz and netizens' attempts:

• Payment with OCBC debit card: Failed
• Payment with ZEN virtual card: Failed
• Payment with WISE card: Not supported

For paying this fee, it is recommended to use a prepaid card issued in the UK or Europe for better success rates. If unavailable, you can also find someone on Taobao to help with activation.

This fee is a one-time account opening fee and will not be stored in the account balance like personal accounts!!!

Review Time

After payment, you will enter a waiting for review status. The review time may vary for each person. Currently, xiaoz has compiled the following based on personal experience and netizens' experiences:

Netizen One: After payment, received an email promptly to supplement whether there are any connections with political figures. Upon completion, the review was approved within a few minutes!

Netizen Two: After using Taobao for payment activation, approval was obtained in about 2 hours.

xiaoz: Payment completed on 02.22, received an email on 02.27 to supplement information, and approval was granted after completion (taking nearly 3 working days)!

After successful account opening, you will receive the following email:

Conclusion

The above is xiaoz's experience in using a UK company to open a WISE business account. The summary is as follows:

• If prompted with a high-demand message during WISE business account registration, it is advisable to wait for a month before trying again.
• When paying the account opening fee, it is recommended to use a prepaid card from the UK or Europe.
• After paying the fee, check for supplementary emails from WISE.
• The review process may take up to 3 working days. If not approved for a long time, please contact customer service for inquiries.

Additionally, xiaoz has created a freelance exchange group. If interested, you can add xiaoz on WeChat: xiaozme to join the discussion.

WISE invitation registration link: https://wise.com/invite/u/qac3phc