How to Open a Wise Business Account with a UK Company: A Step-by-Step Guide

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Published·Feb 27, 2024Modified·Aug 5, 2024

Recently, xiaoz shared an article about registering a UK company. After registration, opening one or more business accounts for receiving and making payments is essential. While there are many options for UK companies, such as WorldFirst and Payoneer, this article focuses on how to open a Wise business account. Wise offers low fees, diverse features, and provides a physical debit card, making it a highly advantageous choice.

Preparation

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

A UK company (see: About Registering a UK Company)
A UK mobile phone number (see: Giffgaff UK SIM Card: Activation Process and Precautions)
A frequently used email address
The legal representative's passport

Common Issues Encountered

xiaoz lists the issues encountered during the account opening process upfront to help others avoid pitfalls.

During the application, you might receive a message stating: "Due to high demand, we are currently unable to set up your business. Please temporarily join our waiting list, and we will notify you via email when you can register." Testing revealed that newly registered UK companies may encounter this issue. It is generally recommended to wait about one month before attempting to register again.

After successful payment, pay attention to emails from Wise. They may ask you to provide additional information. The questions vary for each person. During xiaoz's registration, the following questions were asked:

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 reply to these emails truthfully based on your actual situation!

It is not recommended to fill in a website domain during the application. If a website is provided, Wise may audit its content and request additional documents. One netizen revealed that their Wise business account application was rejected because their website did not meet the requirements.

Applying for a Wise Business Account with a UK Company

WISE Invitation Registration Address: https://wise.com/invite/u/qac3phc

Follow the instructions to fill in the information truthfully. Pay attention to the following points:

You can switch the language to "Chinese" in the top right corner.
Fill in information truthfully to avoid audit failures or subsequent risk control issues.
Select the account type as "Business Account (Business)".

During the application, you will fill in company information and upload the legal representative's passport, followed by a questionnaire. When filling out the form, do not exaggerate the amounts. The more information you check, the more documents you may be asked for later. Therefore, fill in the form information truthfully according to your actual business situation!

Paying the Account Opening Fee

The one-time fee for opening a Wise business account is £45 (the price has increased; it used to be cheaper). This fee can only be paid using a prepaid card or a credit card; domestic Chinese credit cards are not supported.

Here are the results of xiaoz and other netizens' attempts:

Using an OCBC debit card: Failed
Using a ZEN virtual card: Failed
Using a Wise card:提示不支持 (Not supported)

It is recommended to use a prepaid card issued in the UK or Europe for a higher success rate. If you do not have one, you can find someone on Taobao to activate it for you.

This fee is a one-time account opening fee and will not be stored in your account balance like a personal account.

Audit Time

After payment, the application enters a waiting for audit status. The audit time varies for everyone. Based on xiaoz's own experience and that of other netizens, the situations are as follows:

Netizen 1: Received an email shortly after payment asking if they had any relationship with political figures. After providing the information, the audit was passed within minutes!
Netizen 2: After using Taobao for payment activation, the audit was passed in about 2 hours.
xiaoz: Paid on 02.22, received an email on 02.27 asking for additional information. After providing the information, the audit was passed (taking nearly 3 working days)!

Upon successful account opening, you will receive an email like the one below:

Summary

The above is xiaoz's experience sharing on opening a Wise business account with a UK company. The summary is as follows:

If you encounter a message about high demand when registering for a Wise business account, it is recommended to wait a month before trying again.
When paying the account opening fee, it is recommended to use a prepaid card issued in the UK or Europe.
After paying the fee, check your emails for any requests from Wise to provide additional information.
The audit may take up to 3 working days. If the audit is not passed for a long time, contact customer service for consultation.

Additionally, xiaoz has created a freelancers' discussion group. Interested parties can add xiaoz's WeChat: xiaozme to join the discussion.

WISE Invitation Registration Address: https://wise.com/invite/u/qac3phc