Wise Business
Multi-currency business account with mid-market FX rates and EU IBAN for Irish SMEs
Irish Compliance Assessment
2/6Direct connection to Revenue Online Service (ROS) for tax submissions
Real-time payroll reporting to Revenue as required since 2019
EU (Belgian) IBANs issued to Irish businesses. Supports SEPA Credit Transfer and incoming SEPA Direct Debit. Direct integration with Xero, QuickBooks, and FreeAgent for automatic transaction sync.
SEPA XML: SEPA Credit Transfer, SEPA Direct Debit (incoming)
None
Customer support available during Irish business hours
Overview
Wise Business (formerly TransferWise) is a multi-currency business account designed for Irish companies that invoice, pay, or hold funds in multiple currencies. Wise is authorised in the EU as an electronic money institution by the Belgian National Bank and issues EU (Belgian, BE) IBANs to Irish customers as standard, along with local account details in GBP, USD, EUR, AUD, NZD, and more. It is not a licensed bank, so balances are safeguarded rather than covered by the Irish Deposit Guarantee Scheme. Wise supports SEPA Credit Transfer and SEPA Direct Debit (incoming), provides Visa business debit cards, and integrates with Xero, QuickBooks, and FreeAgent. Wise Business is best suited to Irish exporters, freelancers with overseas clients, and agencies billing internationally who want near-mid-market FX rather than traditional bank FX margins.
Vendors.ie Verdict
Wise Business is the strongest choice for Irish SMEs whose business model is fundamentally international - exporters, remote agencies, SaaS companies billing US or UK clients, or freelancers with overseas customers. FX costs are materially lower than traditional Irish banks or most card networks. The caveats: it is not a licensed bank, funds are safeguarded rather than insured, and you receive a Belgian IBAN rather than an Irish one. Most Irish businesses should treat Wise as a complementary FX layer alongside a primary Irish current account (Revolut, AIB, or BOI), not a sole banking relationship.
Pros & Cons
Pros
- Near mid-market FX rates across 40+ currencies
- Transparent, usage-based pricing
- Fast online onboarding
- Xero and QuickBooks integrations
- Local account details in GBP, USD, EUR, AUD, NZD and more
Cons
- Not a licensed bank - no Irish Deposit Guarantee Scheme cover
- Belgian (BE) IBAN rather than Irish (IE) IBAN
- No lending, overdrafts, or cash deposits
- Customer support is email/in-app, not Irish-based
Best For
Company Size
Sectors
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Quick Facts
- Starting price
- Free tier available
- Free trial
- Yes
- GDPR residency
- EU
- Revenue integration
- No
- PAYE Modernisation
- No
- Irish support
- No
Alternatives
Verification Notes
Wise is an authorised electronic money institution (EMI), not a licensed bank - customer funds are safeguarded but not covered by the Irish Deposit Guarantee Scheme. Wise issues Belgian (BE) EU IBANs to Irish businesses rather than Irish (IE) IBANs. One-off setup fee of approximately EUR 50 for the business account; thereafter pricing is usage-based per transfer/conversion. Xero, QuickBooks, and FreeAgent integrations confirmed.
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Get matchedPricing and feature data is indicative and may not reflect current vendor offerings. Always verify details directly with the vendor before purchasing.