Wise for small business international payments is the single most practical upgrade a Canadian or US small business can make if they pay suppliers abroad, invoice international clients, or receive payments in foreign currencies. Banks charge $25–$45 flat per wire transfer plus a 2–4% exchange rate markup. Wise charges 0.4–1.5% of the transfer amount with the real mid-market rate. On a $5,000 transfer that difference is $150–$250 in your pocket, not the bank's.
Banks make money on international transfers two ways: the flat fee you see, and the exchange rate markup you don't. Wise eliminates the second one entirely.
What Wise Actually Is
Wise (formerly TransferWise) is a financial technology company regulated in every country it operates in — including by FINTRAC in Canada and FinCEN in the US. It is not a bank, but it provides the international payment infrastructure that most small businesses actually need:
- Send money to 80+ countries in 40+ currencies
- Receive payments in USD, GBP, EUR, CAD, AUD and more with local account details
- Hold and convert between currencies in one account
- Wise Business debit card works in 150+ countries
- Batch payments for paying multiple suppliers or contractors at once
The key feature for small businesses: local account details. Wise gives you a real US bank account number, UK sort code, EU IBAN, and Canadian account details. Clients pay you "locally" in their currency. You receive the funds in your Wise account. No international wire fees on their end.
How Much Does Wise Actually Cost?
The personal Wise account is free to open with no monthly fee. Wise Business has a one-time setup fee of around $31 CAD — no ongoing monthly charge.
Transfer fees vary by currency pair but as a benchmark:
- CAD to USD: approximately 0.42% of the transfer amount
- USD to EUR: approximately 0.41%
- CAD to GBP: approximately 0.92%
- CAD to INR: approximately 1.2%
Compare that to a typical Canadian bank international wire:
- TD Bank: $30 flat fee + ~2.5% exchange rate markup
- RBC: $35 flat fee + ~2.5% exchange rate markup
- Scotiabank: $35 flat fee + ~2.5% exchange rate markup
On a $3,000 CAD transfer to a US contractor:
- TD Bank: $30 + ~$75 exchange markup = ~$105 in fees
- Wise: ~$12.60 in fees
That is not a marginal difference. For a business making 2–4 international transfers per month, Wise saves $1,500–$3,000 per year.
Wise Personal vs Wise Business — Which One Do You Need?
Wise Personal is enough if you:
- Are a freelancer or sole proprietor receiving occasional international payments
- Pay individual contractors abroad periodically
- Travel internationally and want a low-fee debit card
Wise Business is worth it if you:
- Invoice clients internationally on a regular basis
- Pay multiple international suppliers or contractors monthly
- Need batch payments (pay 10+ people at once from a spreadsheet)
- Want to integrate payments into your accounting software (QuickBooks, Xero)
- Need team members to have their own Wise debit cards
The one-time Business setup fee pays for itself on the first transfer for most businesses.
Setting Up Wise for Your Small Business (Step by Step)
- Create your account — Sign up via the Wise website for a free personal account or Wise Business.
- Verify your identity — Upload your passport or driver's license. Verification typically takes a few minutes for personal accounts, up to 24 hours for business accounts.
- Get your local account details — Go to "Receive money" in your Wise account. You will see your USD, GBP, EUR, and CAD account details. Add these to your invoices so clients can pay you locally.
- Add a funding source — Connect your Canadian bank account (or US account if applicable). This is used to fund outgoing transfers.
- Send your first transfer — Enter the amount, select the currency, enter the recipient's details. Wise shows you the exact fee and exchange rate before you confirm. No surprises.
How to Use Wise on Your Invoices
The smartest way to use Wise as a small business is to add your Wise local account details directly to your invoices.
For a Canadian business invoicing US clients: add your Wise USD account number and routing number to your invoice. Your client pays in USD via a domestic ACH transfer — no international wire, no fees on their end. The money lands in your Wise USD balance. You convert to CAD when the rate is favourable and transfer to your Canadian bank.
This eliminates the friction of international payments entirely. Clients are more likely to pay quickly when it looks and feels like a local payment.
Wise vs PayPal for Small Business
PayPal is often the default for small businesses receiving international payments. The comparison is not close:
- PayPal exchange rate markup: 3–4% above mid-market
- Wise exchange rate markup: 0% — the real rate
- PayPal receiving fee: 3.49% + fixed fee per transaction
- Wise receiving fee: Free to receive in your local account currencies
- PayPal withdrawal to bank: Additional fee + exchange markup
- Wise withdrawal to bank: Small fee or free depending on currency
On a $2,000 USD payment received by a Canadian business:
- PayPal: ~$70–$100 in combined fees and exchange loss
- Wise: ~$0–$8 to receive, small fee to convert
PayPal's convenience comes at a significant cost. For any business receiving more than $500/month internationally, Wise pays for itself immediately.
The Bottom Line
If your small business touches international money in any way — paying contractors, receiving client payments, buying software subscriptions in USD — Wise should be your first account setup, not an afterthought. The savings are immediate, the setup takes under 30 minutes, and the ongoing cost is a fraction of what banks and PayPal charge.
Want to automate your invoicing and payment reminders once Wise is set up? Read our Make.com automation guide →
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