As a freelancer or small to medium-sized enterprise (SME), making transactions with foreign payments can be very difficult and tiring. This is due to local banks’ high exchange rates and foreign currency limits. Thankfully, Wise bank account offers an efficient solution designed to help you send and receive money with a low conversion fee and access to multiple foreign currencies. In this detailed guide, we’ll explore how Wise accounts can help send and receive money across multiple currencies more easily. What Is A Wise Bank Account? Regulated by federal and state regulators, Wise provides solutions for business owners and freelancers to transact in foreign currencies. As a foreign account provider, Wise bank account offers a low-cost and flexible way to help you send and receive money across multiple currencies, holding more than 40+ currencies in one account.  Available for both personal and business use, wise bank accounts use the mid-market exchange rate and charge fees starting from 0.35 for currency exchange. Getting Started With Wise Bank Account How To Create a Wise Bank Account? Creating a Wise bank account is so easy. Here are the detailed steps to follow. An email notification will be sent to you once your Wise international bank account has been verified. Can I Have a Multiple Wise Bank Account? No, you can’t, but you can have multiple account details bottled up in one account. How Long Does It Take To Verify Your Wise Account? Wise can verify your account in 2 or 3 days once your documents are checked. If you do not receive a notification within 5 days, contact the Wise help centre. How To Transfer Money With Wise Bank Account Your transfer will be confirmed via email notification. How Do I Receive Money In My Wise Account? You can receive money in your Wise account in three ways which are: Getting Started With Wise Business Account How To Open A Wise Business Account? Opening a Wise business account can help you send and receive money, especially if your business involves international transactions. This guide will walk you through opening a Wise business account. Once your verification is complete, you will be sent an email notification. What Do I Need To Open A Wise Business Account? The requirements to open a Wise business account depend on the business type. In general, you will need; Wise Account Fees And Pricing Wise bank accounts only charge you for what you use. There are no subscription or monthly charges and no hidden charges. Here is a list of Wise charges below; Account Registration Sending Money Spending With Your Card Receiving Money Holding Money in Your Account Can I Hold Multiple Currency In My Wise Account? You can hold and send more than 40 currencies from your Wise bank account. Wise shares this feature with Payoneer, a foreign bank provider. Pros and Cons of Wise Bank Account Below are the pros and cons of using Wise bank account to receive and make payments internationally: Pros Cons Reviews On Wise Bank Account Aside from reviews on the Google Play Store, other users made comments on Trustpilot. One of the users said, “Wise bank account is simple, useful and has a clear user interface design. On top of that I had a fast transaction process in international transfers. It’s one of those services I truly recommend to my family and friends.” My Thoughts on Wise Account My experience with the Wise platform wasn’t so bad. I enjoyed using it, especially considering that I could receive different currencies in my account. Thankfully, the Wise platform is suitable for freelancers like me. I did not like that they don’t offer virtual card services in certain countries, such as Nigeria, Somalia, Ethiopia, Côte d’Ivoire, Kenya, and some other African countries. This can be a disadvantage for business owners in those regions. Final Thoughts Wise is a foreign account provider suitable for freelancers and business owners. Wise Bank offers the best foreign exchange using the mid-market exchange rate. With its features of holding up to 40 currencies and its ability to send and receive money from over 150 countries, freelancers and SMEs wouldn’t find it difficult to receive payments. Frequently Asked Questions 1. Can I Deposit Naira On Wise? Yes, you can add money in Naira or any supported currency of your choice. 2. Can I Use Wise As a Business Account? Definitely, you can. Wise International Bank offers two types of accounts: a personal account and a business account for freelancers, entrepreneurs, and business owners. 3. How Much Money Can I Hold In My Wise Account? There is no limit on how much your Wise account can hold for most currencies. However, there are exceptions for users receiving USD with a routing number starting with 026. The exceptions are: 4. Is Wise Better Than Revolut? Wise Platform and Revolut offer various financial benefits. A Wise bank account is a simple way to transact internationally, while Revolution offers full banking options and amazing features. 5. What Requirements Do I Need to Open A Wise Bank Account? You will need a photo of your identification documents, proof of address, and a photo of you holding your Identification document.