Underutilized Tools Series: Wise (the bank you can use anywhere)

Finding the right tools for your business can be intimidating, especially if you’re not tech-savvy, and it’s easy to miss the game-changers among all the time wasters.

There are a few that stand out as incredible tools that are underutilized- everyone should have them. They help take a business from zero to hero in no time. 

Wise is an all-in-one multi-currency bank, transfer service, and credit card all in one. And if you take payments, pay team members, or want to use different currencies as you travel this is the place to be. 

What is Wise?

Wise is an online banking and merchant system that turns your finances into a seamless operation. 

You can transfer money, make payments, accept payments, organize payroll, automate bills, gather reports, and more.  

You can also connect your Wise account to other financial software, like Quickbooks or Stripe, to make your accounting a breeze. 

Why is it Useful?

In a word? Savings. 

Wise has saved my business thousands of dollars because of their low fees, they’re ALWAYS cheaper than a traditional bank. 

If you deal in multiple currencies, transfer it to Wise and convert it to your home currency, then deposit it in the bank. It’s cheaper, and you’ll get your deposit in no more than three days. That way, you’re never at a loss on when a payment will arrive. 

Aside from the low fees and major savings, Wise also lets you open bank accounts in different currencies. If you regularly deal in euros, you can create a euro-only account for easier access along with a USD account, CAD account, and so on. There’s no limit to how many currencies you can have.  

Money Without Borders

Another thing I love about Wise is their business credit card. It’s similar to a Visa, but the major difference is that it automatically pulls the right currency for you from your accounts.  

For example, if you work in Canada and need to buy something in the UK, your card will automatically pull funds from your euro account.

It’s part of Wise’s “Money Without Borders” mission, and it gives you the freedom to travel without worrying about on-site conversions or carrying cash. 

That’s the biggest thing I enjoy about Wise, but it also has a ton of other features to take your business finances to the next level. You can use it for payroll and let your team enjoy the low fees and unique card, or you can set up Wise alerts so you don’t convert your currency until you reach peak conversion rates. 

The only downside is that you can’t automate your transfers. However, since we enjoy controlling our funds, it’s a small price to pay for a banking powerhouse with no monthly subscriptions or hidden fees. 

Final Thoughts

Wise is everything your business needs to stand out financially and get your money into the bank. It allows everything from mass payroll to quick convergence, and it can even give you the freedom to take clients from around the world. 

It connects seamlessly to your bank and saves you time, money, and a whole lot of headaches come tax season. It’s already saved me thousands of dollars, and I know it can do the same for you. 

Get your free Wise account today and get your business the financial security it deserves. 

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