Invoice Like a Pro as a Digital Nomad Entrepreneur with Wise Business

by | Jun 3, 2024 | 0 comments

Are you a business owner, expat, or digital nomad who’s looking to set up a finance structure that supports your business goals?

Welcome, you are in the right place. 

This article will help you determine if the Wise business account is, in fact, the right choice for you. 

As I was setting up my business structures for digital nomad entrepreneurship, I had a few goals in mind, all of which were satisfied by Wise Business: 

  • Ability to send invoices that conform with taxation standards 
  • Easy and legal integration with my taxation requirements 
  • Ability to send, receive, and invoice in multiple currencies 
  • Cheap, secure, and fast multi-currency transfers 
  • An account that would grow with my business

In other words, I needed a business account that would enable me to run as an actual business and not as a freelancer. As most of my clients are businesses themselves, I needed a solution that is legit in the eyes of the tax man.

Over three years into taking my business into the location-independent spheres, and the Wise Business Account has proven to meet all my requirements and more.

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At a Glance

Can you use Wise as a business account?

Wise offers a personal account and a business account. If you plan to receive invoice payments as an incorporated business or even freelancer, Wise requires you to set up a Wise business account, which is costs $45.

What is the difference between a business and personal Wise account?

Wise personal account is for your personal expenses. You need a Wise business account to for all incoming and outgoing multi-currency business transactions such as paying invoices and billing customers.

Is Wise safe?

Wise accounts are regulated through national financial bodies in all countries Wise operates in. Wise business accounts are secure.

How to create a Wise account?

If you want to open a Wise business account, you need to have proof of being the owner (founder, sole proprietor, etc.) of a registered business, such as an LLC. The process is straight-forward and it takes between 24 to 48 hours to be approved.

What is the benefit of Wise business accounts?

The benefit of having a Wise business account is ease of access from around the world, cheap and speedy multi-currency business transactions, and a way to bill your customers in their local currency to avoid conversion fees.

Is Wise a bank account?

Wise is not a bank; Wise is a multi-currency financial company that provides you with all (and more) functions for bank transfers and the same security as a traditional bank. However, Wise does not provide credit, loans, or overdrafts. The bulk of your money should not be held within Wise.

Wise Business for Digital Nomad Entrepreneurs

The Business Wise account is a robust, easy, and cheap solution for all business owners who are digital nomads, non-residents, location-independent or cater to an international audience with varying currencies.

I’ve trusted Wise as my primary business account thanks to thanks to its security features and the ability to bill my clients in all major currencies, including EUR, USD, AUD, and SGD.

It has saved me headaches, money in conversation fees, international transfer fees, and credit card fees. The same is true for my clients who can pay me via a local money transfer in USD or EUR, etc.

Who is this business account for?

Wise was founded on the vision to serve location-independent and international small business owners. They get you. And they will support your vision.

The Wise business account is for entrepreneurs who spend and receive money from clients and business partners in more than one currency.

As is the case with a personal Wise account, you can easily set up accounts in multiple currencies and provide local account details to clients. The account details can conveniently be used for wire transfers.

For the paying party, this means that they don’t have to pay a hefty fee for an international payment, but only the standard domestic transfer.

For you as the receiving party, your advantages are lower transfer fees and the ability to hold money in various currencies, avoiding market fluctuations.

Given the ability to pay and bill flexibly across the world, the Wise account is a must-have for digital nomad entrepreneurs.

Requirements and Eligibility

Setting up a Business account with Wise is straightforward and costs only $45. However, you do need to have an incorporated business. This can be a Canadian LP, American LLC, …you get the idea.

This is standard practice for any business account really. Be sure you get all your ducks in a row.

While pursuing location freedom, some may go slightly over with their rebellion against societal structures. 

When it comes to business, this isn’t a great idea. In the long run, not setting yourself up as a legal business will actually lead to less freedom. 

However, being set up as a location-independent business will provide you with the foundation to grow your location-independent income.

So, figure out which business structure will support your income goals and lifestyle dreams best. Doing so will automatically make you eligible for any business bank account. 

Speaking of Business Goals, you might be interested in a little help with getting these straight, clear, and purpose aligned. If so, download my free guide now:

Invitation to download my free guide for Nomad Entrepreneurs to create purpose-aligned business goals

Personal versus Business Account

Both the personal and business accounts of Wise have the same features and functionality as far as multi-currency transfers go.

That said, Wise requires you to set up a business account for your business-related transactions. If you run your business through your personal account, some transactions may be flagged and even blocked until the submission of further documents.

Wise business account provides you with excellent additional features that the personal account doesn’t have. These include team access, limitless team business debit cards, and a payment-link feature for invoices.

Set up your Account today for only $45 (no recurring fees, how cool is that?!)

Key Features for location-independent business owners

Key Features of the Wise Business Account

The Wise business account is a virtual multi-currency account that makes paying bills and receiving payments easy and cost-efficient.

Some features vary by primary country and region. These key features of the business account are the reason why Wise is the best option for location-independent and digital nomad entrepreneurs:

  • Balances – you can hold and send money in over 50+ currencies. Wise guarantees the going mid-market exchange rate (up to 7 times cheaper than traditional banks).
  • Local Bank details – Wise offers local bank details in 10 currencies (US dollars, British pounds, Euro, Canadian, Australian, New Zealand, and Singapore dollars, as well as Hungarian forint, Romanian leu, and Turkish lira). With these details, you can offer your clients to pay not only in their currency but via a domestic transfer. This will save both parties money. 
  • Multi-currency money transfers – You can easily set up direct debits into domestic bank accounts, saving on transfer and conversion fees.
  • Business Debit cards – this debit card can support your local business spending and empower your team to fulfill their projects independently.
  • Jars – Money in a jar is kept separately from your balances and cannot be spent via a transfer or card payment. Jars can support short-term business goals.
  • Payment Link – You can set up a payment link for clients to pay directly via their preferred payment method. This saves you third-party transaction fees.

I love the ability to send invoices via a payment link on my phone. It’s such a convenient way for both parties. Being able to charge my clients via local currencies and account information has encouraged purchases.

Digital Nomad Entrepreneurs will appreciate these functionalities

For Digital Nomad Entrepreneurs, these specific features are unparalleled:

  • Speedy transfers: 55% of transfers with Wise arrive instantly. 76% of all transfers arrive within an hour and 93% within a day. This is true for both ways: receiving and sending.
  • Grow your money: You can choose to hold your Jar money in stock or cash, and you can receive up to 0.5% in cash back when spending with your Wise debit card.
  • Two-factor authentication: For all transactions made and all recurring payments set up.
  • Payroll and Batch Payments: This feature will increase your administrative efficiency while saving you money as these features are free (hello?!)
  • Send a payment link from your phone within seconds to request payment in your clients’ local currency.
  • Grant limited access to your team members for specific projects.
  • First Wise business debit card is free; any additional debit card costs $3 per team member and each card’s limit can be customized.
  • Some regions are eligible for investment opportunities via Wise.
  • Via the Wise App, you can freeze all cards and receive spending alerts
  • Easy account integration with third-party taxation and credit card processors such as QuickBooks

Wise also supports digital and international taxation requirements by generating bank statements by Jar, by account, and by currency within seconds.

Set up your Account today for only $45 (no recurring fees!)

Wise Business Account Pros and Cons

Pros of Wise Business AccountCons of Wise Business Account
Lets you spend in 40+ currenciesService availability varies by country
Spends from cheapest currency held in account w/o foreign transaction fees (a conversion fee may apply)Must indicate a shippable address to
receive card, not all countries allowed
Midmarket exchange rates apply when paying bills in foreign currencies Very few merchants don’t accept Visa (Wise debit cards), so it’s good to have a Maestro or Amex as backup.
Unlimited physical and virtual Wise business debit cards Wise business cards are available in less countries than the Wise business account is
Access to bank account details in clients’ local currency (saves in fees)ATM fees apply after two monthly transactions
Access to cash back (depends on country)Limited customer support
Pros and Cons of Wise Business Account

Wise Account Fees to keep in Mind

Fees vary based on region and currency, as well as the specific currency conversions. These are a few fees to keep in mind when moving your business transactions to Wise*:

  • One time $45 set up fee
  • No monthly fee
  • No fee for receiving money
  • Fixed $4.14USD fee for receiving USD wire payments
  • No fee for creating and sending invoices, payroll, or batch payments
  • Variable fee from 0.43% for multi-currency transfers (Run simulations here)
*These are subject to change. I try and keep this article as up-to-date as possible but am only human.

Wise Business Card

Do I need a Wise Business Card?

Whether or not you need a Wise business card is entirely based on the nature of your business.

Personally, I’ve opted for a Business Amex card as it gives me better rewards (Wise has none). If you are in some sort of goods-trading business where you need to spend locally, getting a Wise card might be of advantage.

In case you do, the features of the business Wise card are similar to a personal Wise debit card.

Additionally, you can get members of your team a Wise business card and limited access to your account. This can enable your team, of course, to perform pertinent business tasks independently. You’re no longer the bottleneck of the business.

Here are some key features of the Wise debit card for business:

  • Make digital or local payments in 55+ currencies
  • Provide team debit cards, set spending limits per card
  • No foreign transaction fees (currency exchange fees apply)
  • Controllable spending limits, by team member
  • Easy integration with taxation and payment processors such as QuickBooks
  • Some regions offer cash back on eligible card spending.

Learn more about the Wise debit card here

Alternatives to Wise Business Card

In my opinion, the business debit card is not a must, although it depends on your individual business needs and priorities.

Credit cards that offer customer protection and a robust reward system might be a better option over a Wise debit card.

However, if you’re looking to streamline your expense accounts, it might be a good idea to set up all your business subscriptions via a Wise debit card.

Good resources to figure out your financial business infrastructure are Ramit Sethi’s book, your trusted accountant, and this article on money management systems.

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Security Measurements for Wise Business Account

Wise is not a bank and your Wise accounts should not be treated as such. 

While Wise is regulated by financial bodies of all countries it operates in, thus incredibly secure, it lacks importantfeatures of a traditional bank. Wise does not provide overdrafts, loans, or credit. 

For that reason, I don’t recommend hoarding all your hard-earned money inside your Wise accounts (don’t hoard your money, period LOL). Don’t use your Wise account as a primary business account. Rather, think of it as a complementary account; one you really shouldn’t be doing international business without. 

Utilize Wise for its incredible power in regulating multi-currency accounts. Once the money is received and spent, determine when and how to move your money into a traditional bank

Figure out the specifics of this with your bank and accountant to keep the taxman happy. You could set a date to transfer a bulk sum into your bank, or determine a specific, favorable conversion rate (you can even automate this). 

Further, ensure that you have your Wise App set up and both your business and personal accounts connected. This way, you can monitor your accounts on the go. Most importantly, you can block cards quickly if needed. 

Final Thoughts

Whenever I transfer money across currencies, Wise will tell me how much money I’ve saved compared to traditional conversion platforms. It makes me smile in circles every time. It is for that reason, that I highly recommend utilizing the business account of Wise as a digital nomad entrepreneur.

The power of the account is incomparable thanks to its true and lived mission of making international living, growing, and spending easier.

My favorite feature of the account is the payment link, the easy and cheap batch payment option, and the speedy and cost-effective currency conversions. Myself, my clients, and my team are happier with Wise.

What about you, why are you interested in using Wise for your online business?

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Hi! I'm Dina

Way of the Founder offers a pathway to holistic success, where personal growth, spiritual exploration, and business leadership converge. Come join me on this incredible adventure called LIFE!

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Way of the Founder offers a pathway to holistic success, where personal growth, spiritual exploration, and business leadership converge. Come join me on this incredible adventure called LIFE!

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