Wise Business (formerly TransferWise) is the quiet powerhouse of international business banking for Cyprus companies. Where Revolut is feature-rich and brash, Wise is focused and transparent — its average 0.41% transfer fee is its headline, and it delivers. For a Cyprus company with international clients paying in multiple currencies, Wise Business is often indispensable.
What Wise Business Is
Wise Business is an Electronic Money Institution (EMI) offering multi-currency business accounts with local bank details in 10+ currencies. Founded in 2011 and listed on the London Stock Exchange in 2021, Wise is one of the most regulated and transparent fintechs in Europe.
Core proposition: Send and receive money internationally at the real mid-market exchange rate + a small transparent fee (averaging 0.41%). No hidden markup, no monthly subscription.
Multi-Currency IBAN: The Key Feature
Wise Business's standout feature for Cyprus companies is multi-currency receiving. You get:
| Currency | Account Details Provided |
|---|---|
| EUR | IBAN (BE-based, fully functional in SEPA) |
| GBP | Sort code + account number |
| USD | Routing number + account number |
| AUD | BSB + account number |
| CAD | Transit + institution + account number |
| SGD | Local SGD bank details |
| + more | 10+ currencies total |
This means a client in the UK can pay your Cyprus company with a local UK bank transfer (no international fees for them), a client in the US can pay via ACH, and a client in Europe pays via SEPA — all landing in the same Wise Business dashboard in their original currency.
For freelancers and consultants with international clients, this alone makes Wise Business essential.
Fees: The Honest Numbers
| Transaction Type | Wise Business Fee |
|---|---|
| Receiving EUR into EUR balance | Free |
| Receiving GBP into GBP balance | Free |
| Converting EUR to GBP | ~0.42% |
| Converting EUR to USD | ~0.52% |
| Sending EUR to EU bank (SEPA) | €0.27 flat |
| Sending GBP to UK bank | 0.35% (min £0.25) |
| Sending USD internationally | 0.41% average |
| Monthly subscription | €0 |
No monthly fee. Compare this to a local Cypriot bank charging €15–25 per international wire.
Example: Sending €20,000 to a supplier in Germany
- Wise Business: €0.27 (SEPA, instant)
- Local Cypriot bank: €15–25 (1–3 business days)
Example: Sending €20,000 to a US contractor
- Wise Business: ~€104 (0.52% conversion)
- Local bank: €20–25 flat + exchange rate markup of 1–3% = €220–620 total
Wise wins decisively on international transfers.
What Wise Business Cannot Do
Local Cypriot payroll: While you can send money from Wise to Cyprus-based employees, the automated payroll and PAYE systems in Cyprus work best with a local CY IBAN. For formal payroll runs, a local bank account is cleaner.
JCC Smart merchant acceptance: Cyprus's primary card acceptance system requires a local bank merchant account. Wise does not provide a Cyprus merchant account for in-person or online card acceptance.
Credit and overdraft: Wise provides no credit facilities. It is a pure EMI with e-money balances only.
Physical cheque processing: Not relevant for most modern businesses, but Wise does not process cheques.
Some payment processor requirements: Stripe, PayPal, and other payment processors accept Wise Business IBANs for payouts, but some older or more conservative payment processors require a "traditional bank" IBAN. Always verify with your specific payment processor.
"Wise Business's average 0.41% transfer fee makes it the most cost-effective option for Cyprus companies with international payment flows — for a business sending €200,000/year internationally, Wise saves approximately €3,000–6,000 compared to local bank transfer fees."
KYC Process for Cyprus Companies
The Wise Business onboarding is fully online:
- Create a Wise Business account at wise.com/business
- Enter company details (Cyprus company registration number, company name, address)
- Upload company documents:
- Certificate of Incorporation
- Proof of business address (registered office confirmation)
- Director identity verification (passport or ID)
- Describe your business activity and expected transaction volumes
- Approval in 2–5 business days
For straightforward Cyprus Ltd structures, the process is smooth. More complex structures (multiple shareholders, holding companies) may require additional documentation.
Wise Business vs Revolut Business
| Feature | Wise Business | Revolut Business |
|---|---|---|
| Monthly fee | €0 | €0–100 |
| Transfer fee | 0.41% avg | 0.4–1% (or free on plan) |
| Currencies | 50+ | 25+ |
| Local IBANs | 10+ local IBANs | EUR, GBP, USD |
| Best for | Cheap international transfers | All-in-one banking |
| Cards | Available | Included from Free plan |
| Accounting integration | Good | Strong |
When to use Wise: International payments, receiving multi-currency, keeping transfer costs minimal.
When to use Revolut: Day-to-day operations, team expense management, card issuance, all-in-one dashboard.
Many Cyprus companies use both, with Wise handling payments where cost matters most and Revolut handling operational spending.
Is Wise Business Enough on Its Own?
For a solo consultant or freelancer whose Cyprus company receives international payments and has no local Cypriot employees: Wise Business may be sufficient for most day-to-day needs.
For a company with Cypriot employees, local suppliers, or significant local spend: Wise needs to be supplemented with a local Cypriot bank account for payroll and local payment compliance.
See the full banking comparison and find Cyprus banking advisors for personalised guidance.
For the complementary EMI that most Cyprus companies pair with Wise, see the Revolut Business Cyprus review.
Wise fees and features change. Verify current rates at wise.com. This is an independent review and does not constitute financial advice.