Choosing the right company formation service and the right financial tools when launching a business can save you time, reduce complexity, and set your venture up for long-term success. That’s why Rapid Formations has partnered with Wise.
When you set up your company through us, you can open a business bank account in one seamless process. Wise is a multi-currency financial platform trusted by entrepreneurs, remote teams, and international founders alike. There’s no need to search for or compare separate banking providers, or grapple with confusing applications; your business is ready to trade worldwide when you choose Rapid Formations.
Whether your company is up and running or you’re thinking of registering, this guide will show you just how easy it is to join Wise. You’ll also learn more about Wise, how their platform works, and why Rapid Formations customers choose them.
Key takeaways
- Wise is an FCA-approved electronic money services provider that makes international transfers fast, affordable, and simple for global businesses.
- With multi-currency accounts, real exchange rates, and no hidden fees, Wise makes international trading effortless.
- Through Rapid Formations’ referral arrangement with Wise, customers can open a business account in minutes, combining company setup and borderless banking in one smooth process.
How to open a Wise Business account with Rapid Formations
If you formed your company with Rapid Formations or are looking to become a customer, you can open a Wise Business account in just a few steps.
New customers
Living overseas but need a business account for your UK company? Rapid Formations makes it simple. Choose one of our Non-Residents Packages and gain direct access to your Wise account setup.
Selected a different registration package? No problem. Just contact us and we’ll send you a link to set up your Wise Business account.
Existing customers
Follow these steps if you have a Rapid Formations account:
- Log in to your Online Portal
- Select ‘My Companies’ and click on your company name
- Visit the ‘Shop’ tab
- Click ‘Add’ next to the ‘Wise UK Business Account referral’
- Complete the checkout process (no payment required)
You’ll receive an email from Rapid Formations within a few minutes with a referral link to create your Wise account.
Account opening is subject to eligibility
Opening a Wise Business account is subject to Wise’s eligibility and verification processes and is not guaranteed. Please note that Rapid Formations only provides a referral to Wise and has no influence over the account approval decision.
For this reason, it is important to understand that while we can help connect you with our banking partner, the final decision to open an account lies entirely with Wise.
Haven’t received your Wise link? Give our team a call or send us a message via live chat, and we’ll resend the email to you.
Once you’ve received your Wise link
The link we’ve emailed you will direct you to the Rapid Formations and Wise partnership page, where you can sign up for your Wise account. You’ll need to provide:
- A professional email address
- Your business location
- Your mobile phone number
- Company details (name, trading address, registration number, registered office address, category, size, website)
- Your personal information (name, date of birth, country of residence, and address)
- Directors’ details
- The reason for setting up a Wise Business account
At checkout, select as many currencies as you’d like to operate in (you can add more at any time) and pay the one-off setup fee of £45. You’ll then be prompted to follow the ID verification steps, which you can do by email or a QR code.
Wise will ask you to upload a photo ID (passport, driving licence, national ID card) and proof of address (utility bill, bank statement) to verify your account. They may also ask you to submit a selfie. Most verifications are complete within one working day.
What is Wise, and how does it work?
Wise is an electronic money services provider, authorised by the Financial Conduct Authority (FCA). Used by 12.8 million people as of 2024, Wise offers a flexible, low-cost, and hassle-free way to handle international payments.
It initially launched as TransferWise in 2011, revolutionising the expensive world of international money transfers by making them fast and transparent. Today, Wise offers a comprehensive suite of financial tools for individuals and businesses.
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Wise uses a smart network of local accounts to send money internationally more efficiently. Instead of transferring your funds across borders like traditional banks, Wise routes payments through its global system by matching transfers in opposite directions.
For example, if you’re sending pounds to someone in euros, Wise pays out euros from its local euro account, keeping your money within the country. This approach reduces costs, avoids complex currency conversions, and ensures faster, more transparent transactions.
Wise charges variable transfer fees starting at just 0.33%, depending on the sum, payment method, and whether you’re sending or receiving money. However, rates are always set at the mid-market exchange rate, meaning fair and honest pricing for you. You’ll always see the exact charges that apply to your transaction before committing.
How Wise differs from typical banks
Wise doesn’t have a UK banking licence. This means your money isn’t protected by the Financial Services Compensation Scheme (FSCS), which normally covers deposits with licensed UK banks that lend out customer funds.
Rather than lending out money, Wise uses a method called ‘safeguarding’. This system keeps your assets in separate accounts with trusted UK banks without combining them with Wise’s own capital.
The Wise Business account: Key features and benefits
Wise Business is designed for companies and freelancers that operate internationally and are built for scale. Wise Business perks include:
- Create local account details (IBAN, sort code) in 10 major currencies, including the UK, US, and Eurozone
- Bulk payment capability for streamlined payouts
- Multi-user access so teams can manage funds securely
- Real-time expense tracking across currencies
- Send money abroad in minutes with transparent fees
- Earn interest in GBP, USD, and EUR
- Connect your Wise account to your accounting software to speed up payments and reduce admin
Simon Treulle, founder of Pangolia and a Wise Business account holder, recommends Wise, saying it’s “a game-changer. It’s easy to use, helps us save money, and is perfect for our remote team.”
5 steps to sending money internationally with Wise
Transferring money abroad with Wise is quicker and more transparent than conventional banks. Here’s how it works:
- Create a Wise account
- Select the recipient’s country and preferred currency
- Enter the amount you want to spend and review Wise’s upfront fees
- Fill in the recipient’s bank details
- Choose your payment method (bank transfer, card, or balance) and confirm the transaction
Most transfers take just a few minutes, though some can take one to two business days, depending on the currency and payment method. Every step will display the relevant fees, exchange rate, and estimated delivery time, so there are no unwanted surprises.
Which currencies does Wise support?
Wise supports over 40 currencies, depending on whether you’re sending, holding, or transferring funds. Here’s a breakdown of the main currencies compatible with Wise:
Looking for a different currency? Find supported Wise countries and limitations that may apply on the Wise website.
Planning a large Wise transfer? Here’s what you need to know
High-value transactions work like any other transfer, but there are some key considerations.
How much can I send?
Limitations depend on the currency you’re transferring from, and the method of transfer. For instance, you can send up to £20 million per transaction when transferring by bank transfer, but lower if transferring by card.
Transfers over the limit are subject to additional identity verification and business proof as part of anti-money laundering (AML) and Know Your Customer (KYC) regulations. Additional transfer limitations may apply based on the destination country’s regulations.
The best way to check your transfer limits is to visit the Wise help centre. Simply search for ‘Guide to [currency] transfers’ and you’ll see exactly how much you can send and where to.
Make sure your account is fully verified before attempting a transfer. Otherwise, your money could be at risk, and the process may take longer to complete.
How much will the transaction cost?
The Wise calculator makes it easy to understand your transaction costs. Enter how much you want to send, and you’ll see the balance transfer fee, total amount to convert, and the exchange rate.
Why Rapid Formations partners with Wise
We’ve partnered with Wise to make our customers’ lives easier. We want to remove the stress of international business banking, so no matter where you are or which countries you do business in, Wise makes financial management as frictionless as it gets. Most users complete setup in under 24 hours.
Partnering with Wise means that our non-UK resident customers can easily open a business bank account from abroad without the need to travel or have UK residency, and enjoy flexible, low-cost banking.
Why Rapid Formations customers use Wise
For many overseas founders, one of the most time-consuming parts of starting a UK company is finding a reliable, accessible business banking solution, especially without a UK address. That’s exactly where the Rapid Formations and Wise partnership delivers unique value.
By forming your company through Rapid Formations, you gain direct, immediate access to a Wise Business account application without needing to search for banking options, compare international fees, or navigate lengthy approval processes on your own. This means you can go from incorporation to international trading in hours, not weeks.
Our customers choose Wise because it’s built directly into the company formation journey. Everything is managed in one place, allowing non-UK residents to launch and operate their businesses with a ready-to-use, trusted banking solution.
Create your Wise account with us today
Setting up a company is an important milestone. No matter where you’re based, Wise simplifies what comes next, helping you manage cross-border business payments quickly and affordably after formation. With honest exchange rates, transparent fees, and a seamless user experience, Wise offers modern business banking solutions that our customers expect.
Ready to take the next step? Start your UK company and open a business account all in one step with a Rapid Formations referral.
Please note: Rapid Formations only provides a referral to Wise and has no influence over the account approval decision.
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