What is Wise
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Wise, originally known as TransferWise, has been providing low-cost remittance services to individuals and businesses worldwide since 2011. Compared to traditional banks, Wise charges lower fees and offers faster remittance, with funds arriving in as little as a few minutes. When it comes to international remittances, the amount is generally not small, so the most important thing is to find a safe and reliable company, which is exactly what Wise is known for, earning it the title of "transfer wizard".
In addition, I have also used Wise's virtual cards when making videos before. Opening a virtual card with Wise is free of charge, and theoretically, you can open unlimited cards. It is also very convenient to use.
How to register with Wise
The main difficulties in registering with Wise as an individual are twofold: first, it requires a verification deposit of 20 euros; second, a passport is needed. The 20 euros deposited with a credit card will be directly converted into account balance, but many credit cards in China cannot be used now. The card number 222929 used to work, but now it is also restricted. Additionally, personal accounts need to verify the passport, which I guess not everyone has.
Starting the Wise registration
Today, I will introduce a method to open a Wise business account, which does not require a passport and does not need to verify the 20 euros. Below are the steps to register with Wise!
Tip: My method is to register a UK company and then open a Wise business account.
Why a UK company?
Registering a UK company is simple, and the prices on freelance platforms are low. If you have strong DIY abilities, you can register by yourself: https://www.gov.uk/government/organisations/companies-house Another reason is that there is a clause for UK companies: if you don't operate in the UK, you are exempt from taxes. Actually, we don't need to conduct business in the UK, so we don't have to pay fees. Lastly, UK companies can open virtual cards. Considering the cost, I chose the UK. If you want to do something like Amazon in the US, then choose the US. I have no experience in registering a US company, and the fees and procedures are more complicated!
Preparation materials:
- ID card;
- Credit card (both physical and virtual cards from China are acceptable, it is for payment, not for verifying Wise);
- Company name: I used * LTD
Starting the registration
Let me explain, my method is to find someone on Fiverr to help with the registration:
Register on Fiverr, I won't go into the process, then search for "UK company". Basically, you can register a UK company with the results. Choose a price and chat with the person, explaining your needs. You can directly tell them: one company and one Wise business account, and when everything is agreed upon, use your own credit card for payment. I remember when I registered, the total cost was about $500.
However, as I mentioned before, if you have strong DIY abilities, you can register for less than $200. Registering a company alone costs about $80-160, and then activate the Wise business account by yourself, which costs £45, provided that you have a card that can be used to activate Wise!
Normally, it takes 2-3 days on Fiverr to complete the registration. You will receive several documents: registration documents, articles of association, director's certificate, etc. You can be the director yourself. Let me remind you, ask the person for a proof of address for a virtual office, as this document is very useful. For example, if you want to register directly with Airwallex, you need to verify the office address. Airwallex can now also open cards for free, and the card head for multi-currency cards is: 463330. UK companies can also register with Stripe, just fill out the form and wait for the review.
After registering the company, if you activate Wise by yourself, it is also very simple. Just register a Wise business account, search for your company name, follow the default options, confirm the information, and then make a payment of 45 euros. There is no need for review, and it will be completed directly.
The Wise business account can be transferred to Payoneer, because the business account (regardless of the currency) is under your company name, not Wise, so transfers can be made. If you want to transfer directly to Wise, I'm sorry, common banks cannot do it, including your card.
A word of advice
When following the above steps, be careful and do not use false information. Also, Wise has an annual review, which means if your company expires, Wise will be directly blocked. You can also find someone on Fiverr to help with the annual review, which costs around $50.
I heard that you can register a UK company for 1 euro. I have seen it before, and the entire process of registration only costs a few euros, and you can handle the annual review by yourself. Of course, I don't know how to do it.
Interestingly, besides being able to open cards, Wise business accounts also have an investment function, similar to investing in the stock market. If you have funds, you can earn some profits by depositing them, and the earnings will be available the next day. Of course, it is not guaranteed to always make money, as global stock markets can also decline and result in losses.