Our company formation packages come with the option to open a Wise Business account. This provides you with a multi-currency account that allows you to transfer, spend and accept money in more than 50 different currencies.
The account is ideal for business owners regardless of their location, but is particularly appropriate for our non-UK based customers who require a UK account number and sort code.
In this post, we’re going to look at how 1st Formations customers can open a Wise Business account. Let’s get started.
How to opt-in to a Wise Business account
If you have purchased the Non-Residents Package, there’s no opt-in required. You will receive an email shortly after your company has been formed at Companies House. This will include a dedicated Wise link that you should click on to start the account opening process.
If you have purchased any of our other company formation packages, you will have the opportunity to select Wise in the ‘Optional Extras’ section of the company formation process. Again, you will receive an email with a Wise link shortly after your company has been formed.
If your company has already been formed, regardless of your package, you can opt-in to Wise from your Online Company Manager:
- Log in to the Online Company Manager
- Select ‘My Companies’
- Click on your company name
- Select the ‘Shop’ tab
- Add the ‘Wise UK Business Account’ to your cart
- Proceed to the checkout and confirm the order (no payment is required at this stage)
- You will receive an email that includes your dedicated Wise link
What to do if you haven’t received the email
Simply contact us via email, phone, or live chat. We can then resend the email to you along with your dedicated Wise link. You can then click on this to start the account opening process.
Opening the Wise Business Account
Once you have clicked on the link included in your email you will be directed to the dedicated 1st Formations and Wise page. You should then follow the steps outlined below:
- Select ‘Create account’ or ‘Get started’
- Enter your email address
- You will have the option to choose a ‘Personal account’ or ‘Business account’, select ‘Business account’
- You will be asked for your ‘country of registration’, select ‘United Kingdom’
- Provide your phone number then select ‘Send verification code’
- You will shortly receive a text including a 6-digit code, enter this code
- Create a password
- You’ll be presented with a summary page, select ‘Let’s start’
You will then be taken through the account opening process. This requires you to upload your photo ID and proof of address (and depending on your circumstances, some business documentation), as well as provide the below information:
- Country of registration
- Company name
- Company registration number
- Company type
- Registered office address
- Trading address (please note, if you are using our Registered Office Address Service, you cannot use our address as your trading address)
- Confirmation that you have a website, social media, Amazon, or eBay account (if you have none of these, you will need to give a brief description of your company)
- Your full name, date of birth, country of residence, and address
- Your company director’s full name, date of birth, and address
- The balance(s) that you wish to work with (for example, EUR balance, GBP balance, USD balance, and so on – you can select as many as you wish)
The final step of the process is for you to pay the one-time set-up fee of £45.
Once you have completed the application, it will be submitted to Wise for verification. This typically takes 4 to 7 working days. You will receive an email from Wise as soon as the account has been verified (or if there have been any issues). That’s it!
Thanks for reading
So there you have it, how you, a 1st Formations customer, can open a Wise Business Account. We hope you have found this post helpful. If you have any questions, please don’t hesitate to get in touch.