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Introducing global (Swift) account details - receive international business payments in 17 currencies

July 9, 2024

This article originated from the Xero blog. The XU Hub is an independent news and media platform - for Xero users, by Xero users. Any content, imagery and associated links below are directly from Xero and not produced by the XU Hub.
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Doing business internationally is a complex challenge, often made more complicated when clients want to pay you in their own currency without being stung by sky-high conversion fees.

That's why we're excited to announce we're introducing global (Swift) account details for receiving Swift payments in 17 currencies with Wise Business!

Whether you're an e-commerce company with customers in Poland or Singapore, or a consultant with clients in Hong Kong or Copenhagen, your customers can now use your new account details to send Swift payments directly to your account.

This means your business can now receive payments from more customers from bank accounts across the world. You can use your global (swift) account details to receive payments in the following currencies: AUD, NZD, SGD, SEK, NOK, DKK, PLN, HKD, CHF, CZK, JPY, HUF and BGN. You can also use your global (Swift) account details to receive Swift payments in GBP, USD, EUR, and CAD, for a total of 17 currencies.

These new global (Swift) currencies are in addition to the 9+ currencies currently available with local account details including: GBP, EUR, USD, CAD, AUD, NZD, SGD, HUF, RON or TRY.

Just so you know, unfortunately global account details are not available to customers in the US and Canada just yet.

You can always choose to convert these currencies in your Wise Business account with low fees and mid-market rate to pay suppliers or teams in different currencies.

For some currencies including GBP, USD, EUR, CAD, SGD, AUD, NZD and HUF you can get both local and global (Swift) account details, read more about the difference below.

Explore ways to get paid with your Wise Business account

How does it work?

Global account details are also known as international or Swift details. These enable people to send you money in other currencies around the world via the global Swift payments network. Say for example, your UK-based business has expanded into the Swiss market and your clients and customers would like to pay you in CHF. With your global account details, you can now receive Swiss Franc straight into your Wise Business account. From there, you can either send and spend from your CHF balance or you can opt to convert the balance into the 40+ currencies offered by Wise at the mid-market rate with low fees.

Global account details feesAt the moment, we don’t charge you to receive Swift payments except for those sent in CAD and USD. See our fees here.

Global (Swift) vs local account details

Wise offers businesses local account details in 9+ currencies including GBP, EUR, USD, CAD, AUD, NZD, SGD, HUF, RON or TRY. You can use these to receive money from customers and clients as if you were a locally-based business with IBANS, BICs or routing numbers specific to that currency. For example, if you’d like to receive money in British pounds from your clients based in the UK, but you live in the US, we’ll provide GBP account details, so that your client can send GBP to you locally – this means no currency conversion or international transaction fees for either of you and the payment will arrive quickly in your account. Learn more about receiving globally and locally.

Save time and moneyMake sure to still use your local account details, to share them with your customers and clients, when they are paying you locally - you'll both avoid fees, and you'll get the money faster. Find out about the currencies we offer local account details and how to get paid in them.

Local account details in 9+ currencies

As global (Swift) account details receive payments sent via the Swift network, it is up to your client or customer's bank how much they charge them to send the payments. However, with the exception of Swift payments in CAD and USD, at the moment Wise will not charge you for receiving the money.

You may also notice that your IBAN for global (swift) payments starts with GB. This is because we're using your GB account details to settle the transaction. But not to worry, they allow you to receive money in all 13 currencies, not just GBP. When sharing your IBAN, tell your sender to select “United Kingdom” if they’re asked for the country of the recipient’s bank. The money will still arrive in your desired balance - whether that’s SEK or CHF!

Ask your sender to check

To be extra sure that you’re receiving the right amount in the right currency, remind your client or customer to double check with their bank that they are not converting to GBP just because it’s a UK IBAN - unless GBP is the desired currency.

It’s best for your sender to check the cost of sending their payment up front with their bank as correspondent banks may charge transaction fees to send the Swift payment, which could affect the amount that reaches your account. You can also ask your sender to opt for the OUR charges – this option allows the sender to cover all the correspondent charges.

Set up global account details in 4 steps

1. Open a balance
Open a balance in the currency you want to get paid in or select one you already hold.

2. Get your account details
Tap ‘Account details’. If you have ‘Local’ details available too, make sure to select the ‘Global - Swift’ tab.

3. Share with your customer
You can copy your details or use the request money feature to share your global (Swift) account details with your customer so they can set up an international Swift transfer. Remember to share the tips above with your sender. The details you should give your sender include your full name as it appears on your Wise Business account, account number and the Swift (BIC) code or IBAN details as shown in the tab.

4. Get paid
The transfer should take around 4-5 working days.

I’m a Wise Business customer, will I be charged for receiving money to Global Account Details?
At the moment we are only charging to receive Swift payments sent in CAD, with a fee of 10 CAD. Wise does not currently charge to receive Swift payments in 16 other currencies. However, if you receive USD wire payments to your USD account details, a fee applies. Learn more about our pricing here.

What countries can I receive global Swift payments from?
While you can receive money from all over the world, there are some countries and restrictions. Please see the full list of countries here.

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

Why leave it there?

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