Snapshot
Wise Business and Bank of America Business compared on the points that usually decide a business account: account type, monthly fee, currency support, eligibility and where each one is available.
Wise Business figures as of 18 June 2026Bank of America Business figures as of 10 June 2026Last reviewed 1 February 2026
General information, not financial, legal, or tax advice. There is no single best account. The right fit depends on your business. Verify current terms and eligibility with each provider before applying.
Wise Business and Bank of America Business sit at opposite ends of the market. Wise Business is an electronic money multi currency account built for holding, receiving and converting many currencies at the mid market rate plus a published fee, with no monthly fee but a one time setup fee. Bank of America is a licensed United States bank with branches, cash handling, cards and lending, and a business checking account that carries a monthly fee with waiver conditions. Use the comparison below to weigh account type, fees, currency support and eligibility against how your company operates, then confirm the latest terms with each provider. Figures are shown as of 18 June 2026 for Wise Business and 10 June 2026 for Bank of America Business.
Wise Business vs Bank of America Business at a glance
| Feature | Wise Business | Bank of America Business |
|---|---|---|
| Account type | Multi currency electronic money account with local account details in several currencies. Wise is an electronic money institution, not a bank. | Business checking and savings at a licensed United States bank that is a member of the FDIC. Bank of America is a bank. |
| Who it suits | Businesses that pay or get paid across borders and want low cost currency conversion and local account details in several currencies. | United States registered businesses that value a nationwide branch network, cash handling, credit and lending, and a rewards programme over a low cost online only account. |
| Monthly fee | No monthly fee. A one time setup fee applies and varies by country, for example 50 pounds in the United Kingdom, 31 US dollars in the United States, and 50 euros for European Economic Area businesses. As of 18 June 2026. | Business Advantage Fundamentals is 16 US dollars a month, waived for the first 12 statement cycles and waivable afterwards by meeting balance or activity conditions. Business Advantage Relationship is 29.95 US dollars a month. As of 10 June 2026. |
| Transaction fees | Transfers and conversions carry a usage based fee that varies by currency and route. Receiving in some currencies is free while others carry a small fee. As of 18 June 2026. Verify with Wise. | Each account includes a monthly allowance of fee free transactions and cash handling, with charges above the allowance. Wire transfers and some services carry fees. As of 10 June 2026. Verify the schedule of fees with Bank of America. |
| FX fees | Conversion uses the mid market rate plus a published fee that varies by currency pair, often a fraction of a percent. As of 18 June 2026. Verify the current rate for your pair with Wise. | International wire transfers and foreign currency payments carry fees that vary by route and currency. Unclear at a single headline rate, so verify with Bank of America. As of 10 June 2026. |
| Minimum deposit | No minimum opening deposit is published. A one time setup fee applies. As of 18 June 2026. Verify with Wise. | A small opening deposit applies to open a business checking account. As of 10 June 2026. Verify the current amount with Bank of America. |
| Multi currency | Yes. Hold and convert many currencies and receive with local account details in several markets. As of 18 June 2026. | Accounts are United States dollar based. International wires are supported, and foreign currency services are available mainly for larger commercial clients. As of 10 June 2026. Verify with Bank of America. |
| Integrations | Local account details in several currencies, cards where available, and accounting links. Cards are not offered for United States business accounts. As of 18 June 2026. | Online and mobile banking, business credit and debit cards, merchant services, lending, and the Preferred Rewards for Business programme. As of 10 June 2026. |
| Eligibility | Registered businesses in supported markets. Feature availability and supported entity types vary by country. As of 18 June 2026. Verify eligibility with Wise. | Businesses registered in the United States, including sole proprietors, partnerships, LLCs, and corporations, with United States based owners and a United States address. As of 10 June 2026. Verify eligibility with Bank of America. |
| Broadly available in | Many markets including the United Kingdom, the United States, the European Economic Area, Australia, New Zealand, Japan, and Singapore. Feature availability varies by country. As of 18 June 2026. | The United States. Accounts are for United States registered businesses with United States based owners. As of 10 June 2026. |
Use the table to weigh the differences. Wise Business and Bank of America Business differ most on currency support and branch access, so match those to whether your business needs low cost cross border payments or a domestic bank with branches, cash handling and lending, then confirm the latest fees and eligibility with each provider.
Open a business account
Both providers accept business customers in the United States, and Wise Business also serves several other markets. Fees and eligibility shown as of 18 June 2026 for Wise Business and 10 June 2026 for Bank of America Business. Confirm current terms with the provider before applying.
Visit Wise Business → Read the Bank of America Business review →Questions about Wise Business and Bank of America Business
Which is better for my business, Wise Business or Bank of America Business?
It depends on your needs. Wise Business is an electronic money multi currency account for holding, receiving and converting many currencies at the mid market rate plus a fee. Bank of America is a licensed United States bank offering business checking, cash handling, cards and lending through a nationwide branch network. The table on this page compares them on account type, fees, currency support, eligibility and availability using each provider's published terms. Confirm current terms with each provider. This is information, not advice.
Can I open both Wise Business and Bank of America Business?
Often yes, subject to each provider's eligibility rules. Some businesses keep both, for example a Bank of America account for domestic banking and cash handling and a Wise Business account for low cost currency conversion and local account details abroad. Check eligibility with each provider before applying.
Are the fees on this page current?
Each figure is shown with the date it was recorded. Wise Business figures are shown as of 18 June 2026 and Bank of America Business figures as of 10 June 2026. Fees and eligibility change, so confirm current terms with each provider before you apply.
Fees, features, and eligibility change and vary by region. This page was last reviewed on 1 February 2026. Confirm current terms with each provider before applying.