Wise Business vs Personal: which account should I use?

I run Draper Digital and use Wise. When choosing a profile, I would start with what the money is for. A cheaper feature is only useful if the account permits the payments I need to make.

• Personal spending or a private transfer: use Personal.
• Client invoices, business income or supplier costs: use Business.
• Both kinds of payment: keep separate Personal and Business profiles.

This follows Wise’s UK account agreements: Personal is for personal purposes; Business is for business purposes. It is a provider rule, not a claim that every UK sole trader is legally required to buy a business banking product.

Being self-employed does not make client payments personal payments under Wise’s UK terms. I would choose Business for that work even if the invoice uses my own name. Wise lists sole traders and freelancers among the business types it supports; a limited company is not required.

Acceptance still depends on the country, business activity and checks. Some activities and entity types are unsupported. I would check the eligibility page before arranging for a client to pay, rather than assuming that starting registration means the account is ready.

At my 8 October 2026 check, Wise listed free Business registration and a £50 one-off setup charge to unlock its full Business features, including account details for receiving payments. Those are different stages: free registration does not mean every feature or payment is free.

Wise’s UK comparison lists a £7 Personal debit card before any invitation discount, with a Business card included in the £50 account-details charge. Sending and conversion charges remain separate and depend on the payment. I would check the live quote, any receiving charges and the features I actually need.

For a client invoice, my decision would include how the client pays and what arrives after all charges. I cover that calculation separately in my overseas-client guide.

Wise allows one Personal account, with Business profiles managed through the same login. Its help page says to open the profile menu on the website or app and choose the option to open a business account. Follow the setup prompts for the relevant business.

For a sole trader or freelancer, Wise treats the person and business as one legal entity and allows one Business account. Multiple trading names do not create separate entities. I would not open a second Personal account to separate client work.

Adding a profile is not a promise that balances, payment details or transaction history move automatically. Before sending new details to a client, I would check the Business profile itself and confirm that any required setup is complete.

I would write down these answers before choosing an account or asking a client to change where they pay me:

1. Purpose: is this money personal, or does it belong to my business activity?
2. Entity: which person or company should the payment and account records identify?
3. Eligibility: does Wise currently support that entity, location and activity?
4. Features: do I need receiving details, a card or just a transfer? What has actually been enabled?
5. Cost: what is the setup charge, and what would this particular payment cost?
6. Readiness: have I checked the recipient details and any outstanding verification requests?

That gives me a practical handover point: the right profile, the right account details and a known cost. I would keep the invoice and payment record together so I can explain what arrived. If a tax or accounting question depends on my business structure, I would take it to my accountant.

If Wise suits your needs, use my referral link to see the invitation for your country and account type. It carries the referral; there is no extra typed promo code for this invitation. Read the benefit and qualifying steps shown before signing up.

My referral reward is separate from your benefit. Opening Business from an existing login does not, by itself, guarantee a new-customer offer. I would choose the suitable account first, then check whether the invitation applies. My dedicated referral guide explains that distinction in more detail.