Wise Business vs Sokin: the payment costs I would compare

I run Draper Digital and use Wise. For this comparison I have checked both providers’ published information; I have not tested Sokin or obtained matching live payment quotes. These are starting prices checked on 29 October 2026, not a promise about your transaction.

Setup and receiving details

Wise registration is free; its UK Business page lists £50 to unlock the full features, including receiving account details. Sokin lists free setup and local currency accounts. I would separate that initial cost from the charges on each payment.

Receiving money

Wise lists eligible domestic non-SWIFT, non-wire receipts as free, with a $6.11 fee for USD wire or SWIFT receipts. Sokin lists receiving into its currency accounts as free. I would still establish which route the sender can actually use and any charges outside the receiving provider.

Conversion and sending

Wise lists sending and conversion from 0.24%, varying by currency. Sokin’s main page lists major-currency FX from 0.3%, minor-currency FX from 0.8%, UK domestic payouts at £1 and SEPA payouts at €1. Its international-payment price is stated as “up to 10 units”. I would ask which currency those units represent for my payment.

The starting percentages alone do not settle the comparison. I would compare the same sender outlay, final currency and payment method, including setup and any separate payout charge.

Sokin’s main pricing page and help article currently differ. The help article gives FX from 0.5% and international payments from 5 units; the main page gives the starting FX rates and international-payment wording above. I would not combine the lowest figures from the two pages into an invented tariff.

Before moving a payment, I would ask Sokin to confirm the applicable FX rate, all fees, the currency of any “units”, and the amount the recipient should receive. I would save the dated quote and its expiry. Until that is clear, I would leave the cost unresolved rather than call Sokin cheaper or more expensive.

Sokin’s local-account guidance lists GBP, EUR and CAD details in the registered business name. Its USD details instead name Plata Capital US Inc and support ACH and Fedwire. The same guidance says ACH deposits are held for two business days after receipt.

That distinction matters before a client adds a supplier to its payment system. I would copy the beneficiary name, routing details and required reference from the actual account instructions, then confirm the client can pay them. I would not replace a provider’s named beneficiary with my trading name to make the invoice look simpler.

For either provider, I would check what details are actually enabled for my business before promising a local receiving route to a client. A currency appearing on a marketing page is not enough to complete the invoice.

A US client pays an invoice, then I need GBP

This is an illustrative workflow, not a payment I have tested. I would ask whether the client can use ACH or must send a wire. Then I would compare receipt, any hold, conversion and the onward GBP payment. For Sokin I would also confirm that the client accepts its USD beneficiary instructions.

My business pays a supplier in EUR

I would obtain quotes close together for the same GBP outlay and EUR destination. I would record the net EUR amount, delivery estimate and any separate payment charge. A lower FX headline is only useful if the complete quote and payment route suit the supplier.

For each provider I would keep a short record: business type and country; amount and currency pair; receiving or payout method; beneficiary and reference; setup, provider and third-party costs; net amount; delivery estimate; and quote expiry. Unknown costs stay marked unknown. I cover the broader invoice-cost calculation in my overseas-client guide.

Sokin lists the UK among supported company-registration countries. That does not by itself confirm acceptance of every legal structure or industry. I would check my exact business type before applying, especially as a sole trader. For Wise, business payments belong in the appropriate Business profile; my separate profile guide explains that choice.

Wise Payments Ltd says its UK payment and e-money funds are safeguarded and are not covered by the FSCS. Sokin’s UK regulation page also describes safeguarding rather than FSCS cover for its e-money products, and refers to both Plata Capital UK Limited and Modulr FS Limited. I would read the agreement to establish which entity provides my particular service.

I would not treat either payment service’s safeguarding as bank-deposit insurance. This comparison concerns payments and ordinary e-money balances; separate investment or balance-return products are outside its scope.

For my business, I would narrow this decision to supported invoice instructions, an acceptable payment timeline and a complete quote. Sokin’s free setup is worth comparing if its workflow fits, but I would settle the pricing and beneficiary questions before moving payments.

If Wise meets your needs, my link below shows your available invitation. Check the country and account type, read the benefit and qualifying steps, and include any Business setup charge in your decision. I may receive a referral reward if you qualify; that is not an extra cash payment promised to you.