Wise Has Limits in India. Karbon Doesn’t
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If you’ve been receiving international payments since around 2011, you might remember Wise by its old name: TransferWise.
Back then, TransferWise became popular because it let people send and receive money across countries at the real exchange rate, with low fees and no confusing terms. It was a fresh alternative to traditional banks and PayPal, which often came with high costs and slow transfers.
Over the years, the company changed its name to Wise and added many new features. Today, in 2025, it’s much more than just a money transfer service.
It has come up with different services for both individuals and businesses. One of these is the Wise Business Account, which is designed for freelancers, startups, and companies that work with clients around the world.
However cross boarder rules in India not all features are available, and setting up a business account has become complex.
In this blog, we’ll explain how the Wise Business Account works for Indian users in 2025. We’ll walk you through what’s available, who can use it, what documents you’ll need, how much it costs, and what issues Indian users commonly face.
Wise offers a digital financial platform built to make international transactions The Wise Business Account is an international account designed to help businesses and freelancers easily send, receive, and manage money across borders.
You can hold and convert over 40 currencies, get local account details in multiple countries, and accept payments like a local. It works with tools like Xero and QuickBooks, and lets you pay overseas staff or suppliers at low fees and real exchange rates.
You also get access to business debit cards (in supported countries) and features like batch payments and team access controls.
Both Wise Personal and Business accounts let you send and receive international payments. The use case of each is different.
If you just want to send or receive money for personal reasons, like travel, gifts, or splitting bills a personal account is enough. But if you're freelancing, running a startup, or selling online (say on Amazon or Shopify), the business account is the better fit.
Using a personal account for business can cause problems in compliance and taxes.
Wise Business is available in India, but it doesn’t come with all the features you might expect. As of 2025, here’s what Indian users can and cannot do:
✅ Receive Money Abroad: You can use Wise to receive business payment from abroad.
✅ Get Good Exchange Rates: Wise still offers one of the best currency conversion rates with low fees. (no markup, no surprises.)
❌ New User Restrictions: New User cannot send money abroad, but existing users with Wise accounts can continue using the service normally (for other currencies and receiving INR). (Source)
❌ No Business Debit Card: Indian users don’t get access to Wise’s business debit card yet. That’s only available in the US, UK, EU, and a few other countries. (Source)
So, while Wise is great for sending money out of India, it still lacks key features that would make it a full solution for global Indian businesses.
Indian residents operating legally registered businesses are eligible to apply for a Wise Business account.
Accepted business types include:
• Sole proprietors and freelancers
• Private Limited Companies (Pvt Ltd)
• Limited Liability Partnerships (LLPs)
• Partnership firms
However, businesses involved in restricted sectors (e.g., adult entertainment, gambling, military goods, cryptocurrency services) will be denied.
Important: You’ll also need a valid Indian business registration, and a PAN (Permanent Account Number) associated with the entity.
Wise follows strict compliance protocols and requests some or all the following documents:
• Proof of identity of business owner(s) – Passport or Aadhaar
• Company incorporation certificate (for Pvt Ltd or LLPs)
• GST Certificate (if applicable)
• PAN Card of the business
• Business bank account details
• Proof of business address (utility bill, lease agreement)
• Website or proof of business activity (e.g., invoice or contract)
• List of shareholders and directors (for registered companies)
• Purpose of account usage (services offered, remittance intent)
It also askes users to upload a video or selfie for biometric verification.
Wise operates on a transparent, low-fee model. There are no monthly fees, no minimum balances, and no surprise charges. However, some one-time and transaction-based fees apply:
Opening a Wise Business account in India is free with a one-time setup. Currency conversion fees start from a competitive 0.33%.
For example, if you have to receive $2000 from USA, here’s what you will receive:
Wise fees for sending $2000 that is INR 171,126.90 abroad:
Our Charges for sending and receiving payment abroad for receiving money:
People all over the world trust Wise for fast and affordable international money transfers.
Millions use it to send and receive money with transparent fees and real exchange rates. It’s known for being reliable and easy to use.
However there are few concerns for Indian audience:
Common Issues Faced by Indian Users
Despite Wise's excellent global reputation, Indian users frequently face technical and regulatory roadblocks.
a. Linked Account Not Showing Up
Many users report that their Indian bank account doesn’t show up properly during the onboarding or remittance process. This may be due to incomplete KYC, unverified PAN, or system glitches.
b. Redirect/Signup Bugs
Some users are stuck in loops while trying to create a business account—either being redirected to a personal signup page or landing on a broken URL. This often happens due to browser caching or regional site misconfiguration.
Wise Business is undoubtedly a decent platform for international transactions, but its Indian version is still limited in scope. For now, it’s most useful for existing business account users for sending and receiving money.
You can try alternative platforms like Karbon build for Indian users or hybrid banking setups.
We continuously update our blogs with the latest information on Wise, PayPal, Payoneer, and other platforms, so be sure to check back often for the most current insights.
