Wise Launches International Business Account for SMEs in Hong Kong

Wise has introduced its international business account in Hong Kong, designed to help small and medium enterprises (SMEs) manage global transactions seamlessly. The account allows businesses to send, receive, and hold over 40 currencies without the burden of minimum balance requirements or monthly subscription fees.

According to a press release, SMEs can receive payments globally using local account details for nine major currencies— including USD, GBP, EUR, and SGD— without any fees. Additionally, businesses can accept payments in 14 other currencies, such as CNY via SWIFT, with full transparency on associated costs.

With this account, businesses can utilize received funds immediately— whether paying suppliers in the same currency without conversion fees, sending funds internationally, or converting them at the mid-market exchange rate with low, upfront fees.

Key Features:
Batch payments: Pay up to 1,000 people in one click.
Invoicing tools: Generate professional invoices for free and track their status.
Quick Pay options: Create unique payment links and QR codes to receive payments in multiple currencies from customers and clients repeatedly.
A study commissioned by Wise found that nearly 96% of the 200 SMEs surveyed had made or received a cross-border payment in the past six months. More than half (52%) reported making such transactions on a weekly basis.

Looking ahead, SMEs anticipate an even greater demand for cross-border payments:

• 56% expect more payments from overseas business partners.
• 55% foresee increased transactions from international consumers.
• 52% plan to pay more suppliers abroad.
• 47% aim to establish new overseas entities.
  With its transparent pricing and user-friendly tools, Wise’s international business account aims to empower SMEs in Hong Kong to navigate global commerce with ease.