By zoostoki 
Key Takeaways
- TransferWise (now Wise) allows only one business profile per account, requiring a unique email address and distinct business details for additional profiles.
- Each business profile is tailored to one business entity, simplifying financial tracking and ensuring compliance with regulations.
- To manage multiple business profiles, users must open separate Wise accounts linked to different email addresses.
- Features like multi-currency capabilities, batch payments, and Xero integration make Wise business profiles ideal for entrepreneurs managing diverse ventures.
- Efficient management of multiple profiles includes using unique credentials, segregating transactions by profile, and leveraging accounting integrations for streamlined bookkeeping.
- Maintaining compliance and financial separation across your business profiles ensures transparency and avoids potential issues with regulatory requirements.
Managing finances across multiple businesses can get tricky, especially when you’re juggling different accounts and profiles. If you’re using TransferWise (now Wise), you might be wondering if it’s possible to have more than one business profile to keep things organized. After all, having separate profiles could make tracking transactions and managing funds for each business so much easier.
I’ve been there, questioning whether the platform allows this flexibility and what it means for business owners like us. Whether you’re running multiple ventures or planning to expand, understanding how TransferWise handles multiple business profiles could save you time and simplify your financial management. Let me break it down for you.
Understanding TransferWise Business Profiles
TransferWise, now known as Wise, offers business profiles tailored to simplify financial management for companies. These profiles are separate from personal accounts, providing tools designed for business transactions.
What Is a TransferWise Business Profile?
A TransferWise business profile enables users to manage international payments and currencies for corporate purposes. Unlike personal profiles, business profiles cater to entrepreneurs, companies, and freelancers, supporting invoicing, batch payments, and multi-currency account features. Users can also integrate these profiles with accounting software like Xero for streamlined bookkeeping.
Benefits of Having a Business Profile
- Multi-currency Capabilities: Business profiles allow holding, sending, and receiving over 50 currencies. For example, companies can accept payments in USD, EUR, or GBP without converting funds immediately.
- Batch Payments: These profiles simplify making up to 1,000 payments at once, ideal for payroll or supplier transactions.
- Lower Fees: TransferWise business accounts feature competitive exchange rates and transparent fees compared to traditional banks.
- Integration Options: With tools like Xero integration, reconciling transactions becomes more efficient for business owners.
- Improved Financial Separation: Separate business finances from personal accounts, ensuring better clarity and compliance. For example, managing taxes or tracking business expenses becomes easier with distinct accounts.
Can I Have More Than 1 Business Profile in TransferWise?
Using multiple business profiles in TransferWise (now Wise) can simplify managing financial transactions across different ventures. However, it’s essential to understand the platform’s policies and evaluate why additional profiles might be necessary.
Rules and Policies Regarding Multiple Profiles
TransferWise permits only one business profile per user account. Each profile is tied to a unique business, requiring separate details like registration information, tax IDs, and ownership proof. To open another business profile, you’d need a new Wise account linked to a different email address. This policy helps prevent overlapping business data and ensures regulatory compliance.
Duplicate business profiles under one account are not allowed. TransferWise uses rigorous identity verification processes, making policy circumvention unlikely. Businesses must meet the eligibility criteria, and account approval depends on providing accurate documentation.
Reasons You Might Need Multiple Business Profiles
Managing more than one business often requires distinct financial tracking. For example, separating income and expenses for an LLC and a sole proprietorship ensures accurate tax filings. Dedicated profiles for each business streamline bookkeeping and reduce errors.
Sending and receiving payments in different currencies is another reason. If one business operates locally while another deals internationally, separate profiles help track multi-currency transactions without confusion. Additionally, entrepreneurs running diverse ventures benefit from distinct profiles to monitor profitability and maintain clear financial boundaries between businesses.
How to Set Up Multiple Business Profiles
Creating multiple business profiles in Wise involves precise steps to ensure compliance and proper financial separation. Each profile operates under a unique Wise account linked to a distinct email address.
Step-by-Step Guide for Creating a New Profile
- Register a New Email Address
Open a new email account to associate with your additional Wise business profile. Wise requires email accounts to be unique for every profile.
- Sign Up for a New Wise Account
Visit the Wise website or app and select the “Sign up” option. Enter your newly created email address and follow the registration instructions.
- Provide Business Details
Input the required business registration details, including the legal name, business type, and company registration number. Ensure these details differ from your existing profile’s information.
- Verify Your Business
Submit verification documents, such as business registration certificates, proof of ownership, and identity documents for authorized representatives. Approval is typically processed within a few business days.
- Set Up Profile Preferences
Customize currency preferences and integrate accounting software, if needed. Use the new business profile for transactions specific to the registered entity.
Managing Multiple Business Profiles Efficiently
- Separate Profiles by Email
Log in to each Wise account with its respective email address to keep profiles distinct and well-organized.
- Assign Profile Tasks
Use designated profiles exclusively for their respective business transactions. This avoids mixing data and ensures accurate financial tracking.
- Monitor Regularly
Check each profile’s transaction history and settings periodically to spot discrepancies and update information as necessary.
- Leverage Integrations
Sync each profile with tools like Xero or QuickBooks to streamline bookkeeping for all businesses.
- Use Unique Bank Details
Assign different banks or accounts to each profile to maintain transparent financial segregation across businesses.
- Document Credentials Securely
Store login credentials for each profile in a secure password manager to prevent unauthorized access and ensure smooth workflow management.
Potential Limitations and Challenges
Managing multiple business profiles on TransferWise (now Wise) presents specific constraints, particularly due to the platform’s policies and structure. Exploring these restrictions and potential solutions is essential for business owners with diverse ventures.
Restrictions Imposed by TransferWise
TransferWise limits users to one business profile per account. Each profile must correspond to a unique business entity and registration details. Regulatory requirements and the need to segregate financial data drive this policy. Since one email address links to one account, creating a second profile under the same account isn’t allowed.
This restriction complicates financial management for entrepreneurs managing multiple ventures. For instance, tracking expenses, taxes, or profits specific to each business becomes more challenging without separate profiles. Additionally, consolidating business operations under a single profile risks merging financial data, leading to inefficiencies and potential compliance issues.
Possible Workarounds for Business Profile Needs
Despite these restrictions, creating another business profile remains feasible by opening a new Wise account. Signing up with a separate email address and providing distinct business details circumvents the limitation. Verifying each business entity ensures regulatory compliance and profile activation.
Using accounting integrations like Xero across multiple accounts improves bookkeeping efficiency. Maintaining unique login credentials for each profile avoids confusion when switching between accounts. Additionally, securely documenting account details simplifies managing diverse profiles simultaneously. These strategies address the challenges posed by Wise’s single-profile limitation effectively.
Conclusion
Managing multiple businesses can be challenging, especially when it comes to keeping finances organized. While Wise only allows one business profile per account, creating separate accounts with unique email addresses is a practical solution for handling multiple ventures.
By leveraging Wise’s multi-currency features, batch payments, and integrations with accounting tools, it’s possible to streamline financial management across different entities. Staying organized and using efficient strategies can make navigating these limitations much easier.
Frequently Asked Questions
Can I have multiple business profiles on Wise with one account?
No, Wise allows only one business profile per account. If you need another business profile, you must create a separate Wise account using a different email address.
Why does Wise restrict one business profile per account?
This policy helps prevent overlapping data, ensures regulatory compliance, and maintains clarity in managing transactions for each business.
How can I set up multiple business profiles on Wise?
You need to register a new Wise account with a different email, provide the business details, complete the verification process, and configure the new profile’s settings.
What are the benefits of a Wise business profile?
Wise business profiles offer multi-currency accounts, lower fees, integration with accounting software, batch payments, and improved financial separation for managing taxes and expenses.
Why would I need multiple business profiles?
Multiple profiles help track finances for different business entities, maintain clear financial boundaries between ventures, and simplify multi-currency transactions.
Are there any challenges when managing multiple profiles on Wise?
Yes, using multiple accounts can complicate management due to separate logins. Keeping credentials secure and distinct for each business profile is crucial.
How can I efficiently manage multiple Wise business profiles?
Use separate emails for each profile, integrate with accounting tools, maintain unique bank details per profile, monitor transactions regularly, and document login credentials securely.
Can I use one email address for multiple Wise accounts?
No, Wise requires a unique email address for each account, meaning each business profile must be linked to a different email.
Does Wise support integration with accounting tools like Xero?
Yes, Wise business profiles integrate with Xero, making bookkeeping and financial management more streamlined.
Can Wise handle multi-currency transactions for businesses?
Absolutely. Wise supports over 50 currencies, enabling businesses to hold, send, and receive money in different currencies seamlessly.