Hello, everyone, and welcome back to my channel, Jennifer Marie, where I talk about different
ways to make money online and how to become a work from home freelancer. Several months ago,
I did a tutorial on how to open up a Wise Personal account. And if you're unfamiliar with Wise,
it's a company that allows you to open up a multi-currency account where you can hold money
in over 50 currencies and convert between them at the real exchange rate. Wise is sponsoring today's
video on how to open up a Wise Business account. So I have been using Wise for years and it has
personally saved me so much money in conversion fees from Canadian dollars to Euro when I was
living in Europe. It has also saved me from paying double conversion fees when clients have paid me
in US dollars. In the past, I had to transfer USD to Canadian dollars and then transfer that to
Euro. I was losing so much money in conversion and bank fees until I signed up for a Wise Personal
account. But in today's video, I'm going to talk to you about the option to open up a Wise Business
account, which many of you have asked me about and show you step by step how to do it. Before
I get into that, I want to direct you to the link I have included in the description below
this video and also in the pinned comment. If you use my link to sign up to Wise as a new customer,
you will get a free first transfer of up to 500 pounds or this amount in your country's
currency. This is valid on the first transfer only. This link will work for you if you decide
to open up a Wise Personal or Wise Business Account. So how do you decide which is right
for you? And what's the difference between these account types? The Personal Wise account is meant
for people who are living, working, and traveling abroad. It's great for anyone who needs to send
or receive money internationally. The Wise Business Account is perfect for someone who
is running their own business and wants to keep their business and personal accounts separate. It
lets businesses make payments, get paid, and spend money internationally. To open up a Wise
Personal Account, you need to provide your name, phone number, country of residence, date of birth,
and address. And to open up a Wise Business Account, you'll need your business details and
your business registration address. You can only have one Wise Personal Account, but you can have
multiple Wise Business Accounts if you have different legally registered businesses. You
can also choose to open up a Wise Business Account later on if you first decide to
open up a personal account and vice versa. It is free to create a Wise Personal account. However,
there may be an initial one-time fee to access all Wise Business Account features, depending on
your country of residence. Now I'm going to show you step by step how to open up your own business
account for both first-time Wise users and for those who already have a Wise Personal Account.
If it's your first time opening up a Wise Account, you'll first click on the link in the description
below to get your first free transfer of up to 500 pounds. Then click on Open an account
if you want to open a personal account, or scroll down the page and click Open a Business Account.
Then proceed to fill in your work email address and your country of registration
and create a password before we proceed to the next steps. Now,
if you already have a Wise Personal Account, you'll first log into your account,
then click on your account name on the top right hand corner and select Open a Business Account at
the bottom of this menu. Now click Enter your Business Details, and you're going to enter
your business details, including your country registered business name, trading business name,
and your company type. This may vary depending on your country of residence, so make sure to do your
research. But in many cases, if you conduct business as yourself using your legal name,
you may not need to register anywhere and can simply use your legal name as your business
name. A lot of my subscribers are freelancers, so you would likely choose sole proprietorship. Then
click continue. Now we have to plug in your registered address details,
including your country address, city and postal code. Then click Continue. And we have to fill in
some more information about our business type, including the category and subcategory. Then
they'll ask if you have a website, social media, Amazon or eBay profile that you can
share to verify that you are a business. If you do have this, click yes and share your
relevant website or social media link. If you select no, you'll have to describe your
business in more detail, then select the size of your company. In my case, it's just myself.
Then confirm your trading address. Now you'll be asked how Wise can help your business,
and you'll see various features that you can use within your business account, such as integration
with leading accounting tools, sending batch payments, and even the ability to add team
members to your account. You can set these up now or at a later time, and then click Continue.
Then you'll be prompted to choose your plan type and this will vary depending
on what country you are in. But you should have the option to either pay a one-time fee
to access All Banking Features or choose the Essential Features Plan, which is free. One
of the best things about Wise is that there are no subscription or monthly fees. Unlike most banks,
both plans allow you to pay people and for goods and services in over 70 countries. And depending
on your country of residence, you'll get your first debit card free and you can add unlimited
team members and accountants. With the All Banking Features Plan, you can hold balances in nine major
currencies, receive payments from abroad, or from major sales platforms like Amazon, and can
receive direct debits for recurring overseas payments. Once you've chosen your plan type,
you may be prompted to add some money into your account, and this is optional. You can click on
your business account name on the top right-hand corner and this will take us to our account. And
here you have your account balances. At the top, you can open up balances and receive payments in
different currencies, and at the side you can click on Cards and order your first card. And
if you want to switch back to your personal account, just click on your business name
at the top right-hand corner and click on your personal account to make the switch. I also want
to quickly talk to you about the opportunity you may have to opt in to earn interest with the money
that you hold in your Wise account. This is a new opportunity for US-based customers only. For those
who meet the eligibility criteria, Wise will share a portion of the interest earned on your funds
each month into your currency balance, and rates can vary. There are no fees to use this feature,
and it can be a great way to earn some extra money with your savings in Wise. You can also
opt-out at any time. You can learn more about this feature by going to Wise's official website.
So Wise Business is really amazing if you're a business owner because you can use this account
to keep track of all your business expenses and earnings in one place for each business that
you have. You'll save a lot of money on currency conversion fees, and the Wise website and app is
just so easy to navigate. So whether you want to open a Wise personal or business account,
make sure to sign up using the link in the description below to take advantage of your
first free transfer of up to 500 pounds. If you have any questions, feel free to ask me
in the comment section. Thanks for watching, and I'll see you all in my next tutorial.