Wise Business

Considering concluding your use of Wise’s international money transfer platform for your business? Fret not, for account closure can be accomplished with relative ease. This guide provides a well-defined approach to ensure a smooth experience:

Important Pre-Closure Considerations:

• Account Balance: Ensure there are no remaining funds in any of your Wise Business account balances before initiating closure. You can withdraw all funds to a linked bank account. Refer to the provided instructions on “How to withdraw money” within Wise for detailed steps.
• Documentation Retrieval: Download and save essential documents such as transfer receipts and balance statements for your records. These documents will become inaccessible once your account is closed.
• Platform Disconnection: Disconnect your Wise Business account from any integrated accounting platforms you may be using (e.g., Xero).
• Transaction Completion: Complete or cancel any pending transactions to avoid potential complications during closure.

Initiating Account Closure:

1. Access Settings: Log in to your Wise Business account through a web browser (account closure is currently unavailable within the Wise mobile app). Navigate to the “Settings” section.
2. Locate Closure Option: Within the settings, identify the option labeled “Close your account” or similar wording.
3. Confirm Cancellation: Carefully review any presented prompts and confirm your decision to close the account. Follow the on-screen instructions to finalize the closure process.

Post-Closure Considerations:

• Data Access Restriction: Following account closure, you’ll no longer have access to past transaction activity or historical account statements. Ensure you download any essential documents beforehand.

Insolvent Businesses:

If your business has encountered financial difficulties and entered insolvency or liquidation proceedings, a different approach is required:

1. Communicate with Wise: Provide the email address “[email protected]” to your appointed liquidator or insolvency administrator.
2. Liquidator/Administrator Contact: Once they contact Wise, the Wise team will collaborate and follow their instructions regarding your account closure and any remaining funds.

By following these steps and understanding the pre-closure considerations, you can confidently navigate the Wise Business account closure process and ensure a seamless transition.