How to Cancel 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.