Mettle vs Wise: Business Bank Account Comparison

In our experience, Mettle suits a business that has already decided it wants free banking and free accounting software in one place, and isn't planning to trade internationally any time soon. If eligibility is the sticking point, our Tide vs Mettle comparison covers a rival that accepts a wider range of business structures, and our Starling vs Mettle comparison is worth a look if you want FSCS protection without giving up on international payments entirely.

What Wise Is Designed For

Wise Business is built for sole traders, freelancers, partnerships and companies that regularly send, receive or hold money in more than one currency, and who are willing to trade a UK banking licence for lower FX costs and genuine multi-currency functionality.

Key Characteristics of Wise

• Funds held and converted across 40+ currencies under a single login, all at the real mid-market exchange rate with the fee shown upfront, typically from around 0.33% depending on the currency pair

• Local receiving account details, including a UK sort code and account number, a EUR IBAN and a US routing number, in around 22 currencies once the Advanced plan is active

• A far wider eligibility net than Mettle: sole traders, freelancers, limited companies, public companies and partnerships can all apply

• Batch payments supporting up to 1,000 recipients in a single run, useful for payroll or supplier runs

• No monthly subscription. A single one-off £50 charge unlocks the Advanced plan, which most UK businesses need to receive payments at all

• Volume-based FX discounts for businesses sending more than £20,000 a month in foreign currency

• A Trustpilot rating of around 4.3 out of 5 from close to 295,000 reviews as of July 2026, though this figure covers Wise's personal and business customers together rather than the business account specifically

Trade-Offs to Consider

• Wise isn't a bank. Funds are safeguarded under the Electronic Money Regulations 2011, held separately from Wise's own money, but this isn't the same as the statutory FSCS guarantee

• The free Essential plan can't receive payments or set up direct debits since a November 2025 pricing change, which pushes most businesses towards the £50 Advanced plan almost immediately

• No overdraft, no lending, and no way to build a credit facility through Wise itself, the same gap Mettle has

• No cash deposits and no cheque handling of any kind, unlike Mettle's Post Office barcode option

• Only two free ATM withdrawals a month, up to a combined £200. Beyond that, a 1.75% fee plus a flat £0.50 charge applies per withdrawal

• Support runs through in-app chat and email rather than a phone line, and some reviewers report response times of several hours during busier periods

We looked into what the £50 Advanced fee means in practice, and for a business that needs to invoice a single overseas client even occasionally, it pays for itself quickly against the cost of routing that payment through a sterling-only account like Mettle's. For a wider look at how Wise stacks up against another multi-currency specialist, our Wise vs Airwallex comparison is useful background if you're weighing more than these two options.

How They Charge

Mettle Pricing

Mettle has one plan, and it's free: no monthly fee, no transfer fees, no minimum balance. FreeAgent is included at no cost provided the account has at least one transaction a month; miss that and standard FreeAgent charges apply once the trial period ends. ATM withdrawals cost a flat £1 each, per Mettle's fee information document, checked April 2026. Cash paid in through the Post Office is credited within two working days, subject to the deposit limits above. Optional extras, like quote-to-invoice conversion at £4 a month, sit outside the core free account.

A business making 50 UK transfers a month and never touching cash or an overdraft pays nothing on Mettle beyond the odd ATM withdrawal.

Wise Pricing

Essential is free to open and lets a business hold and send money in multiple currencies, but since November 2025 it can't receive payments or set up direct debits. Advanced costs a one-off £50, with no ongoing monthly fee, and unlocks local account details for receiving money in around 22 currencies, direct debits and invoicing tools. FX conversions are charged separately at the mid-market rate plus a fee from around 0.33%, varying by currency pair, regardless of which plan you're on. We checked Wise's UK pricing pages in July 2026.

A business invoicing overseas clients in EUR or USD, and converting that income to GBP regularly, is where Wise's transparent FX fee tends to beat routing the same payments through a sterling-only account and a separate currency broker.

For more on how bundled accounting software changes the calculation across providers, our guide to business bank accounts with accounting covers the wider software side of the decision too.

Mettle vs Wise: Pros and Cons Compared

Feature Comparison: Mettle vs Wise

Payments and Transfers

Mettle's UK transfers are free and unlimited on its single plan. Wise's Advanced plan also offers free UK transfers, but its real strength is international payments, using local payment rails where available and the real mid-market exchange rate rather than a marked-up one.

Account Access

Both provide a UK sort code and account number with app-first management. Mettle is genuinely app-only, with no desktop login at all. Wise runs a full-featured web platform alongside its app, including batch payments, invoicing and accounting integrations, so there's no functionality gap between mobile and desktop.

Business Debit Cards

Both include a debit card as standard, a Mastercard from Mettle and a Visa from Wise. Wise's card is built for spending in whichever currency you're holding, something Mettle can't offer at all given its sterling-only design. Neither charges a fee for the card itself.

Invoicing and Admin

Mettle: In-app invoicing is powered by the bundled FreeAgent subscription, including customisable templates, payment status tracking and automated chasing of late payers.

Wise: Invoicing tools are included on the Advanced plan, built around the same multi-currency infrastructure as the rest of the account, useful if you're billing clients in a currency other than sterling.

Accounting Support

Mettle: FreeAgent comes included free with every account, and Mettle also syncs with Xero and QuickBooks for businesses that prefer a different tool.

Wise: Connects with Xero and other accounting tools, though the integration list is narrower than Mettle's, and there's no free accounting software bundled in the way FreeAgent is with Mettle.

International Payments

Mettle: None. There's no SWIFT facility, no multi-currency account, and no way to send an international payment from the app at all.

Wise: This is Wise's core product. Local account details in around 22 currencies, funds held in 40+ currencies, and transfers at the real mid-market rate with the fee shown before you send. This is the single biggest functional gap between the two providers, and it's the deciding factor for most businesses choosing between them.

Savings

Mettle: A Savings Pot paying around 0.95% AER (variable), holding up to £1 million, on top of the main account limit of £1 million. Confirm the current rate at mettle.co.uk before relying on it.

Wise: No dedicated savings product in the way Mettle offers one. Balances held in Wise's multi-currency account don't earn interest, so businesses wanting a return on cash reserves typically look elsewhere.

Regulation and Protection

Mettle and Wise sit in genuinely different regulatory categories, and when we speak to business owners about this comparison specifically, it's usually the point that decides things once the fee comparison is out of the way.

Mettle is a trading name of National Westminster Bank plc, which holds a full UK banking licence and is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority (FRN 121878). Eligible deposits are FSCS-protected up to £120,000, shared with any other accounts held across NatWest Group.

Wise isn't a bank. It's an electronic money institution, authorised by the FCA under the Electronic Money Regulations 2011. Customer funds are safeguarded, meaning they're held separately from Wise's own money and can't be used to cover the company's debts, but this isn't the same as the statutory FSCS guarantee. If deposit protection on your working balance is a priority, that's a meaningful factor to weigh, particularly for a business holding larger sterling balances rather than actively moving money between currencies.

Common Misconceptions About Mettle and Wise

"Mettle and Wise aren't real banks." Mettle is. It's provided by National Westminster Bank plc and carries a full UK banking licence. Wise is the e-money account here.

"Mettle and Wise are free." Mettle's single plan genuinely has no monthly fee. Wise's Essential plan also has no monthly fee, but it can't receive payments, and most businesses need the £50 one-off Advanced plan to use it properly.

"You need a limited company to use Mettle or Wise." Both accept sole traders. Mettle also accepts limited companies with up to two owners; Wise extends much further, to partnerships and public companies as well.

"Mettle doesn't accept cash." It does, through Post Office deposits using an in-app barcode, though the limits are tight at £500 a time and £23,000 a year. Wise accepts no cash at all.

"Wise's fees make it more expensive than a free account." Not necessarily. It's a one-off £50 charge, not a subscription, and for a business that needs to send or receive money internationally even occasionally, the saving on FX costs typically outweighs it, something we found consistently when comparing the two side by side.

What Real Customers Say About Mettle and Wise

Mettle holds a Trustpilot rating of around 4.5 out of 5 from more than 6,400 reviews as of August 2026. Recurring praise focuses on how straightforward the app is and the value of the free FreeAgent bundle for sole traders filing under Making Tax Digital. The main recurring complaint concerns delays during account opening and identity verification.

Wise's Trustpilot rating sits at around 4.3 out of 5 from close to 295,000 reviews as of July 2026, though this covers Wise's personal and business customers together rather than the business account in isolation. Positive reviews consistently highlight fast, transparent international transfers at a genuine mid-market rate. Less positive reviews mention account verification delays and, less commonly, temporary account freezes triggered by fraud checks on larger or unusual deposits.

Reddit feedback is more sparse than for the bigger challenger banks in our experience researching this space. Where Wise does come up, international freelancers and agencies tend to volunteer it as their go-to for overseas client payments, while Mettle mentions are sparser still and mostly limited to sole traders discussing the FreeAgent bundle.

Who Should Consider Mettle?

Mettle may be a good fit if your business:

• Is a UK sole trader or limited company with a single person who needs account access

• Wants free banking and free accounting software combined, with no ongoing cost

• Deals mostly in GBP, with no need to send or hold foreign currency

• Occasionally takes cash and can work within Post Office deposit limits

• Would rather have FSCS protection on its working balance than international functionality

If you're weighing Mettle against a rival with FSCS protection and broader features, our Starling vs Mettle comparison covers another fully licensed bank worth considering.

Who Should Consider Wise?

Wise may be better suited if you:

• Regularly send, receive or hold money in currencies other than sterling

• Are a partnership, LLP or public company, since Mettle's eligibility doesn't extend that far

• Want to see the real exchange rate and fee before every transfer, rather than a marked-up one

• Are prepared to pay a one-off £50 fee in exchange for lower ongoing international transfer costs

• Don't need an overdraft, cash deposits or phone-based customer support, since neither Mettle nor Wise offers these

If international payment volume is your main concern beyond this comparison, our Wise vs Starling comparison looks at how Wise stacks up against a fully licensed bank with its own FX offering.

FAQs About Mettle and Wise

Is Mettle or Wise better for international payments?

Wise, clearly. It offers local account details in around 22 currencies, holds funds in 40+ currencies, and converts at the real mid-market rate. Mettle has no international payment facility of any kind.

Can sole traders use Mettle or Wise?

Yes to both. Mettle also accepts limited companies with up to two owners, while Wise additionally accepts partnerships and public companies, a much wider range of business structures than Mettle supports.

Are Mettle and Wise accounts FSCS protected?

Mettle is, up to £120,000, as a NatWest Group bank account. Wise isn't. Funds are safeguarded under e-money regulations instead, which is a different form of protection to the statutory FSCS guarantee.

Do Mettle and Wise offer free invoicing?

Mettle's invoicing comes through its bundled FreeAgent subscription, included at no extra cost provided the account stays active. Wise includes invoicing on its Advanced plan, which requires the one-off £50 fee.

Does Mettle or Wise support international payments?

Wise does, with local account details, SWIFT and currency accounts in around 22 currencies. Mettle offers no international payment facility, so businesses needing both banking and international transfers typically run the two alongside each other rather than choosing one.

Is Wise's free Essential plan good for businesses?

It's limited. Since November 2025, Essential can't receive payments or set up direct debits, so most businesses need the £50 Advanced plan to use Wise as a working account rather than just a way to send money out.

Alternatives to Mettle and Wise

• Want a free account with a wider range of eligible business structures than Mettle? Compare against Tide

• Need FSCS protection but also want multi-currency features without relying on an e-money account? Compare against Starling, covered in our Starling vs Mettle comparison

• Want Mettle-style bundled accounting software from a different provider? Compare against Monzo, covered in our Monzo vs Mettle comparison

• Choosing between two international-focused providers rather than a bank and an e-money account? Read our Tide vs Wise comparison

If eligibility is your biggest concern, our no credit check business accounts guide is worth checking alongside this comparison, and our switching guide covers how the Current Account Switch Service works if you're moving from an existing account.

Our Verdict: Mettle or Wise?

If your business is a UK sole trader or a small limited company with a single owner, banks mainly in sterling, and wants free banking backed by a full UK banking licence and statutory FSCS protection, Mettle is the more straightforward starting point, and in our experience the bundled FreeAgent subscription alone justifies a look for anyone already planning to pay for accounting software.

If your business is a partnership, LLP or public company that Mettle won't accept, or regularly sends, receives or holds money in currencies other than sterling, Wise is the better fit. The real mid-market exchange rate and transparent per-transaction fees tend to pay for the one-off £50 setup cost quickly, something we've seen borne out consistently when we've looked into how businesses actually use these tools day to day.

Neither is the right pick for a business that needs an overdraft, since neither offers one on any plan. Many businesses trading internationally end up running a Mettle account for free domestic sterling banking alongside a Wise account for international payments, rather than treating the choice as either-or.