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Wise and ANNA are both e-money institutions rather than banks, so neither carries FSCS protection on everyday balances, but that's roughly where the similarity ends. Wise is built around holding and moving money in 40-plus currencies at the real exchange rate, aimed squarely at businesses trading internationally. ANNA is built around automating the admin side of running a UK business: invoicing, receipt capture, and an optional add-on that files your VAT, Corporation Tax and payroll for you.
We've looked into both accounts in detail, and the choice largely comes down to what you're trying to solve. Do you need genuine multi-currency banking for overseas clients and suppliers, or do you need a UK-focused account that takes tax admin off your plate?
This guide compares Wise Business against ANNA on fees, features, eligibility and regulatory protection, so you can work out which one actually fits how your business runs.
Wise vs ANNA: At a Glance Comparison
Wise Business | ANNA | |
|---|---|---|
Account provider | Wise Payments Limited, an FCA-authorised electronic money institution under the Electronic Money Regulations 2011 | Absolutely No Nonsense Admin Ltd, trading as ANNA Money, with accounts issued by PayrNet Limited (FRN 900594) |
Core focus | Multi-currency account for holding, sending and receiving money in 40+ currencies | UK business account built around automated bookkeeping, invoicing and optional tax filing |
Typical users | Businesses with international clients, overseas suppliers, or income in foreign currencies | UK sole traders, freelancers and small companies that want banking and tax admin combined |
Monthly fees | No monthly fee; a one-off £50 charge unlocks the Advanced plan needed to receive payments | Three plans: free Pay As You Go, Business at £22.90 + VAT, and Big Business at £59.90 + VAT |
UK transfers | Free on the Advanced plan; the free Essential plan cannot receive payments at all | Unlimited on Pay As You Go (outgoing) and Big Business; 60 free a month on Business, then 20p each |
Built-in invoicing | Included on the Advanced plan | Included on every plan, with QuickPay functionality for online card payments |
Accounting integrations | Xero and other accounting tools, though the integration list is narrower than some rivals | Xero and QuickBooks, plus an optional +Taxes add-on that automates VAT, Corporation Tax and payroll filing |
Overdraft | None on any plan | None on any plan |
FSCS protection | No. Funds are safeguarded under e-money regulations, not FSCS-insured | No on the main account. ANNA's separate savings product, provided by Griffin Bank, is FSCS-protected up to £120,000 |
Eligible business types | Sole traders, freelancers, limited companies, public companies and partnerships | Sole traders, limited companies, LLPs and partnerships, UK-registered businesses only |
Cash deposits | None | Yes, via PayPoint, at 1% per deposit, capped at £1,000 a day and £10,000 a month |
Customer support | In-app chat and email, available around the clock | In-app chat and email, available 24/7 |
Wise's Essential plan is free to open but, since November 2025, cannot receive payments or set up direct debits, so most businesses end up paying the one-off £50 fee for Advanced almost immediately. ANNA's Pay As You Go plan has no monthly fee at all and stays usable indefinitely, though a 0.95% commission applies to every incoming payment.
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 wide eligibility net: 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
No cash deposits and no cheque handling of any kind
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
No automated tax filing or bookkeeping tools of the kind ANNA offers, so businesses that want VAT or Corporation Tax handled inside the app will need a separate accountant or software
In our experience, Wise suits a business that needs genuine multi-currency banking more than it needs anything else, and is happy to run its UK tax admin through a separate accountant or accounting software. For a wider look at how Wise stacks up against another multi-currency specialist, our Wise vs Airwallex comparison is useful background, and our Wise vs Starling comparison is worth a look if FSCS protection alongside international payments matters to you.
What ANNA Is Designed For
ANNA is built for UK sole traders, limited companies, LLPs and partnerships that want their day-to-day banking and their tax admin handled in the same app, rather than juggling a bank account and separate accounting software.
Key Characteristics of ANNA
Three plans running from free to fully unlimited: Pay As You Go at £0, Business at £22.90 + VAT a month, and Big Business at £59.90 + VAT a month, with the first month free on both paid tiers
An optional +Taxes add-on at £29 + VAT a month, limited company accounts only, covering VAT calculation and filing, Corporation Tax estimates and filing, payroll, and automated bookkeeping
AI-assisted receipt capture that reads and categorises expenses automatically on every plan, including the free tier
Cash deposits accepted through any PayPoint branch, at 1% per deposit, up to £1,000 a day and £10,000 a month, something Wise doesn't offer at all
Instant invoicing with QuickPay functionality for online card and Apple Pay payments, included on every plan
Cashback of up to 40% on more than 150 partner products and services
A Trustpilot rating of around 4.5 out of 5 from more than 5,500 reviews as of July 2026, with recurring praise for the speed of account opening and the responsiveness of in-app support
Trade-Offs to Consider
No overdraft or lending facility on any plan
Not a genuine multi-currency account. ANNA sends payments abroad via SWIFT with a currency conversion fee attached, but it doesn't hold or receive balances in foreign currencies the way Wise does
Incoming payments cost 0.95% commission on the free Pay As You Go plan, which adds up quickly for a business taking regular payments before it upgrades
International payments carry a currency conversion fee of 1% on Pay As You Go and Business, dropping to 0.5% on Big Business, plus a per-payment SWIFT charge once the free monthly allowance is used
No FSCS protection on the main current account. ANNA's savings product is FSCS-protected, but that's a separate account, not the everyday balance
Restricted to UK-registered businesses only, and charities are not currently accepted
When we speak to business owners choosing between the two, the deciding question is usually whether they need to move money internationally at all. If the answer is mostly no, ANNA's tax automation tends to outweigh Wise's FX advantage. If eligibility beyond ANNA's UK-only structures is a concern, our Tide vs ANNA comparison and our ANNA vs Starling comparison are worth a look alongside this one.
How They Charge
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 UK-only account and a separate currency broker.
ANNA Pricing
Pay As You Go has no monthly fee, but charges 0.95% commission on every incoming payment, with unlimited free outgoing transfers and free ATM withdrawals. Business costs £22.90 + VAT a month and includes 60 free local transfers, three free ATM withdrawals, two free SWIFT payments and two free CHAPS payments a month, each with a charge once the allowance runs out. Big Business costs £59.90 + VAT a month and includes unlimited free local transfers, unlimited CHAPS, and a reduced 0.5% FX fee on international transfers. We confirmed all three plans directly from ANNA in August 2026.
A business taking fewer than roughly 20 to 25 payments a month, and not sending money abroad, often finds Pay As You Go cheaper than either of ANNA's paid tiers or a Wise Advanced account, since there's no £50 setup cost and no monthly subscription, only the 0.95% commission on what comes in.
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.
Wise vs ANNA: Pros and Cons Compared
Wise | ANNA | |
|---|---|---|
Pros | Real mid-market exchange rate on every conversion | Free Pay As You Go plan available indefinitely |
Holds and receives money in 40+ currencies | AI-assisted tax and bookkeeping automation included | |
No monthly subscription, just a one-off setup fee | Cash deposits accepted via PayPoint | |
Open to partnerships, LLPs and public companies | Optional +Taxes add-on files VAT, Corporation Tax and payroll | |
Batch payments for up to 1,000 recipients | Cashback on 150+ partner products and services | |
Cons | Everyday balance is safeguarded, not FSCS-protected | Everyday balance is safeguarded, not FSCS-protected |
Free Essential plan can't receive payments | 0.95% commission on incoming payments on the free plan | |
No overdraft or credit facility on any plan | No overdraft or credit facility on any plan | |
Only two free ATM withdrawals a month | Doesn't hold foreign currency balances the way Wise does | |
No cash deposits or cheque handling | UK-registered businesses only, charities excluded |
Feature Comparison: Wise vs ANNA
Payments and Transfers
Wise's Advanced plan 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. ANNA's transfer allowances scale with plan: unlimited outgoing on Pay As You Go, 60 free a month on Business, and unlimited on Big Business, with international payments handled through SWIFT rather than held balances.
Account Access
Both providers run app-first, with Wise also offering a full-featured web platform for batch payments, invoicing and accounting integrations. ANNA is primarily app-based, with account management, invoicing and receipt capture built around the mobile experience.
Business Debit Cards
Wise issues a Visa debit card built for spending in whichever currency you're holding, something ANNA can't offer given its sterling-focused design. ANNA issues a Mastercard debit card, with up to five free additional cards on the Business plan and unlimited on Big Business.
Invoicing and Admin
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.
ANNA: Instant invoicing with QuickPay functionality is included on every plan, including the free tier, alongside AI-assisted receipt capture that categorises expenses automatically.
Accounting and Tax Support
Wise: Connects with Xero and other accounting tools, though there's no bundled accounting or tax filing software of any kind.
ANNA: Connects with Xero and QuickBooks as standard, and limited companies can add the +Taxes service at £29 + VAT a month for automated VAT calculation and filing, Corporation Tax estimates and filing, and payroll for one director or employee.
International Payments
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.
ANNA: SWIFT payments only, with a 1% currency conversion fee on Pay As You Go and Business, dropping to 0.5% on Big Business. ANNA doesn't hold multi-currency balances, so businesses that need to keep funds in EUR or USD between transactions will find Wise's model better suited.
Savings
Wise: No dedicated savings product. Balances held in Wise's multi-currency account don't earn interest.
ANNA: A separate savings account provided by Griffin Bank, with eligible deposits protected by the FSCS up to £120,000. Confirm the current rate with ANNA before relying on it, since savings rates change frequently.
Regulation and Protection
Wise and ANNA sit in the same broad regulatory category, and when we look into this comparison specifically, it's the one area where the two providers are more alike than different.
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.
ANNA also isn't a bank. Accounts are issued by PayrNet Limited, an FCA-authorised electronic money institution (FRN 900594), and customer funds are similarly safeguarded rather than FSCS-insured. The one exception is ANNA's separate savings account, provided by Griffin Bank, a PRA and FCA-regulated bank whose deposits are FSCS-protected up to £120,000. If deposit protection on your working balance is a priority rather than your savings pot, neither Wise nor ANNA's current account offers it, and it's worth weighing a fully licensed bank instead.
Common Misconceptions About Wise and ANNA
"Wise and ANNA are banks." Neither is. Both are electronic money institutions, and funds in the everyday account are safeguarded under the Electronic Money Regulations 2011 rather than FSCS-insured.
"ANNA works like Wise for international payments." Not quite. ANNA sends money abroad via SWIFT with a conversion fee, but it doesn't hold balances in foreign currencies. Wise is built to hold, receive and convert across 40-plus currencies as its core function.
"ANNA's free plan gives you free banking." Mostly, but not entirely. Pay As You Go has no monthly fee, but a 0.95% commission applies to every incoming payment, something worth modelling against your typical payment volume before assuming it's free.
"You need to be a limited company to use Wise or ANNA." Both accept sole traders. ANNA also accepts LLPs and partnerships, while Wise extends further still, to public companies as well.
"Neither ANNA nor Wise accepts cash." ANNA does, through PayPoint branches at a 1% fee. Wise accepts no cash deposits at all.
What Real Customers Say About Wise and ANNA
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.
ANNA holds a Trustpilot rating of around 4.5 out of 5 from more than 5,500 reviews as of July 2026. Recurring praise focuses on the speed of account opening, the responsiveness of 24/7 in-app support, and the value of the automated tax tools for sole traders and small limited companies. A smaller number of reviews describe difficulties around account closures and delays returning funds, which is worth weighing if you're planning to hold significant balances.
Reddit feedback is more sparse than for the bigger challenger banks in our experience researching this space. Where ANNA comes up, sole traders and small agencies tend to recommend it for the tax automation specifically, while Wise mentions are usually around freelancers and agencies handling overseas client payments.
Who Should Consider Wise?
Wise may be a good fit if your business:
Regularly sends, receives or holds money in currencies other than sterling
Is a partnership, LLP or public company, since eligibility extends further than most UK-only providers
Wants to see the real exchange rate and fee before every transfer, rather than a marked-up one
Is prepared to pay a one-off £50 fee in exchange for lower ongoing international transfer costs
Doesn't need cash deposits, an overdraft, or built-in tax filing software
If international payment volume is your main priority, our Tide vs Wise comparison looks at how Wise stacks up against a fully UK-focused challenger.
Who Should Consider ANNA?
ANNA may be the better fit if your business:
Deals mostly in GBP, with little or no need to hold foreign currency
Wants tax admin, invoicing and bookkeeping handled inside the same app as its banking
Occasionally takes cash and can work within PayPoint's deposit limits
Is a UK sole trader, limited company, LLP or partnership, since ANNA doesn't accept overseas businesses or charities
Would rather start free on Pay As You Go and upgrade only once transfer volume justifies it
If tax automation is your priority beyond this comparison, our Monzo vs ANNA comparison and our Countingup vs ANNA comparison cover two other providers built around similar admin-first positioning.
FAQs About Wise and ANNA
Is Wise or ANNA better for international payments?
Wise, clearly. It holds and receives funds in 40-plus currencies at the real mid-market rate. ANNA sends payments abroad via SWIFT with a conversion fee but doesn't hold multi-currency balances.
Can sole traders use Wise or ANNA?
Yes to both. ANNA also accepts limited companies, LLPs and partnerships, while Wise additionally accepts public companies, a slightly wider range of business structures.
Are Wise and ANNA accounts FSCS protected?
Neither is, on the main current account. Both safeguard funds under e-money regulations instead. ANNA's separate savings account, provided by Griffin Bank, is FSCS-protected up to £120,000.
Do Wise and ANNA offer free invoicing?
ANNA includes invoicing on every plan, including the free Pay As You Go tier. Wise includes invoicing only on its Advanced plan, which requires the one-off £50 fee.
Does Wise or ANNA handle UK tax filing?
ANNA does, through its optional +Taxes add-on at £29 + VAT a month for limited companies, covering VAT, Corporation Tax and payroll. Wise has no built-in tax filing tools of any kind.
Is ANNA's free Pay As You Go plan good for businesses?
It can be, provided you're not taking frequent payments. The 0.95% commission on incoming payments adds up quickly for a business with regular income, at which point the Business or Big Business plan may work out cheaper.
Alternatives to Wise and ANNA
Want a fully licensed bank with FSCS protection instead of an e-money account? Compare against Starling, covered in our Wise vs Starling comparison and our ANNA vs Starling comparison
Choosing between two international-focused providers rather than a bank and an admin-first account? Read our Wise vs Airwallex comparison
Want ANNA-style tax automation from a different provider? Compare against Countingup, covered in our Countingup vs ANNA comparison
Weighing ANNA against another UK challenger bank? Our Tide vs ANNA comparison and Monzo vs ANNA comparison cover two further options
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: Wise or ANNA?
If your business regularly sends, receives or holds money in currencies other than sterling, or trades as a partnership, LLP or public company, Wise is the stronger starting point. The real mid-market exchange rate and transparent per-transaction fees tend to justify the one-off £50 setup cost quickly for any business with genuine international payment volume.
If your business deals mostly in GBP and would rather have tax admin, invoicing and bookkeeping automated inside the same app as its banking, ANNA is the better fit, and in our experience the +Taxes add-on alone justifies a look for a limited company already paying an accountant for VAT and Corporation Tax filing.
Neither is the right pick for a business that needs an overdraft, since neither offers one on any plan, and neither carries FSCS protection on its everyday balance. Businesses trading internationally while also wanting UK tax automation sometimes end up running an ANNA account for domestic admin alongside a Wise account for overseas payments, rather than treating the choice as either-or.
