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Wise Business and Starling Bank are both popular choices for UK companies, but they serve different business needs.
Wise Business is built around international money management, offering low‑cost foreign exchange and global payments. Starling Bank is a fully licensed UK bank, designed to provide a complete business current account with strong protections and everyday banking features.
This guide compares Starling and Wise across fees, features, regulation, and which types of UK companies each account is best suited to.
Wise vs Starling: At a Glance Comparison
Wise Business | Starling Bank | |
Account model | Electronic Money Institution (EMI) | Fully licensed UK bank |
Core focus | International payments, FX | Full business banking |
Typical users | SMEs, exporters, remote businesses | Sole traders, limited companies, SMEs |
Monthly fees | No monthly fee | Free |
Multi‑currency | Yes | Limited |
Lending | Not available | Available subject to approval |
FSCS protection | No | Yes (up to £85,000) |
Business Bank Account Offers and Fees
What Wise Business is Designed For
Wise Business is designed for companies that regularly send, receive, or hold money in multiple currencies. Its main advantage is transparent pricing and access to the real exchange rate when making international transfers.
Rather than positioning itself as a full business bank, Wise focuses on doing one thing well: moving money across borders efficiently.
Key Characteristics of Wise Business
Hold and manage funds in 40+ currencies
Local bank details for GBP, EUR, USD, and more
Low‑cost international transfers with upfront fees
No monthly subscription
Integrates with accounting tools like Xero and QuickBooks
Available to sole traders and limited companies
Trade‑Offs to Consider
Not a full business current account
No overdrafts, loans, or credit facilities
Limited business management tools
FSCS protection does not apply
Wise Business is often chosen by international businesses that prioritise cost‑effective FX over traditional banking features.
What Starling Bank is Designed For
Starling Business is built to replace a traditional business bank account, delivering core banking features through a digital experience. It offers a free business current account backed by full UK bank regulation.
Starling includes everyday tools as standard, rather than charging for upgrades or add‑ons.
Key Characteristics of Starling
Fully licensed UK bank
Free business current account
FSCS protection on eligible deposits
Built‑in invoicing and spending categories
Supports overdrafts and business loans
Available to sole traders and limited companies
Trade‑Offs to Consider
Limited multi‑currency functionality
International transfers are not its main strength
Fewer optional add‑ons compared to some fintech platforms
Starling tends to appeal to businesses that want stability, protection, and simplicity in their day‑to‑day banking.
How They Charge
Wise Business Pricing
No monthly account fee
One‑off fee to open the account
Pay‑as‑you‑go international transfer fees
FX fees vary by currency but are shown upfront
Card fees apply separately
Wise’s pricing suits businesses with irregular or high‑value international payments.
Starling Pricing
No monthly account fee
No paid plans or tiers
Charges apply for services like cash deposits
Lending products priced separately
Starling’s pricing is straightforward, with minimal decision-making required.
Feature Comparison: Wise vs Starling
Everyday Banking
Payments and transfers: Both support domestic payments and Faster Payments
Business debit cards: Both provide business debit cards
Account access: Mobile apps with desktop access
International Payments
Wise Business: Strong focus on low‑cost international transfers and FX
Starling: International payments available, but not a core feature
Invoicing and Admin
Wise Business: No built‑in invoicing
Starling: Invoicing included as standard
Accounting Integrations
Wise Business: Integrates with popular accounting platforms
Starling: Integrates with tools like Xero, FreeAgent, and QuickBooks
Cash Handling
Wise Business: Limited cash support
Starling: Cash deposits via the Post Office (fees apply)
Regulation and Protection
Wise Business and Starling operate under different regulatory models.
Wise Business is an E-Money Institution (EMI)
Customer funds are safeguarded, but not FSCS‑protected
Money is held separately from Wise’s own funds
Starling Business is a fully licensed UK bank
Eligible deposits are protected by the FSCS up to £85,000
Funds benefit from full UK banking regulation
For SMEs that prioritise deposit protection and regulatory certainty, Starling offers stronger reassurance.
Who Should Consider Wise Business?
Wise Business may be a good fit if your company:
Trades internationally or pays overseas suppliers
Wants low, transparent FX fees
Holds money in multiple currencies
Doesn’t need overdrafts or business loans
Uses external accounting software
Who Should Consider Starling Bank?
Starling Business may suit firms that:
Want a fully licensed UK business bank account
Value FSCS protection
Need an overdraft or lending options
Handle cash occasionally
Prefer a free, all‑in‑one banking solution
Alternatives to Wise and Starling
You may want to explore other business accounts if your company:
Needs both strong FX tools and full UK banking
Requires advanced expense management
Wants subscription‑based business tools
Operates in a specialist or regulated sector
In those cases, it’s worth comparing other UK business bank accounts to find a proper fit.
