Wise launches Wise Business account in Hong Kong for local SMEs to streamline their multi-currency payments in a few clicks

• Hong Kong businesses lost approximately HKD 25.75bn in 2024 alone due to exchange rate markups1

• With one simple, easy-to-use Wise Business account, Hong Kong businesses can receive payments in 23+ currencies, convert funds at the mid-market exchange rate and transact globally

Hong Kong, Mar 3, 2025 – Wise (LON: WISE), the global technology company building the best way to move and manage money around the world, today announces the launch of its international business account in Hong Kong. This will enable small-and-medium enterprises (SMEs) in the city to pay, get paid globally and manage 40+ currencies, helping them expand abroad with ease. 

According to a Wise commissioned study which polled over 200 finance decision makers in Hong Kong SMEs2, nearly all (96%) of those surveyed have made or received a cross-border payment in the past six months, with over half (52%) saying they do so on a weekly basis. 

Cross-border payment demand is set to grow, with SMEs who made international transactions in the past 6 months expecting increases across multiple areas: 56% expect more payments from overseas business partners, 55% from consumers, 52% for paying suppliers abroad and 47% to set up new overseas entities. 

Yet, high fees, complex processes and inefficiencies continue to plague businesses:

• Hidden fees drive up costs: Traditional banks often have opaque fee structures, making it difficult for businesses to fully understand costs. Only 41% of SMEs surveyed are aware that exchange rate markups are often applied to global transactions. These often undisclosed markups add up — a separate research3 found that Hong Kong businesses lost  approximately HKD 25.754 billion in 2024 alone due to inflated exchange rates, highlighting the need for transparent pricing and lower fees. 

• Poor payment experiences hurt businesses: A staggering 85% of SMEs surveyed reported negative business impacts from poor payment experiences. These businesses face significant challenges including the inconvenience (57%) of using multiple providers and the inability to track transactions, followed by lack of clarity on transaction amounts (41%), slow transactions taking more than a day (37%) and high fees (35%). 

New Wise Business account addresses these pain points head on

With Wise Business, customers get faster, low-cost, more convenient and transparent cross-border payments, allowing them to focus their energy on growing their businesses. Unlike traditional banking solutions, Wise also makes it easy to get started with zero account opening fees, no minimum balance requirements and no monthly subscription fees, to access features like: 

Receive payments globally with local account details

• Get local account details for 9 major currencies (USD, GBP, EUR, SGD and more) to receive payments quickly with no fees. This benefits businesses working with international clients or withdrawing earnings from marketplaces and online platforms. 

• Receive 14+ additional currencies such as CNY via SWIFT, ensuring broader coverage, with full transparency on fees

Seamlessly send and manage 40+ currencies

• Businesses can use received funds right away, such as paying suppliers in the same currency without incurring additional conversion fees. They can also send the funds globally, or convert the sum to another currency, all at the mid-market exchange rate with low, upfront fees. 

• 65% of all Wise payments arrive instantly within 20 seconds, with an average global transaction fee of 0.59%.6

Access tools to simplify global payments

• Integration capabilities with accounting software like Xero and Quickbooks to automate reconciliation.

• Generate professional invoices for free and track invoice statuses 

• Create unique Quick Pay links and QR code to receive payments in multiple currencies repeatedly from customers and clients

• Batch payments to pay up to 1,000 people in one click

“For Hong Kong SMEs, streamlining multi-currency transactions is critical to scaling globally. Our survey found that businesses seek convenience (55%), real-time transactions (51%), competitive exchange rates and low fees (48% respectively), yet cross-border payment inefficiencies and a lack of transparency around fees remains a major challenge,” said Angel Chan, Hong Kong Expansion Lead, Wise.

Wise’s growing presence in Hong Kong 

“The launch of the Wise Business account is our answer, offering businesses a faster, more affordable, convenient and transparent way to manage global payments in one place, so they can focus on growing their business. With SMEs making up over 98% of enterprises in Hong Kong and playing a vital role in the economy, we’re proud to support their global ambitions and help them scale with ease,” Chan added.

The launch of the Wise Business account further strengthens Wise’s presence in Hong Kong, where it has been providing low-cost, fast, and transparent cross-border transactions for both consumers and businesses since 2018. Wise has also made progress in its mission to make cross-border payments affordable — for example, customers sending 100,000 HKD to the United States can expect their recipient to get up to US$4877 more with Wise than with other providers. 

Survey methodology 

Beyond serving customers directly, Wise Platform, Wise’s global payments infrastructure, also powers cross-border payments for partners like ZA Bank, Mox and Standard Chartered, enabling their customers to send money internationally faster and cheaper seamlessly within their banking apps. 

All figures, unless otherwise stated, are from YouGov Plc. The survey was by YouGov with 216 finance business decision makers (middle managers or above) with finance responsibility in Hong Kong SMEs (below 100 employees). Fieldwork was undertaken between 6th - 10th February 2025. 

Footnotes

 [1] Converted from 3.3 bn USD at the rate of 1 USD = HKD 7.8029

[2]  SMEs are defined as an organization with fewer than 100 employees

[3]  Research by Edgar Dunn & Company for Wise, undertaken between September and November 2024

[4]  Converted from 3.3 bn USD at the rate of 1 USD = HKD 7.8029

[5]  Free for most currencies. Receiving USD wire may involve a fee

APPENDIX

Appendix A : Wise Study Findings (Feb 2025) 

The survey was carried out with 216 respondents in decision makers with finance responsibilities in Hong Kong SMEs

Increased cross-border business activity amongst SMEs

• 96% of Hong Kong SMEs have sent or received cross-border transactions over the past six months, with 52% doing so on a weekly basis. 

• Amongst SMEs who made international transactions in the past 6 months, 56% expect an increase in payments received from overseas business partners, 55% from consumers, and 52% for paying suppliers abroad. 

• Interestingly, 47% expect an increased need to send money to set up new overseas entities, signalling a healthy appetite for international expansion

• Singapore (44%), and other parts of Mainland China (40%), are the top markets that respondents have sent or received money from, followed by the US (19%), the Greater Bay Area (18%), Japan (17%), Germany (17%), and the UK (17%).

High costs and complex processes frustrates SMEs

• A staggering 85% of SMEs surveyed reported negative business impacts from poor payment experiences. 

• Inconvenience emerged as the top challenge for 57% of SMEs surveyed, which includes the hassle of using multiple providers and the inability to track transactions. This is followed by lack of clarity on transaction amounts (41%), slow transactions taking more than a day (37%) and high fees (35%). 

• These inefficiencies create real business consequences. For example, it damaged relationships or branding with customers and suppliers (46%), increased the workload on financial and accounting staff (29%), caused an inability to purchase critical services or goods on time (25%) and increased tension between the finance department and other business divisions (24%). 

Traditional payment methods, which are usually associated with hidden fees and slower processes, are used by most SMEs

• 84% of SMEs surveyed rely on traditional banks/financial institutions for cross-border payments. 

• Amongst those who use traditional banks as their primary provider, only 38% are aware that exchange rate markups may be applied to their cross-border transactions. 

• The lack of understanding can come at a cost, with separate research showing that Hong Kong businesses lost around HKD 25.75 billion in 2024 alone due to inflated exchange rates.