Close your Wise business account
If you want to close your Wise business account, it is important that you know exactly which steps to follow. Wise operates entirely digitally and uses a clear procedure for closing business accounts.
Because your Wise business account gives access to international balances, company teams and invoicing features, it is wise to complete the process carefully. In this article, we explain step by step how to close your Wise business account correctly and completely.
How do I close my Wise business account?
Closing a Wise Business account is done entirely online. By carefully following each step, you can be sure your account is closed without delay.
1. Log in to your Wise Business account via web or app
Go to the settings menu and choose “Close account”. Wise only offers this option for accounts that meet all closure requirements.
2. Make sure all your balances are at €0
Wise uses multiple currency balances within one business account. You must empty all currencies by transferring them to another account or converting them to euros before you can continue.
3. Check that no payments or refunds are still in progress
Wise only allows you to close the account when no transactions are still pending, such as incoming payments, card transactions, or international transfers.
4. Remove all team members and linked cards
Wise Business accounts can have multiple users and physical/virtual cards. These must first be removed or cancelled before Wise can close the account.
5. Download your invoices, statements, and transaction overview
After the account is closed, you may lose access to your financial documents. Saving these in advance helps prevent issues with your administration or tax return.
6. Submit the closure definitively
When everything is in order, Wise will show a confirmation that your business account has been closed. Any remaining transactions may cause the closure to take a little longer.
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How long does it take to close a Wise business account?
Wise does not provide a fixed timeframe for closing a business account. In most cases, the request is processed immediately when all balances are at zero and no transactions are still pending. If card payments, refund processes, or international transfers are still being processed, the process may take a few extra days. Wise confirms by email when your business account has been fully closed.
Are there any costs associated with closing a business account with Wise?
Wise does not charge any cancellation fees for closing a business account. However, you should take into account any ongoing conversion fees or international transaction fees that are still being settled before your balance reaches zero. Only once all fees have been processed can you close the account.
Differences when closing a business account
You now know what is involved in closing your Wise business account. Because each bank has its own rules and procedures, it is wise to follow the specific requirements of banks for a smooth completion. Would you also like insight into how to close a business account with other banks?
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FAQ
Frequently asked questions about closing a Wise business account
Can I reopen my Wise business account after it has been closed?
What happens to invoices and team functionality when I close my Wise Business account?
Should I block my business Wise card before I close my account?
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