Open Wise Business Account for BVI Companies: Complete Guide

Wise (formerly TransferWise) has become a popular choice for businesses managing international payments. The platform offers mid-market exchange rates and transparent fees, which can reduce cross-border transaction costs compared to traditional banks.¹

For companies incorporated in the British Virgin Islands, however, accessing Wise BVI business accounts is not currently possible. This article examines the current situation, available alternatives, and future possibilities for BVI-registered entities.

Why Wise Matters for International Business

Wise allows businesses to hold funds in over 40 currencies and send money to more than 70 countries.² The platform provides local account details in major currencies, including USD, EUR, and GBP, enabling businesses to receive payments without international transfer fees.

The service uses the mid-market exchange rate for currency conversions, displaying all fees upfront before transactions are completed. Wise supports batch payments of up to 1,000 recipients simultaneously and integrates with accounting software like Xero and QuickBooks.²

For businesses with international clients, remote teams, or global suppliers, these features can streamline payment operations and reduce costs. However, not all jurisdictions have access to Wise business accounts.

Can BVI Companies Open Wise BVI Business Accounts?

Wise does not currently accept business account applications from companies incorporated in the British Virgin Islands.

The platform maintains specific requirements for supported jurisdictions. Offshore financial centers face additional scrutiny due to regulatory compliance standards and anti-money laundering requirements.

Individuals residing in the British Virgin Islands can open personal Wise BVI accounts. Business entities registered under BVI law cannot access business account services at this time.

Why Wise Doesn't Accept BVI Companies

Wise operates under strict regulatory requirements across multiple jurisdictions. The platform must comply with anti-money laundering (AML) regulations and know-your-customer (KYC) standards enforced by financial authorities including the Financial Conduct Authority (FCA) in the UK and FinCEN in the US.

Offshore jurisdictions require enhanced due diligence procedures. Financial institutions must conduct additional verification steps for companies incorporated in territories designated as higher-risk by regulatory bodies. These procedures increase operational costs and compliance complexity.

The British Virgin Islands, while a legitimate business jurisdiction, is classified as an offshore financial center. Financial service providers apply stricter onboarding requirements for companies from such jurisdictions, regardless of the actual business activities conducted. This approach helps payment platforms maintain their licenses and banking relationships in primary markets.

Wise prioritizes jurisdictions where regulatory frameworks align with their operational model. The company expands to new markets based on compliance infrastructure, business demand, and resource availability. The waitlist system (explained below) indicates Wise is evaluating future support for BVI companies.

The Subsidiary Structure Approach

Some BVI companies access Wise by establishing subsidiary companies in supported jurisdictions. Common choices include the United Kingdom, the United States, Singapore, and European Union countries.

The subsidiary operates as the legal entity holding the Wise account. This structure requires the subsidiary to demonstrate genuine business substance with actual operations in that jurisdiction. Tax implications vary by country, and professional advice is recommended. Clients' invoices and payments are received through the subsidiary entity, which requires updates to existing agreements.

Alternative Payment Solutions for BVI Companies

Airwallex

Airwallex supports business operations in over 200 countries across 60+ currencies. The platform provides local account details in 20+ currencies and processes 95% of transfers to 120+ countries on the same day through local payment rails. Features include multi-currency accounts, virtual and physical cards with expense management, payment gateway services, and API integration capabilities.

Traditional Banking Options

International banks, including HSBC, OCBC, and DBS, serve offshore companies. These institutions typically require higher minimum balances and charge monthly maintenance fees. Account opening processes involve more documentation and longer approval timeframes compared to fintech platforms.

Joining the Waitlist for Wise BVI

Wise has established a waitlist for British Virgin Islands business entities.³

Registration steps:

1. Navigate to https://wise.com/register in your web browser
2. Create a new Wise account using your business email address
3. Check your inbox and complete the email verification step by clicking the verification link
4. After verification, you will be prompted with the question: "What kind of account would you like to open today?"
5. You need to select Business Account from the available options
6. This takes you to the next step, where Wise asks you to choose the country of your business incorporation
7. Select British Virgin Islands from the country dropdown list
8. You will notice a "Waitlist available" badge displayed next to the British Virgin Islands country name
9. Click on the British Virgin Islands option to proceed
10. The system will display the message: "Due to high demand, we've had to pause new sign-ups in British Virgin Islands. We should be back soon - join the waitlist to stay updated."
11. Click the Join Waitlist button to officially register your interest
12. You will be added to Wise's waitlist group for BVI companies

Once registered, Wise will contact you when they begin accepting business accounts from British Virgin Islands companies. Joining the waitlist does not guarantee approval. When Wise begins accepting BVI companies, approval will depend on your specific business circumstances, activities, and compliance requirements at that time.³ No specific timeline has been announced for when BVI business accounts will become available.

Frequently Asked Questions (FAQs)

Can I use a personal Wise account for BVI business transactions?

Using personal accounts for business purposes violates Wise's terms of service.⁴ Business and personal finances should remain separate for compliance and accounting purposes.

How long does subsidiary company formation take in Wise-supported countries?

UK company formation typically completes in 24-48 hours. US LLC establishment takes 1-2 weeks. Singapore incorporation requires 2-3 weeks. Additional time is needed for bank account opening and Wise business verification.

Will joining the Wise waitlist guarantee account access?

The waitlist does not guarantee approval. When Wise begins accepting BVI companies, approval will depend on specific circumstances, business activities, and compliance requirements at that time.

Can BVI companies use multiple payment platforms?

Yes, businesses can maintain accounts with multiple providers. This approach provides access to different currency corridors and maintains backup payment channels.

Conclusion

BVI companies currently have three options for international payment services.

The subsidiary approach provides access to Wise but requires establishing and maintaining a company in a supported jurisdiction. This option suits businesses with substantial transaction volumes where cost savings justify administrative requirements.

Alternative payment platforms like Airwallex provide immediate access without corporate restructuring. These services are designed for international operations and offer competitive pricing.

The Wise waitlist option requires no immediate action beyond registration. Businesses using alternative solutions can join the waitlist to receive a notification when Wise begins accepting BVI companies.

Consider transaction volumes, required currencies, and operational needs when evaluating these options.

Sources

1. https://wise.com/gb/blog/british-virgin-islands-corporate-tax
2. https://wise.com/us/business/
3. https://wise.com/register
4. https://wise.com/help/articles/2813542/where-do-i-need-to-live-to-hold-money-with-wise