For self-employed people, sole traders, companies and associations in Austria
No more bank fees. Up to €8,000 a year – our real experience.
With Wise Business we pay wages, ÖGK, the tax office and suppliers online – with no fee per transaction.
- Real figures from our companies
- Wise is licensed and supervised in the EU
- Clearly labelled as advertising
Ad / referral link Wise Business has its own fees – please check Wise's current pricing.
Your bank costs per quarter
You will find this on your bank statement or quarterly account summary.
Wise Business has its own fees (e.g. one-time setup, currency conversion, certain transfers). Check Wise's current pricing and compare it with your bank statement.
This is not a guaranteed saving – the calculator only shows what your current account costs you over time.
See Wise BusinessAd / referral link
Our experience
What the bank really cost us
At our own companies we paid Austrian banks around €700 per quarter in transaction and account fees. A small association we know was paying more than €2,000 per quarter. With Wise Business we pay no fee per transaction.
- Our companiesaround €700per quarter= around €2,800 a year
- A small associationover €2,000per quarter= over €8,000 a year
Our own experience with Austrian banks (transaction and account fees), as of October 2026. Your costs depend on your bank, account model and number of transactions.
Our model
Our model: Wise for everything online – bank only for cash
Ideal if you need (almost) no cash and do everything online.
Everything online via Wise
We pay wages, ÖGK, the tax office, suppliers and other companies online from Wise – including larger amounts of several thousand euros. In our experience the money often arrives within seconds (no guarantee).
Keep your bank account
We keep our regular bank account – only for cash. As hardly anything is booked there any more, we essentially only pay the standard quarterly account fee, without the many per-transaction costs.
Cash via your bank
When we need cash, we transfer from Wise to our bank and withdraw it there at the ATM or counter. This cuts our costs considerably.
Cash – an honest note
Honest note: withdrawing cash directly with the Wise card costs extra – for us it was up to €10.79 for a €400 withdrawal. Check the fees in Wise's current pricing.
Who it's for
For everyone who makes lots of transfers and needs little cash
The more transactions go through your account, the more per-transaction bank fees cost you. It is especially worth checking your bank statement if you are:
Sole traders & freelancers
One account just for business: customer payments in, SVS, tax office and suppliers out – clear and online.
Limited companies (GmbH)
Wages, ÖGK, tax office and suppliers every month – exactly the transactions that drove up our bank fees.
Associations
Lots of small payments such as membership fees and invoices. A small association we know paid over €2,000 per quarter.
Cleaning companies
Our own case: many employees, monthly wages, ÖGK and suppliers.
Trades
Materials, subcontractors, wages: lots of transfers that are done online in minutes.
Hospitality
Lots of supplier invoices. Cash from the till? Keep your bank for that – see our model.
Online retail
Payments to suppliers and service providers, also in other currencies.
Businesses paying abroad
Wise specialises in payments in other currencies. Wise shows the rate and fee before you send.
What is Wise Business?
A business account for online payments – but not a bank
Wise Business is a business account for companies and organisations: you get euro account details for incoming payments, pay online via app or browser and can hold and send money in many currencies.
Wise is not a bank. In the EU, Wise Business is provided by Wise Europe SA, based in Belgium and authorised and supervised by the National Bank of Belgium as an electronic money institution.
- Business account with euro account details (IBAN) for SEPA payments
- Transfers online via app or browser
- Licensed and supervised in the EU (National Bank of Belgium)
- For cash, credit or overdrafts we keep our bank
What we pay with it
- Wages and salaries of our employees
- ÖGK social insurance contributions
- The tax office
- Suppliers and other companies – including amounts of several thousand euros
Our experience: the money often arrives within seconds. That is not a guarantee – it also depends on the receiving bank.
Check before you switch
Checklist: is Wise Business right for you?
We are happy with it – but every business is different. Go through these points before you switch:
Know your current bank costs
Look at your last quarterly statements: how much do you pay for account fees, transactions, cards and cash? Enter the amount in the calculator above.
Read Wise's pricing
Wise Business has its own fees, e.g. for one-time setup, currency conversion, certain transfers and cash withdrawals. Compare them with your bank statement.
How much cash do you need?
If you deposit or withdraw a lot of cash, you still need your bank. Withdrawing cash with the Wise card costs extra – for us up to €10.79 for €400.
Direct debits and standing orders
List everyone who debits your account (e.g. ÖGK, tax office, insurance, leasing) and switch each direct debit deliberately – or leave it with your bank for now.
New IBAN
Your euro account details at Wise are usually a Belgian IBAN (BE…). Within SEPA, EU law does not allow payment partners to reject an IBAN from another SEPA country. Update your invoice template and website.
Credit and overdraft
Do you need an overdraft facility, loans or bank guarantees? Your bank stays responsible for those.
Bookkeeping and tax adviser
Ask your bookkeeper or tax adviser how they want to receive Wise statements (e.g. as an export) before you switch.
Who may pay?
For companies and associations: agree who gets access and who may approve payments – just like with your current account.
In 4 steps
How to switch
Open our link
Open Wise Business through our referral link (ad) and choose the legal form of your business or association.
Verify company and people
Wise asks for company details (e.g. company register, trade licence or register of associations) and verifies the people authorised to represent it. This is required by law.
Top up your account
Transfer a first amount from your bank to your Wise Business account details. From then on you pay online directly from Wise.
Switch your payments
Pay wages, ÖGK, the tax office and suppliers from Wise and give customers your new IBAN. Keep your bank for cash.
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Guides
More about bank fees
Frequently asked questions
Is Wise Business a bank?
No. Wise is not a bank. In the EU, Wise Business is provided by Wise Europe SA, an electronic money institution based in Belgium, authorised and supervised by the National Bank of Belgium. Money held with Wise is not covered by deposit guarantee schemes like a bank account; under EU law Wise must safeguard customer funds separately. Wise explains the details on its website.
Can I pay wages, ÖGK and the tax office with Wise Business?
Yes, we do it ourselves: we pay wages, ÖGK, the tax office and suppliers online from Wise, including larger amounts of several thousand euros. Check and switch direct debits one by one before you move.
What does Wise Business cost?
Wise Business has its own fees, e.g. one-time setup, currency conversion, certain transfers and cash withdrawals. We do not pay a fee per transaction there like we did at our banks. Because prices change, we do not quote amounts – please check Wise's current pricing.
Do I have to close my bank account?
No. We kept our bank account – only for cash. As hardly anything is booked there any more, we essentially only pay the standard quarterly account fee. Whether you keep your account is up to you.
How fast does the money arrive?
In our experience often within seconds. That is not a guarantee: it depends among other things on the amount, payment method and receiving bank.
How much will I really save?
That depends on your bank, account model and number of transactions. For us it was around €700 per quarter, for a small association over €2,000 per quarter. Enter your own bank costs in the calculator and compare them with Wise's pricing – there is no guaranteed saving.