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For sole traders & freelancers

Business account for sole traders: lean, online, no per-transaction fees

As a one-person business you don't want to lose money to bank fees. This is how we use Wise Business – and what you should know first.

  • Real figures from our companies
  • Wise is licensed and supervised in the EU
  • Clearly labelled as advertising
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Your bank costs per quarter

You will find this on your bank statement or quarterly account summary.

Your current bank costs per year–
Your current bank costs over 5 years–

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.

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Separate from private – clear for bookkeeping

A separate business account is not always mandatory for sole traders in Austria, but it makes bookkeeping and tax returns much easier. If in doubt, ask your tax adviser.

With Wise Business you get your own euro account details for customer payments and pay online via app or browser.

What sole traders typically pay

  • SVS social insurance contributions (as a self-employed person)
  • The tax office (VAT, income tax prepayments)
  • Suppliers, software, advertising
  • If you have staff: wages and ÖGK

For us these payments run online via Wise – with no fee per transaction. Check and switch direct debits (e.g. SVS or tax office) one by one before you move.

Is it worth it for me?

If you only have a few transactions a month, the difference may be small. Use the calculator above: what do you pay per quarter today? Compare that with Wise's pricing – including the one-time setup.

  • Lots of customer payments or supplier invoices? Then it is especially worth a look.
  • Lots of cash? Then you still need a bank – see our model.
  • Payments in other currencies? Wise shows the rate and fee before you send.

Our model

Our model: Wise for everything online – bank only for cash

Ideal if you need (almost) no cash and do everything online.

  1. 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).

  2. 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.

  3. 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.

Frequently asked questions

Do I need a business account as a sole trader?

A separate business account is not always legally required for sole traders in Austria. It does make bookkeeping much easier. If in doubt, ask your tax adviser.

Can I pay SVS via Wise?

Transfers to SVS are normal SEPA transfers. If SVS collects by direct debit, you need to switch it deliberately or leave it with your bank.

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