As a Pakistani online business owner or freelancer, you may be looking for an affordable and efficient way to receive and send international payments. Wise, formerly known as TransferWise, is a popular option that has gained a lot of traction in recent years. In this article, we will provide a step-by-step guide to open a Wise business account in Pakistan.
Table of Contents
What is Wise Account?
First, let’s talk about what Wise is and what benefits it offers. Wise is a digital platform that enables individuals and businesses to transfer money internationally at a low cost. With Wise, you can avoid the high fees and unfavorable exchange rates associated with traditional banks and wire transfer services. It also offers transparency and convenience, allowing you to track your transfer and receive notifications on your phone or email.
Requirements to Create Wise Business Account in Pakistan
You many know that Wise Business account is not available in Pakistan but there is a genuine way out. We can create the account by using UK or USA company details. Yes, there is extra cost to pay for being a Pakistani. Below are the requirements for creating Wise Business account from Pakistan.
- USA or UK company
- Physical address in USA or UK. You can buy virtual address. Almost all company formation companies provide the address.
- Your Pakistani passport for identity verification.
- Your PayPal Virtual Card to make initial payment for Wise account activation. (Yes you can create PayPal account on your company details with Pakistani Passport.)
- Account processing fee. It is 31 USD for US account and 45 GP for UK account. It can be revised by Wise anytime.
How to Create Wise Business Account Step by Step
Now, let’s get into the steps to open a Wise business account in Pakistan.
Go to the Wise website and click on “create account”
- Enter your email address. And verify the email.
- On the next screen it will select the country where your company is registered. It may be US or UK.
- Next, you need to add your mobile number for OTP verification. Sometimes your Pakistani number may work but it is advisable to use Vyke number.
- On the next screen create password and continue.
- You will be taken to the dashboard. Click on the setup account button. Then click the blue “get setup in minutes” button.
- On the next screen add your company name, type, EIN number, registered address.
- Next choose your relevant business category, add your website and other business details and click continue.
- On the next screen add name, date of birth and Pakistani address of the owner of the company.
- On the next screen select relevant option and click continue.
- On the next screen, you have 2 options. Always select all banking features option. and click continue and proceed with the payment. You can use your Pakistani credit or debit card. I have used by Meezan bank debit card for this purpose. (Make sure you have 5 usd more than the required amount for transaction fees and taxes)
- On the next screen add owners detail and select I am not a US citizen option.
- On the next screen, upload your Pakistani passport.
- You made it. You are taken to your dashboard and the account will be submitted for approval. The account is normally approved within 24 hours.
How to Create Wise Business Account Video Guide
Start using your Wise account
Once your account is verified, you can start using your Wise account to receive and send international payments. You can also order a Wise debit card, which you can use to withdraw cash at ATMs and make purchases online and in-store.
In conclusion, opening a Wise business account in Pakistan is a straightforward process that can save you money and hassle when it comes to international payments. By following these simple steps, you can start using Wise and take advantage of its many benefits.