Wise Business vs Sokin

An overview of Wise Business vs Sokin

Wise Business wins in our comparison against Sokin because the product is a bit more rounded. Sokin is a relatively newer player to the business multi-currency account market, so is still developing its product.

• For example, Wise Business offers 10 local accounts vs the 4 offered by Sokin. Interest rates on Wise Business are above 4%, with Sokin offering balance boosts for 60 days at 3%.

  These aren't major differences. Many companies will find Sokin and Wise Business viable international finance options. For example, total cost for a transfer with Sokin starts at 0.3%, with Wise Business it is 0.33%.

Customer feedback

Being new to the market, there has been fewer reviews published for Sokin than for Wise Business.

Generally though, reviews for Sokin are positive. Wise Business reviews have been steadily increasing over the last 12 months.

This table shows an average scoring for each company. The 0 in February 2024 for Sokin is because no reviews were published in that month.

Our scoring

To get our score for which we think is the better option from Sokin and Wise Business, we tested a number of factors. These include product offering, cost and regulation.

Our goal is to give transparent information and commentary on Sokin and Wise Business. This is based on what we think is valuable to businesses. In each section of the article we'll cover these points in further det

Fees & Rates

9.4

Transfer Speed

9.0

Safety & Trust

9.5

Product Offering

8.8

Transfer Limits

9.5

Ease of Use

10.0

Customer Feedback

8.5

9.2

Overall

Fees & Rates

8.5

Transfer Speed

8.2

Safety & Trust

8.2

Product Offering

9.0

Transfer Limits

8.8

Ease of Use

8.2

Customer Feedback

8.5

8.5

Overall

Product offering

8.8

vs

9

Visit Sokin

• Wise Business has a wider selection of local accounts (10 vs 4)

• Wise Business offers multi-currency cards where Sokin does not

• Wise Business has higher interest rates on USD, EUR and CAD balances

• Sokin offers more batch payments (5,000 vs 1,000)

• Wise Business offers easier accounting integration

Multi-currency accounts

Wise Business offers 10 local accounts, and Sokin offers 4. Sokin also offers 38 IBAN accounts.

The difference here is that a local account will give you access to bank details that you would also have in the country in question.

For example in the UK you could get account numbers and sort codes with a local account.

Sokin does offer access to all the core accounts that we often see as most popular: GBP, USD, EUR and CAD.

Compare Business Multi-Currency Business Accounts

Selecting a multi-currency account for business can feel a little tricky with different options, local accounts and features. We've broken down the top accounts across the industry at the moment.

Compare Accounts

Supported currencies

Outside of local accounts, when choosing between Wise Business and Sokin. Supported currencies that can be held offer more freedom for businesses.

The top line numbers are you can hold around 40 currencies with Wise Business, and 75 with Sokin.

We’ve listed the currencies and whether they are supported by Wise Business or Sokin.

Cards

Cards aren’t currently on offer to US businesses from Wise Business, and are not available at all with Sokin.

Wise Business is the winner by default, and spending is pretty simple using the card.

You’ll pay to convert at the point of a transaction if you’re not holding the currency you’re in. This starts from the same 0.33% for some currencies. It could be higher depending on the level of support offered by Wise Business in the currency you need to use.

Interest rates

Companies EUR, USD or GBP balances can earn interest with Wise Business and Sokin. For Wise Business, the interest can be earned ongoing.

For Sokin, this is offered in 60 day boosts. Although, if you want to access the cash in those 60 days you will lose all the interest earned.

With Sokin, you can also earn 1% interest at all times outside of a balance boost.

Batch payments

Batch payments are available with Sokin and Wise Business. Sokin is a leader in batch payments in the industry, with limits of 5,000. You will not get this anywhere else.

Sokin is the winner for batch payments by a long way.

Integrations

Wise Business offers integrations with accounting software like Xero, or QuickBooks. Sokin offers an API, but no plug-and-play options.

If using an existing accounting software is important, Wise Business is the best option. This being said, with development work, if you have a team that can do this, Sokin would also suffice.

Outside of this, Sokin offers a payment gateway that can be used across different platforms. This is something that wise does not offer.

APIs

Both offer API access to build and customise offerings into your every day business.

There’s also options through Sokin to offer white labelled solutions to your clients.

These can include offering money transfer services and multi-currency accounts.

Fees and rates

9.4

vs

8.5

Visit Wise

• Wise Business offers rates starting from 0.33%. For currencies like USD, EUR, and GBP Wise will rarely pass 0.8% for any transaction

• Wise Business has no receiving costs into the platform, with Sokin costs at 1.2%

• Wise Business offers the mid-market rate, with Sokin offering starting points of 0.3%. This is flipped with Sokin having no fees and Wise Business with fees from 0.33%. This is why we call this the 'total cost of the transfer'

Wise Business and Sokin offer similar starting points on international money transfers. Although, be wary that these prices are starting points. So depending on your actual location, and amount you want to send, you may pay a little more.

For receiving money, you can do so into local or IBAN accounts. Sokin has fees for receiving money that start from 1.2%. This isn’t that common, so does put it a disadvantage against Wise Business and other multi-currency providers, like Airwallex.

Guaranteed rates and forward contracts

If international currency risk is a core part of why you are choosing a provider, neither Wise Business or Sokin provide this.

The best you'll get is guaranteed rates with Wise Business, for 2 days.

Providers like Moneycorp or OFX Business are best for this.

This is because they’re both products which focus on multi-currency accounts and payments. Currency brokers, like TorFX, will work on larger, individual payments. These would benefit from contracts being in place for months ahead of a transfer.

Transfer speed

9

vs

8.2

Visit Wise

• Wise Business often receives positive customer feedback for faster transfers

• Sokin has slightly slower speeds as amounts increase

Ease of use

10

vs

8.2

Visit Wise

• Wise Business allows you to set up multiple users with different account levels

• Wise Business pre-built accounting software integration

• Wise Business is available in leading app stores

App and interface

Both Payoneer and Wise Business come with app access. Across Google Play and the App Store, the feed back is pretty consistent. Wise Business simpler to use, with a couple of bugs. Payoneer often has login problems and is slow to resolve issues.

Apple App Store

Google Play Store

Customer service

Customer service for both comes in the form of online help first. This can be a downside for some customers who want access to access managers. Sokin does offer support for account setup however.

With multi-currency, digital first, platforms, it can be difficult to find a provider that will offer ongoing account management support. This can be found more readily again with currency brokers.

Regulation

9.5

vs

8.2

Visit Wise

Both Sokin and Wise Business have.a decent amount of regulation in place.

With Sokin being a new player in the market, there are some pending regulations as well. We will update the page accordingly as they come are approved.

Not keen on either?

If Sokin or Wise Business aren't for you, check out reviews of our other providers.

Payoneer

Globally Payoneer serves around 190 countries, gives access to local accounts in 9 and supports 70 currencies. Features within the account allow you to take advantage of payments, invoicing and bulk options in each location. Where Payoneer is stronger than the likes of Revolut Business or Wise Business, is that it is built for international companies - as opposed to being an offshoot of a personal offering. This sets them apart from other providers, alongside the likes of Airwallex, by offering a full international business solution.

AirWallex

When scoring Airwallex as an international business provider we factored in the product offering, speed of sending money, cost, safety measures in place and customer satisfaction.

OFX Business

Our key measures when testing OFX Business for international business transfers were the strength of the product offering, cost of service and transfers, speed, safety and customer satisfaction.

Moneycorp Business

Historically, Moneycorp is considered one of the biggest money transfer providers in the world. The company has over 45 years of history and launch in the USA in 2018. The company is headquartered in the UK but with offices in USA, Ireland, France, Romania, UAE, Hong Kong, Australia and Brazil.

Xe Business

Xe Business offers strong all-round support for international business transfers. As part of our scoring process we have looked at product offering, cost, speed of transfers, safety and customer satisfaction.

Revolut Business

Like their personal offering, the Revolut Business offering is tiered - giving more access to features, the more you pay.

Multipass

Multipass offers a strong selection of multi-currency option. A setup fee and higher monthly fees than elsewhere are a little offputting when you consider exchange rates are higher than Airwallex, Wise Buiness and Revolut Business.

More comparisons

Payoneer vs Airwallex

Airwallex is our winner when comparing it with Payoneer. The company offers a well rounded platform which includes 12 local currency accounts. You can also customise expense management workflow.

Wise Business vs Airwallex

Wise Business wins in our comparison against Airwallex. Wise pricing is a little better. But overall, both are a great option for businesses.

Wise vs Payoneer

Wise Business wins in our comparison against Payoneer. It is cheaper and simpler to use.