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%.
Wise Business is best for… | Sokin is best for… |
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Features | Wise Business | Sokin |
---|---|---|
Monthly Fee | $0 | $0 |
Exchange rate | Matches the mid-market rate | From 0.3% |
Transfer fees | From 0.33% | $0 |
Multi-currency account | 10 local accounts (US registered companies), 19 (Europe registered companies) | None |
Batch payments | ✅ Up to 1,000 per transaction with guaranteed rates | 75+ currencies |
Expense management and tracking | ✅ (although, cards not currently being issued in the US) | ✅ Up to 5,000 payments |
Pay invoices | ✅ | ✅ |
Receive Payments | ✅ | ✅ |
Marketplace integration | ✅ Amazon, Upwork, Etsy + more | ✅ |
API options | ✅ Automated payments, regular payments | ✅ |
Manage Payroll | ✅ | ✅ |
ATM Access | ✅ | ✅ |
Forward Contracts | ❌ | ❌ |
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
Product offering
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.
Currency | Wise Business | Sokin |
---|---|---|
British Pound | Account number / Sort Code | Account number, sort code |
Euro | SWIFT / BIC and IBAN | IBAN account |
US Dollar | ACH and wire routing number / Account number | Account number |
Australian Dollar | BSB code | No local account |
New Zealand Dollar | Account number | No local account |
Singapore Dollar | Account number | No local account |
Romanian Lieu | SWIFT / BIC and IBAN | No local account |
Canadian Dollar | Institution number / Transit number / Account number | Account number, bank code |
Hungarian Forint | Account number | No local account |
Turkish Lira | Bank name / IBAN | No local account |
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.
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.
We have only included currencies where at least one of Sokin or Wise Business offers it.
Africa
Europe
North America
South America
Asia
Oceania
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.
Cards | Wise Business | Sokin |
---|---|---|
Offered | Yes | Not offered |
Annual fee | $0 | Not offered |
Initial card fee | $7 (physical, virtual cards are $0) | Not offered |
Additional card fee | $7 (physical, virtual cards are $0) | Not offered |
Replacement card fee | $4 (physical, virtual cards are $0) | Not offered |
Spending (no conversion) | No cost | Not offered |
Spending (with conversion) | 0.33% | Not offered |
Spending limits (daily) | $50 million | Not offered |
ATM fees | 2% + $1.50 - over $100 per day | Not offered |
Expense management | Yes, sync different cards to specific people | Not offered using cards, submit receipts and pay as usual |
Restrictions | Cards not issued in the US at the moment | Not offered |
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.
Currency | Wise Business | Sokin |
---|---|---|
USD | 4.85% | 3% |
EUR | 2.12% | 3% |
GBP | 3.22% | 3% |
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.
Wise Business | Sokin | |
---|---|---|
Batch payment limit | 1,000 | 5,000 |
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
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.
Money transfer | Wise Business | Sokin |
---|---|---|
Exchange rate | 0% | From 0.3% |
Fees | 0.33% | No fees |
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.
Receiving payments | Wise Business | Sokin |
---|---|---|
Into multi-currency account | $0 | 1.2% |
Into a supported currency | 0% + 0.33% if you need to convert | 1.2% |
Into a non-supported currency | 0.33% into the base account | 1.2% |
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.
Currency risk offering | Wise Business | Sokin |
---|---|---|
Forward contracts | Not offered | Not offered |
Limit orders | Not offered | Not offered |
Guaranteed rates | 2 days (on some transfers) | Not offered |
Currency risk strategy | Not offered | Not offered |
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
Wise Business often receives positive customer feedback for faster transfers
Sokin has slightly slower speeds as amounts increase
Payment types | Wise Business | Sokin |
---|---|---|
Money transfers | 0-2 business days | 0-3 business days |
P2P payments | Instant | Not available |
Incoming payments | Instantly released (marketplaces and platforms may have their own timeframes) | Instantly released (marketplaces and platforms may have their own timeframes) |
Ease of use
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
Measure | Wise Business | Sokin |
---|---|---|
Average Rating | 4.7 stars | Not available |
General Sentiment | Highly Positive | |
Common Positive Feedback |
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Common Negative Feedback |
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Google Play Store
Aspect | Wise Business | Sokin |
---|---|---|
Average Rating | 4.5 stars | Not available |
General Sentiment | Generally Positive | |
Common Positive Feedback |
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Common Negative Feedback |
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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.
Feature | Wise Business | Sokin |
---|---|---|
Dedicated account manager | No | No |
Help center | Yes (24/7) | Yes (24/7) |
Live chat | Yes | No |
Yes | Yes | |
Phone support | No | No |
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
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.
Country/Region | Regulators | Wise Business | Sokin |
---|---|---|---|
Australia | ASIC, APRA, AUSTRAC | Yes | Yes |
Brazil | Central Bank of Brazil | Yes | Yes |
Canada | FINTRAC, Revenu Québec | Yes | Yes |
China | People's Bank of China | No | No |
European Economic Area (EEA) | National Bank of Belgium, Estonian Financial Supervision Authority | Yes | No |
Hong Kong | Customs and Excise Department (CCE), Hong Kong Monetary Authority | Yes | No |
India | Reserve Bank of India (RBI) | Yes | Yes |
Indonesia | Bank Indonesia, Financial Services Authority (OJK) | Yes | No |
Japan | Kanto Local Financial Bureau | Yes | No |
Malaysia | Central Bank of Malaysia (Bank Negara) | Yes | No |
New Zealand | Financial Markets Authority | Yes | No |
Singapore | Monetary Authority of Singapore (MAS) | Yes | Pending approval |
Switzerland | FINMA | Yes | No |
United Kingdom | Financial Conduct Authority (FCA) | Yes | Yes |
United States | Financial Crimes Enforcement Network (FinCEN), various states | Yes | Yes |
Not keen on either?
If Sokin or Wise Business aren't for you, check out reviews of our other providers.