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Wise Business vs Sokin

Wise Business is our winner. Although, as a new player Sokin has a lot to offer.

This comparison will cover all the detail needed for you to make an informed choice on whether Wise Business or Sokin the best fir for your business.

Keith Hodges
Author 
Keith Hodges
11 minutes
October 10th, 2024
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Quick information

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…

  • Businesses who want access to a wider range of local accounts, such as for Australian and New Zealand markets. Sokin offers USD, CAD, GBP and EUR only

  • Businesses that want access virtual or physical cards through their multi-currency partner. These are available with Wise Business, but not with Sokin

  • Companies where integration with accounting software, like Xero, is important. Sokin is can only be hooked up with an API

  • Companies with a wide range of multi-currency transfer needs. Sokin offers access to 75 currencies, with Wise Business offering 50

  • Companies looking to send a lot of batch payments. Sokin offers the most on the market - 5,000 per batch. Wise Business offers 1,000 per batch

  • Companies looking to use IBAN accounts, with 38 on offer from Sokin

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

Wise
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
Sokin
Fees & Rates
8.4
Transfer Speed
8.0
Safety & Trust
8.0
Product Offering
8.7
Transfer Limits
8.5
Ease of Use
8.0
Customer Feedback
8.0
8.2
Overall
Wise Business vs Sokin: The detail

Product offering

Wise Business is the better product offering.
Wise
8.8
vs
Sokin
8.7
  • 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
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

Sokin offers a better starting point for fees and rates, but Wise Business has the best overall cost. You also need to pay to receive money to Sokin, which you do not with Wise Business.
Wise
9.4
vs
Sokin
8.4
  • 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

Speeds for sending money from Wise Business or Sokin are pretty similar. Although, data from Wise Business does suggest 96% of transfers are completed on the same day.
  • 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 wins for ease of use as there are apps available in the Apple App store and Google Play Store, as well as having an all round decent platform.
  • 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

  • User-friendly interface

  • Transparent fees

  • Fast transfers

  • Excellent customer support

Common Negative Feedback

  • Occasional bugs after updates

  • Verification delays

Google Play Store

Aspect

Wise Business

Sokin

Average Rating

4.5 stars

Not available

General Sentiment

Generally Positive

Common Positive Feedback

  • Easy to navigate

  • Competitive exchange rates

  • Quick transfers

Common Negative Feedback

  • Technical issues

  • Verification delays

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

Email

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

Wise Business has more regulation that many providers, including Sokin. This makes it better for overall trust.

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.

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.

Contributors

Keith Hodges
Keith is an experienced Content Specialist with a rich background in both marketing and journalism within the financial sector. At MoneyTransfers.com, Keith plays a pivotal role in driving the business forward and broadening its reach in various international money transfer markets. His expertise is a key factor in the company's expansion and success.