Why Wise Works Best for E-Residents
Local Account Details
Get local account numbers in EUR, USD, GBP, and more. Clients pay to local-style IBANs — no wire fees for them.
Multi-Currency
Hold and manage 50+ currencies. Convert at real exchange rate plus small transparent fee. No hidden markups.
Remote Setup
Open account 100% online. No branch visits. Perfect for e-residents who are location-independent.
Business Cards
Get Wise debit cards for business expenses. Track spending by category. Works worldwide.
Setup Steps
Create Wise Business Account
Go to wise.com/business and select "Register your business". Choose Estonia as your business country.
Verify Your Company
Provide company registration number. Wise pulls data from Estonian Business Registry. Add beneficial owner details (you, using e-residency ID).
Open Currency Accounts
Open EUR account first (primary). Add USD, GBP, or others based on where your clients are. Each currency gets its own local account details.
Order Business Card (Optional)
Order physical or virtual cards for expenses. Set spending limits, freeze/unfreeze instantly. Ship to your address anywhere.
Connect to Xolo
Share Wise account details with Xolo. Export monthly statements for accounting reconciliation. Xolo matches transactions to invoices.
Accounting Workflow
Monthly Accounting Process
1. Export Wise Statements
Download monthly statement from Wise (CSV or PDF). Shows all incoming payments, outgoing transfers, and card transactions.
2. Upload to Xolo Dashboard
Upload statement to Xolo. Their system matches transactions to your invoices and known expense categories.
3. Categorize Unknowns
Review any unmatched transactions. Categorize expenses, attach receipts. Takes 15-30 minutes monthly.
4. Xolo Completes Accounting
Xolo accountants finalize your books, prepare VAT returns (if applicable), and keep you compliant.
Best Practices
Do
- ✓ Keep business and personal accounts separate
- ✓ Use EUR as primary currency
- ✓ Convert currencies only when needed
- ✓ Export statements monthly
- ✓ Use card for trackable expenses
Don't
- ✗ Mix personal expenses with business
- ✗ Hold USD if you don't need it
- ✗ Forget to export statements
- ✗ Ignore small transactions
- ✗ Use cash (hard to track)
Frequently Asked Questions
Everything you need to know before getting started
All information verified as of December 2025. Prices and features subject to change. Always verify current pricing with providers.
