Is Barclays or Wise better for your small business?
Below we look at both Barclays and Wise reviews on Trustpilot along with their App reviews from Apple and Google.
We then look at typical fees, business savings rates, foreign currency options and a whole bunch of other account features to help you make up your mind.
Barclays vs Wise Trustpilot Reviews
| Barclays | Wise | |
| Trustpilot Review Score (out of 5) | 1.4 | 4.2 |
| Percent 5-Star Reviews | 8% | 83% |
| Percent 1- Star Reviews | 86% | 7% |
| Total Number of Reviews | 9,859 | 207,506 |
https://www.trustpilot.com/review/www.barclays.co.uk
https://www.trustpilot.com/review/wise.com
Barclays vs Wise App Reviews
| Barclays | Wise | |
| iPhone Review Score (out of 5) | 4.8 | 4.8 |
| Number of iPhone Reviews | 1,700,000 | 85,400 |
| Android Review Score (out of 5) | 4.8 | 4.8 |
| Number of Android Reviews | 506,000 | 762,000 |
https://apps.apple.com/gb/app/barclays/id536248734
https://apps.apple.com/gb/app/wise/id612261027
Barclays vs Wise Account Fees & Charges
| Barclays | Wise | |
| Free Business Bank Account | Yes | No |
| Free Business Account Term Length | 12 Months | NA |
| Cheapest Monthly Account Fee | £8.50 | Free |
| Most Expensive Monthly Account Fee | £8.50 | Free |
| Electronic Payment Cost (in/out) | Free (up to 500 per month; 35p after) | 0.42% |
| Cash Payments Cost (in/out) | 60p per £100/Free | 2% / 1.75% |
| Cheques (in/out) | 60p each/60p each | Unknown |
| CHAPS Payments Cost | £15 | £25 |
| SEPA Payments Cost | 35p | No |
Barclays vs Wise Business Savings Rates
| Barclays | Wise | |
| Types of Business Savings Accounts | Instant access, Fixed-term Treasury Reserve Accounts | BlackRock ICS Sterling Government Liquidity Fund |
| Lowest Savings Rate (AER) | 1.51% | 4.67% |
| Maximum Savings Rate (AER) | 1.96% | 4.67% |
| Minimum Savings Amount | £1 | £1 |
| Interest Paid On Foreign Currencies | Yes | Yes |
Barclays vs Wise Account Opening Times
| Barclays | Wise | |
| Can You Apply Online? | Yes | Yes |
| How Long Does Opening An Account Typically Take? | Up to 7 Working Days | 2 Working days |
| Do They Check Your Credit? | Yes | No |
| Current Account Switch Service | Yes | No |
Barclays vs Wise Features & Account Types
| Barclays | Wise | |
| Business Current Account | Yes | Yes |
| Business Savings Account | Yes | No |
| Business Credit Card | Yes, via Barclaycard | No |
| Business Overdraft | Yes | No |
| Accounts For Startups | Yes | Yes |
| Accounts For Charities | Yes | Yes |
| Accounts For Sole Traders | Yes | Yes |
| Joint Business Accounts Available | Yes | No |
| Card Type | Mastercard | Visa/Mastercard |
| Online Banking | Yes | Yes |
| Mobile Banking | Yes | Yes |
| In Person/Branch Banking | Yes | Yes |
| Branch Locations | UK-wide | None, online only |
Barclays vs Wise Customer Support Options
| Barclays | Wise | |
| Phone Support Available | Yes | Yes |
| Email Support Available | Yes | Yes |
| App Based Support | Yes | Yes |
| Web Based Support | Yes | Yes |
| In person Customer Support | Yes | Yes |
Barclays vs Wise Foreign Currency Accounts
| Barclays | Wise | |
| US Dollar (USD) Bank Accounts | Yes | Yes |
| Euro (EUR) Bank Accounts | Yes | Yes |
| Other Currencies Available: |
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Other Business Services From Barclays and Wise
| Barclays | Wise | |
| Business Loans | Yes | No |
| Commercial Mortgages | Yes | No |
| Invoice Financing | Yes | No |
| International Payments | Yes | Yes |
| Merchant Payment Services | Yes, via Barclaycard | Yes |
| Card Machines | Yes, via Barclaycard | No |
| Free Accounting Software | Yes, FreshBooks | Yes |
Barclays vs Wise Banking Basics
| Barclays | Wise | |
| Bank Type | High Street | Challenger |
| FSCS Protection | Yes, up to £85,000 | No, unless money is held in assets |
| FCA Number | 122702 | 900507 |
| Website | Barclays Website | Wise Website |
Common Comparison Questions
Does Barclays or Wise have better customer reviews?
Barclays scores 1.4 out of 5 based 9,859 Trustpilot reviews. Of these reviews 8% are 5-star and 86% are 1-star.
Whereas, Wise scores 4.2 out of 5 based 207,506 Trustpilot reviews. Of which 83% are 5-star and 7% are 1-star.
Does Barclays or Wise have a better App?
Barclays’s iPhone App is rated 4.8 out of 5 based on 1,700,000 reviews. And it’s Android App is rated 4.8 out of 5 based on 506,000 reviews.
In comparison, Wise’s iPhone App is rated 4.8 out of 5 based on 85,400 reviews. And it’s Android App is rated 4.8 out of 5 based on 762,000 reviews.
Does Barclays or Wise have better business savings rates?
Barclays offers the following types of business savings accounts: Instant access, Fixed-term Treasury Reserve Accounts with interest rates ranging from 1.51% to 1.96%. (AER)
In contrast, Wise offers BlackRock ICS Sterling Government Liquidity Fund accounts with interest rates ranging from 4.67% to 4.67% (AER).
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For other business bank accounts see our guide here.