Is HSBC or Wise better for your small business?
Below we look at both HSBC 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.
HSBC vs Wise Trustpilot Reviews
| HSBC | Wise | |
| Trustpilot Review Score (out of 5) | 1.5 | 4.2 |
| Percent 5-Star Reviews | 7% | 83% |
| Percent 1- Star Reviews | 88% | 7% |
| Total Number of Reviews | 8,399 | 207,506 |
https://www.trustpilot.com/review/www.hsbc.co.uk
https://www.trustpilot.com/review/wise.com
HSBC vs Wise App Reviews
| HSBC | Wise | |
| iPhone Review Score (out of 5) | 4.8 | 4.8 |
| Number of iPhone Reviews | 1,400,000 | 85,400 |
| Android Review Score (out of 5) | 4.8 | 4.8 |
| Number of Android Reviews | 260,000 | 762,000 |
https://apps.apple.com/gb/app/hsbc-uk-mobile-banking/id1220329065
https://apps.apple.com/gb/app/wise/id612261027
HSBC vs Wise Account Fees & Charges
| HSBC | Wise | |
| Free Business Bank Account | Yes | No |
| Free Business Account Term Length | 12 Months | NA |
| Cheapest Monthly Account Fee | £6.50 | Free |
| Most Expensive Monthly Account Fee | £10 | Free |
| Electronic Payment Cost (in/out) | 35p | 0.42% |
| Cash Payments Cost (in/out) | £1.50 | 2% / 1.75% |
| Cheques (in/out) | 50p per cheque | Unknown |
| CHAPS Payments Cost | £17 | £25 |
| SEPA Payments Cost | 20p | No |
HSBC vs Wise Business Savings Rates
| HSBC | Wise | |
| Types of Business Savings Accounts | Business Money Manager, Business Money Market, Clients Deposit | BlackRock ICS Sterling Government Liquidity Fund |
| Lowest Savings Rate (AER) | 0.10% | 4.67% |
| Maximum Savings Rate (AER) | 2.02% | 4.67% |
| Minimum Savings Amount | £1 | £1 |
| Interest Paid On Foreign Currencies | Yes | Yes |
HSBC vs Wise Account Opening Times
| HSBC | Wise | |
| Can You Apply Online? | Yes | Yes |
| How Long Does Opening An Account Typically Take? | 7 to 10 Working days | 2 Working days |
| Do They Check Your Credit? | Yes | No |
| Current Account Switch Service | Yes | No |
HSBC vs Wise Features & Account Types
| HSBC | Wise | |
| Business Current Account | Yes | Yes |
| Business Savings Account | Yes | No |
| Business Credit Card | Yes | 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 | Visa | Visa/Mastercard |
| Online Banking | Yes | Yes |
| Mobile Banking | Yes | Yes |
| In Person/Branch Banking | Yes | Yes |
| Branch Locations | UK-wide | None, online only |
HSBC vs Wise Customer Support Options
| HSBC | 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 |
HSBC vs Wise Foreign Currency Accounts
| HSBC | 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 HSBC and Wise
| HSBC | Wise | |
| Business Loans | Yes | No |
| Commercial Mortgages | Yes | No |
| Invoice Financing | Yes | No |
| International Payments | Yes | Yes |
| Merchant Payment Services | Yes | Yes |
| Card Machines | Yes | No |
| Free Accounting Software | No | Yes |
HSBC vs Wise Banking Basics
| HSBC | Wise | |
| Bank Type | High Street | Challenger |
| FSCS Protection | Yes, up to £85,000 | No, unless money is held in assets |
| FCA Number | 765112 | 900507 |
| Website | HSBC Website | Wise Website |
Common Comparison Questions
Does HSBC or Wise have better customer reviews?
HSBC scores 1.5 out of 5 based 8,399 Trustpilot reviews. Of these reviews 7% are 5-star and 88% 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 HSBC or Wise have a better App?
HSBC’s iPhone App is rated 4.8 out of 5 based on 1,400,000 reviews. And it’s Android App is rated 4.8 out of 5 based on 260,000 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 HSBC or Wise have better business savings rates?
HSBC offers the following types of business savings accounts: Business Money Manager, Business Money Market, Clients Deposit with interest rates ranging from 0.10% to 2.02%. (AER)
In contrast, Wise offers BlackRock ICS Sterling Government Liquidity Fund accounts with interest rates ranging from 4.67% to 4.67% (AER).
See Other Comparisons:HSBC vs Revolut Business
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HSBC vs Cynergy Bank
For other business bank accounts see our guide here.