Enable a Wise bank feed
This article explains how to set up a Wise (formerly known as TransferWise) bank feed. It also explains how to record interest payments from Wise.
Add a bank account for each currency
If you don’t already have one, you will need to add a new bank account to represent your Wise account. Whether you're creating a new bank account or updating an existing bank account, you'll need to make sure that it's set to the correct currency.
If you use Wise to deal with a number of different currencies, you’ll need to add a new bank account for each currency. For example, you might need to add two accounts: ‘Wise GBP’ and 'Wise EUR’.
If you add a new bank account to FreeAgent for a foreign currency account for example $USD or €EUR, please double check to see if Wise have allocated the account a specific account number and sort code. If they haven’t, please leave these fields blank when adding the account to the Banking area within FreeAgent.
If Wise has allocated any of your foreign currency accounts with specific IBAN or BIC numbers for example, don’t enter these in the account number and/or sort code fields. Instead, these can be entered in the fields located under the ‘More options’ section.
Enable a bank feed for each currency
Once you've created all the necessary bank accounts, you'll then need to enable a bank feed for each bank account individually.
For example, if you have added a $USD Wise account to FreeAgent, once you have logged into your Wise online banking account following the enablement process, please only select the $USD from the list of accounts presented as this will help ensure the bank feed is connected to the required bank account in FreeAgent.
If you have other foreign currency accounts added to FreeAgent that you wish to enable bank feeds for, you can then repeat this process for each account to ensure they are connected correctly.
If you do select multiple accounts at once from your Wise online banking account during the enablement process, you'll need to navigate into each Wise bank account within FreeAgent and select the ‘Enable bank feed’ button to ensure a feed is connected to each account added.
You can double check the details of the accounts you’ve granted FreeAgent access to for Wise by navigating to the Connections and Add-ons area and selecting ‘Manage’ under ‘Bank connections’.
Please note that you will need to renew your consent for the bank feed every 90 days to ensure your Wise transactions will continue to be imported.
Manually record interest payments
Please note that interest payments are not sent to FreeAgent by Wise and won’t be automatically imported via the bank feed.
Therefore, if you receive any interest payments, you’ll need to manually enter these transactions in FreeAgent as ‘Other Money In’ > ‘Interest Received’. This will help ensure the balance in FreeAgent matches the balance in your Wise account.
If you need to, you can also add a new bank account in FreeAgent for any jars or savings pots that you have in Wise to record the interest payments in.