Swiss accounting with Wise: the guide
Wise is handy for receiving euros, paying a supplier abroad or holding several currencies. But once it reaches your books, every balance, every conversion and every fee has to find its place, in Swiss francs. Here is how to do it, entry by entry.
In brief
- 1One cash account per Wise currency (for example 1021 Wise CHF, 1022 Wise EUR). Never merge currencies.
- 2Every transaction is booked in francs, at the day's rate; a conversion between two balances affects both accounts, and Wise fees get their own entry.
- 3On 31 December, each foreign-currency balance is revalued at the closing rate: the difference is an exchange gain or loss.
- 4Wise's fees for transfers and currency exchange are excluded from the scope of VAT: no VAT, so no input tax to reclaim.
- 5Export the CAMT.053 statement for each balance from Wise: it imports into most Swiss software, YESbusiness included.
This guide is for Swiss SMEs, freelancers and sole proprietorships that use Wise alongside their bank. It explains the rules that apply to a foreign-currency account, shows the entries to book for each type of Wise transaction, and ends with the year-end close. It applies whatever accounting software you use.
We publish YESbusiness, a Swiss accounting software, and we mention it where it saves you time. Everything else holds without it. The legal rules cited refer to the official texts, listed at the end of the page; where a question is not settled, we say so and refer you to your fiduciary.
Summary
- 1.Why Swiss businesses use Wise
- 2.Personal or Business Wise account?
- 3.One account per currency in the chart of accounts
- 4.Booking Wise transactions
- 5.Exchange differences
- 6.VAT on Wise fees and currency exchange
- 7.Importing Wise statements into your accounts
- 8.Closing the financial year: the checklist
- 9.Frequently asked questions
Why Swiss businesses use Wise
Wise is mainly used for three things: receiving payments from foreign clients in euros, dollars or pounds without bank exchange fees, paying suppliers abroad, and paying in foreign currencies with the card (software subscriptions, travel). A single Wise account holds several balances, one per currency, which you convert from one to another.
For accounting, this is exactly what calls for a method: a Wise account is not a bank account, it is several foreign-currency accounts living side by side, with fees and conversions between them.
Personal or Business Wise account?
Is Wise a bank?
No. Wise is a payment and electronic money provider, not a Swiss bank. It does not lend out its customers' money: it keeps it separate from its own funds, with banks and in low-risk liquid assets (this is what Wise calls safeguarding).
In practice: your Wise balances are not covered by esisuisse, the Swiss deposit guarantee, which protects deposits with banks in Switzerland up to CHF 100,000 per customer. The Wise entity you contracted with, and its protection scheme, are set out in your customer terms: read them. Many businesses therefore keep their main account with a Swiss bank and use Wise as a foreign-currency account.
Sole proprietorship: separating private and business
Wise's terms reserve the personal account for personal use. A freelancer or sole proprietorship opens a Wise Business account; since a sole proprietorship is not a person separate from its owner, Wise grants only one per person. A GmbH or AG, by contrast, has its own Business account in its own name.
On the accounting side, the rule is the same with or without Wise: even with simplified bookkeeping (income, expenditure and financial position, art. 957 para. 2 CO, possible below CHF 500,000 of turnover), only business transactions go into the accounts. If private expenses still go through the business's Wise account, book them to the private account (2850 in the Swiss SME chart of accounts) rather than as expenses.
One account per currency in the chart of accounts
Each Wise balance becomes a cash account of its own, in the balance's currency. The Swiss SME chart of accounts places bank accounts under 102x; just add one line per Wise balance. The numbers below are examples; adapt them to your chart.
| No. | Account | Used for |
|---|---|---|
| 1020 | Bank (CHF) | Your main account with a Swiss bank |
| 1021 | Wise CHF | The Wise CHF balance |
| 1022 | Wise EUR | The Wise EUR balance, kept in euros |
| 1023 | Wise USD | A USD balance, if there is one |
| 1090 | Transfer account | Transfers between your own accounts, while they are in transit |
| 6940 | Bank charges | Wise fees (transfers, exchange, card) |
| 6900 | Financial expenses | Exchange losses |
| 6950 | Financial income | Exchange gains |
Why not put everything into a single “Wise” account? Because a euro account must be reconcilable with the Wise euro statement: at the end of the month, the EUR balance of account 1022 must be exactly what Wise shows. If you merge currencies, this check becomes impossible, and so does the year-end revaluation, since it is done currency by currency.
The books are kept in Swiss francs or in the currency required for the business's operations (art. 957a para. 4 CO); if the annual accounts are presented in another currency, the amounts must also be shown in francs (art. 958d para. 3 CO). For the vast majority of SMEs, this means: a EUR account keeps its balance in euros, and each entry also carries its value in francs.
Booking Wise transactions
The six transactions that recur on a Wise account, with the entry to book. The rates are examples (EUR/CHF around 0.94), the account numbers those of the table above.
1. Topping up Wise from your Swiss bank
You transfer CHF 5'000 from your bank to your Wise CHF balance. The money only moves from one pocket to another: no expense, no income.
| Debit | Credit | CHF | Currency |
|---|---|---|---|
| 1021 Wise CHF | 1020 Bank (CHF) | 5'000.00 | – |
If you import both statements (bank and Wise), the same transfer arrives twice. In that case, route it through the transfer account: the bank statement gives 1090 to 1020, the Wise statement 1021 to 1090, and account 1090 returns to zero.
2. A client pays you in euros
You invoiced EUR 2'000, booked as CHF 1'880.00 at the rate on the invoice date (0.9400). The client pays into your EUR balance a month later; that day the euro is worth 0.9350, i.e. CHF 1'870.00. The receivable is settled and the missing CHF 10.00 is a realised exchange loss.
| Debit | Credit | CHF | Currency |
|---|---|---|---|
| 1022 Wise EUR | 1100 Trade receivables | 1'870.00 | EUR 2'000.00 |
| 6900 Financial expenses | 1100 Trade receivables | 10.00 | – |
3. You pay a supplier in euros
A supplier invoice of EUR 800, booked as CHF 750.40 (0.9380), is paid from the EUR balance at a rate of 0.9360, i.e. CHF 748.80. The payable is settled, and this time the CHF 1.60 difference is an exchange gain.
| Debit | Credit | CHF | Currency |
|---|---|---|---|
| 2000 Trade payables | 1022 Wise EUR | 748.80 | EUR 800.00 |
| 2000 Trade payables | 6950 Financial income | 1.60 | – |
4. Converting euros into francs in Wise
You convert EUR 1'000 from your EUR balance to your CHF balance. Wise deducts EUR 3.80 in fees and converts the remaining EUR 996.20 at a rate of 0.9365: CHF 932.94 arrives in the CHF balance. The conversion affects both accounts, and the fees have their own line.
| Debit | Credit | CHF | Currency |
|---|---|---|---|
| 1021 Wise CHF | 1022 Wise EUR | 932.94 | EUR 996.20 |
| 6940 Bank charges | 1022 Wise EUR | 3.56 | EUR 3.80 |
The EUR balance does fall by EUR 1'000 in total. If the euros had been booked at a different rate, the difference shows up at reconciliation or at the year-end revaluation, as an exchange difference.
5. Wise fees
Each Wise fee is an expense in its own right, booked in the currency of the balance that pays it. Example: EUR 1.20 in fees on the supplier payment above. When exporting, tick the option that shows fees separately: each fee then becomes a line of the statement.
| Debit | Credit | CHF | Currency |
|---|---|---|---|
| 6940 Bank charges | 1022 Wise EUR | 1.12 | EUR 1.20 |
6. A card payment
A software subscription of EUR 59.00 paid with the Wise card, debited from the EUR balance at a rate of 0.9360. It is an ordinary expense, booked to its usual expense account.
| Debit | Credit | CHF | Currency |
|---|---|---|---|
| 6570 IT expenses | 1022 Wise EUR | 55.22 | EUR 59.00 |
If the currency balance is not enough, Wise converts from another balance: the statement then shows a conversion, to be booked as in example 4. And for a service bought abroad, remember acquisition tax (see the VAT section).
Exchange differences
A payment in euros is booked in francs, at a rate you must choose and apply consistently: the rate actually applied by Wise when there is a conversion, otherwise a reference daily rate (for example the one published by the Federal Tax Administration (FTA)). Between the invoice date and the payment date, the rate moves: this is the source of all exchange differences.
Wise states that it converts at the mid-market rate and charges its fees separately, instead of hiding them in the rate. For accounting, this is good news: the statement rate is close to the reference rate, and the cost of the exchange is visible in a fee line instead of being buried in the amount.
Realised or unrealised
A difference is realised when the transaction is complete: the client has paid, the supplier has been paid, the euros have been converted (examples 2 and 3). It is unrealised as long as you still hold the currency or the receivable: a balance of EUR 4'000 is worth more or fewer francs depending on the day you look at it.
Revaluation on 31 December
At closing, each foreign-currency balance is converted at the closing-date rate. Example: your EUR balance is EUR 4'000.00 and is carried in the accounts at CHF 3'770.00. On 31 December the euro is worth 0.9300: the balance is worth CHF 3'720.00, and you book an unrealised exchange loss of CHF 50.00.
| Debit | Credit | CHF |
|---|---|---|
| 6900 Financial expenses | 1022 Wise EUR | 50.00 |
An unrealised loss must always be booked: this is the prudence principle. For an unrealised gain, common practice is also to revalue foreign-currency holdings at the closing rate; the Code of Obligations allows valuation at the balance-sheet-date price for assets with an observable price on an active market (art. 960b CO), and allows a fluctuation reserve to be set up. The choice has tax effects: decide it with your fiduciary and stick to it from one year to the next.
VAT on Wise fees and currency exchange
The fees Wise charges for a transfer, a payment or a currency conversion fall under transactions involving payments, transfers and legal means of payment. The VAT Act (VATA) excludes them from the scope of the tax (art. 21 para. 2 no. 19 VATA): Wise does not charge VAT on them.
For you, this has two consequences. First, there is no input tax to reclaim: Wise fees are booked at their full amount, without a VAT code. Second, since Wise is a foreign provider, you might wonder whether acquisition tax applies: it does not apply to services excluded from the scope of the tax (art. 45a VATA).
What you pay with Wise, on the other hand, keeps its own VAT. A service bought from a foreign business (software, consulting) may be subject to acquisition tax, whatever the means of payment. And for the VAT return, foreign-currency amounts are converted at the monthly average rate or the daily rate published by the FTA (art. 45 of the VAT Ordinance, VATO), with the chosen method kept for at least the whole tax period.
Fees for a Wise Business subscription or a card are not always payment fees in the strict sense. If in doubt about a specific fee line, ask your fiduciary or the FTA how to treat it.
Importing Wise statements into your accounts
Entering Wise transactions by hand is the most common source of errors. The electronic statement saves you from retyping anything.
The CAMT.053 export, with any software
- 1In Wise on the web, open the balance in question, then the menu (the three dots) and “Statements and reports”.
- 2Choose an account statement, the balance and the period (365 days at most per statement).
- 3Choose the CAMT.053 format and tick the option that shows fees separately.
- 4Repeat for each currency: one statement per balance, one balance per ledger account.
- 5Import the file into your software. In YESbusiness, this is under Banking, on the currency's cash account.
Wise also offers PDF, CSV, Excel, MT940 and QIF. CAMT.053 is the Swiss banking standard: it is the one Swiss software reads best. Keep the PDF for your records.
Closing the financial year: the checklist
- 1Reconcile each Wise balance: on 31 December, the balance of each foreign-currency account, in its currency, is exactly that of the Wise statement.
- 2Check that the transfer account is at zero: an amount left in it is a transfer booked on one side only.
- 3Revalue each foreign-currency balance at the closing rate and book the exchange difference.
- 4Check that all of the year's Wise fees are booked, without VAT.
- 5Sole proprietorship: take anything private out of the result, to the private account.
- 6Archive the year's statements (PDF and CAMT.053): accounting records are kept for ten years (art. 958f CO).
Frequently asked questions
Is Wise a bank? Is my money guaranteed?
Wise is not a Swiss bank, but a payment and electronic money provider that keeps its customers' money separate from its own funds. Wise balances are not covered by esisuisse, the deposit guarantee for banks in Switzerland (up to CHF 100,000 per customer). Your customer terms state the Wise entity you contracted with and its protection scheme.
Does a sole proprietorship need a Wise Business account?
Wise's terms reserve the personal account for personal use: for self-employed activity, it is the Business account. For accounting, only business transactions go into the accounts; private expenses paid through the business's account go to the private account.
Do you really need one ledger account per currency?
Yes. One account per Wise balance (1021 Wise CHF, 1022 Wise EUR…) lets you reconcile each account with the Wise statement in its own currency and revalue each currency at closing. A single account that mixes currencies can be neither reconciled nor revalued correctly.
Are Wise fees subject to VAT?
No. Transfer, payment and exchange fees are transactions excluded from the scope of VAT (art. 21 para. 2 no. 19 VATA). So there is no input tax to reclaim, and no acquisition tax on these fees (art. 45a VATA). Purchases you pay for with Wise, however, keep their own VAT treatment.
At what rate should a payment in euros be booked?
At the rate actually applied by Wise when there is a conversion, otherwise at a reference daily rate chosen once and for all, for example the FTA's. For the VAT return, the FTA requires its monthly average rate or its daily rate, as you choose, with the same method for the whole tax period.
Should the euro balance be revalued on 31 December?
Yes, each foreign-currency balance is converted at the closing rate. An unrealised exchange loss must be booked; for an unrealised gain, common practice is to revalue as well, with the option of a fluctuation reserve (art. 960b CO). Set the method with your fiduciary and keep it from one year to the next.
Which Wise statement should I export for my accounts?
The account statement in CAMT.053 format, one per balance, with the option that shows fees separately. It is the Swiss banking format, which Swiss software imports directly. A statement covers 365 days at most; keep the PDF for your records too.
How do I bring Wise into YESbusiness?
Create one cash account per Wise currency, then import the CAMT.053 statement for each balance under Banking. Wise fees, exported separately, arrive as separate lines.
Sources
- Code of Obligations (CO), art. 957 to 960e: keeping and presenting accounts, valuation, retention
- VAT Act (VATA), art. 21 para. 2 no. 19 and art. 45a
- VAT Ordinance (VATO), art. 45: conversion of foreign currencies
- FTA: foreign-currency exchange rates for VAT
- esisuisse: bank deposit guarantee in Switzerland
- Wise: how Wise protects your money
- Wise: downloading a statement
YESbusiness keeps one cash account per currency, imports your Wise statements and prepares the VAT return. Two-week free trial.
Try YESbusinessThis guide is published by YESbusiness. It describes the general rules applicable in Switzerland as of 7 October 2026 and does not replace advice from a fiduciary for your situation. The rates and amounts in the examples are fictitious. YESbusiness is not affiliated with Wise.