Setting up your Wise Payroll
This guide is intended to help teams process payroll seamlessly using Hubstaff’s Wise integration (formerly TransferWise).
If you are a team member (User) within your organization, and you need help setting up your Wise account to receive payments, please see our guide here.
Each individual Wise Payer account can only be used on one Hubstaff organization.
For more information about how to pay your team, click here.
Table of Contents
- Setting up Wise (Organization)
- Adding a member to Payroll
- Accepting Wise transfers as a member
- Accepting a transfer to your local bank directly
Setting up Wise for Your Organization
Step 1
Navigate to the sidebar, then click Financials > Payroll.
Alternatively, you may navigate to Settings > Integrations, then choose Wise.
Step 2
Click the Connect button on the Wise integration.
Step 3
Make sure you meet the requirements for the setup and that you are logged in with your Wise account, then select Next.
Required steps before setup
Note: If you are a U.S.-based company sending money to recipients in USD, please contact Wise support to unlock that feature. See the details here.
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- Ensure the Wise account is set up as a business account.
- Enable two-factor authentication for the account.
- Add a balance to your Wise account in your organization’s currency.
Step 4
After logging in, you’ll be asked to choose which account you’d like to connect. Please make sure to select your Wise business account – personal accounts cannot process payments.
Step 5
Click the Give Access button to provide Hubstaff authority to access your Wise account.
Step 6
Select your Wise business account on the Hubstaff integration page, then click Save.
Step 7
Select the Wise account you wish to connect to your payroll. Please note that only business accounts are eligible to make payroll payments.
Step 8
After choosing the Wise account, you can configure which users you’d like to add to your Wise payroll, then click Finish.
Step 9
Finally, navigate to your Wise integration’s Settings page to configure if the receiver or the sender pays the transfer fees.
Accepts: Bank transfers for deposits into Wise balance. Business accounts are required to make transfers.
Transfer fees vary per country and currency. Typically less than 1% of the total transfer amount. Please contact Wise support to learn more.
You will need to have at least one business account on your Wise to set up this payment account.
Adding a member to the payroll
We recommend that you ask all team members using Wise to set up their personal default payment accounts before you proceed with the instructions below so that the user fields (name, email, currency) can auto-populate.
Step 1
Navigate to > Financials > Manage payroll, then click on the Add member to payroll button on the upper right side.
Step 2
Adding a single-user
Enter the following information:
- Pay Period (Weekly, Bi-Weekly, Twice a month, Monthly)
- Pay Type – can be set to Hourly, or Fixed payments
- Require timesheet approval – works with the Timesheet Approval feature
- Pay Rate – the rate you’ll pay your employee
- Bill Rate – the rate you can bill your client
- Wise e-mail address
- Wise name
- Wise Currency
- Hit Save to complete the setup.
After saving, your employee’s payroll account should be set up:
Sending invites to multiple users
To send invites, click on the Send Invites tab, choose the users you wish to add then, hit Send. If the team member already has their default payment method set up, you should see them added to the payroll (with a “disabled” status).
Some business transfers are restricted by Wise. Click here to learn more.
The Wise API only supports email transfers. Bank transfers are not supported.
If you choose Bi-weekly payments, you will have the option to choose between two start dates (pay periods).
Accepting Wise transfers as a member
There are two approaches to how to accept incoming transfers.
The first approach: via Wise’s bank details to Wise balance
We advocate for using this approach.
These are the steps that this method implies:
- Get the bank details from Wise.
- Accept the money using the bank details provided by Wise and eventually get it on your Wise balance.
- Convert it to the local currency (from one Wise balance to another) if needed.
- Send funds to your local bank (if needed) or just spend the money using a Wise card (if you have one).
Example:
Your organization has USD set as its currency. The owner sends a transfer in USD, and you get the email to accept it. The procedure is straightforward: please, fill the form with the bank details you get from Wise. After that, the money will land on your Wise USD balance. If needed, you may convert it to the currency of your choice, e.g., PHP, and send a transfer to your local bank where you have your account in PHP.
Please click here to learn more about how to prepare your Wise account for payroll. Each member needs to create a Wise borderless balance with an associated bank detail as shown below to receive funds in the same currency. To get bank details for your borderless account balance, click on the currency on your Wise sidebar then click on the Get bank details button.
The second approach: accepting a transfer to your local bank directly
Step 1
Click on your avatar located in the bottom left corner of your dashboard, then select Payment Accounts from the pop-up menu. There, if you don’t have a Wise account yet, please, add it as shown in this article.
If you have it, click Edit, and make sure that you have your local bank’s currency selected under Wise Currency.
Step 2
Once done, you will need to accept the incoming transfers directly to your local bank. If you mark your account as primary and add the local bank details to it, you won’t need to fill out the acceptance form every time.
