Should I use Wise or Capital On Tap for FX spend?

Both charge close to nothing. Capital On Tap charges 0% on card transactions; Wise charges ~0.5% on conversions but offers true mid-market rate. For card spend at a foreign POS, Capital On Tap is marginally cheaper. For converting and holding balances, Wise.

Can I have both Wise and Capital On Tap?

Yes — many UK SMEs do. Wise for international banking, Capital On Tap for the credit card.

Independent comparison · May 2026

Capital On Tap vs Wise Business (2026)

Wise Business gives multi-currency accounts and a debit Mastercard with mid-market FX rates. Capital On Tap is a UK credit card. Wise wins for international payments; Capital On Tap wins for credit and rewards.

Side-by-side specification

	Capital On Tap	Wise Business
Annual fee	£0 (Business) / £99 (Rewards)	£0 (one-off £45 setup fee)
Rewards	1 point per £1 (= 1% cashback or 1 Avios 1:1)	No cashback
Foreign-exchange fee	0% FX fees worldwide	0.41-0.6% mid-market FX
Credit limit	Up to £250,000	N/A — debit
Eligibility	UK Ltd / LLP / PLC, £24k+/yr turnover, no unsatisfied CCJs (last 12 months). Sole traders not eligible. No published minimum trading-period rule.	UK and global businesses
Representative APR	34.65% representative variable	N/A
Application	~2 minutes, soft credit check first	Online, business verification
Card type	Visa Business credit card	Mastercard debit

Where Capital On Tap wins

✓ True credit (~50 days interest-free) vs Wise debit (must have balance)
✓ 1% cashback (Wise pays nothing)
✓ £75 welcome bonus with code 2REFY893A52
✓ Builds business credit history
✓ Higher transaction limits (Wise can flag and freeze larger transactions)
✓ 0% FX vs Wise's 0.41-0.6%

Where Wise Business wins

✓ Receive international payments in 9+ currencies into local account numbers
✓ Mid-market FX on conversions (~0.5% all-in)
✓ Hold balances in 40+ currencies
✓ Cheap international wires

Who should pick which

Pick Capital On Tap if

You need credit, rewards and the £75 welcome bonus on UK business spend.

Pick Wise Business if

You receive payments from international clients or pay overseas contractors regularly and need multi-currency accounts.

FAQs: Capital On Tap vs Wise Business

Should I use Wise or Capital On Tap for FX spend?: Both charge close to nothing. Capital On Tap charges 0% on card transactions; Wise charges ~0.5% on conversions but offers true mid-market rate. For card spend at a foreign POS, Capital On Tap is marginally cheaper. For converting and holding balances, Wise.
Can I have both Wise and Capital On Tap?: Yes — many UK SMEs do. Wise for international banking, Capital On Tap for the credit card.