Nigeria has no comprehensive income tax treaty with the United States. All US-source income is subject to standard withholding rates. An ITIN ensures your payments are processed correctly.
With the naira losing significant value, every dollar earned from US platforms matters. An ITIN unlocks full access to US payment platforms and protects your earnings.
What Is Wise Business?
Wise Business (formerly TransferWise) is a global financial platform that provides multi-currency accounts, international transfers, and local bank account details in 10+ currencies — including USD. For Nigerian entrepreneurs, Wise Business is often the bridge between US dollar earnings and naira cash flow.
With Wise Business, you get US account details (routing number and account number) that you can use to receive payments from US clients, platforms, and Mercury bank transfers. Then convert to naira at the mid-market exchange rate — typically the best rate available to Nigerians outside the parallel market.
Wise vs Mercury: Complementary, Not Competing
Most sophisticated Nigerian entrepreneurs use both:
- Mercury — primary US business banking for Stripe, Shopify, Amazon payouts, and client invoicing
- Wise Business — for converting USD to naira and making international payments in multiple currencies
Wise Business Features for Nigerian Entrepreneurs
- US local account details — receive USD as if you have a US bank account
- Mid-market exchange rate — no hidden exchange rate markup (small conversion fee only)
- Multi-currency — hold USD, GBP, EUR alongside naira
- Debit card — spend in any currency with automatic conversion
- Batch payments — pay multiple contractors in different currencies at once
- API integration — automate transfers and reconciliation
ITIN and Wise Business: The Tax Dimension
Wise Business itself does not require an ITIN to open an account. However, if you are receiving US-source income through your Wise account that flows to a US LLC, your ITIN remains essential for IRS compliance (Form 5472 and potentially Form 1040-NR).
Setting Up Wise Business as a Nigerian LLC Owner
- Register at wise.com/us/business — create a business account using your US LLC details.
- Provide LLC documents — EIN confirmation, Articles of Organization, operating agreement.
- Get US account details — routing and account number for receiving USD.
- Connect to Mercury — set up Mercury → Wise transfers for USD → naira conversion.
- Apply for ITIN via ITIN Plus — $99, 8–14 weeks, for IRS compliance as foreign LLC owner.
Complete Your US Banking with ITIN
IRS CAA · ITIN for foreign LLC owners · 8–14 weeks
Apply for ITIN