7 Best Wise Alternatives | Transferwise Competitors

Last Updated on December, 2024

Wise is my favorite OPTION whenever I decide to transfer money internationally. I’m impressed with its features and advantages, but above all, its transparent fees will help us make our international transfer super easy.

However, I understood that there are more money transfer apps with better features and services, primarily to support businesses.

So, I’ve picked the BEST 7 alternatives (with features similar to Wise) here.

(Read them and thank me later).

Contents

About Wise
What Are the Wise Alternatives?
Alternatives to Wise Account and Card
Comparing the Wise Alternatives With Wise
Conclusion
FAQs

About Wise

Wise is a financial technology company specializing in currency conversion, cross-border transfers, and international account services. They cater to both personal and business customers in the US and globally.

Here’s a brief overview of Wise’s critical services:

Personal and business accounts are available for customers in the US and most countries worldwide.
Multi-currency accounts allow users to hold and exchange 50+ currencies.
Debit cards are provided, which can be used in 175+ countries.
Currency conversion is facilitated using the spending or balance conversion.
Global transfers can be made to 80+ countries in 50+ currencies.
All services are accessible digitally through Wise’s app and desktop site.

Now, let’s EXPLORE some pros and cons of Wise.

Pros

Send money to 80+ countries, hold and exchange 50+ currencies, and use Wise cards in 175+ countries

Currency exchange utilizes the mid-market rate

Fees are low and transparent

Cons

No branch network for face-to-face service

No option for cash payments or transfers for cash collection

Foreign Transaction fees apply based on account usage

If you want to learn more about Wise, read this review.

GO TO WISE

What Are the Wise Alternatives?

The following are the most popular sites, like Wise, where you can send money instantly to your friends and family with less or no conversion fees. If you’re satisfied after checking out these alternatives, forget your regular bank deposit(s) and send payments from your mobile wallets today!

Provider	Fees (Low Value Transfers)	Fees (High Value Transfers)	Speed	Benefits Compared To Wise
Airwallex	No fees for most transfers using local payment networks	No transfer fees with a currency exchange markup of 0.5% for major currencies and 1.0% for others	Same-day or instant transfers for over 85 countries	Supports more currencies, offers extensive payment collection tools, and includes integrated expense management
XE Money Transfer	No charge for small transfers You’ll pay a markup on the exchange rate	No charge for large transfers Exchange rate markup applies	The time it takes to transfer money can change depending on the currency	You can send money to nearly any country worldwide, supporting 139 different currencies
OFX	Transfer a minimum of $1,000 and no transaction fee.	No charge for transfers, but there’s an exchange rate markup	Usually within 24 hours	Offers currency risk management, personal service, and 24/7 support
Revolut	No transfer fees Competitive exchange rates	No transfer fees Competitive exchange rates	Usually within a few hours	Global spending with no hidden fees, budgeting tools, and crypto support
MoneyGram	Fees vary based on currency, destination, and payment system	Fees vary based on currency, destination, and payment system	Cash collection international payments may be instant	Pay online, in the app, or in cash with various payout options
Remitly	Fees vary based on currency, with Express and Economy services available	Fees vary based on currency, with Express and Economy services available	Express and Cash collection payments may be instant, while Economy services may take several days	Wide range of payout options, including cash, delivery, and mobile money services
Western Union	Fees depend on transfer amount, destination, and payment method	Fees depend on transfer amount, destination, and payment method	Varies, with options for same-day delivery	Extensive global network, cash pick up, and mobile wallet options

Now, let me discuss these alternatives in detail.

1. Airwallex

Airwallex is a global fintech company that provides businesses with a range of financial services, making it a strong alternative to Wise for international payments and transactions.

This is the top pick! It operates across 23 global locations with over 1,500 employees.

The company offers a variety of products designed to simplify global business operations. These include multi-currency business accounts, borderless cards, foreign exchange services, and payment processing solutions.

Airwallex’s platform is particularly beneficial for businesses that operate internationally, as it provides local bank details in over 20 currencies, allowing companies to receive and send payments globally without the need for a physical presence in those countries.

TRUST ME. Airwallex has experienced significant growth, recently surpassing $100 billion in annual processing volume and reaching a revenue run rate approaching $500 million.

This growth is driven by its strong product-market fit and expansive global infrastructure. The company has also expanded into North America, establishing a presence in the U.S., Canada, and Latin America.

Airwallex’s services are now supported by a STRONG local compliance infrastructure in the U.S., with Money Transmitter Licenses or exemptions in 49 states, enhancing its ability to operate like a local entity across multiple regions.

Moreover, Airwallex offers powerful APIs for larger businesses that need to integrate financial services into their platforms.

This flexibility allows companies to build custom financial solutions designed to their specific needs, making Airwallex an attractive OPTION for businesses of all sizes looking to streamline their global financial operations.

In short, Airwallex is a comprehensive alternative to Wise for businesses looking to manage international payments efficiently. Its strong global presence, extensive product offerings, and rapid growth make it a viable choice for companies aiming to optimize their global financial processes.

Here’s our complete review of Airwallex.

GO TO AIRWALLEX

2. XE

XE is a company that helps people exchange money from one currency to another. So, if you have dollars and you want euros, XE can help you with that.

They provide currency exchange services and tools to help you keep track of currency exchange rates. It’s like having a friend who knows a lot about money from different countries and can help you figure out how much your money is worth in another currency.

However, It’s essential to understand that while XE showcases the mid-market rate in its currency data, the rates used to send or receive payments include a markup on this mid-market rate.

XE Features:

A sizable and well-established company processing $115 billion in payments annually.
Send payments in 139 currencies to 220+ countries and territories.
Convenient account creation is available online or by phone.

Who Should Use XE?

Perfect for global trade, providing real-time exchange rates for seamless transactions.
It is ideal for people requiring frequent currency exchanges, offering fees and historical rate data transparency.
Suitable for both small-scale and large-scale financial exchanges, accommodating a wide range of users.
Individuals are comfortable with online platforms and mobile apps, ensuring convenient access.

Here’s our complete review of XE.

Pros

Availability to send 139 currencies to 220+ countries and territories

Established company handling $115 billion in payments annually

Easy account creation online or by phone

Cons

Exchange rates include a markup on the mid-market exchange rate

Fees and delivery times vary based on the destination

GO TO XE

3. OFX

OFX stands for ‘Open Financial Exchange.’ It’s like a language that helps different financial institutions, like banks and credit card companies, talk to each other.

Imagine you have money in one bank and you want to see it in another bank’s app. OFX helps those banks share information securely and accurately so you can see your money wherever you want. It makes it easier for you to manage your finances because everything can be connected and updated in one place.

They have a user-friendly website and app, similar to Wise.

OFX Features:

OFX supports international transactions from over 190 countries in more than 55 currencies.
The online platform is easy to use, and there’s also a phone service for personal broker assistance 24/7.

Who Should Use OFX?

This offers competitive rates for individuals and businesses with substantial international money transfer needs.
Suited for those seeking lower fees compared to traditional banks, with transparent pricing structures.
Dedicated customer support caters to users looking for assistance designed to their specific requirements.
Strong security measures make it ideal for users to prioritize the safety of their financial transactions.

Here’s our complete review of OFX.

Pros

One of the oldest money transfer companies with a lot of expertise

They offer 24/7 phone support

Their rates are often better than banks, especially for larger transfers

Cons

Exchange rates may include a markup, which is less transparent compared to Wise

OFX only accepts through bank transfer(s), and they don’t deal with cash, cards, cheque, or bank drafts

GO TO OFX

4. Revolut

Revolut is a cutting-edge financial technology company that has rapidly gained popularity as a digital banking alternative. Its success depends on its commitment to providing users with a modern, convenient, cost-effective banking experience.

Revolut Features:

Revolut provides foreign currency exchange, spending analytics, and international transfers.
The platform offers a user-friendly app for convenient financial management.

Who Should Use Revolut?

It’s designed for individuals desiring modern banking, foreign currency exchange, and additional features like cryptocurrency trading.
It is ideal for those dealing with multiple currencies, providing a multi-currency account with real-time exchange at interbank rates.
It is suited for users who prefer a mobile app-centric approach and user-friendly interfaces.
No hidden fees and clear pricing structures cater to those who value transparent financial services.

Here’s our complete review of Revolut.

Pros

Quick and easy international transfers

Transparent spending analytics for better financial tracking

Multi-currency accounts for flexibility

Cons

Some users may find the app interface overwhelming initially

Certain advanced features may require a subscription

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GO TO REVOLUT

5. MoneyGram

MoneyGram is the second largest universal money transfer service, next to Western Union. It is a company that helps people send money to each other, even if they’re far apart. It’s like a messenger for money.

TRUST ME. If you need to send money to a friend or family member who lives in another city or country, MoneyGram can help you do that quickly and safely. You can use MoneyGram to pay bills, send money to loved ones, or even make purchases online.

It offers flexibility online, through the MoneyGram app, or in cash at an agent location.

MoneyGram Features:

Arrange payments online or in the MoneyGram app.
Option to pay in money at an agent location.
Extensive agent network for quick, accessible transfers.

Who Should Use MoneyGram?

It’s targeted at individuals who prioritize speed and reliability in international transfers.
Suited for those who prefer or require cash pickups, with a global network of physical locations.
It gives competitive exchange rates and transparent fee structures, attracting cost-conscious users.
Offers a mobile app and online site for convenient digital transactions.

Here’s our complete review of MoneyGram if you want to learn more.

Pros

Swift international transfers to family and friends

Easy and convenient, available 24/7

Fast and reliable service

Cons

Exchange rates include a markup on the mid-market exchange rate

Services may be on the pricier side

GO TO MONEYGRAM

6. Remitly

Remitly is one of the famous Wise alternatives. It’s an online company that has experienced rapid growth and helps people send money to their friends and family who live in other countries. It’s like a special way to send money across the world, quickly and safely.

They use technology to make it easier and faster than traditional methods like banks or wire transfers. So, if you want to send money to someone far away, Remitly can help you do it without stress.

However, before you proceed with your payment, you should check out the features, who it is for, and its pros and cons.

Remitly Features:

Remitly offers two options for sending money – ‘Express’ for faster transfers with a higher fee and ‘Economy’ for a cheaper alternative, though it may take longer.
The website is user-friendly, and the fees, exchange rates, and services are transparent at each transfer process step.

Who Should Use Remitly?

It is designed for people seeking quick and affordable international transfers.
Focused on serving this demographic with features designed to their UNIQUE financial needs.
It is ideal for those who prefer a mobile app for easy transaction tracking and management.
Suited for users looking for flexibility, offering payout options like bank deposits and cash pickups.

Read our detailed comparison of Remitly and Wise platform or read this specific review of Remitly platform.

Pros

Very easy to make a transfer

Offers a great range of payout options

Provides 24/7 customer support online or over the phone

Cons

Services vary by destination, mainly covering common remittance routes

Maximum transfer sizes apply

GO TO REMITLY

7. Western Union

Western Union is the foremost prominent global online money transfer service in the financial landscape. It’s widely recognized, and its reach extends globally, providing a reliable means of transferring funds across borders.

With an extensive network, Western Union is often visible in various outlets, including banks, convenience stores, and other financial service locations.

Western Union Features:

Seamless global transfers.
Diverse options for sending and receiving funds, including cash pickups.

Who Should Use Western Union?

It is ideal for domestic and international money transfers with a wide-reaching global network.
It is suited for users with urgent financial requirements, providing quick and reliable service options.
Offers flexibility with online, in-person, and mobile transactions, catering to diverse user preferences.
It is ideal for users seeking diverse transfer methods, including cash pickups, bank deposits, and mobile wallet transfers.

Here’s our complete review of Western Union if you want to learn more.

Pros

Western Union’s expansive network ensures accessibility worldwide

Users can send or receive money through various methods, providing flexibility

Swift and reliable money transfer services

Cons

Western Union services may involve fees, impacting overall transfer costs

Users might encounter less favorable exchange rates

GO TO WESTERN UNION

Alternatives to Wise Account and Card

GUESS WHAT? Wise offers a money-saving solution for people worldwide with its Wise account and Wise card.

You can transfer money to 160 countries and use 40 different currencies at a fair exchange rate, making it ideal for those who want to save money on spending, sending, and withdrawing money globally.

The fees are low and transparent.

With Wise, you also get local account details for ten currencies. This allows you to receive money and make payments as if you were a local in those places.

Wise covers you whether you’re a frequent traveler, a business owner, or seeking more competent international money management.

Check out the following table for more details!

Platform	Supported Currencies	Global Spending	Fees	Exchange Rates	Card Type
Wise	40+ currencies	150+ countries	No foreign transaction fee No account opening fee 2 free withdrawals to $100 per month (free), then $1.5 +2	Mid-market rate, currency exchange from 0.43%	Debit card
Airwallex	64+ currencies	180+ countries	No setup or maintenance fees. SWIFT transfers cost 15-25 USD. FX conversions have a markup of 0.5% for some currencies and 1% for others	Uses the interbank rate with a markup; 0.5% for major currencies and 1% for others	Multi-currency virtual and physical cards are available, with no international transaction fees
XE	Multiple currencies	200+ countries	Varies	Competitive rates	No card available
OFX	50+ currencies	170+ countries	No opening fee or monthly fee	Currency conversion includes a markup	No card available
Revolut	25+ currencies	150+ countries	No foreign transfer fee	Monthly fees may apply 2% fixed fee for withdrawals beyond transfer limits	Debit card
MoneyGram	50+ currencies	200+ countries	Depends on service	Fees vary by service	No card available
Remitly	30+ currencies	150+ countries	Transaction fees may apply	Competitive rates	No card available
Western Union	130+ currencies	200+ countries	Transfer fee and exchange rates	Fees vary by service Exchange rates may apply	No card available

Comparing the Wise Alternatives With Wise

If you’re looking for an alternative, you should definitely know the key differences of Wise alternatives.

Wise Vs Airwallex:

Wise is best for individuals, freelancers, and small businesses needing affordable and easy international transfers. Meanwhile, Airwallex is designed for large businesses and enterprises with complex, cross-border financial needs.
Wise offers currency conversion at the mid-market rate with transparent fees, while Airwallex applies a 0.5% to 1% margin above the interbank rate depending on the currency.
Wise is suitable for both personal and business customers, offering transparent fees and mid-market exchange rates. Airwallex primarily caters to businesses, providing a wider range of payment options and faster account setup but with a currency conversion margin of 0.5% to 1%.
Wise serves both personal and business customers with account setup taking 4-7 business days, while Airwallex, focused on business customers, typically completes setup in 1-3 days.

Wise Vs XE:

XE Money Transfer allows you to send money to almost any country worldwide, with the funds being deposited directly into the recipient’s bank account.
Unlike Wise, XE doesn’t charge a specific fee. A markup is included in the exchange rate to convert your dollars to the required currency.
If Wise does not support the destination country you intend to send money to, it’s advisable to check if XE can assist you instead.

Wise Vs OFX:

Wise supports sending money to a wide range of countries with transparent fees.
OFX, like Wise, facilitates international money transfers and provides competitive exchange rates.
Wise tends to have a user-friendly platform, while OFX might appeal to businesses with higher transfer fee(s).

Wise Vs Revolut:

Wise and Revolut offer international money transfer services but have different fee structures.
Wise is known for transparent fees and mid-market exchange rates, while Revolut may have lower costs for smaller transfers and offers additional banking features.

Wise Vs MoneyGram:

Wise generally provides lower fees and better exchange rates than MoneyGram.
MoneyGram might be more accessible with numerous physical locations, but Wise often offers a more cost-effective and convenient online transfer.

Wise Vs Remitly:

Wise and Remitly focus on online money transfers but cater to different needs.
Wise is known for its transparent fees and mid-market rates, while Remitly may offer quicker transfers and competitive rates, especially for specific corridors.

Wise Vs Western Union:

Wise tends to have lower fees and better exchange rates than Western Union.
Western Union, however, has an extensive global network with many physical locations, making it suitable for cash pickups.

Conclusion

Did you figure out the BEST Wise alternative to make your business transfers easy?

To keep it simple, remember this.

There’s no precise answer for the #1 alternative to Wise. However, depending on your needs and expectations, two or more options may suit you. So, take a pen and a notebook and tick the apps that hit your brain. (For this, you can analyze their features, who they are suitable for, and their pros and cons.)

And finally, pick what suits you from what you’ve shortlisted!

FAQs

Look into options like Wise’s multi-currency account or OFX Global Currency Account for online sellers to find the one that suits you best.

For sending money internationally, using a specialized provider may be more cost-effective than a regular bank account. It is important to compare a few options in terms of services, coverage, fees, and rates to find the best deal for your transfer.

Yes, you can use Wise for business accounts. However, it’s important to note that Wise operates differently than traditional banks, while still providing similar services.

No, legally Wise is not a bank. Wise is a licensed payment service provider regulated in various countries including Australia, Belgium, EEA, Brazil, Canada, Hong Kong, India, Indonesia, Israel, Japan, Malaysia, New Zealand, The Philippines, Singapore, UK, and US.

PayPal is Wise’s biggest competitor.

About Wise