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Find out how Wise protects your funds when sending or storing money overseas.
Wise offers US customers personal and business transfers to 80+ countries, plus international accounts and multi-currency debit cards which can be used to hold and spend 50+ currencies, and get paid in 10 currencies.
But what if Wise doesn’t have exactly what you need — or if you’re looking to compare a few Wise competitors to see which suits your needs best?
Read on as we walk through some great Wise, formerly TransferWise, alternatives for international payments, personal accounts and business services.
Wise is a financial technology company which specializes in currency conversion, cross-border transfers, and international account services for personal and business customers in the US and around the world.
We’ll look at Wise’s key services — transfers, personal accounts and debit cards, and business accounts — in more detail in just a moment — here’s a quick overview of what Wise offers to start us off.
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Before we get into our full Wise competitor analysis let’s also look at a few pros and cons you might want to consider:
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Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information
Wise offers a pretty broad range of services, which means there are different apps and sites like Wise, depending on exactly what service you need.
We’ll dive into this in more detail, looking at the key Wise services available, next. Here’s an overview of the main Wise competitors we’ll look at:
Provider | Eligibility | Multi-currency account | Send payments to |
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OFX® | Business and personal | Business only | 170+ countries |
Western Union® | Business and personal | Not available | Global |
Remitly® | Personal | Not available | 145+ countries |
Revolut® | Business and personal | Available | Global |
PayPal® | Business and personal | Available | Global |
HSBC® Global Money | Business and personal | Available | 150+ countries |
Payoneer® | Business | Available | Select countries |
Let’s look at some of the best Wise alternatives if you need to send an international transfer.
What Wise offers: |
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Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information
✅ Pros | ❌ Cons |
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OFX³ is a currency specialist with a great range of services for personal and business customers, including international transfers you can make online, in app or by phone.
OFX is popular with people who like to transact by phone as you can talk through your payment options 24/7 with a dedicated broker.
There’s no transfer fee to pay usually, but the exchange rate you get to convert your dollars to the currency you need will include a markup.
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If you want an alternative to Wise transfer and need your money to be paid in or paid out in cash, Western Union⁵ can be a good choice.
As one of the largest and longest established money transfer services in the world, Western Union has a great range of payment options, and a strong branch network which means you can send money in person and pay in cash, and have your recipient get their funds in cash locally to them, too.
Transfers to and from bank accounts are also supported. Fees apply, and exchange rates include a markup.
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Remitly⁶ transfers can be sent to 145+ countries, on common remittance routes from the US.
You’ll be able to set up your transfer online or in the Remitly app and then choose the best delivery speed and method for you.
Usually this means picking a cheaper economy payment, or a faster express service — with pay out options including cash collection, and deposits to bank and mobile money accounts.
Fees apply which vary based on the specific service you need, and exchange rates include a markup.
Wise also offers a multi-currency account and card you can operate entirely online or using your smartphone. If you’re in the market for an international account and card let’s look at some Wise alternatives.
What Wise offers: |
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✅ Pros | ❌ Cons |
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Revolut⁷ US customers can choose from a selection of account plans, and get multi-currency features and a linked physical, virtual or even metal card — which can be a neat Wise card alternative for international spending.
Accounts hold 25+ currencies and also have extra perks like some fee free currency exchange, budgeting tools, options to trade stocks, and additional accounts for under 18s.
Standard accounts have no monthly fee, or you can upgrade to a fee paying account for more features — transaction fees may apply depending on the account tier you select and how you need to use it.
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PayPal⁸ is a huge global name, which lets customers hold a balance in 25+ currencies, and receive payments from other PayPal users around the world.
With such a large user base, PayPal can be an easy way to send and receive payments — and you can also get linked debit, credit and prepaid cards depending on your needs.
PayPal accounts have no maintenance fees but fees apply to transactions, including charges when you convert from one currency to another in your account or to make a payment.
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If you’d like a Wise alternative that is also a fully fledged international bank, one option in the US is the HSBC Global Money account¹⁰ which is offered to people who already hold an eligible HSBC USD account.
The Global Money account doesn’t come with a linked card — but the HSBC card you have from your USD account can be used overseas. It does, however, let you hold 8 currencies and send instant payments¹¹ easily to other HSBC accounts.
Fees may apply to the underlying HSBC USD account you select, and exchange rates may include a markup.
Wise services in the US also cover business accounts, with all the perks you get as a personal Wise customer, and a few more too. Let’s look at some alternatives to Wise for business customers so you can compare.
What Wise offers: |
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Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information
✅ Pros | ❌ Cons |
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If you’re an online seller an OFX Global Currency Account¹² could be a good option as a Wise Business alternative.
You don’t get a linked payment card, but you can hold and receive 7 currencies, and send payments in 50+ currencies. OFX also offers more complex currency risk management products like forward contracts, which can help businesses manage the risks of fluctuations in the exchange rate.
Fees apply to risk management products, and exchange rates may include a markup.
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Revolut Business¹³ plans start with a free Standard option, and run right up to tailor made packages for enterprise level customers.
All accounts have great international features and card options, and can support 28+ currencies. Accounts also come with local account details for USD and GBP so you can get paid in both currencies easily.
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Payoneer¹⁴ has business accounts for a wide range of customers, with a focus on anyone doing business digitally.
You’ll be able to pay and get paid easily in different currencies, with receiving account details in several major currencies. Plus you can get Payoneer cards for payments, and extra business features and services like working capital loans.
Use this guide to compare Wise to a few alternative services, based on the type of transactions you need to make — so you can pick the provider that’s right for you, no matter what you’re looking for.
Sources:
Sources checked on 04.27.2023
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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