Flywire vs Wise: Which Platform is Right for Your Business?

Flywire and Wise are digital payment platforms you can use to make domestic and international money transfers.

Both platforms specialize in international payments, offering competitive exchange rates and intuitive features to simplify online money management. In this comparison you’ll learn the key differences between the two platforms, and which might be best for your business.

Flywire vs Wise: Quick Overview

Sometimes it’s helpful to compare two payment platforms with a brief overview.

Here’s some key differences of Flywire vs Wise at a glance:

Category	Wise	Flywire
Key features	Mid-market exchange rates and transparent fees Hold account details in various currencies Fast peer-to-peer international transactions	Industry-specific payment solutions Partnerships with institutions e.g. hospitals, universities, and travel businesses Custom payment solutions for various funding sources
Best for	Freelancers and small business owners who need to separate finances and handle global transactions	International students who need to make tuition fee payments
Main fees	No monthly fees No minimum deposit	No monthly fees No minimum deposit

Features

Both Wise and Flywire features can be flexible depending on your needs. From international payment solutions to accepting various payment methods, the two platforms offer different features to cater to different needs.

Wise

• Uses mid-market exchange rates for full transparency and low fees
• Gives you access to multi-currency accounts so you can receive funds like a local
• Helps you set up business bookkeeping with QuickBooks and other accounting integrations
• Invoicing tool to generate profesionnal invoices with ease

Flywire

• Specializes in custom payment solutions for specific industries such as education and healthcare
• Offers multiple payment methods including local funding options
• Ensures regulatory compliance for international payments

Target Users

Wise

Wise is best for individuals, freelancers, and small and medium-sized businesses that are looking to separate their finances and make and receive international transfers seamlessly. With a seperate Business and personal account, you can make tax filing season straightforward, while also enjoying minimal fees.

Flywire

Flywire is best for international students looking to pay tuition or education fees while abroad. It also makes it easier for patients looking to make cross-border healthcare payments and travel businesses to process international client bookings.

Key Differences Between Flywire vs Wise

Wise is a general-purpose payment platform that helps individuals and businesses manage their finances internationally and transparently. Users can create both a business and a personal account, so they can separate their finances and manage everything in one place.

The main reasons to choose a Wise account would be if you run a smaller business and are looking to streamline or expand your operations.

Flywire on the other hand focuses more on industry-specific payments, meaning they work directly with institutions to make it easier for those in education, healthcare, and the travel industry to process transactions.

The main reason to choose a Flywire account would be to make industry-specific payments specifically in education, healthcare, and the travel and hospitality industry.

Comparing Costs Between Flywire vs Wise Business

Fees can be a key factor in choosing the right payment platform for your business, so here’s an overview of fees and exchange rates for Wise Business and Flywire:

Fees and Exchange Rates

Wise Business

Before you make any transfer with Wise, you can see exactly which fees you’ll pay with full transparency.

• Mid-market exchange rates: Wise offers real exchange rates without hidden markups, so it’s one of the most cost-effective options for international transfers
• Transaction fees: Transaction fees through Wise vary based on the amount, currency, and payment method.
• No monthly fees: You don’t have to pay any monthly account maintenance fees with Wise.

Flywire

Flywire’s fees generally vary according to the type of institution and the specific institution in question.

• Exchange rate markups: Flywire has partnerships with banks and may apply a markup to exchange rates, which could make it more expensive than Wise for currency conversion
• Payment processing fees: Fees with Flywire will vary according to payment method, country, and institution agreement.

Payment Methods and Accessibility

Wise

With Wise, you can accept a range of payment methods including:

• Bank transfers
• Debit cards
• Credit cards
• SWIFT payments
• Existing Wise balance

You can also access the free invoicing tool if you need additional support in your business.

Flywire

With Flywire, you can accept the following payment methods:

• Bank transfers
• Debit cards
• Credit cards

You can also access country-specific payment methods, which makes it a good choice for international students and patients.

Which Platform is Best For Your Business?

Choosing between Flywire and Wise Business will ultimately come down to your specific financial situation. While both platforms give you access to international payment solutions, one option will likely be better for your business needs.

Use Cases for Wise

Freelancers and remote workers - If you’re working as a freelancer or sole proprietor, you can use Wise Business to receive payments in multiple currencies. That way, you won’t get stung by high currency conversion fees, and you can separate and exchange currencies in one place.

Small and medium businesses - For smaller and medium-sized businesses, you can use Wise Business to pay international suppliers, contractors, and employees without paying the higher fees you’d associate with traditional banks.

E-commerce sellers - E-commerce sellers can use Wise Business to sell products internationally, holding and transferring money without excessive conversion fees.

Use Cases for Flywire

International students - With Flywire, international students can pay their tuition fees from overseas using local currency payment options. Plus, educational institutions can use the payment platform to process the payments.

Healthcare patients & providers - Flywire allows healthcare patients to pay their medical pills abroad, and stay in line with any relevant regulations.

Travel & hospitality businesses - Travel agencies and hospitality businesses can use Flywire to manage their international bookings and payments.

Wise Business: The Easy Way to Manage International Payments

The Wise Business account is a simple solution for avoiding hidden and high fees when making international payments.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in 40+ currencies. You can get major currency account details for a one-off fee to receive overseas payments like a local. You can also send money to 140+ countries.

Read the guide on how to open a Wise Business account

Here’s what you can enjoy with Wise Business:

• No monthly fees
• International payments at the mid-market rate
• QuickBooks integration to track bill payments
• Manage multiple currencies all in one place
• Receive payments like a local with major currency account details
• Hold over 40 currencies

Open a Wise Business account online

	Editor & Business Expert:
	Panna is an expert in US business finance, covering topics from invoicing to international expansion. She creates guides and reviews to help businesses save time and make informed decisions. You can read more useful business articles on her author profile.

	Author:
	Sam is a UK-based copywriter with 4+ years of experience writing for SaaS and eCommerce brands. He creates comparison guides, informative blog posts, and covers other finance-based topics.