7 Best Wise Alternatives | Transferwise Competitors

Last Updated on June, 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).

About Wise

wise logo

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.

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! 

ProviderFees (Low Value Transfers)Fees (High Value Transfers)SpeedBenefits Compared To Wise
XE Money TransferNo 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 currencyYou can send money to nearly any country worldwide, supporting 139 different currencies
OFXTransfer a minimum of $1,000 and no transaction fee. No charge for transfers, but there’s an exchange rate markupUsually within 24 hours Offers currency risk management, personal service, and 24/7 support
RevolutNo transfer fees
Competitive exchange rates
No transfer fees
Competitive exchange rates
Usually within a few hoursGlobal spending with no hidden fees, budgeting tools, and crypto support
MoneyGramFees vary based on currency, destination, and payment systemFees vary based on currency, destination, and payment systemCash collection international payments may be instant Pay online, in the app, or in cash with various payout options
RemitlyFees vary based on currency, with Express and Economy services availableFees vary based on currency, with Express and Economy services availableExpress and Cash collection payments may be instant, while Economy services may take several daysWide range of payout options, including cash, delivery, and mobile money services
Western UnionFees depend on transfer amount, destination, and payment methodFees depend on transfer amount, destination, and payment methodVaries, with options for same-day deliveryExtensive global network, cash pick up, and mobile wallet options
HSBC Global MoneyFees and minimum transfer amounts varyFees and minimum transfer amounts varyTypically within 1 to 4 business daysAccess to HSBC’s global banking network, personalized service

Now, let me discuss these alternatives in detail. 

1. XE

xe.com Logo

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.

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 

2. OFX

ofx.com Logo

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?

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

3. Revolut

revolut logo

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 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?

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.

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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4. MoneyGram

MoneyGram Logo

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

5. Remitly

Remitly Logo

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 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.

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

6. Western Union

Western Union Logo

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. 

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

7. HSBC Global Money

HSBC Global Money logo

HSBC Global Money is an international financial service that HSBC provides, considered another wise alternative. It’s one of the largest and most reputable banks globally. 

With a presence in numerous countries, HSBC offers a range of financial solutions, including its global money service.

HSBC Global Money Features:

  • The service provides currency exchange options, enabling users to manage different currencies efficiently. 
  • HSBC Global Money integrates with the border HSBC banking system, providing users with a comprehensive financial experience. 
  • It has an in-app chat feature and push notifications.
  • Offers Visa debit cards.
  • International money transfers without service fees.

Who Should Use HSBC Global Money?

  • It is suited for existing HSBC bank account customers seeking seamless international money transfer integration.
  • It is ideal for those seeking a comprehensive banking solution, combining global money transfers with other financial services.
  • Accessible through online banking or mobile apps, catering to tech users.
  • Additional financial services and products within the HSBC ecosystem are offered for a holistic banking experience. 

Pros

As part of a renowned international bank, HSBC Global Money has a vast network for efficient and reliable financial transactions worldwide
Users can navigate and manage multiple currencies, making it convenient for international travelers or those dealing with diverse currency holdings
Operate account in-app for convenience

Cons

You need an HSBC USD account
No card available for the Global Money account

Note: To open an account, you just need an email address and your local bank details.


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!

PlatformSupported CurrenciesGlobal SpendingFeesExchange RatesCard Type
Wise 40+ currencies150+ countriesNo 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
XEMultiple currencies200+ countriesVaries Competitive ratesNo card available
OFX50+ currencies170+ countriesNo opening fee or monthly feeCurrency conversion includes a markupNo card available
Revolut25+ currencies150+ countriesNo foreign transfer feeMonthly fees may apply
2% fixed fee for withdrawals beyond transfer limits
Debit card
MoneyGram50+ currencies200+ countriesDepends on serviceFees vary by service No card available
Remitly30+ currencies150+ countriesTransaction fees may apply Competitive ratesNo card available
Western Union130+ currencies200+ countriesTransfer fee and exchange ratesFees vary by service
Exchange rates may apply
No card available
HSBC Global MoneyMultiple currenciesGlobalDepends on HSBC account typeHSBC’s applicable ratesDebit card

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 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.

Wise Vs HSBC Global Money:

  • Wise and HSBC Global Money Transfer might offer similar services, but there could be differences in fees and exchange rates. 
  • Wise often appeals to individuals seeking cost-effective global transfers, while HSBC Global Money Transfer may be more convenient for existing HSBC customers.

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.

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Author
Allen Morning
I'm Allen Morning, with a background spanning over 15 years in international finance and education from Harvard and Stanford. I founded Currenciap with a vision to demystify and streamline global financial transactions. My journey in finance has fueled my commitment to creating a platform that is both user-friendly and efficient, making international finance accessible to everyone. You can find more about me here.

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