When it comes to managing money across borders, Wise (formerly TransferWise) has become a go-to solution for millions of individuals and businesses. With its transparent fees, use of the mid-market exchange rate, and multi-currency accounts, it's no wonder so many rely on it for international transfers, spending abroad, and global business operations.
But what if you need something different? Maybe you're looking for higher transfer limits, in-person support, or specialized business tools. That’s where exploring alternatives to Wise becomes essential.
In this guide, we’ll break down the top services that compete with Wise across three key areas: international money transfers, multi-currency personal accounts and cards, and business banking solutions. Whether you're sending money home, traveling abroad, or running a cross-border company, there’s likely a better-fit option out there.
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What Is Wise?
Wise is a leading fintech platform offering digital-first financial services for international money movement. It caters to both personal and business customers in the U.S. and over 80 countries worldwide.
Key features include:
- International transfers in 50+ currencies to more than 80 countries
- Multi-currency accounts that allow users to hold, send, and convert money at the real exchange rate
- A Wise Multi-Currency Debit Card usable in 175+ countries
- Business accounts with team access, batch payments, and accounting integrations
- Transparent pricing with low, upfront fees
While these features make Wise highly competitive, it lacks physical branches, cash deposit options, and certain premium financial services—making alternatives worth considering.
Top Wise Competitors by Service Type
Because Wise offers a broad suite of services, no single provider replaces all its functions. Instead, different platforms excel in specific areas:
| Provider | Best For | Multi-Currency Account | Global Reach |
|---|---|---|---|
| OFX | High-value transfers & business payments | ✅ (Business only) | 170+ countries |
| Western Union | Cash-based transfers | ❌ | Global |
| Remitly | Fast remittances to emerging markets | ❌ | 145+ countries |
| Revolut | International spending & budgeting | ✅ | Global |
| PayPal | Online payments & e-commerce | ✅ | Global |
| HSBC Global Money | Bank-backed international accounts | ✅ | 150+ countries |
| Payoneer | Freelancers & digital businesses | ✅ | Select markets |
Let’s explore each alternative in detail.
Best Alternatives to Wise for International Money Transfers
If your main goal is sending money overseas quickly and affordably, consider these top options.
OFX – Ideal for Large Business Transfers
OFX stands out for high-value international payments, especially for businesses or individuals moving large sums.
Pros:
- No transfer fees on most transactions
- Supports transfers to over 170 countries
- Personalized service with 24/7 broker support via phone
- Handles complex currency needs like forward contracts
Cons:
- Minimum transfer amount of $1,000 USD
- Exchange rates include a markup (not mid-market)
- No cash pickup or deposit options
Perfect for: Expats, investors, or small businesses needing reliable high-volume transfers.
Western Union – Best for Cash Access
Western Union remains a trusted name in global remittances, especially when cash delivery is required.
Pros:
- Send and receive money in cash at agent locations worldwide
- Extensive physical network across 200+ countries
- Multiple funding options including bank transfer and credit card
- In-person customer support available
Cons:
- Higher fees compared to digital-only providers
- Exchange rates include a variable markup
- Less transparency in total cost
Ideal for: Sending funds to recipients without bank access or needing instant cash pickup.
Remitly – Fast & Flexible Remittance Option
Remitly focuses on fast international transfers along popular corridors from the U.S., such as Mexico, India, and the Philippines.
Pros:
- Express delivery options (as fast as 20 minutes)
- Recipients can collect cash or receive bank deposits
- User-friendly app and website interface
- Competitive rates on common routes
Cons:
- Fees vary significantly based on speed and method
- Exchange rate markups apply
- No option to pay in cash at origin
Great for: Families supporting loved ones abroad who need speed and flexibility.
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Alternatives to Wise Accounts & Debit Cards
For those who want to manage multiple currencies digitally and spend internationally, here are strong competitors.
Revolut – Feature-Rich Digital Banking Alternative
Revolut offers a full suite of personal and business banking tools with strong multi-currency functionality.
Pros:
- Hold and exchange 25+ currencies
- Free Standard plan with international spending
- Virtual, physical, and metal cards available
- Built-in budgeting, crypto trading, and travel insurance
Cons:
- Monthly subscription needed for advanced features
- Fair usage limits on free transactions
- Some currency exchanges incur fees beyond plan allowances
Best for: Frequent travelers and digital nomads wanting an all-in-one finance app.
PayPal – Global Payment Network Powerhouse
PayPal dominates online transactions and peer-to-peer payments globally.
Pros:
- Massive user base across e-commerce platforms
- Hold balances in 25+ currencies
- Instant payments using just an email address
- Linked debit, credit, and prepaid card options
Cons:
- Currency conversion fees up to 3–4%
- International transfer fee of 5% applies in many cases
- Limited control over exchange rates
Ideal for: Online sellers, freelancers, and shoppers who transact internationally online.
HSBC Global Money – Traditional Bank Solution
HSBC Global Money provides a bridge between traditional banking and modern multi-currency needs.
Pros:
- Hold 8 major currencies including USD, EUR, GBP
- Instant transfers between HSBC accounts worldwide
- Fully regulated U.S. bank with robust security
Cons:
- Requires existing HSBC USD account
- No dedicated card for the Global Money account
- Exchange rates may include a markup
Suitable for: High-net-worth individuals already banking with HSBC.
Business-Focused Alternatives to Wise
For companies managing cross-border payments, payroll, or supplier invoices, these platforms offer tailored solutions.
OFX Global Currency Account – For Enterprise-Level Risk Management
Tailored for businesses dealing with frequent international transactions.
Pros:
- Hold and receive 7 currencies
- Send payments in 50+ currencies
- No transaction fees on most transfers
- Advanced tools like forward contracts and limit orders
Cons:
- No linked debit or expense card
- Rates include a markup
- Less suited for micro-businesses
Best for: Importers/exporters and SMEs managing foreign currency exposure.
Revolut Business – Scalable Plans from Startups to Enterprises
Offers tiered plans with strong international capabilities.
Pros:
- Supports 28+ currencies
- Local account details for USD and GBP收款
- Team cards with spending controls
- Cashback on eligible purchases
Cons:
- Monthly fee required for premium features
- Usage caps on free foreign exchange
Ideal for: Remote teams, SaaS startups, and global freelancers.
Payoneer – Built for Digital Freelancers & Marketplaces
A favorite among online workers paid by platforms like Upwork or Amazon.
Pros:
- Local receiving accounts in USD, EUR, GBP, JPY, CAD
- Easy contractor payment system
- Working capital loans available
- Direct integration with major marketplaces
Cons:
- 0.5% currency conversion markup
- Inactivity and transaction fees apply
Perfect for: Gig economy workers and e-commerce sellers.
Frequently Asked Questions (FAQ)
Q: Does Wise always offer the best exchange rate?
A: Yes—Wise uses the mid-market exchange rate, the fairest rate available. Most competitors add a markup, though some offset this with zero transfer fees.
Q: Can I use these services without a bank account?
A: Some do—like Western Union and Remitly—which allow cash deposits. Others like Revolut and Payoneer require a linked bank account or initial funding method.
Q: Are there any completely free alternatives to Wise?
A: While no service is entirely free, Revolut’s Standard plan has no monthly fee, and OFX charges no transfer fees (though exchange rates include a margin).
Q: Which is better for small businesses: Wise or Payoneer?
A: It depends. Wise offers lower conversion costs and better transparency. Payoneer excels in marketplace integrations and access to working capital.
Q: Can I get local bank details with these alternatives?
A: Yes—Revolut Business, Payoneer, and HSBC Global Money all provide local receiving accounts in key currencies like USD and EUR.
Q: How fast are transfers with these providers?
A: Most standard transfers arrive within 1–2 business days. Express options (like Remitly Express) can deliver funds in minutes. Wise processes 90% of transfers within 24 hours.
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By understanding your priorities—whether it’s low fees, fast delivery, cash access, or business automation—you can find the right alternative to Wise. Each platform has unique strengths; the key is matching them to your financial behavior and goals.