Wise has long been a popular choice for US customers needing international money transfer services, multi-currency accounts, and debit cards supporting 50+ currencies. However, depending on your specific needs, other providers might offer better features, lower fees, or more convenient services.
This comprehensive guide explores the top Wise alternatives for personal and business use, helping you make an informed decision based on your requirements.
What Does Wise Offer?
Wise (formerly TransferWise) is a fintech company specializing in:
✅ Cross-border transfers to 80+ countries
✅ Multi-currency accounts supporting 50+ currencies
✅ Debit cards for spending in 175+ countries
✅ Mid-market exchange rates with transparent fees
However, Wise has limitations, such as:
❌ No cash deposit/withdrawal options
❌ No physical branches for in-person support
Wise Services Overview
| Service | Details |
|---|---|
| Transfers | Send to 80+ countries in 50+ currencies (fees from 0.41%) |
| Multi-Currency Account | Hold & exchange 50+ currencies |
| Debit Card | Spend in 175+ countries with mid-market rates |
| Business Accounts | Batch payments, API access, expense cards |
Top Wise Alternatives Compared
Here’s a quick comparison of leading Wise competitors:
| Provider | Best For | Key Features |
|---|---|---|
| OFX | High-value transfers | No transfer fees, broker support |
| Western Union | Cash transactions | Huge agent network |
| Remitly | Remittances | Cash pickups, express transfers |
| Revolut | Multi-currency needs | Free Standard account, stock trading |
| PayPal | Global payments | Instant transfers via email |
| HSBC Global Money | Bank integration | Instant transfers, 8 currencies |
| Payoneer | Business payouts | Local receiving accounts |
👉 Compare Wise vs. Revolut for multi-currency accounts
Best Wise Alternatives for Transfers
1. OFX – Best for High-Value Transfers
✅ Pros:
- No transfer fees (exchange rate markup applies)
- Phone support with dedicated brokers
- Transfers to 170+ countries
❌ Cons:
- $1,000 minimum transfer
- No cash options
Best for: Businesses and individuals sending large amounts internationally.
2. Western Union – Best for Cash Transfers
✅ Pros:
- Pay/receive cash at agent locations
- Worldwide coverage
❌ Cons:
- High fees on small transfers
- Exchange rate markups
Best for: Those needing cash payouts or deposits.
👉 Learn about Western Union’s fees
3. Remitly – Best for Remittances
✅ Pros:
- Cash pickups & mobile money deposits
- Economy/Express transfer options
❌ Cons:
- Limited currency support
- Exchange rate markups
Best for: Sending money to family abroad.
Best Wise Account Alternatives
4. Revolut – Best Multi-Currency Account
✅ Pros:
- Free Standard plan available
- Hold 28+ currencies
- Stock trading & budgeting tools
❌ Cons:
- Fair usage fees apply
- Metal cards require subscription
Best for: Frequent travelers & forex users.
5. PayPal – Best for Global Payments
✅ Pros:
- Send via email/phone
- Wide merchant acceptance
❌ Cons:
- High currency conversion fees (3-4%)
Best for: Online shoppers & freelancers.
Best Wise Business Alternatives
6. Payoneer – Best for Freelancers & Sellers
✅ Pros:
- Local receiving accounts
- Payoneer Mastercard available
❌ Cons:
- 0.5% FX markup
Best for: Amazon/eBay sellers & contractors.
7. HSBC Global Money – Best Bank Integration
✅ Pros:
- Instant transfers to HSBC accounts
- Hold 8 currencies
❌ Cons:
- Requires HSBC USD account
Best for: HSBC customers needing forex services.
FAQ
Q: Which is cheaper, Wise or OFX?
A: OFX has no transfer fee, but Wise offers better exchange rates for small transfers.
Q: Can I use Revolut for business?
A: Yes, Revolut Business offers multi-currency accounts & expense cards.
Q: Does Western Union accept cash deposits?
A: Yes, you can pay in cash at agent locations.
Q: What’s the best alternative for receiving international payments?
A: Payoneer offers local receiving details in multiple currencies.
Final Recommendation
The best alternative depends on your needs:
- For transfers: OFX (high-value) or Western Union (cash)
- For multi-currency accounts: Revolut
- For businesses: Payoneer