Wise, formerly known as TransferWise, is one of the best international money transfer services available for sending money overseas. It is known for its affordable fees and transparency.
Based on exiap.com, Wise uses the real mid-market exchange rate for currency exchange, and the average cost for international payments by customers is only 0.6%. This makes it an excellent option for sending money abroad.
However, there are also other great alternatives available. In this article, I have selected the top 9 TransferWise alternatives for 2023 that you should consider.
What is TransferWise?
TransferWise started its journey in 2011 with the aim of moving money around the world as easily, quickly, and cheaply as possible. It is famous for its cheaper fees and transparency. Its exchange rate is exactly in the middle between the buying and selling rates.
It also provides a transparent chart that allows users to know what fees would be charged for exchanging and transferring money. Therefore, it provides 100% transparency.
As of December 2022, TransferWise has over 13 million customers and 300+ employees. It operates in over 80 countries and has multi-currency accounts that can exchange over 50 currencies and make payments to over 80 countries. TransferWise is also very secure as it is licensed by FCA and HMRC in the UK and FinCEN in the US.
TransferWise has consumer accounts separated from corporate accounts, which makes it more secure for consumer funds as well.
Why do you need a TransferWise alternative?
Despite the low transfer rate, great customer support, and all the other benefits, still, you might not feel this is the right service for you. And wise might fail to meet certain standards based on your usage. So, let’s learn about the shortcomings of Wise.
- Firstly: Wise supports sending money in only 80+ countries and it has 56 available currencies so users can not transfer funds in all countries. In that case, services like PayPal will be a better choice.
- Secondly: Wise has transfer limits because of anti money laundering laws. It basically has two types of transfer limits. The first one is the account limit which determines how much money you can send and receive in a single transaction. The second one is the pre-transaction limit and this one is determined by the receiver’s bank or account rules.
- Finally: slow money transfer. Wise’s money transfer depends on how the transfer is funded so it takes some time to process before sending the money. Some instant money transfers can send money overseas within minutes but there is a cost associated with this convenience. So, based on different usage I have picked the best alternatives for wise in 2023.
9 Wise Alternatives (Formerly TransferWise) #2023
You may have been waiting some time to learn about the alternatives available for Wise. In this section, I will discuss the most popular choices and you’ll find fully comprehensive explanations of each alternative.
1. WorldRemit
Compared to Wise, WorldRemit is faster and supports more countries and currencies. WorldRemit offers four different ways to receive funds: airtime top-ups, bank transfers, cash pickup, and mobile money. In the past decade, WorldRemit has increased the number of nations and currencies served by 10% and now has 5.7 million users.
The availability of deposit accounts, digital cash, and cash pickup options has made sending money around the globe much easier. WorldRemit is a reliable option to send money, having received 125,000 five-star ratings. In comparison to Wise, it is a much faster alternative, with 95% of WorldRemit cash collections receiving payments within minutes, making it almost perfect for individual or business usage.
WorldRemit pricing and fee:
WorldRemit’s fees include transfer fees and exchange rate markup. It is a bit tricky as the Payment type, receiving choice, and amount sent affect exchange rates.
- A deposit into a bank will incur a fee ranging from 0.5% to 2%, depending on the amount and country of the deposit.
- There is a 1%–4% fee for paying bills online.
- Picking up cash incurs a 1%–4% fee.
- Mobile phone airtime recharge: 1%–4%
- Every transfer cost an extra $1 to $5.
2. Skrill
Skrill is a great Wise alternative, which many consider equivalent to PayPal. It is more popular for its secure digital payment system. It is available in almost 200 countries whereas wise is currently available in only 80+ countries, and Skrill payments can be made in 40 currencies. With Skrill, you can send and receive money almost anywhere in the world.
When users send money directly to the bank it charges no fee and this is the main advantage of skrill compared to other online money transfers. Skrill also allows its users to buy and sell crypto. However, skrill fees and currency exchange prices are higher and that could be inconvenient for some users.
Skrill pricing and fee:
Skrill offers different customer plans, So the charges and fees vary as per the user’s requirements.
- Free: Money transfer.
- Send money: Up to 1%
- Send money credit card: Up to 2.99%
- Fee per transaction: Up to 4.99%
3. Veem
Veem is a digital payment processor that can be a good alternative to Wise. It is a better choice for business owners as it features more functions than Wise, like the invoicing tool, payment link, and the ability to make multiple payments all at once. Having such functions makes the financial activities of your business much easier with Veem. Regardless of business shape, Veem works just fine in every aspect.
Being the safest and one of the fastest means of money transactions, with some unique features it is one of the user’s favorite money transfers. With over 6000,000 users in more than 100+ countries, Veem is one of the most trusted money transfers. Its AP/AR process with end-to-end seamless integration with real-time tracking made it one of the most flexible alternatives of Wise.
Veem pricing and fee:
Veem’s fees and pricing vary for different payments. Get a clear idea about them below.
- Free: Bank transfer and receive. Also, for the international payment.
- Fast transfer: 0.5% for the same transfer.
- Check: $1.99 send.
- Credit card: 2.9% for global.
- Debit card: 1% for global.
- Instant deposit: 1% – min. $1.50.
4. Paypal
One of the known, famous wise alternatives is PayPal. It was founded way earlier in 1998 and currently, 426 million users use PayPal for international money transactions. It is available in more than 200 countries. Recently PayPal introduced another service Xoom to send money directly to international banks and that makes it a very popular and convenient way for online shopping and sending money overseas.
However, PayPal charges aren’t as transparent as Wise. In some countries, Paypal charges up to 5%.
Paypal Business accounts are also a great option for online business. It offers great solutions for SMEs and enterprise customers. Paypal payments can be done by only using an email address and a phone. Wise works cheaper compared to Paypal but PayPal’s availability and sending money to another Paypal account with ease makes it a good Wise alternative.
PayPal pricing and fee:
PayPal has introduced different charges and fees for users’ convenience.
- Free: No fee for unlisted fundraisers.
- Donate button: 2.89% + fixed fee.
- PayPal fundraisers: 2.99%.
- PayPal checkout: 2.89%.
5. Payoneer
Payoneer is another Wise alternative that operates in more than 200 countries. It is one of the most popular money transfer options in Freelance platforms such as Fiverr, and Upwork Freelancer.com
It was founded in 2005 and currently, it has over 4 million users. Its availability of 24/7 customer support made it one of the go-to options for users.
Compared to Wise’s transparent fees and exchange rate Payoneer has a bit complex fee structure. Which is the best option for you depends on how you use them.
One of the great advantages of Payoneer is that it offers bank accounts to users in several countries’ currencies, which work just like your local bank account. One can use this Payoneer account from wherever he/she lives in the world.
Payoneer Pricing And Fee:
Payoneer charges various fees on money sent, received, transferred, and activity for its users. These are shown below:
- Free: Free invoicing or PDF attaching.
- Sending or receiving payments: 1% for e-check payments and 3% for credit card payments.
- Transferring funds: $1.50 and 2% for domestic funds and non-local currency.
- Transferring balances (between countries): 0.5%/per transfer.
- 1 year no activity: $29.95.
6. Neteller
Neteller is another famous money transfer that can be considered a Wise alternative. It was founded in 1999 and has been a very famous money transfer option ever since. It is one of the leading money transfers in most countries including the US, the UK, India, Germany, and Russia.
Neteller has completed millions of online payments and still continues its journey with major improvement over time.
It is also used by people from more than 200 countries. And users of both personal and business purposes are satisfied with its service.
Neteller pricing and fee:
Neteller charges various fees on fund transfers mentioned below:
- Free: Receive money.
- Money transfer: It costs up to 4.99%.
- Neteller to Neteller: 2.99% fee.
- Account levels fees: up to 2.99%.
- Buy and sell cryptocurrency: up to 1.50%.
7. MetaPay
Meta Pay previously known as Facebook pay is made by Meta(formerly Facebook). It was designed to facilitate payment across all social media such as Facebook, What’s an app, and Instagram. It is a great option for fast peer-to-peer transactions with enough flexibility and security.
MetaPay is a viable alternative to Wise because many people use Facebook Marketplace and do business on social media like Facebook and Instagram. So, meta pay is the most convenient for such users.
MetaPay fee and pricing
- There is no charge when you’re using MetaPay.
8. Apple Pay
Apple Pay was unveiled by the CEO of Apple Tim Cook in 2014 to give users an alternative to the traditional card payment process for Apple users.
Apple users can use this service, moreover, Apple pay is secured by the touch ID and Face ID of Apple devices.
Apple play offers some great features. The user gets 2% cashback on all transactions. Its security system is also very impressive. If your device ever gets lost you can remotely disable your device and no one can access your accounts or anything. If you are an Apple user. Apple pay could be a very convenient money transfer for you.
Apple Pay fee and pricing
- Free: Bank transfer.
- Credit fee: 3%
- Debit fee: Free (1% or $0.25 for instant transfer)
- Transfer limit: $10000.
9. Google Pay
Google Pay is also a very good wise alternative that works like Apple pay but offers more features. Both Android and IOS users can use this service. Moreover, it is compatible with any browser. Google pay makes transferring money from one account to another account seamless.
It provides users with good cashback offers and gift vouchers and you can easily pay from it by just scanning a QR code.
Users don’t have to pay anything to use this service, and you can make an instant transfer using only a debit card.
Google Pay fee and pricing
- Free: Bank transfer.
- Credit fee: Up to 4%.
- Debit fee: 1.5% or $0.31.
- Transfer limit: $5000.
Final Opinion
While Wise’s transparency and lower fees make it a top choice for many, it may not always be the most suitable option depending on individual usage. With many money transfer services available that send money to over 200 countries, as well as instant money transfer options, it’s important to be aware of all the alternatives and choose the best one for your specific needs.
In this article, I have researched and compiled a list of the top 9 alternatives to Wise. I highly recommend checking out each option to determine which one will work best for you.
FAQs on TransferWise Alternatives
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Reference
2. https://www.exiap.com/guides/wise-statistics
3. https://edition.cnn.com/cnn-underscored/reviews/best-mobile-payment-apps
4. https://stackshare.io/transferwise/alternatives (Alternatives to TransferWise)
5. https://www.finder.com/sites-like-wise
6. https://www.reddit.com/r/AmericanExpatsUK/comments/wjwn2b/any_alternatives_to_transferwisewise/ (Any alternatives to Transferwise/Wise?)
7. https://www.reddit.com/r/fintech/comments/lk5acg/transferwise_alternative/ (Transferwise Alternative)
8. https://www.producthunt.com/products/transferwise/alternatives (Best alternatives to TransferWise)
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