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Here are the top alternatives, and when they might be a better fit:
Wise Business - Best for small teams and international freelancers who want mid-market FX rates, 50+ supported currencies, and no monthly fee.
Airwallex - Great for growing businesses needing 12+ local accounts, spend management, and API integrations in one platform.
Revolut Business - Good for startups that want flat-fee plans, virtual cards, and integrated business features, though key tools require upgrading.
Payoneer - Ideal for marketplace sellers and global businesses receiving payments from platforms like Amazon, Upwork, or Fiverr.
Statrys - A solid pick for Hong Kong–based SMEs or Asia-focused companies wanting local payment rails and personalised onboarding.
XE Business - Best for companies focused on sending large payments across 190+ countries using risk-managed tools and APIs.
IFX Payments - Excellent for businesses making high-volume batch payments and managing currency risk with forward contracts.
Why you might need an alternative to Sokin
Sokin is a standout option for global businesses needing batch payments and multi-currency support, with 75+ currencies, no per-transfer fees, and support for large payouts, it’s well-suited to companies operating across Africa, Asia, and emerging markets.
But it’s not the right fit for every business.
You should look for an alternative if:
You need local accounts in multiple countries - especially if you want to receive payments like a local. Sokin only supports 4 local accounts (USD, GBP, EUR, CAD).
You want forward contracts or FX risk tools - Sokin doesn’t offer forward contracts, which may be essential for businesses managing large or future-dated transfers.
You require physical or virtual cards - Sokin doesn’t currently offer cards for business use, which limits expense tracking and online spending capabilities.
You need accounting integrations - There are no native integrations with tools like Xero, QuickBooks, or Sage.
You want more hands-on support - Sokin’s support is primarily digital, with fewer high-touch options like dedicated account managers or phone-based FX consultants.
You operate in regions like North America or Europe - Other business services offer better local payment coverage, faster transfers, or stronger compliance.
We’ve reviewed the top Sokin competitors that provide the flexibility and tools Sokin lacks.
Before diving into the full comparisons, here’s a snapshot of when each one might be a better fit:
Provider | When should you use it? | Key strength vs Sokin |
|---|---|---|
Wise Business | Freelancers, small teams, global startups | 50+ currencies, 10+ local accounts, interest on balances |
Airwallex | Growth-stage teams need expense control & integrations | Cards, spend management, developer tools |
Payoneer | Sellers on Amazon, Fiverr, Upwork | Marketplace integrations, card support, 9 local accounts |
Revolut Business | Startups and SMEs wanting an all-in-one finance solution | Card options, tiered plans, in-app budgeting |
Statrys | APAC-focused SMEs and B2B service providers | Low FX margins, fast setup, personalised support |
IFX Payments | High-volume payouts and FX hedging needs | 5,000 batch payments, forwards, account manager |
XE Business | Businesses sending large international payments | API integration, no caps, strong risk management |
Wise Business
Wise Business is a low-cost, self-service platform built for businesses that need reliable international payments, local accounts, and integration with existing software.
It’s especially strong for those who prioritize mid-market exchange rates, batch payments, and automations, but it lacks hands-on support and business cards in some regions, like the US.
Wise Business is good if… | Use Sokin if… |
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Here are some of the key features offered by Wise Business that are better than Sokin:
10-19 local accounts, depending on the region
Hold and convert over 70 currencies
Batch payments up to 1,000 with guaranteed FX rate
Mid-market exchange rates + fees from 0.33%
Accounting & ecommerce integrations (Xero, Amazon, Shopify, etc.)
Business cards (not yet available in the US)
Earn up to 4.85% interest on USD balances
API and automation support
Self-service platform with detailed help center and 24/7 support
Airwallex
Airwallex is one of the most fully featured platforms for businesses operating across multiple countries.
With 12 local accounts, support for 130 currencies, strong batch payment capabilities, and robust expense management, it's ideal for companies that need global reach, cards, and custom workflows.
That said, card fees and regional service availability might not suit every business.
Airwallex is good if… | Use Sokin if… |
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Here are some of the key features offered by Airwallex that are better than Sokin:
12 local accounts covering 40+ countries
Send, hold, and receive in 130+ currencies
Virtual and physical cards with expense tracking
Batch payments to up to 1,000 recipients
Integrations with Xero, NetSuite, Amazon, Shopify & more
Reimbursement workflows + multi-layer approval tools
Transparent FX pricing: 0.5%–1.0% above interbank
No forward contracts, but hedging through multicurrency usage
Revolut Business
Revolut Business is a tiered multi-currency platform that offers strong virtual card tools, app integrations, and account automation, but only if you’re on a paid plan.
While its UI and features appeal to modern SMEs, the limited local accounts, capped FX at mid-market rates, and lack of support for sole traders make it less competitive than other options unless you’re on the highest tiers.
Revolut is good if… | Use Sokin if… |
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Here are some of the key features offered by ABC that are better than Sokin:
Tiered plans from free to $119/month (custom for enterprise)
Hold 25+ currencies, local details only for USD and GBP
Up to 200 virtual cards, 3 per user (great for teams)
Built-in Slack/Zapier integrations for finance ops
Interest on balances: up to 3.51% (Enterprise)
Bulk payments & API tools on paid plans only
No support for sole traders or freelancers
Payoneer
Payoneer is a long-standing platform built for freelancers, online sellers, and businesses expanding into global markets.
It offers strong local account coverage (9 accounts in 190 countries), powerful integrations, and one of the best invoice + marketplace payment systems.
It’s particularly useful for receiving international funds, but expensive FX, no forward contracts, and limited card currency support mean it’s not ideal for all outgoing payments.
Payoneer is good if… | Use Sokin if… |
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Here are some of the key features offered by Payoneer that are better than Sokin:
Local account access in 9 currencies, support in 190+ countries
Deep integration with 2,000+ platforms (e.g., Xero, Upwork, Amazon)
Expense control with multi-currency virtual cards
API and marketplace payout automation
Exchange rate around 2–3.5%, no mid-market pricing
No forward contracts or FX hedging tools
$29.99 inactivity fee annually, but no ongoing monthly charge
Statrys
Statrys is a Hong Kong-based provider focused on multi-currency accounts, FX, and business payments for SMEs operating in Asia-Pacific.
It stands out for its human-first customer service, transparent pricing, and support for businesses based in (or linked to) Hong Kong, Singapore, or the BVI.
But it’s missing batch payments, global payroll, and cards with wide usage, making it better for regionally-focused operations than global scale.
Statrys is good if… | Use Sokin if… |
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Here are some of the key features offered by ABC that are better than Sokin:
Multi-currency accounts in 11+ major currencies
Real human account onboarding and multilingual support
FX from 0.15% markup (card FX: 1.5%)
No batch payments or forward contracts
Works with Stripe, PayPal, Shopify, and SWIFT transfers
Accounts for Hong Kong, Singapore, and BVI-based businesses (others require review)
XE Business
XE Business is ideal for companies focused on high-volume international payments without needing local account details or business debit cards.
While it doesn’t offer the banking-style account functionality of platforms like Wise or Sokin, it excels in FX tools, batch payouts, and custom API integrations, especially for businesses that want to plug into platforms like Sage or Microsoft ERP tools.
Unlike Sokin, it also offers forward contracts for hedging currency risk.
XE is good if… | Use Sokin if… |
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Here are some of the key features offered by XE that are better than Sokin:
Access to 130+ currencies for outbound payments
Real-time FX data and currency converter API
Batch payments for up to 1,000 recipients
Dedicated account manager + phone support
Regulated in 6+ major regions (US, UK, EU, CA, AU, NZ)
No card access, no inbound payments, no local accounts
IFX Payments
IFX Payments stands out for its robust batch payment capacity (up to 5,000 recipients) and dedicated FX consultancy, making it a top-tier option for businesses needing precision and support with high-volume cross-border payments.
Through their flagship product, iBanq, IFX provides multi-currency virtual IBANs for receiving and holding 46 currencies, as well as access to forward contracts, a notable edge over Sokin for businesses managing FX risk.
IFX Payments is good if… | Use Sokin if… |
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Here are some of the key features offered by IFX Payments that are better than Sokin:
Send and receive in 46+ currencies via virtual IBAN
Batch payments for up to 5,000 recipients in 71 currencies
Dedicated account manager for all clients
FX hedging tools with spot and forward contracts
No local accounts, no card access, and no built-in expense tools
We've also looked at what alternatives will suit your business depending on your use cases and business needs.
Lower fees or better FX rates
Sokin charges a monthly fee and does not offer the best FX rates for all corridors. These providers offer better fee structures or exchange rate transparency.
Provider | Why it’s a better fit than Sokin |
|---|---|
Wise Business | Mid-market rates with no markup, no monthly fee, fully transparent costs |
Revolut Business | Tiered plans allow flexible pricing, better card support without monthly Sokin-style limits |
IFX Payments | Fees negotiable based on volume; FX markup as low as 0.05% |
Broader global currency coverage
Larger volume or more flexible batch payments
Freelancers or small businesses without monthly fees
More flexible cards or expense management
Regardless of the option you pick, we recommend running a quick search below to make sure your business needs align with the company you use.
If you’re still unsure and want to know more, we’ve created in-depth reviews for each of these companies.
Their flagship product, ibanq, provides multi-currency virtual IBAN accounts, enabling businesses to receive, hold, and send funds across borders, giving companies greater control over their global cash flow. Their mass payment functionality simplifies payroll and supplier payments, even across multiple currencies, ensuring businesses can process international payments in bulk without opening local currency accounts.
Artiom PucinskijFebruary 11th, 2025
Our key measures when testing Wise Business for international business transfers were the product offering, cost, speed, safety and customer satisfaction. We've covered the key points in the table below and each element in more detail throughout the review.
Keith HodgesOctober 10th, 2024
Historically, Moneycorp is considered one of the biggest money transfer providers in the world. The company has over 45 years of history and launch in the USA in 2018. The company is headquartered in the UK but with offices in USA, Ireland, France, Romania, UAE, Hong Kong, Australia and Brazil.Keith HodgesOctober 10th, 2024
Our key measures when testing OFX Business for international business transfers were the strength of the product offering, cost of service and transfers, speed, safety and customer satisfaction.Keith HodgesOctober 10th, 2024
Like their personal offering, the Revolut Business offering is tiered - giving more access to features, the more you pay.Keith HodgesAugust 28th, 2024
Xe Business offers strong all-round support for international business transfers. As part of our scoring process we have looked at product offering, cost, speed of transfers, safety and customer satisfaction.Keith HodgesOctober 10th, 2024
Keith HodgesOctober 10th, 2024
Multipass offers a strong selection of multi-currency option. A setup fee and higher monthly fees than elsewhere are a little offputting when you consider exchange rates are higher than Airwallex, Wise Buiness and Revolut Business.Keith HodgesJuly 23rd, 2024
Globally Payoneer serves around 190 countries, gives access to local accounts in 9 and supports 70 currencies. Features within the account allow you to take advantage of payments, invoicing and bulk options in each location. Where Payoneer is stronger than the likes of Revolut Business or Wise Business, is that it is built for international companies - as opposed to being an offshoot of a personal offering. This sets them apart from other providers, alongside the likes of Airwallex, by offering a full international business solution.Keith HodgesOctober 10th, 2024
When scoring Airwallex as an international business provider we factored in the product offering, speed of sending money, cost, safety measures in place and customer satisfaction.Keith HodgesOctober 10th, 2024
A bit more about Sokin alternatives
Can I still use Sokin for personal payments?
Does Sokin support batch payments or local accounts?
What’s better than a flat monthly fee?
Help & FAQ
Get answers to the most common questions asked when sending money abroad. Covers costs, fees and the best way to compare.
