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Alternatives to Wise include OFX, WorldRemit, and Xe, which provide specialized services like cash pickup, account management, and access to remote locations. These options offer low fees, additional transfer methods, and enhanced customer support, catering to users needing tailored solutions more than Wise does.
Wise vs others in the money transfer space
To be transparent, Wise is one of the best money transfer providers on the market.
The company offers transfers at a total cost of 0.33%. This is made up of giving its customers the mid-market rate and a fee for transfers.
There’s also a lot to like about its multi-currency offering. You can access local accounts and spend in different currencies. So, it’s great for travelling or living abroad.
Account managed transfers where needed
Sending to cash pickup locations
Businesses in need of a more tailored offering
Access to some harder to reach markets
Where forward contracts or other currency tools are needed
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The biggest gripe most users have with Wise is the access to customer service.
Getting an answer to a question once logged in takes around 24 hours. Wise's account management as service is in its very early stages.
Regency FX is a currency broker. This is different from Wise in that the entire service is account managed. This comes with email and telephone access.
Also, you’ll agree rates per transfer, so can negotiate the cost down. Whereas Wise is a set fee with no wiggle room.
Exchange rate | 0.3% - 1% |
|---|---|
Fees | No fees |
Transfer limits | No limits |
Send to | Bank accounts |
Account manager | Yes |
Forward contracts | Yes |
Available | Globally |
Regency FX is a specialist in large money transfers, where an account manager is essential. You’ll usually pay a little more than you would with Wise, but cost is made up in the service you receive.
Also, just to note, currency brokers will offer zero fees, and the cost will be in the exchange rate instead. This is different from Wise, who offer exchange at the mid-market rate, but have the fee as a set percentage.
With Regency FX, and other currency brokers, you will get access to forward contracts. This can help secure rates on large transfers.
Unlike Wise, Regency FX is purely about sending money. So you won’t get a multi-currency card or local accounts.
Xe has long been a leader in the money transfer space, alongside Wise.
They offer access to more countries, including harder to reach locations. The Xe alternative also has around 500,000 cash pickup locations globally. This puts them on par with the likes of Western Union as well.
Exchange rate | 0.3% - 1.5% |
|---|---|
Fees | $1.99 to $2.99 |
Transfer limits | No limits |
Send to | Bank accounts, mobile wallets, cash pickup locations |
Account manager | Yes (where needed) |
Forward contracts | Yes, but not in all cases |
Available in | USA, UK, Canada, Australia, Europe and more |
Xe also offers account management on larger transfers. If using this service, it is possible to have the fees removed as well. We add them here to be clear that most will pay a fee to send with Xe.
The Xe app is on the best money transfer apps. It offers a couple of perks you do not get with Wise. Notably a very well-rounded currency converter, historic currency charts and rate alerts. This can be downloaded and used without needing an account.
As with Regency FX, Xe does not have a multi-currency account option. Wise would still be the better option if you need access to local accounts. Xe however will excel in fast, account managed (where needed) international transfers.
WorldRemit is a great alternative to Wise for transfers into hard to reach locations. They also support more methods withdrawal methods. These include sending airtime, mobile money payments and cash pick up.
For WorldRemit, daily limits are lower (at $9,000). Although, if you need to send more than a few hundred dollars, we would recommend sending to a bank account. For this, Wise is a better option than WorldRemit anyway.
Exchange rate | 0.5% - 1.25% |
|---|---|
Fees | From $1.99 |
Transfer limits | $9,000 per day |
Send to | Bank account, airtime payments, mobile wallets, cash pickup locations |
Account manager | No |
Forward contracts | Not available |
Available in | USA, UK, Canada, Australia, Europe and more |
The access offered by WorldRemit is pretty much global, barring things like sanctioned countries.
Zing is a decent alternative to Wise for UK users. This is purely based on price and the convenience the service offers.
Total transfer costs are 0.2%, vs the 0.33% of Wise. Under £500 per month, you actually pay nothing.
The downside to Zing at the moment is you have to be in the UK to get an account. But it does offer multi-currency spending access.
Exchange rate | Mid-market rate |
|---|---|
Fees | 0.2% (No fees under £500) |
Transfer limits | £40,000 per day |
Send to | Bank account |
Account manager | No |
Forward contracts | Not available |
Available in | UK only |
Be aware that with Zing you’re limited to £40,000 a day in transfers.
If you need larger transfers, opt for one of Xe or Regency FX. These are a better alternative to Wise for sending large amounts.
You can also see how Zing and Wise (and Revolut) compare.
Airwallex is the best Wise Business alternative.
The platform is business only, Wise on the other hand, offers everything, to everybody.
Exchange rates are decent at 0.5%. There’s also 12 multi-currency accounts, 2 more than you get with Wise Business.
The account also offers things like expense management and batch payments.
Exchange rate | 0.5% |
Fees | No fees |
Transfer limits | Up to $5,000,000 |
Send to | Bank accounts |
Account manager | No |
Forward contracts | Not available |
Available in | USA, UK, Canada, Australia, Europe and more |
Sending is restricted to bank transfers. But you can use virtual cards and physical cards for spending or withdrawing money as well.
For business support, compare providers covering specific aspects of international business finance.
Revolut is a regularly used alternative to Wise for international transfers.
Where Revolut does excel is its P2P network.
If you’re making regular payments to someone else on Revolut, it’s fast and cheap to do so.
But, using Revolut as an alternative to Wise generally, we’d say don’t do it.
You pay around 0.4% to transfers, and an additional 1% on weekends. After you’ve sent $1,000 in a month, these costs start to increase.
Finding the right option
When looking to send money, we recommend searching based on the amount you need to send and where you need to send it.
A search will give you live rates and show who is the best Wise alternative for your specific needs.
In cases where Wise is the best option, you can still compare to other companies.
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