Wise has been a hot button in the remittance industry for a while now. It transformed the way we move money around the world. Its fundamental goal is to make international money transfers as simple and cost-effective as possible. Wise operates on an online platform, allowing you to send money, receive payments, and spend money internationally with ease.
Wise works by using peer-to-peer technology to match transfers, significantly reducing currency conversion costs. This means that instead of directly transferring your money across borders – which can be expensive due to bank fees and poor exchange rates – Wise simply matches your transfer with another user sending money in the opposite direction. This innovative approach allows Wise to provide better exchange rates and lower fees than traditional banking systems.
You can access Wise through both desktop and mobile app versions, making it incredibly convenient for users. It’s integrated into various apps like the bunq app, enabling direct use of Wise features, thus simplifying the process of online money transfer. Depending on the currency being sent, receiving money through a Wise transfer can take anywhere from a few seconds to five business days.
However, Wise may not be the perfect choice for everyone. For instance, if Wise doesn’t support money transfers to your desired destination or if you believe there might be better fees and exchange rates elsewhere, it’s worth exploring alternatives. Some of the best options to Wise include Remitly, WorldRemit, and Revolut. Each of these platforms offers unique features and benefits, thus providing different use case scenarios for various users.
So, while Wise offers a powerful platform for international money transfers, it’s essential to explore all your options and choose the service that best fits your specific needs and circumstances.
Importance of Exploring Alternatives
The world of international money transfers is vast, with numerous services offering a variety of features, fees, and exchange rates. To help you navigate this complex landscape, we’ve compiled a comprehensive list of the top 10 alternatives to Wise.
XE
XE is a prominent player in the global money transfer market, offering a range of services that cater to both individual and business needs. With its strong emphasis on competitive exchange rates and wide geographical coverage, XE has positioned itself as a reliable choice for international money transfers.
Exchange Rates: XE provides highly competitive exchange rates, often surpassing what traditional banks offer. This can be a significant benefit for users who want to get the most value out of their transfers. Depending on the currency pair involved, the rates from XE can prove to be more advantageous.
Fees: One of the major advantages of XE is its lack of transaction fees. This means that the amount you send is exactly what you’ll be charged, making budgeting for your transfer straightforward and transparent.
Coverage: XE stands out in terms of global coverage. It allows users to transfer money to more than 170 countries around the world. Whether you need to send money to family, pay an international invoice, or manage overseas investments, XE’s extensive reach makes it a reliable option.
Transfer Speed: The transfer speed with XE can vary from 1-4 business days. However, it should be noted that this time frame often depends on factors such as the countries and currencies involved. In many cases, XE can complete transfers swiftly.
Customer Service: While there may be some reports of inconsistent experiences with XE’s customer service, many users have had positive interactions, underscoring their professionalism and commitment to resolving issues.
XE offers a comprehensive and user-friendly platform for international money transfers. With standout features like no transaction fees, competitive exchange rates, and wide global coverage, it holds a strong position in the money transfer market. As always, it’s best to evaluate your individual needs and circumstances when choosing a money transfer service.
ACE
Exchange Rates: ACE is dedicated to offering competitive exchange rates, often surpassing those provided by traditional banks. This commitment can significantly benefit users looking to get the most value from their transfers.
Fees: ACE is well recognized for its affordability, boasting some of the lowest fees in the market. This transparency ensures there are no hidden costs for users.
Global Reach: ACE has an impressive global reach, operating in over 90 countries. This extensive network makes it a reliable choice for a wide range of international transfers.
Ease of Use: ACE prioritizes user experience, providing online transfers for the convenience of users, enabling them to send money without leaving their homes.
Transfer Speeds: ACE strives to offer quick transfer speeds, typically completing transactions within 1-3 business days, which aligns with industry standards.
Customer Support: Customer support is an important aspect of ACE’s service. While some users have reported slower response times, it’s important to note that ACE provides support for a vast number of countries.
Revolut
Financial Management Tools: Revolut offers handy budgeting and savings tools, aiding customers in effectively managing their finances.
Stock Trading: Revolut provides low-cost stock trading, allowing users the opportunity to trade stocks cost-effectively.
Currency Support: Revolut supports spending and ATM withdrawals in 120 currencies, as well as money transfers in 29 currencies directly from the app.
Exchange Rates: Revolut is committed to providing competitive exchange rates, although rates for certain currency pairs may be less competitive.
Fees: Revolut is known for its low prices. However, larger transactions could incur higher fees.
Banking Services: Revolut offers a variety of banking services, although they do not include full banking features such as overdrafts.
User Interface: Revolut features a user-friendly interface, offering a fast digital account opening process.
Customer Support: Some users have reported issues with customer support. However, it’s worth noting that Revolut has a large customer base and offers support in multiple languages.
Revolut offers a range of unique features and services. Your choice will depend on your specific needs and priorities.
TangoPay
TangoPay is a financial service that offers various features tailored to international money transfers. Here are some key aspects of TangoPay:
Fees: TangoPay stands out for its initial offer of free transfers for the first three months of use. After this period, a fee structure comes into play, but the specifics of this structure are kept private.
Exchange Rates: While the exact exchange rates are not publicly disclosed, TangoPay claims to offer favorable rates for its users.
Transfer Speed: TangoPay is known for promising fast transfer speeds, although the exact timeframes for these transfers are not specified.
Security: Ensuring the safety of transactions and user accounts is a priority for TangoPay. It is regulated by the Financial Conduct Authority (FCA) and employs advanced security measures, including instant alerts to safeguard user accounts and transactions.
Global Reach: TangoPay operates in over 70 countries. However, details on the specific currencies supported are not publicly available.
User Interface and Apps: The service provides a mobile application, which users can download from Google Play and the App Store, emphasizing ease of use and accessibility.
Customer Support: TangoPay offers customer support through a chatbot and email, ensuring that users can get help when needed.
Special Features: One of the unique offerings of TangoPay is its referral program, where users can earn rewards for referring friends to the service.
For individuals looking for a service focused on international money transfers, TangoPay presents a range of features and services. However, it’s always advisable to check the most current information directly from TangoPay, either through their official website or customer service, to make an informed decision.
Western Union
Western Union provides a wide range of services, including person-to-person money transfers, money orders, business payments, and commercial services. These are offered through an extensive network of over half a million retail locations across more than 200 countries and territories.
Fees and Exchange Rates: Western Union charges fees for their services. The fee structure varies based on the amount you’re sending, the method of delivery, and the destination country. Regarding exchange rates, Western Union applies a margin on top of the mid-market exchange rate.
Transfer Speed: The transfer speed with Western Union can range from within minutes to up to five business days, depending on the service chosen. Various factors such as the countries involved, payment method, and security checks can impact this.
Security: Western Union prioritizes security. They use encryption and secure servers, and they are licensed and regulated by financial authorities worldwide.
Customer Support: Western Union offers customer support via phone and email. Additionally, a comprehensive FAQ section is available on their website to help answer common queries.
Special Features: Western Union offers a loyalty program called My WU. Members can earn points every time they send money, which can be redeemed for service fee reductions on future transactions.
Western Union offers a variety of services tailored to suit different needs. It’s recommended to visit their official website or contact their customer service for the most accurate and up-to-date information.
MoneyGram
MoneyGram is a renowned global provider of innovative money transfer services. It offers a convenient way to send and receive money almost anywhere in the world. Whether online, from a mobile device, at a kiosk, or in a local store, it provides consumers with multiple avenues for money transfer.
Services: MoneyGram provides a wide range of services, including person-to-person money transfers, money orders, bill payments, and financial paper products. The company allows customers to send and receive funds domestically and internationally through its vast network of agents and financial institution customers.
Fees and Exchange Rates: MoneyGram charges fees for their services. The fee structure varies based on factors such as the amount being sent, the destination country, and the method of delivery. Regarding exchange rates, MoneyGram applies a margin on top of the mid-market exchange rate.
Transfer Speed: MoneyGram’s transfer speed can vary but is typically fast, often enabling money transfers to be picked up by the recipient within minutes of the transaction being completed. The exact timeframe can depend on the service chosen, the method of delivery, and the countries involved.
Security: Prioritizing security, MoneyGram uses advanced technology, including secure servers and encryption, to protect customer transactions. They are licensed and regulated by financial authorities worldwide.
Customer Support: MoneyGram offers various customer support channels, including phone support and email. A comprehensive FAQ section is also available on their website to help answer common queries.
Special Features: MoneyGram also has a mobile app available on both Apple and Android devices, allowing users to send money on the go. The company is authorized to do business in all 50 states, D.C., and all U.S. territories.
MoneyGram offers a variety of services tailored to different needs, making it a reliable choice for both domestic and international money transfers. For the most accurate and up-to-date information, it’s recommended to visit their official website or contact their customer service.
Taptap Send
Taptap Send is an app that allows users to make international money transfers from several countries to various destinations worldwide. It’s known for its simplicity, transparency, and low fees.
Services: Taptap Send enables users to send money from their smartphones without the need for a bank account. The money can be received in a bank account or picked up in cash at a partner location in the destination country.
Fees and Exchange Rates: One of the standout features of Taptap Send is its low fees. The company often runs promotions where users can send money without incurring any fees. The exchange rates are competitive, ensuring that recipients get more value for the money sent.
Transfer Speed: The transfer speed with Taptap Send can vary depending on the destination country and the method of receiving the money. However, the company strives to process transactions as swiftly as possible, often within minutes.
Security: Security is a top priority for Taptap Send. The company uses advanced technology, including data encryption, to ensure the security of transactions. They are also licensed and regulated by financial authorities in the countries they operate.
Customer Support: Taptap Send offers customer support via email, and also provides a comprehensive FAQ section on their website to help answer common queries.
Special Features: Taptap Send has a user-friendly mobile app available on both Apple and Android devices, allowing users to send money on the go. They also offer a referral program where users can earn bonuses by referring friends to the service.
Taptap Send offers a straightforward and cost-effective way to send money internationally. For the most accurate and up-to-date information, it’s recommended to visit their official website or contact their customer service.
Remitly
Remitly is a digital remittance service that provides an easy, affordable, and secure way for people to send money to friends and family living abroad. The company is committed to transforming the lives of immigrants and their families by providing the most trusted financial services.
Services: Remitly offers international money transfer services from several countries to various destinations worldwide. Users can send money directly to a recipient’s bank account, or the recipient can pick up cash at a partner location.
Fees and Exchange Rates: Remitly’s fees vary depending on the amount of money being sent, the destination country, and the delivery option chosen. The company is known for its transparent pricing and provides the exchange rate upfront.
Transfer Speed: Remitly offers two transfer options – Express and Economy. Express transfers, which are slightly more expensive, can arrive within minutes. Economy transfers take a few business days but offer better rates.
Security: Remitly uses state-of-the-art security protocols and encryption methods to protect users’ personal information and ensure the safety of transactions. The company is licensed and regulated by relevant financial authorities in the markets it operates.
Customer Support: Remitly offers customer support 24/7 via phone, email, and live chat. It also has an extensive FAQ section on its website.
Special Features: Remitly has a user-friendly mobile app available for both iOS and Android devices, making it possible to send money on the go. The company also occasionally offers promotions, such as referral bonuses.
Remitly is a reliable and convenient option for international money transfers, particularly for those looking for a digital-first solution. For the most accurate and up-to-date information, it’s recommended to visit their official website or contact their customer service.
Instarem
Instarem, now known as Nium, is a digital cross-border payments company that enables consumers and businesses to send, spend and receive money internationally. The company is committed to making global money transfers as seamless and convenient as possible.
Services: Instarem offers international money transfer services from various countries to over 100 destinations worldwide. Users can send money directly to a recipient’s bank account, making it a convenient option for remittances, education payments, or business transfers.
Fees and Exchange Rates: Instarem is known for its competitive fees and transparent pricing. The fees vary depending on the amount being sent and the destination country. The company also provides mid-market exchange rates, ensuring users get good value for their money.
Transfer Speed: The transfer speed with Instarem can vary depending on the countries involved and the method of transfer, but typically, transactions are completed within 1-2 business days.
Security: Security is a priority for Instarem. The company uses robust security protocols, including data encryption, to ensure the safety of transactions. They are licensed by various top-tier regulatory bodies globally.
Customer Support: Instarem offers customer support via email and phone. Users can also find a comprehensive FAQ section on their website that answers common queries.
Special Features: Instarem has a user-friendly mobile app available on both iOS and Android devices, allowing users to send money on the go. The company also offers a loyalty program, InstaPoints, where users can earn points every time they send money and redeem them for future transactions.
Instarem is a reliable and cost-effective option for international money transfers, making it a popular choice among individuals and businesses alike. For the most accurate and up-to-date information, it’s recommended to visit their official website or contact their customer service.
OFX
OFX is a leading global money transfer service that allows individuals and businesses to send funds internationally at competitive rates. It was initially established in Australia as OzForex, but has since expanded its operations worldwide.
Services: OFX provides international money transfer services from various countries to over 190 destinations globally. Users can send money directly to bank accounts, making it a convenient option for personal transfers, business transactions, or even recurring transfers.
Fees and Exchange Rates: Unlike many other transfer services, OFX does not charge a flat fee for transfers. Instead, the company makes money by applying a margin to the exchange rate. The rates are usually quite competitive compared to traditional banks.
Transfer Speed: The speed of transfers with OFX can vary depending on the currencies involved and the time it takes for your funds to reach OFX from your bank. Typically, transactions are completed within 1-2 business days.
Security: OFX uses advanced encryption and security protocols to protect users’ information and funds. The company is regulated by several top-tier financial authorities globally, ensuring a high level of security and compliance.
Customer Support: OFX offers 24/7 customer support via phone and email. They also have a comprehensive FAQ section on their website to help answer common questions.
Special Features: OFX offers a mobile app, available on both iOS and Android, allowing users to track their transfers on the go. They also provide tools like market news and currency charts to help users make informed decisions about their transfers.
OFX is a trusted and cost-effective option for international money transfers, particularly for those transferring larger amounts due to its no flat fee policy. For the most accurate and up-to-date information, it’s recommended to visit their official website or contact their customer service.
Why should you compare Wise alternatives?
There are several reasons why you should compare Wise with its alternatives:
Fee Structures: Different money transfer services have different fee structures. Some might charge a flat fee, others a percentage of the transfer amount, and some might have a combination of both. By comparing Wise with its alternatives, you can find the most cost-effective option for your specific needs.
Exchange Rates: The exchange rate can significantly affect how much money the recipient will receive. While Wise uses the mid-market rate, other services might add a markup to the exchange rate. Comparing these rates can help you maximize the amount that ends up in the recipient’s pocket.
Transfer Speed: If you need to send money urgently, the transfer speed can be a crucial factor. Different services can have vastly different transfer times, and by comparing them, you can find the service that delivers your money when you need it to.
Global Reach: Not all services operate in every country or deal in every currency. If you need to send money to a less common destination, comparing alternatives can help you find a service that can facilitate your transfer.
Customer Service: Good customer service can be invaluable, especially if something goes wrong. By comparing different services, you can gauge their reputation for customer service and choose one that will provide you with the support you need.
Additional Features: Some services offer other features like multi-currency accounts, cash pickups, mobile wallet transfers, or rewards programs. Depending on your needs, these features might make a significant difference in your choice of service.
Is there a better alternative to Wise?
Whether an alternative is “better” than Wise depends on your specific needs. For instance, if you value low fees and fair exchange rates, OFX or Xe might be better. If you need cash pickup options, then MoneyGram or WorldRemit might be more suitable.
Who is Wise’s best competitor?
It’s hard to determine a single “best” competitor as it depends on individual requirements. However, Revolut, PayPal, and Xe are among the most popular alternatives.
Is Wise similar to Revolut?
Yes, both Wise and Revolut offer multi-currency accounts and international money transfers. However, Revolut also provides additional features like budgeting tools and insurance products.
Is Wise safe in the UK?
Yes, Wise is regulated by the Financial Conduct Authority (FCA) in the UK, which means it must adhere to strict rules and regulations to ensure the safety of customer funds.
Is Wise legal in Australia?
Yes, Wise is licensed as a money remitter by the Australian Securities and Investments Commission (ASIC), making it legal to use in Australia.
