Wise, formerly known by the name TransferWise, is popular for its low rates, transparency, and multi-currency support, making it a great service for travelers, businesses, and expats.
However, not everybody finds it the right choice because there is so much more to money transfer. Today, let us discuss some of the best Wise/TransferWise alternatives you can use in 2022.
1. Remitly
Just like Wise, Remitly has grown quickly on the internet but it specializes in smaller transfers in Asia, Africa, and South America. The website is easy to use and offers transparency about services, exchange rates, and fees at each step of the process.
It has two options – Express which is faster and more expensive and Economy which is cheaper but slower. You can expect 24×7 customer support to address any issues you may have.
2. PayPal
This is a world-renowned payment system for goods and services. PayPal makes it convenient to transfer money to people in the same country or another.
It can be used as a Wise alternative if the person on the other end also has an account. The transfer process is quite straightforward but it can be more expensive if used internationally.
3. Moneygram
The world’s second-largest money transfer service after Western Union, MoneyGram has over 380,000 locations across the globe and is one of the few companies to offer in-person cash collection.
It offers several options to transfer money internationally – online, mobile wallets, bank accounts, and physical locations to send and receive money with convenience.
4. OFX
This is a simple-to-use online service and application that works much like Wise. OFX is a great option for those who want a convenient way to transfer money online. It supports international money transfers in more than 190 countries and 55 currencies.
The most important reason to choose OFX is its 20+ years of experience and expertise in the area. They also offer cheaper rates than banks, particularly when making bigger transfers.
5. Revolut
Wise/TransferWise customers are likely to find Revolut an excellent alternative. The most important similarity between the two services is transparency. You can easily stay updated on the exchange rates and fees throughout the process when making an overseas transfer.
Revolut is different from Wise in its account structure; it has three tiers of multi-currency accounts with varying fees and features while Wise offers the same set of features and charges for everybody.
6. Payoneer
A giant website like Wise, Payoneer is a financial service organization that allows making online transfers for international businesses. It focuses on helping companies send and receive money through a reliable platform.
It is being currently used in over 200 countries and more than 150 currencies. It also offers dedicated customer support to help you with any concerns you have.
7. WorldRemit
This service allows making transfers to more than 130 countries through cash, mobile wallets, and bank transfer.
It supports both business and personal transfers and provides impressive transfer speeds. It has a flat fee for payout methods and a tiered exchange rate system where you can save on bigger transfers.
WorldRemit is better than Wise in terms of speed, payout methods, and the number of countries supported and offers cheaper rates than banks.
8. Currencies Direct
Popular for offering low-cost big transfers, Currencies Direct doesn’t charge transfer fees on larger transfers and only the exchange rate margin.
They are transparent about any charges if applicable. This service is suitable for both personal and business applications and allows setting up international transfers over the phone.
It is an excellent Wise alternative that serves you with personalized support through email and phone.
9. XE
Supporting transfers in over 98 countries to more than 130 countries worldwide, XE is one of the most reputed providers for large transfers.
With this service, you can send up to U.S dollar 500,000 or its equivalent. It charges a flat fee and margin on the exchange rate for transfers less than $7000. They don’t charge a fee for bigger transfers and keep them affordable by lowering the margin.
Like Wise, it is focused on online transfers and makes a great alternative for those who want to send or receive money quickly without any personal support.
10. TorFX
One of the best options in the money transfer landscape, TorFX comes from the same company as Currencies Direct. This makes it a highly reliable choice for bigger transfers across the world.
One of the best features of this service is its personal account manager. It doesn’t charge a fixed fee but adds a margin to the exchange rate, making it extremely affordable for larger transfers. It also offers personal support by phone to get you through the process if you need help.
11. CurrencyFair
An affordable Wise alternative for sending quick money to bank accounts internationally, CurrencyFair is cheaper than Wise in most cases.
It does so with the help of a peer-to-peer transfer method that matches the sender with the users exchanging the currency pair opposite to you.
They offer support for 38 currencies for international transfer. This is a must-try service if you are interested in finding the best rate for transfer.
12. Skrill
This is another comfortable Wise alternative with a lot more to offer than just digital payments. Skrill offers several amazing features one of which is the ability to send and receive money overseas.
It allows making transfers in up to 40 currencies and works in most countries across the world. Sending money to another country doesn’t cost anything, making Skrill a great choice for those who want to bring down their transaction costs for smaller transfers.
13. N26
A company that adopts a unique approach to banking, N26 makes a great option for those who regularly make transactions in different countries and currencies.
It is a full-service bank that operates online with all the features, safety, regulation, and services you would expect from physical banks.
It is available in several countries around the world and even comes as a mobile application for convenient transfers.
14. Monese
A digital banking application that makes an amazing alternative to Wise, Monese is ideal for regular travelers and those who want to have an account in another country.
Both individuals and businesses can make transfers as digital payments with this service. It doesn’t have its own fees but uses an interbank rate that facilitates cheaper international money transfers and currency exchanges.
Final Thoughts
While Wise is one of the best money transfer companies, there are many reasons one may want to choose another service over it.
These are some of the best alternatives that offer similar features and functionality. Make sure you weigh the strengths and limitations of each of the options to pick the one that suits your needs the best.