Top 6 Wise Alternatives For Businesses & Who Should Use Them

Wise, formerly TransferWise, is a well-known UK-based fintech firm offering money transfers in over 40 currencies across 70+ countries. Its competitive rates compared to traditional banks make Wise a compelling option for individuals and businesses seeking to save on conversion and transfer fees.

Still, the question remains: Is Wise right for your business?

To help you decide, this article presents you with the 5 best alternatives to Wise. We will review the core services of each alternative and suggest who they are best suited for, all in one place.

Let’s dive in.

Statrys is a payment service provider based in Hong Kong, serving over 3,500 businesses in Hong Kong, Singapore, and the British Virgin Islands (BVI). We offer a suite of payment solutions, including multi-currency business accounts, local payment capabilities, SWIFT transfers, and physical and virtual payment cards.

Statrys prioritises customer support by providing each client with a dedicated account manager to ensure a smooth and personalised experience.

Key Services Offered by Statrys

Statrys Fees

Who Should Use Statrys?

✅ Businesses incorporated in Hong Kong, Singapore, and the BVI that are looking for a primary or secondary business account to streamline transactions in all major currencies.

✅ Companies that regularly make large FX trades and want to have the lowest FX fees in the market.

✅ Business owners who prefer responsive and effective customer support and dedicated account managers to support them in case any questions or issues arise.

Cons of Statrys

❌ Services are limited to businesses registered in Hong Kong, Singapore, and the BVI.

❌ Pre-paid cards require clients to top-up balances before making purchases, which can be less flexible than debit cards provided by other platforms.

❌ Statrys has a monthly fee of HKD 88 or approximately GBP 8.5 for accounts that have less than 5 outgoing transfers.

Headquartered in the UK, Revolut is a one of the top neobanks offering an array of digital banking services. Their services include multi-currency accounts, international money transfers, and debit cards for spending and cash withdrawals.

For businesses, Revolut can help manage global payments, track expenses, and streamline currency exchanges. It has grown rapidly due to its low-cost, flexible approach, positioning itself as an alternative to traditional banks by offering easy-to-use financial services. 

Key Services Offered by Revolut

Revolut Fees

Who Should Use Revolut?

✅ Global businesses seeking solutions to streamline international payments with competitive exchange rates.

✅ Businesses based in Europe that want to benefit from business banking services with additional protection from the deposit scheme.

✅ Business owners and entrepreneurs that need APIs to streamline their financial operations to minimise manual tasks and reduce errors.

Cons of Revolut

❌ Revolut charges a monthly fee to maintain an account, and the cost varies based on the plan. This could become expensive as your business grows.
❌ Tiered fees can add up for businesses that deal with frequent international transactions, potentially making it more expensive for them.

Established in 2011, Remitly is an American online money transfer service headquartered in Seattle. It provides a fast and affordable way for individuals and businesses to send money to over 170 countries.

Remitly is regulated and authorised by the relevant authorities, including the U.S. Department of Treasury and the Financial Conduct Authority (FCA) in the UK, to provide remittance services worldwide.

Key Services Offered by Remitly

Please note that transaction limits vary by location. We recommend checking with Remitly’s Sending Limits page

Remitly Fees

Who Should Use Remitly?

✅ Immigrants who looking for ways to send money back to their home countries.

✅ Entrepreneurs and freelancers who send money to employees or suppliers in developing countries.

Cons of Remitly

❌ Transaction limits vary by location and may restrict businesses requiring large-scale transfers.

❌ Limited business-focused features to support more complex needs, as Remitly focus on international remittance services.

OFX is a licensed payment service provider regulated by government bodies in 8 locations: Australia, Singapore, Hong Kong, New Zealand, the UK, the EU, the USA, and Canada. Currently, it has served financial products to over 1 million customers.

Its core services include sending and receiving transfers in over 50 currencies to over 170 countries with competitive currency exchange rates or interbank rates, virtual accounts, and forex services.

Key Services Offered by OFX

OFX Fees

Who Should Use OFX?

✅ Ecommerce business owners looking for a business account that can integrate with top payment gateways to optimise payment collection and management.

✅ Businesses needing foreign exchange services to manage FX risk effectively.

✅ Businesses making regular and large international payments looking for solutions to minimise costs and errors related to financial operations.

Cons of OFX

❌ The minimum transfer amount of AUD 250 can be restrictive for SMEs needing to send smaller, more frequent payments (e.g., paying freelancers or suppliers for minor costs).

❌ After exceeding free transaction limits, local payments cost AUD 1 per transfer, which can quickly increase costs for businesses making frequent domestic payments.

Payoneer is a leading global payment platform, facilitating online money transfers in over 70 currencies to more than 190 countries. Payoneer also offers integrations with popular marketplaces and ecommerce platforms such as Amazon, Shopify, eBay, and WooCommerce, making it a convenient solution for businesses and individuals operating in the global marketplace.

The company operates under regulators in different countries, including the US, EU, UK, Hong Kong, Japan, Australia, and India, ensuring a secure and compliant service.

Key Services Offered by Payoneer

Payoneer Fees

Who Should Use Payoneer?

✅ Freelancers and digital nomads who looking for payment services to receive payments from clients worldwide in various currencies with lower transaction fees than banks.

✅ Global businesses that have clients in the US, Japan, Australia, EU, Hong Kong, Singapore, Canada, the UK, and UAE can save more on payment collections.

✅Online sellers seeking payment solutions to easily collect sales and manage finances from their stores.

Cons of Payoneer

❌Charges up to 1% for receiving USD payments, which can be a significant cost for businesses handling frequent or large payments.

❌Payoneer services vary by country: For example, businesses in Hong Kong can only use Payoneer debit cards for purchases outside of Hong Kong.

PayPal is a renowned payment service provider with more than 400 million users worldwide. It enables businesses to receive and make payments in 25 currencies across over 200 countries.

For ecommerce, PayPal is one of the most preferred payment gateways since it offers an entire suite of merchant services that streamline payment processing and help businesses reach global markets with ease.

Key Services Offered by PayPal

PayPal Fees

Who Should Use PayPal?

✅Online retailers who looking for a well-accepted payment service to facilitate their market expansion and streamline their payment processing.

✅ Freelancers who seek a payment solution to receive payments from clients worldwide in different currencies.

✅ Small businesses that need working capital to fund their business operations and expansions.

Cons of PayPal

❌ High foreign exchange (FX) rates and transaction fees make it costly for businesses involved in high-volume multiple currency payments.

❌ PayPal services vary by country. For example, PayPal Working Capital loans are only available in a few select countries, such as the UK.

❌ Many users report long wait times and difficulty reaching PayPal’s customer service. This can be frustrating during urgent issues like account holds or payment disputes.

By now, you may have a clearer picture of which option might be right for your business. You might even need more than one option to fulfill all your specific requirements. 

There is no absolute answer. Pick the option that best aligns with your business needs and ensure it propels your business forward in this competitive landscape!