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.
Wise Alternative | Key Services | Best For |
 | Multi-currency business accounts, Local accounts, Business cards, Mass payout services, FX services, Payroll services, Cryptocurrencies, and API integrations. | Businesses based in Europe, the US and the UK. |
 | Multi-currency business accounts, FX services, Corporate cards, Real-time payment tracking, Hong Kong and Sigapore Company Incorporation, and Dedicated account managers. | SMEs that are incorporated in Hong Kong, Singapore, or the BVI |
 | International transfers in 50+ currencies to 170+ countries, FX services, Global currency accounts, Mass payments, and Plugins. | Businesses with international clients |
 | International transfers in 50+ currencies to 170+ countries, FX services, Global currency accounts, Mass payments, and Plugins. | Businesses with international clients |
 | Payment collections, Business accounts, Debit cards, Credit cards, Loan services, and Integrations. | Businesses that seek a suite of payment processing solutions. |
1
Revolut
Revolut is a fast-growing neobank headquartered in the UK offering financial services both individuals and companies. Their financial products allow users to send and receive payments in over 25 currencies to more than 100 countries and regions.
With 6,000 employees, Revolut now serves over 40 million personal clients and over 500,000 companies worldwide.
Key Services Offered by Revolut
Revolut Key Service | Description |
Multi-Currency Business Account | Receive and send payments in 26 currencies: GBP, EUR, USD, ZAR, TRY, SAR, SGD, SEK, RON, PLN, NZD, NOK, MXN, JPY, ILS, HUF, HKD, DKK, CZK, CHF, CAD, AUD, BGN, QAR, THB, and AED |
Local Accounts | Collect and send funds in GBP, EUR, and USD like a local |
Business Card | Virtual and physical debit cards to spend online or at stores and withdraw cash from ATMs worldwide |
FX Services | Make spot trades and order forward contracts at the rates you prefer |
Bulk Payment | Pay suppliers and employees around the world by uploading a file to set up. |
APIs | API for integrating into different platforms or applications. |
Revolut Fees
Account Opening Fee | Free |
Monthly Fee | From GBP 0 - GBP 79 |
Local Payments | Receive: GBP 0.2 after exceeding tiered free allowance.
|
International Payments (SWIFT) | Receive: Free
|
Foreign Exchange Rate and Fee | FX rate: Based on interbank rates |
Who Should Use Revolut?
✅ Global businesses seeking solutions to manage funds in 26 different currencies and make cross-border payments with competitive exchange rates.
✅ Businesses based in the US, the UK, the European Economic Area (EEA), or Switzerland seeking a cost-effective solution to collect sales in EUR, GBP, and USD.
✅ Business owners that need APIs to streamline their financial operations.
Tip: Learn more about Revolut’s features and fees with our Revolut business account review.
2
Statrys
Statrys is a payment service provider based in Hong Kong, serving over 3,500 businesses in Hong Kong, Singapore, and the 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 priortises customer support by providing each client with a dedicated account manager to ensure a smooth and personalised experience.
Key Services Offered by Statrys
Statrys Key Service | Description |
Multi-Currency Business Account | A single account number that can hold, receive, and make payments in 11 different currencies: USD, HKD, CNY, AUD, EUR, GBP, SGD, JPY, CHF, NZD, and CAD. |
Send local payments in 12 currencies: AUD, EUR, GBP, IDR, INR, KRW, PHP, SGD, THB, TRY, USD, and VND. | |
Virtual and physical debit Mastercard® for making purchases in-store and online and cash withdrawals from ATMs in Hong Kong and abroad. | |
A 100% online Hong Kong company registration service that includes post-incorporation services | |
Make spot trades and order forward contracts at the rates you prefer with a minimal markup. | |
Provides a free Invoicing Software that allows anyone to create, manage, and send invoices efficiently. | |
Integrate between Statrys and Xero to streamline your bookkeeping and cash flow management processes. | |
Set up transfers for later approval based on user role capabilities and have complete control of payment processes. |
Statrys Fees
Account Opening Fee | Free |
Monthly Fee | Free (if 5 or more outgoing transfers are made in the month) |
HKD Payments within Hong Kong | Receive: Free |
Send Local Payments in Other Currencies | HKD 25 - 50 |
SWIFT Payments | Receive: HKD 60
|
Foreign Exchange Rate and Fee | FX rate: Based on real-time mid-market rates.
|
Who Should Use Statrys?
✅ Businesses incorporated in Hong Kong, Singapore, and the BVI that are looking for a primary or secondary business account.
✅ Businesses seeking payment solutions to streamline international transactions and flexible FX tools to manage exchange rate risk better and save more on currency conversions.
✅ Business owners who prefer responsive and effective human customer support and dedicated account managers to support them in case any questions or issues arise
3
OFX
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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 Key Service | Description |
Receive and Send Transfers | A vast payment network enables clients to receive and send payments in 50+ currencies to 170+ countries at competitive currency conversion rates. |
Global Currency Account | The aggregated local accounts allow businesses to receive payments in 7 currencies: AUD, CAD, EUR, GBP, HKD, USD, and SGD like a local. |
Forex Services | Make spot trades and order forward contracts at the foreign currency exchange rates you prefer |
Mass Payments | Transferring funds to 500 recipients in one click by uploading a single CSV file–simplifies your financial operations. |
Plugins | Connect with Amazon and popular payment gateways, such as Afterpay and Klarna, for businesses to easily collect sales and manage funds. |
OFX Fees
Account Opening Fee | Free |
Monthly Fee | Free (Business Plan) AUD 15 per user (Business Plus Plan) |
Local Payments | Receive: Free
|
International Payments (SWIFT) | Receive: AUD 5
|
Foreign Exchange Rate and Fee | FX rate: Based on interbank rates |
Who Should Use OFX?
✅ Ecommerce business owners looking for a business account that can integrate with leading 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.
Tip: Learn how OFX differs from Wise and a detailed comparison between the two services.
4
Payoneer
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 Key Service | Description |
International Wire Transfers | Send money in over 70 currencies to over 190 countries with |
Business Accounts | Collect funds in USD, JPY, AUD, EUR, HKD, SGD, CAD, GBP, and UAD like a local |
Business Debit Card | Virtual and physical Mastercards that link with your USD, EUR, GBP, and CAD balances. This allows businesses to make in-store and online purchases and withdraw cash from ATMs. |
Batch Payment | Schedule and send batch payments of up to 1000 transactions at a time |
Integrations | Connect with top ecommerce platforms and marketplaces, including Amazon, eBay, Shopify, and WooCommerce. |
Payoneer Fees
Account Opening Fee | Free in most countries |
Monthly Fee | USD 29.95 annual fee if you receive less than USD 2,000 (or equivalent) annually |
Local Payments | Receive: Up to 1% (USD), Free (Other currencies)
|
International Payments (SWIFT) | Receive: Up to 1%
|
Foreign Exchange Rate and Fee | FX rate: Based on wholesale currency market rates.
|
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 collect sales like a local.
✅ Online sellers seeking payment solutions to easily collect sales and manage finances from their stores.
Tip: Uncover Payoneer’s features and fees with our Payoneer review.
5
Paypal
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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 Key Service | Description |
Payment Collection | A payment collection service for businesses with or without the website It comes with various payment methods, such as payment links, installment payments, card payments, mobile wallets, and QR codes. |
Business Account | Send and receive payments in over 25 currencies across 200 countries. |
Debit Card | Payment cards that link to account balance for in-store and online purchases as well as ATM withdrawals with unlimited 1% cash back on eligible transactions. |
Credit Card | Unlimited 3% cash back on PayPal purchases and 2% cashback on others. |
Business Loans | Offer credit terms ranging from 17 to 52 weeks with 100% online application. |
Integrations | Connect with top ecommerce platforms, marketplaces, and accounting software, including Shopify, WooCommerce, Etsy, eBay, Xero, and Zoho. |
PayPal Fees
Account Opening Fee | Depends on your location UK: GBP 45 EU: EUR 50 US: Free |
Monthly Fee | Free |
Local Payments | Receive: Free
|
International Payments (SWIFT) | Receive: CAD 10 per CAD transaction.
|
Foreign Exchange Rate and Fee | FX rate: Based on the wholesale exchange rate. |
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.
Tip: Discover how PayPal and Wise compare with our guide.
Final Note
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!
FAQs
What is Wise?
Wise is a fintech company offering low-cost money transfer services to individuals and businesses across the globe. Their main services are international transfers at mid-market rates, multi-currency accounts, and payment cards.
Is Wise a real bank?
Is Wise safe to send money?
Can I use Wise as a business bank account?
Disclaimer
Statrys competes directly with Wise in the payment industry. However, we're committed to providing an unbiased, thorough review to help you make an informed choice.
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