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Top 5 Wise Alternatives For Businesses & Who Should Use Them

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3.

OFX

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

Statrys

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

Revolut

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.

OFX

International transfers in 50+ currencies to 170+ countries, FX services, Global currency accounts, Mass payments, and Plugins.

Businesses with international clients

Payoneer

International transfers in 50+ currencies to 170+ countries, FX services, Global currency accounts, Mass payments, and Plugins.

Businesses with international clients

PayPal

Payment collections, Business accounts, Debit cards, Credit cards, Loan services, and Integrations.

Businesses that seek a suite of payment processing solutions.

1

Statrys

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 Key Services

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 international payments to any country via the SWIFT system with no transaction limits. MT-103 is available upon request at no additional cost.

SWIFT Payment Tracking

Track your payments in real-time and share a payment tracking link for outgoing payments.

Local Payout

Save more from telegraphic transfers with local payouts in 12 currencies: USD, AUD, GBP, EUR, THB, INR, VND, TRY, IDR, PHP, SGD, and KRW. 

Virtual and physical pre-paid Mastercard® for making purchases in-store and online and cash withdrawals from ATMs in Hong Kong and abroad.

Make spot trades or forward contracts at rates based on real-time mid-market rates. Enjoy the lowest foreign exchange fees in Hong Kong and no volume restrictions.

Integrate between Statrys and Xero to streamline your bookkeeping and cash flow management processes.

Implement a workflow that requires specific user roles to approve transfers, ensuring complete control over payment processes.

Statrys Fees

Type

Fees

Account Opening Fee

Free

Monthly Fee

Free (if 5 or more outgoing transfers are made in the month)

Minimum Deposit

No

Maximum Transaction Amount

No

Local Payments within Hong Kong

Receive: Free

Send: HKD 5 (HKD/CNY) or HKD 78 (USD)

Send Local Payments Outside Hong Kong

HKD 25 (USD, AUD, INR, EUR, GBP, SGD, IDR, PHP) 

HKD 35 (THB, TRY, KRW)

HKD 50 (VND)

International Payments (SWIFT)

Receive: HKD 60

Send: HKD 85

Foreign Exchange Rate

Based on real-time mid-market rates

Foreign Exchange Fee

Starting from 0.4% - HKD, USD, EUR, CNY, GBP, SGD, JPY, AUD, CHF, NZD, CAD

Starting from 0.6% - INR, IDR, PHP, KRW, THB, TRY, VND

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Note: We promise to offer an FX rate that is at least 10% better than any other rate you find

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.

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Want to know more? Learn how Statrys and Wise compare.

A dropdown of some supported currencies by the Statrys business account.

2

Revolut

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. 

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Note: Revolut holds a banking license for the EEA (European Economic Area), which means that EU client funds are protected up to EUR 100,000.

Key Services Offered by Revolut

Revolut Key Service

Description

Multi-Currency Business Account

Hold and send money across 30 currencies in one single account.

Global Transfers

Make international transfers with a competitive exchange rate to more than 100 countries 

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, with a lock-in rate up to 12 months in advance. Also, you can automate your trades with limit and stop orders.

Payment Collections

Collect sales from various payment methods, including QR codes, payment links, POS, mobile payments, and card payments.

Bulk Payment

Pay suppliers and employees around the world by uploading a file to set up.

Software Integrations

Integrate Revolut account with different platforms and applications, including QuickBooks, Sage, Zapier, Slack, Shopify, and WooCommerce.

Revolut Fees

Type

Fees

Account Opening Fee

Free

Monthly Fee

From GBP 0 - GBP 79, depending on the account plan.

Local Payments

Receive: GBP 0.2 after exceeding tiered free allowance.
Send: GBP 0.2 after exceeding tiered free allowance.

International Payments (SWIFT)

Receive: Free
Send: GBP 5 after exceeding the tiered free allowance.

Foreign Exchange Rate and Fee

FX rate: Based on interbank rates
FX fee: 0.6% after exceeding tiered free allowance.

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.

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Helpful: Learn more about Revolut’s products and fees with our Revolut business account review..

3

OFX

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 Services

Description

Receive and Send Transfers

A vast payment network enables clients to receive and send transfers in 30+ currencies to 170+ countries at competitive currency conversion rates.

Global Currency Account

Connect accounts with ecommerce platforms and payment gateway (i.e., Etsy, eBay, and Shopify) to collect, hold, and send payments in 7 currencies: AUD, CAD, EUR, GBP, HKD, USD, and SGD as if they were local.

Forex Services

Make spot trades and order forward contracts at the foreign currency exchange rates you prefer

Corporate Cards

Manage global expenses easily. Create virtual cards, set limits, and track spending. OFX cards also support multiple currencies and are compatible with Apple and Google Pay for convenient contactless payments

Mass Payments

Pay 1,000 recipients in one click by uploading a single CSV file–simplifies your financial operations.

Xero Integration

Connect OFX with Xero, an accounting software. Instantly reconcile bills, get better visibility and control of your business spending.

OFX Fees

Type

Fees

Account Opening Fee

Free

Monthly Fee

Free (Business Plan)

AUD 15 per user (Business Plus Plan)

Local Payments

Receive: Free


Send: Free for the first 20 transactions (Business Plan), or for the first 200 transactions (Business Plus Plan); thereafter, AUD 1

International Payments (SWIFT)

Receive: AUD 5


Send: AUD 10

Foreign Exchange Rate and Fee

FX rate: Based on interbank rates
FX fee: 0.45% for USD, AUD, CAD, EUR, GBP, HKD, SGD, NZD. Other currencies: Custom fee agreed upon in advance.

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Note: OFX has a minimum transfer of AUD 250 when making payments.

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.

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Tip: Discover 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 and territories.

Business Accounts

Hold and manage money in 10 currencies: USD, GBP, EUR, CAD, AUD, SGD, HKD, JPY, CNY, and AED (may vary by region).

Local Currency Accounts

Create local accounts with unique account numbers in 9 locations: the US, the EU, the UK, Singapore, Japan, Hong Kong, Australia, Canada, and UAE.

Business Debit Card

Virtual and physical Mastercard® 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

Accept sales and payments by connecting Payoneer accounts with top ecommerce platforms and marketplaces, including Amazon, eBay, Shopify, WooCommerce, Fiverr, and Upwork.

Payoneer Fees

Type

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 payments), Free (Other currencies) 

Send: Free between Payoneer accounts, or depends on currencies

International Payments (SWIFT)

Receive: Up to 1%
Send: Up to 3%

Foreign Exchange Rate and Fee

FX rate: Based on wholesale currency market rates.
FX fee: 0.5%

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.

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Tip: Uncover Payoneer’s features and fees with our Payoneer review.

5

Paypal

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, QR codes, and POS.

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.

Business Operations

Manage risk, track sales, ship products and send bulk payments. These help businesses reduce costs, and increase efficiency related to everyday operations.

Business Loans

Offer credit terms ranging from 17 to 52 weeks with 100% online application.

Integrations

Connect with top marketplaces and accounting software, including Shopify, WooCommerce, Etsy, eBay, Xero, and Zoho.

PayPal Fees

Type

Fees

Account Opening Fee

Depends on your location, for example

  • UK: GBP 45
  • EU: EUR 50
  • US: Free

Monthly Fee

Free

Receive Payments

Local Payments: 2.99% of the total transaction amount

International Payments: 4.49% of total transaction amount

Send Bulk Payment

2.00% of total transaction amount (not to exceed maximum fee cap)

Withdrawal Out of PayPal

Bank transfers to linked bank account: No fee + conversion fee (if applicable)

Foreign Exchange Rate and Fee

FX rate: Based on the wholesale exchange rate.
FX fee: From 3-4%

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.

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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!

Statrys mobile application dashboard showing a total balance in a business account.

Which provider do you think is the best Wise alternative?

Statrys

Revolut

OFX

Payoneer

PayPal

FAQs

What are the best alternatives to Wise?

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The best Wise alternatives are:
1. Statrys
2. Revolut
3. OFX
4. Payoneer
5. PayPal

What is Wise?

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Is Wise a real bank?

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Can I use Wise as a business bank account?

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Why should I consider alternatives to Wise?

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Disclaimer

More info

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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