Wise or TransferWise is a well-known fintech firm based in the UK. It offers money transfer services in over 40 currencies across over 70 countries at competitive rates compared to traditional bank transfers. This helps individuals and businesses save more on transaction and conversion fees. With the acceleration of globalization, it makes sense for freelancers and business owners to consider using Wise accounts.
Still, the question remains: Is Wise right for your business?
To help you make an informed decision, 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 |
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Multi-currency business accounts, Local accounts, Business cards, FX services, Payroll services, Cryptocurrencies, and APIs. | Businesses based in Australia, France, Ireland, Lithuania, Romania, the UK, and the US. |
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Multi-currency business accounts, FX services, Corporate cards, HK Company Incorporation, and Dedicated account managers. | SMEs based in Hong Kong, Singapore, or the BVI |
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International transfers in 50+ currencies to 170+ countries, FX services, Global currency accounts, Mass payments, and Plugins. | Businesses with international clients |
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International transfers, Business accounts, Business cards, Batch payment, and Integrations. |
Businesses that have clients in the US, Japan, Australia, EU, Hong Kong, Singapore, Canada, the UK, and UAE. |
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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 in Europe offering financial services to 30 million around the world. It holds a licensed bank in the EU and a licensed payment service provider in the UK.
Some of Revolut’s products include multi-currency accounts, local accounts, virtual and physical corporate cards, FX services, crypto, and API integrations.
Key Services of Revolut
| Revolut Key Services | 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 |
| Crypto | Buy, hold, and sell cryptocurrencies within a few tabs |
| 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. |
Who Should Use Revolut?
✅ Businesses based in Australia, France, Ireland, Lithuania, Romania, the UK, and the US can collect sales in EUR, GBP, and USD like a local
✅ Business owners that need APIs to streamline their operations.
✅ Businesses looking for cryptocurrency investment opportunities from the regulated platform.
💡Tip: Read our Revolut business account review to understand its services and fees.
2. Statrys
Statrys is a payment service provider based in Hong Kong offering payment solutions to businesses incorporated in Hong Kong, Singapore, and the BVI. It holds a Money Service Operator license and operates under the Customs & Excise Authority.
Some of its services include multi-currency business accounts, local payouts, SWIFT transfers, virtual and physical payment cards, and FX services.
Key Services Offered by Statrys
| Statrys Key Services | Description |
| Multi-Currency Business Account | A single account number that can hold, receive, and make local and international payments in 11 different currencies: USD, HKD, CNY, AUD, EUR, GBP, SGF, JPY, CHF, NZD, and CAD. |
| Virtual and Physical Debit Cards | Virtual and physical debit Mastercard® for making purchases in-store and online and cash withdrawals from ATMs in Hong Kong and abroad. |
| Company Registration | A 100% online Hong Kong company registration service that includes post-incorporation services |
| FX Services | Make spot trades and order forward contracts at the rates you prefer |
| Invoice Software | Provides a free Invoicing Software that allows anyone to create, manage, and send invoices efficiently. |
| Xero Integration | Integrate between Statrys and Xero to streamline your bookkeeping and cash flow management processes. |
| Maker-approver | Set up transfers for later approval based on user role capabilities and have complete control of payment processes. |
Who Should Use Statrys?
✅ Businesses incorporated in Hong Kong, Singapore, and the BVI that are looking for a primary or secondary business account.
✅ Business owners who prefer responsive and effective human customer support and dedicated account managers to support them in case any questions or issues arise.
✅ Those who value transparent fees without any hidden costs.
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3. OFX
OFX is a licensed payment service provider regulated by government bodies in 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 business 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 payments in 50+ currencies to 170+ countries at competitive exchange 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. |
Who Should Use OFX?
✅ Businesses that deal with multiple currency payments can save costs from currency conversion and transfer fees
✅ Amazon store owners collect sales with ease by integrating the OFX account with their stores.
✅ Business owners who make regular and large international payments to suppliers or employees can minimize costs and errors related to financial operations.
💡 Tip: Explore its features and fees with our in-depth review of OFX.
4. Payoneer
Payoneer is a global payment provider operated under regulators in the US, EU, UK, Hong Kong, Japan, Australia, and India. Payoneer offers international money transfers in over 70 currencies to over 190 countries. Also, it offers integrations with popular marketplaces and ecommerce platforms such as Amazon, eBay, Shopify, and WooCommerce.
Key Services Offered by Payoneer
| Payoneer Key Services | Description |
| International 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. |
Who Should Use Payoneer?
✅ Businesses that have clients in the US, Japan, Australia, EU, Hong Kong, Singapore, Canada, the UK, and UAE can collect sales like a local.
✅ Ecommerce businesses can easily receive funds and manage finances with Payoneer integrations.
✅ Freelancers and digital nomads seek payment cards to use wherever they go and save more on foreign exchange rates.
💡 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 Services | 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. |
Who Should Use PayPal?
✅ Businesses seek a suite of payment processing solutions to streamline financial operations.
✅ Small businesses seek fast credit opportunities to fund their business operations and expansions.
💡 Tip: Explore Hong Kong and Singapore PayPal business accounts with our articles.
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!
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.
Our insights are derived from industry experience and discussions with clients who have also used our competitors' services. While we'd love for you to choose us, what's most important is that you make the decision that's right for you.
If you have any feedback regarding this review, please contact us at marketing@statrys.com.
FAQs
What is Wise?
Wise is a fintech company offering payment solutions 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
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