Wise*, formerly TransferWise, has built a reputation as a UK-based fintech firm offering money transfers in over 40 currencies across 70+ countries.1 Wise’s competitive rates and low fees compared to traditional banks make it a compelling choice for individuals and businesses seeking to save on conversion and transfer fees.
But is Wise right for your business?
Although Wise is a popular choice, exploring other options can reveal features that may better align with your business requirements.
In this guide, we will introduce you to the 6 best alternatives to Wise, reviewing the core services each one offers and recommending who they are best suited for.
Let’s dive in.
Note: The information in this article is accurate as of 20 January 2025 but may have been updated since. Please refer to the provider's website for the most current version.
Wise Alternative | Key Services | Best For |
Statrys | Multi-currency business accounts, international and local payments, FX services, real-time tracking, business pre-paid cards, and dedicated account managers. | SMEs incorporated in Hong Kong, Singapore, or the BVI looking for international payment solutions with low fees and FX options |
Revolut | Global and local business accounts, worldwide fund transfers, FX services, mass payouts, payroll, cryptocurrencies, and APIs. | Businesses based in the UK, the EEA and the US seeking extensive banking functions |
Remitly | Send money to over 150 countries globally through mobile wallets, bank deposits, cash pickup and home delivery with payment tracking. | Small businesses looking for a simple remittance service with the option for physical cash pickup |
OFX | International transfers in 50+ currencies to 170+ countries, FX services, currency accounts details in 7 currencies, and mass payment. | International business that prioritise optimising their foreign exchange |
Payoneer | International transfers to 190+ countries, currency accounts, and seamless marketplace integrations. | Businesses looking for extensive integration with marketplaces |
PayPal | Payment collection through multiple methods, business accounts, debit cards with cashback, business loans, and integrations. | Businesses that seek a suite of global payment processing solutions. |
1
Statrys
Statrys is a licensed payment service provider serving over 3,500 businesses registered in Hong Kong, Singapore, and the British Virgin Islands (BVI).
Statrys offers a multi-currency account that supports 11 major currencies, enabling international transactions through SWIFT transfer or local payment methods that allow you to pay like a local, along with FX options designed to help you save on currency fluctuations. You can also get both physical and virtual payment cards.
The platform prioritises transparent fees and customer support by providing each client with a dedicated account manager to ensure a smooth and personalised experience.
Tip: Check out our article to understand what is a payment service provider.
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. | |
Real-time SWIFT Payment Tracking | Track your payments in real-time and share a payment tracking link for outgoing payments. MT-103 is also available upon request at no additional cost. |
Pay like a local and ensure lower fees, faster delivery, and that your recipient receives exactly what you send with local payouts in 12 currencies: USD, AUD, GBP, EUR, THB, INR, VND, TRY, IDR, PHP, SGD, and KRW. | |
Virtual and physical prepaid Mastercard® for in-store, online purchases, and ATM withdrawals, accepted wherever Mastercard® is. Easily managed via mobile app. | |
Make spot trades or forward contracts based on real-time mid-market rates. | |
Integrate between Statrys and Xero to streamline your bookkeeping and cash flow management processes. | |
Dedicated Account Manager | Each account holder gets a dedicated account manager that can be contacted through WhatsApp, WeChat, phone, email, and live chat. |
Tip: Statrys also offers Hong Kong and Singapore incorporation services, allowing you to get your company registered and business account set up within 5 days (subject to approval).
Statrys Fees
Type | Fees |
Account Opening Fee | Free |
Monthly Fee | Waived if 5 or more outgoing transfers are made in the month, otherwise HKD 88 (About GBP 8.5) |
Minimum Deposit | HKD 0 |
Maximum Transaction Amount | No limit |
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 |
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.
- Business owners who value responsive customer support and dedicated account managers for resolving questions or issues.
Pros and Cons of Statrys
Pros of Statrys
✅ No transaction limits for SWIFT payments
✅ Local payment system allows lower fees
✅ Hold currencies and convert when rates are favourable
✅ Personalised customer support
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.
How Statrys and Wise Compare
Statrys and Wise offer similar financial services for business accounts and payment processing, both supporting multi-currency accounts, 100% online sign-up, international payment processing, and business cards.
Wise provides additional features such as payroll and a business API, which Statrys does not offer. However, Statrys has an additional strong focus on providing personalised support and advanced FX options for SMEs, including hedging services.
Want to know more? Read the full analysis of how Statrys and Wise compare.
2
Revolut
Headquartered in the UK, Revolut is a financial technology company offering digital banking services through a mobile app.* It is a licensed bank in the EEA and has recently received restricted banking authorisation in the UK. Revolut’s key services include personal and business accounts, money transfers, currency exchange, investment options, a GBP currency account, and a EUR currency account.
The Revolut business account supports domestic and international transfers, expense management, card services, and more. To open a business account, the business must be registered in the UK, the EEA or the US. You must also reside in the UK, the EEA, Switzerland, Australia, Singapore, or the US.
Insight: Revolut’s 2025 vision includes plans for an AI assistant, mortgages, and its own branded ATMs.
Key Services Offered by Revolut
Revolut Key Service | Description |
Global and Local Business Account | Get global account details to send and receive in over 25 currencies. Receive funds using IBAN and SWIFT/BIC account details. UK customers can also access both GBP and EUR local accounts. |
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 | Exchange over 25 currencies at the interbank rate within your allowance and during market hours. Make spot trades, order forward contracts up to 12 months ahead, and automate 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. (Only available in higher-tiered plans) |
Software Integrations | Integrate Revolut account with different platforms and applications, including QuickBooks, Sage, Zapier, Slack, Shopify, and WooCommerce. |
Extra Features | Business API to automate processes, Crypto for Business supporting 210+ tokens, earn interest in higher-tiered plans. |
Tip: Explore all Revolut features in our full Revolut Business Account review.
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. |
International Payments (SWIFT) | Receive: Free |
Foreign Exchange Rate and Fee | FX rate: Based on interbank rates |
Who Should Use Revolut?
- UK, EEA, and US businesses seeking international transfers and comprehensive banking services.
- Business owners looking to collect payments through various online and offline options.
- Entrepreneurs seeking additional services like APIs to automate financial operations, along with crypto and interest-earning opportunities.
Pros and Cons of Revolut
Pros of Revolut
✅ A wide range of banking services
✅ A fee-free plan available
✅ Unique offerings include Business APIs and Crypto
Cons of Revolut
❌ Revolut’s monthly fee and tiered charges can become costly, especially with international transactions.
❌ Your home address must be in the UK, EEA, Switzerland, Australia, Singapore, or the US to register.
How Revolut and Wise Compare
Both Revolut and Wise offer similar business account services and global transfer options. The main difference is that Wise focuses on a broader global reach and cost-effective money transfers, while Revolut provides a wider range of advanced financial tools like cryptocurrency, stock trading, and APIs but is more region-specific, particularly in Europe and the UK. Revolut is also a bank in some regions, but Wise is not.
Helpful: Discover how Revolut and Wise compare in detail.
3
Remitly
Established in 2011, Remitly is an American online money transfer service headquartered in Seattle.* The platform offers a quick and low-cost solution for transferring money across borders.
Remitly initially focused on personal peer-to-peer payments but has expanded to support small business owners, currently catering to sole proprietorships and LLCs sending from the United States. Business delivery options include bank deposits, cash pickup, and mobile money.
Remitly is regulated and authorised by the relevant authorities, including the US Department of Treasury and the Financial Conduct Authority (FCA) in the UK, to provide remittance services worldwide.
Key Services Offered by Remitly
Remitly Key Service | Description |
International Remittances | Remitly business profiles allow you to send money to more than 150 countries globally. |
Different Funding Payment Methods | Pay for your transfers using bank transfers, debit or credit cards, cash, Apple Pay, or Google Pay, depending on your location. |
Multiple Delivery Options | Receive money in the way you like, including bank deposits, cash pickup, mobile wallet, and home delivery. |
Tracking transfers | Track your transfers in real-time via the website or mobile app and share them with your payees |
Please note that transaction limits vary by location. We recommend checking with Remitly’s Sending Limits page.*
Remitly Fees
Type | Fees |
Account Opening Fee | Free |
Monthly Fee | Free |
Transfer Fee | Depending on several factors, including currencies, options to send and receive money, and transfer amount. |
Foreign Exchange Rate and Fee | Depending on several factors, including payment and delivery methods. They also offer 0 fees and a special FX rate for new customer's first-time transfers. |
Who Should Use Remitly?
- US business owners seeking a simple way to send international remittances without complex features.
- Businesses looking for a cash pickup option.
- Entrepreneurs and freelancers who send money to employees or suppliers in developing countries.
Pros and Cons of Remitly
Pros of Remitly
✅Guaranteed delivery. Your transfers will arrive on time, or Remitly will refund your fees.
✅Straightforward and simple process
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
How Remitly and Wise Compare
When comparing Wise to Remitly, both can be used for cross-border transfers, but the key difference is that Wise functions as a business account for holding and managing funds, while Remitly is primarily a platform for sending money. Remitly focuses on simplicity and offers physical ways to receive money, whereas Wise emphasises electronic transfers.
4
OFX
OFX is an Australian-based 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.* It offers both foreign exchange and payment services, providing money transfers to individuals, including migrants and expatriates, as well as small businesses. Additionally, OFX provides white-label international transfer services to businesses.
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 | Send and receive transfers to over 170 countries at competitive currency conversion rates, and pay overseas staff in 50+ currencies. |
Global Currency Account | Open multi-currency accounts and hold balances in up to 7 foreign currencies, including AUD, CAD, EUR, GBP, HKD, USD, and SGD. Availability may vary by region. |
Forex Services | Make forward contracts and limit orders at the foreign currency exchange rates you prefer. Custom pricing is available for large and regular FX transfers. |
Corporate Cards | Create and issue 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. Availability may vary by country. |
Mass Payments | Pay 500 recipients in one click by uploading a single CSV file. |
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 per month (Business Plus Plan |
Local Payments | Receive: Free
|
International Payments (SWIFT) | Receive: AUD 5
|
Foreign Exchange Rate and Fee | FX rate: Based on interbank rates |
Note: OFX has a minimum transfer of AUD 250 when making payments.
Who Should Use OFX?
- Businesses making a large transfer and mass payments to a large number of recipients
- Businesses needing foreign exchange services to manage FX risk effectively.
- Ecommerce business owners looking for a business account that can integrate with top payment gateways to optimise payment collection and management.
Pros and Cons of OFX
Pros of OFX
✅Optimised for handling large transfers, with customised prices available
✅Offers tools to manage foreign exchange risks effectively
Cons of OFX
❌ The minimum transfer amount of AUD 250 can be restrictive for SMEs,
❌ After exceeding free transaction limits, local payments cost AUD 1 per transfer, which can add up quickly.
❌ Some services may not be available in certain regions.
How OFX and Wise Compare
Both offer business accounts and the ability to send money, but OFX is more focused on tools to manage foreign exchange risks effectively and is more suitable for larger transfers. In terms of coverage, Wise may offer service to a wider range of regions.
Tip: Discover how OFX differs from Wise and a detailed comparison between the two services.
5
Payoneer
Payoneer is a financial platform built to facilitate 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 Transfers | Send money in over 70 currencies to over 190 countries and territories. |
Business Local Currency Accounts | Hold and manage money in 10 currencies: USD, GBP, EUR, CAD, AUD, SGD, HKD, JPY, CNY, and AED (may vary by region). Withdraw funds locally in over 190 countries. |
Collect Payment | Accept credit card payments on your website with 0% currency conversion fees for USD and EUR. Bill customers from nearly everywhere. |
Business Debit Card | Virtual and physical Mastercard® linked to USD, EUR, GBP, and CAD balances, enabling in-store and online purchases, as well as ATM withdrawals. |
Batch Payment | Schedule and send batch payments of up to 1000 transactions at a time |
Integrations | Integrate with ecommerce platforms and 2,000+ 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 |
Receive Funds | Up to 1% |
Make a Payment | 0.5% – 3% Plus GBP/USD/EUR 1.5 for customers in the USA, UK, or EU. Applies to local currency payments to bank accounts when monthly withdrawals/payments are up to 50,000 USD, GBP, or EUR. |
Send clients payment requests | Credit card (all currencies): Up to 3.99% (+ USD 0.49 in some countries) ACH bank debits (US only): 1% PayPal (US only): 3.99% + USD 0.49 |
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 competitive transaction fees.
- 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 store, with seamless integration across a wide range of marketplaces.
Pros and Cons of Payoneer
Pros of Payoneer
✅ Vast integration with marketplaces
✅ Global reach as Payoneer operates in over 200 countries
Cons of Payoneer
❌Up to 1% fee for receiving USD payments, which can be costly for frequent or large transactions.
❌Payoneer services vary by country; for example, Hong Kong businesses can only use Payoneer cards outside Hong Kong. Some payment methods, like PayPal and direct debit, are only available in the US, UK, EU.
How Payoneer and Wise Compare
Both Payoneer and Wise offer payment solutions and business accounts, with extensive global coverage. However, Payoneer appears to be particularly focused on marketplace integrations, catering to ecommerce sellers by helping them collect payments and send client payment requests. On the other hand, Wise is more broadly focused on international money transfers.
Tip: Uncover Payoneer’s features and fees with our Payoneer review.
6
Paypal
PayPal is a US-based global fintech company that provides an online payment system worldwide.* In addition to its well-known peer-to-peer payment services, PayPal also offers PayPal Business and PayPal Commerce Platform for small to medium-sized businesses, allowing them to send and receive payments in more than 200 countries.
For ecommerce, PayPal is also 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 | Collect payment with or without a website using payment links, instalment payments, card payments, mobile wallets, QR codes, Pay Later 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. Earn cash back of up to 1.5%, 3%, or 5% on eligible transactions, depending on your region. |
Business Operations | Manage risk, track sales, ship products and send bulk payments. |
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
|
Monthly Fee | Free |
Receive Payments | 2.99 - 4.99% of the total transaction amount, plus any additional fixed fee for commercial transactions. An additional 1.5% for International payments. |
Send Bulk Payment | 2.00% of total transaction amount (not to exceed maximum fee cap) |
Withdrawal from 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. |
Who Should Use PayPal?
- Small to medium businesses looking for a reliable payment platform that has wide coverage and offers comprehensive features in one platform, from payment collection, website checkout integration, and debit card services.
- 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.
Pros and Cons of PayPal
Pros of PayPal
✅Widely recognised and accepted, with over more than 400 million users worldwide
✅ A broad range of services, covering payment collection, loans, debit cards, business tools, and more
Cons of PayPal
❌ Potentially high FX rates, markup and complicated transaction fees
❌ PayPal services vary by country. For example, PayPal Working Capital loans are only available in a few select countries, such as the UK
How PayPal and Wise Compare
PayPal and Wise are both popular for SMEs and freelancers, with extensive country coverage. PayPal, though higher in price, offers a more comprehensive suite of services like business tools and loans, making it ideal for businesses needing more than just payments. Wise, on the other hand, is more cost-effective and focuses primarily on international money transfers.
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 fulfil all your specific requirements.
While there’s no definitive answer to the best alternative, pick the option that aligns most closely with your business needs to ensure it helps drive your success in this competitive landscape.
Which provider do you think is the best Wise alternative?
Statrys
Revolut
Remitly
OFX
Payoneer
PayPal
FAQs
What are the best alternatives to Wise?
The best Wise alternatives are:
1. Statrys
2. Revolut
3. Remitly
4. OFX
5. Payoneer
6. PayPal
What is Wise?
Is Wise a real bank?
Can I use Wise as a business bank account?
Why should I consider alternatives to Wise?
Sources
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.
