5 best alternatives to Wise [limits, fees, rates]

Transferring funds internationally has become a regular occurrence in our interconnected world. Whether doing business internationally, paying a friend abroad, or employing an international freelancer, selecting the best money transfer option can make your life easier. Wise is popular because of its low fees, competitive exchange rates, and multi-currency accounts. For millions, it has simplified and reduced the cost of money transfers.

However, no one platform is effective for everyone. Some users may need features that Wise does not provide, while others want quicker transfers or access to more countries. That is why it is important to find alternatives to Wise. This article will look at the top Wise alternatives for those searching for something that better fits their personal and business needs.

Overview of Wise

Wise, originally launched as TransferWise, brings fast and inexpensive international money transfers. The platform was created to challenge traditional banking systems that often charge hidden fees and inflated exchange rates. Today, Wise serves millions of individuals, freelancers, and businesses globally, enabling them to send, receive, and manage money across borders easily.

Key features of Wise

Wise stands out for its commitment to simplicity and fairness. It offers:

• Transparent pricing ensures users know exactly what they’re paying.
• Wise provides competitive exchange rates with no markups, making transfers cost-effective.
• Users can hold, convert, and send money in over 50 currencies, all from one account.
• The platform’s intuitive design makes it accessible even for first-time users.
• Functional in over 160 countries¹, Wise enables you to conduct your transactions through their international debit and expense cards. 

Limitations of Wise

While Wise excels in many areas, it does have its limitations. These include:

• As the transaction amount increases, the fees may become less competitive compared to other providers.
• Wise isn’t accessible in every country, which can be restrictive for some users.
• Unlike traditional banks or some competitors, Wise does not offer loans, investments, or other financial products.
• Wise operates digitally, with no branch network or face-to-face support, which is a drawback for those who need personal assistance.

Why look for a Wise Alternative?

While Wise is a popular choice for international money transfers, it isn’t the best fit for everyone. Here are some reasons why users may consider an alternative to Wise.

Lower fees

Wise is known for its low fees but can still add up, especially for larger transactions. Some alternatives may offer lower fees or different pricing structures that better suit specific needs, making them more cost-effective for frequent or high-value transfers.

Countries served

Wise operates in many countries, but not all. Users who need to send money to or from regions not supported by Wise will need to explore other platforms. This can be an important consideration for users with international contacts in countries not covered by Wise.

Additional features

While Wise offers multi-currency accounts, some alternatives provide added options, such as cash withdrawals, which can be valuable for users needing to access funds in person. Others might offer additional financial tools or benefits that Wise doesn’t have.

Faster transfers

Wise is efficient, but for some, speed is a top priority. Users may need a platform that processes transfers even faster for urgent payments or time-sensitive business transactions. Some alternatives specialize in quicker transaction times, ensuring funds reach their destination without delays.

Top 5 alternatives to Wise

While Wise is a popular choice for international money transfers, it might not fit everyone perfectly. There are several alternatives with unique features, competitive rates, and various services catering to different needs. Below are the top five apps like Wise, showcasing what they do best, their fees, and who they're best suited for so you can make an informed decision.

BOSS Revolution

BOSS Revolution is a money transfer service focused on international transactions. IDT Corporation is the brain behind it and is popular among users sending money to friends and family abroad. Its primary appeal lies in its accessibility and simplicity, making it a preferred choice for people new to international transfers.

Key features:

• BOSS Revolution offers cash pickup or delivery options in supported countries, making it convenient for recipients without bank accounts.
• Users can send airtime to prepaid phones internationally.
• Its app simplifies the transfer process with an intuitive interface.
• Payments can be made via debit card, credit card, or directly from a bank account.

Fees and limits

BOSS Revolution charges varying fees depending on the payment method and transfer destination. Bank account payments have lower fees compared to card payments. Additionally, currency exchange rates are competitive but may not match mid-market rates, and there are limits on how much can be sent in a single transaction, which varies by country.

Best for

Suitable for those sending smaller amounts of money to family or friends, particularly where cash pickup or delivery is needed.

Revolut

Revolut² is a digital neobanking financial platform launched in 2015 and caters to individuals and businesses. Initially designed to offer low-cost foreign exchange and travel-related payments, it has grown into an all-in-one financial app. It supports international money transfers, multi-currency accounts, and advanced financial tools, making it popular among global users.

Key features

• Hold and exchange over 30+ currencies³ with real-time exchange rates.
• Conduct global transactions in more than 160+ countries³. 
• Convert balances between currencies automatically without hidden fees.
• Provides virtual and physical debit cards for online shopping, in-store purchases, and cash withdrawals from ATMs globally.
• Includes budgeting features, virtual cards, stock trading, and cryptocurrency options.
• Collect payments through multiple methods, including QR codes, payment links, POS systems, mobile payments, and card transactions.

Fees and limits

Revolut offers competitive pricing, with transaction fees starting at 0.8% + 2p⁴, making it one of the most affordable options for a zero-contract provider. Users on the free plan can exchange currencies up to a monthly limit (e.g., $1,000) without fees, while paid plans, starting at $10 per month⁵, provide higher limits and added benefits. 

However, extra fees apply for currency exchanges exceeding the limit or on weekends. ATM withdrawals are free to a certain amount each month, but high fees may apply beyond this threshold. These transparent yet structured fees allow flexibility for users with varying needs, but they may not suit heavy users or those requiring frequent cash access.

Best for

Ideal for frequent travelers, digital nomads, and individuals looking for an all-in-one app for personal finances and international transfers. It’s also a good option for businesses managing global payments.

Payoneer

Payoneer⁶ is a global payment platform tailored for freelancers, small businesses, and online sellers who want to receive and transfer money without a merchant account. Launched in 2005, it simplifies cross-border payments and offers a reliable solution for receiving and sending funds worldwide. With seamless integration into global marketplaces and a focus on efficiency, it serves as an intermediary tool for professionals managing international transactions.

Key features

• Multi-currency digital wallet for holding and managing funds in different currencies.
• Integration with marketplaces like Amazon, Upwork, and Fiverr.
• Free local payment collection in 9 major currencies⁷ including US dollar, British pound, euro, Australian dollar, Canadian dollar, Chinese yuan, Hong Kong dollar, Japanese yen, Singapore dollar, and UAE dirham.
• Prepaid Mastercard to access funds and global ATM withdrawals.
• Availability of fee-free Payoneer Debit Card to manage international business transactions.
• User-friendly mobile app that provides easy access to digital banking services.

Fees and limits

Payoneer offers low transaction fees and competitive exchange rates. For example, receiving payments locally is free, while credit card payments incur a 3% fee⁸. Currency conversion fees are about 2% above the mid-market rate⁹. However, the pricing arrangement can be complex, and limits exist for certain transactions, such as payments initiated by other Payoneer users or payment requests.

Best for

Payoneer is ideal for freelancers, remote workers, and businesses that operate globally, especially those frequently dealing with online marketplaces. 

OFX

OFX¹⁰ is a licensed global money transfer service that has been operating for over two decades. Originally founded as OzForex in Australia, it now serves over 170 countries¹¹. OFX facilitates individuals and businesses requiring international money transfers, offering competitive exchange rates and personalized service.

Key features

• OFX often offers better exchange rates than banks, making it ideal for large transfers.
• A dedicated support team is available to assist users with their transactions anytime.
• While some platforms charge fixed fees, OFX eliminates them for most transfers, depending on the country.
• OFX provides tailored currency risk management tools for businesses operating globally.

Fees and limits

OFX doesn’t charge transfer fees for most transactions but applies a small margin to the exchange rate. The minimum transfer amount is usually $1,000¹², which makes it better suited for larger transactions.

Best for

Individuals and businesses managing large international transfers or those needing peculiar business solutions can reap maximum benefits from this platform. It’s an excellent choice for users prioritizing competitive rates and hands-on customer support.

WorldRemit

WorldRemit is an international money transfer platform, particularly for individuals needing to send money to family or friends. With its flexible transfer options and global reach, it stands out among Wise competitors. Users can operate it via mobile applications, online, and through network agents. 

Key features

• Multiple transfer methods, including bank transfers, mobile wallets, airtime top-ups, and cash pickups.
• Coverage in over 170 countries¹³.
• A mobile-friendly platform for convenient transfers.
• Transparent fee breakdown visible before initiating a transfer.
• Fast processing times for various transfer types.

Fees and limits

WorldRemit doesn’t offer fixed fees or limits. They largely depend upon the destination, payment method and the transfer method you choose. Transfers made through bank accounts are usually more affordable than paying through a card on WorldRemit. 

Best for

Excellent choice for users prioritizing high transfer fees and flexibility. It’s suitable for individuals sending funds to family or friends in regions with diverse transfer needs.

Comparison of Wise alternatives 

When evaluating Wise vs. companies like Wise, it’s important to consider factors such as fees, speed, and service availability. Each platform offers unique advantages, from faster transfers to specialized features like cash pickups or business tools. The table below breaks down the key differences to help you find the best fit for your needs.

Key differences between Wise and its alternatives

Wise is known for its transparent fee structure, competitive mid-market exchange rates, and user-friendly platform. However, some alternatives offer features that better meet specific needs.

Revolut stands out by offering more than just money transfers. Its multi-currency accounts, budgeting tools, and cryptocurrency options make it a favorite for frequent travelers and tech enthusiasts. While its fees are competitive, many advanced features are only available with premium plans.

Furthermore, Payoneer is best for businesses and freelancers, with features like global receiving accounts and no upper limit for transactions. It’s ideal for larger transfers, but fees can add up for smaller amounts.

OFX is a solid choice for high-value transfers, with no flat fees and support for large amounts. Its personalized phone support is a nice touch for users who value guidance. However, it’s not the fastest option for smaller transactions.

WorldRemit shines with its quick cash pickup and mobile wallet services, perfect for sending money to remote areas. Keep in mind that fees and exchange rates vary widely depending on the country.

Choosing the best alternative for your needs

The decision to choose the right platform depends on what you’re looking for in an international transfer service. For small, everyday transfers, BOSS Revolution is a solid choice. It’s affordable, easy to use, and offers fast cash pickup options for recipients who don’t use banks.

When it comes to larger transactions, OFX is a strong contender. They don’t charge fixed fees, which can be a huge advantage for high-value transfers. While they do include some exchange rate markups, the personal support they offer is helpful for those making big payments.

If you need quick access to cash, Revolut is a reliable option. It lets you manage multiple currencies and offers fast transfer speeds. While some of its more advanced features come with a price, it’s a great pick for those who value speed and flexibility.

For business use, Payoneer stands out. It provides global receiving accounts and payment solutions that suit freelancers and businesses working internationally.

Sources: all third party information obtained from applicable website as of December 10, 2024

1. https://wise.com/gb/card/

2. https://www.revolut.com/

3. https://www.revolut.com/currency-converter/

4. https://www.revolut.com/business/accept-payments/card-machines-sme/

5. https://www.revolut.com/en-US/legal/standard-fees/

6. https://www.payoneer.com/

7. https://www.payoneer.com/multi-currency-account/#:~:text=The%20local%20global%20account,Chinese%20yuan%2C%20and%20Japanese%20yen.

8. https://wise.com/us/blog/payoneer-review

9. https://www.payoneer.com/resources/accounts-receivable/how-to-send-money-internationally-throught-payoneer/#:~:text=If%20you%20withdraw%20directly%20to,between%202.5%25%20and%204%25.

10. https://www.ofx.com/

11. https://www.ofx.com/en-au/

12. https://wise.com/us/blog/ofx-money-transfer-limit

13. https://www.worldremit.com/en

14. https://www.payoneer.com/about/pricing/

15. https://www.payoneer.com/withdraw-funds/

16. https://www.payoneer.com/local-receiving-accounts/#:~:text=With%20Payoneer%2C%20you%20don't,in%20more%20than%20190%20countries.

17. https://www.worldremit.com/en/faq/send-from/americas/usa

This article is provided for general information purposes only and is not intended to address every aspect of the matters discussed herein. The information in this article is not intended as specific personal advice. The information in this article does not constitute legal, tax, regulatory or other professional advice from IDT Payment Services, Inc. and its affiliates (collectively, “IDT”), and should not be taken or used as such by any individual. IDT makes no representation, warranty or guaranty, whether express or implied, that the content in this article is current, accurate, or complete. You should obtain professional or other substantive advice before taking, or refraining from, any action on the basis of the information in this article.