Looking for ways to send money across borders? Alternatives to Wise offer effective and affordable options. Wise, once known as TransferWise, is famous for its great exchange rates and low fees. It serves over 160 countries and supports more than 50 currencies, making it a favorite for over 13 million users.
But, it’s always good to look around for better deals. This article will show you five other money remitters like Wise. We’ll dive into what they offer to help you choose the best for your needs.
Understanding Money Transfers and Wise
In today’s world, money transfers are key for both people and businesses. They help move money across borders. Wise is a service that makes these transfers easier and cheaper. It offers clear fees and lets users hold money in different currencies.
Wise is known for its low fees, often beating what banks charge. For instance, sending USD abroad might only cost $3. But, there’s a cost for converting currencies, about 1.78% of the total. This can be a bit pricey for big transfers.
The platform is easy to use, supporting over 200 countries for sending and 196 for receiving. It has cool features like locking in exchange rates for up to 96 hours. This helps manage costs in unstable markets. Yet, Wise has its limits, like where you can use it and no personal support. Knowing other options is important for those looking beyond Wise.
Why Consider Alternatives to Wise?
Wise is a well-known service for sending money, but there are good reasons to look at other options. High fees, mainly for big transfers, can be a big turn-off. Some people also need to send money to places Wise doesn’t cover.
Features that Wise doesn’t offer, like cash withdrawals or certain payment methods, are important for some. These might be key for businesses or individuals with specific needs.
Speed is another big factor. People often want to send money fast, whether it’s for an emergency or a business deal. For example, Payoneer can take 1-4 days, while Xoom is usually faster, taking 1 to 2 business days.
Looking at fees from different services helps me choose the best one. For instance, Statrys offers exchange rates that are at least 10% better than others. This makes it a great choice for those looking for better value.
Other services offer more than Wise does. Revolut supports over 28 currencies and has more than 30 million users. Remitly lets you send money in over 100 currencies. OFX also stands out, allowing transactions in more than 55 currencies across 190 countries. Checking out these options helps me find the best fit for my needs.
5 Money Remitters Comparable To Wise (formerly known as TransferWise)
Looking into Wise alternatives is key for those thinking about money transfer services. Five top platforms stand out in the market, each with unique features for international payments. They offer fast transfers, low fees, and personalized services. Let’s dive into what makes each one special:
- Payoneer: Known for various business services, Payoneer provides multi-currency virtual accounts. It’s perfect for business owners doing international deals.
- Wise Business: This service uses the mid-market exchange rate with no hidden fees. It offers competitive rates and supports receiving international payments easily.
- PayPal: A well-known platform with different fees, including currency conversion charges. While it offers online payment solutions, costs can rise, mainly for business accounts.
- Skrill: Skrill charges various fees for sending money, withdrawing funds, and foreign exchange. It can charge up to 3.99%. Users should think about these fees when comparing services.
- Veem: This platform allows transfers to around 100 countries. It lets you send payments to multiple vendors at once. It’s great for businesses because it’s integrated with accounting tools.
When comparing these money remittance services, some key differences emerge. Knowing these differences helps make informed choices based on your specific needs.
Instarem: Best in Fast and Cost-Effective Transfers
Instarem is known for quick and affordable money transfers. It helps over one million customers send around 6 billion USD a year. This is done in 60+ countries with 10 different currencies.
Instarem has a cool reward system called InstaPoints. You get points for every transfer, which can be used for discounts later. This makes sending money more rewarding and encourages you to use the service again.
Instarem and Wise both have a 4.2-star rating on Trustpilot. Instarem has over 8,000 reviews, while Wise has more than 210,000. Wise offers more features, but Instarem is clear about its fees. You can use Instarem online or through its app, making it easy to send money fast.
Instarem is great for saving money, but it has some downsides. It doesn’t cover as many countries as Wise, which has over 160. Instarem also doesn’t offer cash pickup, focusing on digital transfers. But, the Amaze card is useful for travelers, helping avoid extra fees on international transactions.
OFX: Best in Personalized Support
OFX is known for its top-notch customer service, making it a go-to for large transactions. It serves over 190 countries and handles 55 currencies. With a minimum transfer of just $1,000 and no fees for most, it’s great for both individuals and businesses.
One of OFX’s best features is its 24/7 broker service. This means you get help anytime you need it, which is super helpful for big money moves. Their customer service is top-notch, earning a 4.6 out of 5 rating.
OFX lets you send money in over 50 currencies to more than 170 countries. While it’s mainly for bank-to-bank transfers, it has tools like limit orders and forward contracts. These help protect against currency risks.
My experience with OFX shows it’s all about easy, user-friendly international money transfers. Plus, the customer service is unmatched. For more info and comparisons, check out this link.
| Feature | OFX | Wise |
|---|---|---|
| Overall Rating | 3.5/5 | 4.2/5 |
| Customer Support Rating | 4.6/5 | 3.8/5 |
| Transfer Fee | Free for most transactions | Fixed fee applies |
| Currency Support | 50+ currencies | Over 40 currencies |
| Minimum Transfer Amount | $1,000 | No minimum listed |
| Payment Methods | Bank-to-bank transfers | Various options including card payments |
Revolut: Best for Affordable Money Transfers
Revolut is making a big splash in the financial app world. It offers a wide range of services for those who want to send money abroad without spending a lot. You can send money to over 100 countries and handle more than 50 currencies, giving you lots of flexibility.
The Revolut features also include free transfers up to a certain amount. This means you can save money on fees when you need to send money. It’s a big plus for anyone who sends money abroad often.
Revolut is also great for travelers. It has tools like budgeting, support for cryptocurrencies, and virtual debit cards. Plus, it doesn’t charge extra for exchange rates during market hours. This makes it easy to see how much you’re paying for transactions.
But, it’s important to know that if you send more than a certain amount, you’ll pay a 0.5% fee. This is something to keep in mind if you plan to send a lot of money.
Revolut is good for managing money across different countries. It supports many currencies, making it easy to handle your finances globally. It also has a vault system for saving money, where you can earn up to 4.75% interest in GBP, USD, or EUR.
| Feature | Revolut | Wise |
|---|---|---|
| Transfer Fees | Fee-free up to limit; 0.5% beyond | Starting from 0.4% |
| Supported Currencies | 50+ | 50+ |
| Savings Account | Earn up to 4.75% interest | No savings feature |
| Virtual Debit Cards | Available | Not provided |
| Monthly Transfer Limits | Yes, fee applies beyond limit | No such limit |
Remitly: Best in Flexible Delivery Options
Remitly offers a wide range of delivery options for sending money abroad. It supports transfers to over 170 countries and handles more than 100 currencies. Recipients can get their money through cash pickups, direct bank deposits, or mobile money.
Remitly has competitive exchange rates and fast transfer times. But, be aware of fees, like those for credit card transactions. These fees might be higher than other services. Despite this, its easy-to-use interface and flexible delivery options make it a good choice for many.
Remitly focuses on meeting different needs with its delivery options. But, it’s important to consider the costs and how fast you need the money. Always compare services to find the best one for your needs.
