Top Alternatives To Wise For Payments

More of the working world has moved online which means so have digital payments. Trying to pay a client overseas or a freelancer in a different country is usually met with some frustration. This is usually in the form of confusing exchange rates, slow transfer times or sky-high fees.

When the digital payment platform Wise entered the market, it immediately became the go-to. With an easy-to-use digital interface and low fees, it was the norm to use for international payments.

To keep up with the demand, more FinTech players have entered the arena to rival with Wise offering their own takes on quick and flexible international transfers.

 

Why Are FinTech Money Transfer Platforms Taking Off?

 

It’s all due to the increased demand for international payment solutions. Especially after the pandemic five years ago, most companies decided to stay online after being forced to.

Remote working: There has been a surge in freelancing and digital nomads who work with clients around the world who need a reliable way of receiving payment for their services.

Living abroad: Some expats need to manage their finances in multiple countries. Money transfer platforms are the most convenient ways to do this.

FinTech innovation: As these platforms become smarter and more sophisticated, they’re making money transfers safer and faster.

 

Top Alternatives To Wise For Payments

 

Since this industry has evolved dramatically in the last couple of years, Wise is not the only option out there anymore. So if you’re looking for some of the best alternatives for money transfers, these platforms are worth looking into.

 

1. Revolut

 

 

Revolut used to be a travel card app but has now expanded into a full-on digital bank. It has multi-currency accounts, international tools, budgeting features and even crypto trading. In the standard plan, transfers are free but premium plans include even more free transfers and perks.

It’s ideal for people who live or work internationally and need a platform to double as their everyday bank account with international spending.

 

2. Payoneer

 

 

Payoneer is perfect for freelancers and remote teams who regularly work on sites like Upwork and Fiverr. You can receive local bank details in different currencies and it comes with additional business tools. As an added bonus, you can even invoice clients directly and withdraw from local bank accounts.

You won’t be charged to receive payments from other Payoneer users but fees do apply for currency conversions or withdrawals.

 

3. Xe Money Transfer

 

 

Xe.com is commonly used to check exchange rates but they offer money transfers too. You can send to most countries and the transfers are fast, with low or zero fees depending on the country.

The app itself is simple and straightforward to use especially for those who aren’t too tech-savvy and don’t need a bunch of additional extras.

 

 

4. Stripe

 

 

Stripe is a trusted payments platform often used by e-commerce stores or SaaS companies. It accepts payments from other 135 countries with features like bank payouts and instant currency conversions. Users can also set up recurring billing and invoices.

There are transaction fees but for those who get paid globally through a website or app, it’s a solid choice.

 

5. PayPal

 

 

PayPal isn’t always the cheapest option but it’s convenient and is universally used. You can send and receive money from just about anywhere with the option to link your bank account or card. Global payments also have a built-in buyer/seller protection for extra security.

While the exchange rate markup is usually 3/4%, it’s a trusted and widely used platform. 

 

6. Remitly

 

 

Remitly is a platform that specialises in remittance-style transfers to regions like Mexico, Nigeria, the Philippines and India. They offer fast delivery options including cash pickup, mobile wallet or bank deposits and first-time users can enjoy discounted rates.

The app is easy to navigate and suitable for those who need to send money to abroad in areas where big banks aren’t always available.

 

7. CurrencyFair

 

 

CurrencyFair makes use of a marketplace model where users can trade currencies directly. It offers very low fees and works best in Europe, Asia and Australia.

Keep in mind that transfers can take a bit longer if you are waiting for a peer match but it’s where you’ll find the best exchange rate deals.

 

8. TorFX

 

If you need hands-on support for your personal or business transfers, TorFX is the platform to use. Users will get a dedicated personal account manager to assist with payments. It also offers business tools for recurring payments and supports over 60 currencies.

There are no fees and it’s a great option if you want someone to guide you through big transfers.