This makes it the perfect choice for a lot of companies.
Wise is also good if you need a platform that can plug into existing accounting software.
Where Wise Business lacks, or might not be the best choice, is in currency risk and payment gateways.
There’s also instances, like in the UAE, where Wise Business does not offer local accounts. In these territories there are usually alternative options.
Below we've outlined a quick list of Wise alternatives. We'll cover them all in more detail throughout the article.
Airwallex - 12 local accounts, expense management, transfers from 0.5%
Sokin - 4 local accounts, payment gateway support, transfers from 0.3%
Payoneer - 7 local accounts (UAE included), payment gateway support
TorFX - currency broker, offering currency risk solutions for larger transfers
Xe - Money transfer provider, offering better deals for larger transactions
Zen - Primarily a payment gateway, offering local currency support
Wise Business Overview
When considering alternatives to Wise, it's important to understand how the platform is used.
Alternatives to Wise should ideally offer a similar breadth of features, including:
Support for multiple currencies and payment methods
Physical and virtual card options
Competitive exchange rates for cross-border transfers
Businesses seeking alternatives to Wise should consider what is missing from their offering. Some additional considerations are:
Does the alternative:
Integrate seamlessly with existing platforms and APIs
Facilitate high-volume currency conversion
Offer robust multi-currency and treasury management tools for enterprise-level clients
Here’s the overview of costs associated with using Wise Business
Cost | Overview |
|---|---|
Monthly fee | $0 |
Exchange rate | 0% |
Sending fee | From 0.33% |
Multi-currency offering | 10 local accounts |
Local accounts available are: GBP, EUR, USD, AUD, NZD, SGD, RON, CAD, HUF, TRL
Other features offered by Wise Business are:
Area | Offering |
|---|---|
Batch payments | Up to 1,000 per transaction with guaranteed rates |
Expense management and tracking | Available, although cards are not currently being issued to US businesses |
Pay invoices | Invoices can be paid and synced directly to accounting software |
Receive Payments | Receive payment through both payment links and payment requests, includes a range of different payment methods |
Integrations | Xero, Intuit, FreeAgent, QuickFile, Zoho Books, Odoo, Ember, FreshBooks, Oracle, MicroSoft Dynamics 365, Emma, Moneyhub, Plum, Cheddar |
Payment Gateways | Not offered |
Currency risk tools | Not offered |
Many businesses use cross border payment options for specific use cases.
There’s a lot of options for each use case, not every feature will be appropriate for every business.
Wise Business alternatives in detail
Airwallex is an end-to-end multi-currency solution. The platform has most things that a company might need, barring currency risk support.
Against Wise Business, Airwallex matches up or exceeds in most areas. You will get access to 12 local currency accounts. Cross border transfer costs start at 0.5% (within the exchange rate), and no fees. So, 0.17% more expensive that using Wise.
Cost | Airwallex | Wise Business |
|---|---|---|
Monthly fee | $0 | $0 |
Exchange rate | from 0.5% | 0% |
Sending fee | No fees | From 0.33% |
Multi-currency offering | 12 local accounts | 10 local accounts |
Airwallex local accounts
Other features of Airwallex
Alongside the multi-currency platform, there’s more features make Airwallex a strong option over Wise.
Expense and card management can be set at a business, team or individual level. This includes budget limitations, spending currencies and workflows through to submission.
A payment gateway is can be used for taking payments through a site or invoicing. This includes raising payment links.
Wise Business will allow for payment into accounts. So it is similar, but the Airwallex offering creates a little more flexibility in the process.
All of these elements can then be customised using the Airwallex API.
Area | Airwallex | Wise Business |
|---|---|---|
Batch payments | Up to 1,000 per transaction | Up to 1,000 per transaction with guaranteed rates |
Expense management and tracking | One of the strongest expense management options on the market, offering customised workflows | Available, although cards are not currently being issued to US businesses |
Pay invoices | Invoices can be paid, tagged and synced withing the platform and custom expense workflows | Invoices can be paid and synced directly to accounting software |
Receive Payments | Receive to your accounts or through a payment gateway. Create payment links as well where needed | Receive payment through both payment links and payment requests, includes a range of different payment methods |
Integrations | Xero, QuickBooks, Asperato, ApprovalMx, Odoo, Sage Within ecommerce this can be links to Amazon, Lazada, Magento, Shopee, Shopify, Soplazza, Fnca and WooCommerce | Xero, Intuit, FreeAgent, QuickFile, Zoho Books, Odoo, Ember, FreshBooks, Oracle, MicroSoft Dynamics 365, Emma, Moneyhub, Plum, Cheddar |
Payment Gateways | Yes, native and API options | Not offered |
Currency risk tools | Not offered | Not offered |
Out of all the alternatives, Airwallex is the one that goes beyond what Wise Business offers. With the additional accounts and competitive transfer costs, it comes highly recommended.
Sokin is a new addition to the cross border payment space and continues to develop into a strong product.
Against Wise there are a lot of similarities. You get access to 4 local accounts, vs the 10 of Wise. With Sokin, you also get access to 75 IBAN accounts, so it is possible to send and receive money using the account.
One of the bigger selling points of Sokin is that it’s a cheaper alternative to Wise Business.
The Sokin exchange rate starts at 0.3% for cross border transactions, with no fees. Wise Business as mentioned has a 0% markup on the exchange rate, and fees starting at 0.33%.
Cost | Sokin | Wise Business |
|---|---|---|
Monthly fee | $0 | $0 |
Exchange rate | from 0.3% | 0% |
Sending fee | No fees | From 0.33% |
Multi-currency offering | 4 local accounts, 75 IBAN accounts | 10 local accounts |
Other features of Sokin
Sokin offers more batch payment support and payment gateway. You do not get this with Wise Business.
Both of these options can be managed through an API.
Area | Sokin | Wise Business |
|---|---|---|
Batch payments | Up to 5,000 per transaction | Up to 1,000 per transaction with guaranteed rates |
Expense management and tracking | Available as part of tagging outgoing payments, not the same as tracking individual card spend from an account | Available, although cards are not currently being issued to US businesses |
Pay invoices | Can be paid through the Sokin platform by entering the recipient details | Invoices can be paid and synced directly to accounting software |
Receive Payments | Receive payments to a Sokin account as well as through a payment gateway for ecommerce | Receive payment through both payment links and payment requests, includes a range of different payment methods |
Integrations | Amazon, Shopify, WooCommerce API support for custom integrations | Xero, Intuit, FreeAgent, QuickFile, Zoho Books, Odoo, Ember, FreshBooks, Oracle, MicroSoft Dynamics 365, Emma, Moneyhub, Plum, Cheddar |
Payment Gateways | Yes, native and API options | Not offered |
Currency risk tools | Not offered | Not offered |
Payoneer, like Sokin and Airwallex, is a business first product.
Starting price points for Payoneer at higher at 2% for exchange rates, and up to 3% on fees.
The attraction of the account over Wise Business is the local UAE account. These are not available with Wise.
Payoneer also has a strong P2P offering, which if used makes transactions free. This can also be used as a payment method as part of the payment gateway on offer.
Cost | Payoneer | Wise Business |
|---|---|---|
Monthly fee | $0 | $0 |
Exchange rate | from 2% | 0% |
Sending fee | Up to 3% | From 0.33% |
Multi-currency offering | 7 local accounts (UAE included) | 10 local accounts |
Other features of Payoneer
Payoneer is widely used in Asian markets and also is a decent option for any one person businesses.
There’s a lot of access to plugins across ecommerce and freelancer marketplaces.
Area | Payoneer | Wise Business |
|---|---|---|
Batch payments | Up to 1,000 per transaction | Up to 1,000 per transaction with guaranteed rates |
Expense management and tracking | Expense management and taggable payment links | Available, although cards are not currently being issued to US businesses |
Pay invoices | Invoices and payment links, as well as P2P payments to other Payoneer users | Invoices can be paid and synced directly to accounting software |
Receive Payments | Receive payments into accounts, through payment gateways or P2P options | Receive payment through both payment links and payment requests, includes a range of different payment methods |
Integrations | Xero, QuickBooks, Asperato, ApprovalMx, Odoo, Sage Large amount of other options available, visit Payoneer to see the full list | Xero, Intuit, FreeAgent, QuickFile, Zoho Books, Odoo, Ember, FreshBooks, Oracle, MicroSoft Dynamics 365, Emma, Moneyhub, Plum, Cheddar |
Payment Gateways | Yes, native and API options | Not offered |
Currency risk tools | Not offered | Not offered |
All-in-all, Payoneer makes for a good alternative if you need some specific elements. In particular, access to an account in UAE or marketplace support.
TorFX is a very different business to Wise, and sits at the opposite end of the cross border payments market.
As an alternative, it should be used if you need currency risk strategy and support. TorFX also offers an account managed service.
With TorFX you will not get a multi-currency account. However, you can make transfers in a number of currencies through the app, making transfers 24/7.
Cost | TorFX | Wise Business |
|---|---|---|
Monthly fee | $0 | $0 |
Exchange rate | from 0.4% | 0% |
Sending fee | No fees | From 0.33% |
Multi-currency offering | Not offered | 10 local accounts |
Other features of TorFX
The core reason to opt for TorFX over Wise Business is currency risk.
This comes in the form of forward contracts and limit orders in particular. These locked in rates, which can be for up to 12 months, are useful for hedging against currency moves.
For agreed payments and big payments, they can save a business a huge amount of money.
Area | TorFX | Wise Business |
|---|---|---|
Batch payments | Available based on agreement with TorFX | Up to 1,000 per transaction with guaranteed rates |
Expense management and tracking | Not available | Available, although cards are not currently being issued to US businesses |
Pay invoices | Payments can be made through the TorFX app, or through contacting a broker | Invoices can be paid and synced directly to accounting software |
Receive Payments | Not available | Receive payment through both payment links and payment requests, includes a range of different payment methods |
Integrations | Not available | Xero, Intuit, FreeAgent, QuickFile, Zoho Books, Odoo, Ember, FreshBooks, Oracle, MicroSoft Dynamics 365, Emma, Moneyhub, Plum, Cheddar |
Payment Gateways | Not available | Not offered |
Currency risk tools | Currency risk solutions, forward contracts, limit orders, rate alert guides, account management and more | Not offered |
Opt for TorFX instead of Wise if you are worried about currency risk.
Like TorFX, Xe is a traditional money transfer provider with a business product.
When compared to Wise, there’s no multi-currency account access and the platform is not suitable for receiving money.
Where it exceeds however is sending money in large amounts. So for larger cross border transactions, it is a great choice.
Cost | Xe | Wise Business |
|---|---|---|
Monthly fee | $0 | $0 |
Exchange rate | from 0.2% | 0% |
Sending fee | No fees | From 0.33% |
Multi-currency offering | Not available | 10 local accounts |
Other features of Xe
As well as offering cross border payments, Xe has a currency conversion tool and an app. This allows for setting up rate alerts and tracking currency movements.
This also forms part of the API, so can be synced to accounting software where needed.
Xe then offers integration with Microsoft Dynamics 365, among others. This is something that is not available on Wise, although software such as Xero are.
For larger transfers it is also possible to work with an account manager. With this you can access currency risk advice and put in place forward contracts.
Area | Xe | Wise Business |
|---|---|---|
Batch payments | Up to 1,000 per transaction, based on using API | Up to 1,000 per transaction with guaranteed rates |
Expense management and tracking | Not native | Available, although cards are not currently being issued to US businesses |
Pay invoices | Invoices can be paid, tagged and synced within accounting integrations | Invoices can be paid and synced directly to accounting software |
Receive Payments | Not available | Receive payment through both payment links and payment requests, includes a range of different payment methods |
Integrations | MicroSoft Dynamics, Sage, | Xero, Intuit, FreeAgent, QuickFile, Zoho Books, Odoo, Ember, FreshBooks, Oracle, MicroSoft Dynamics 365, Emma, Moneyhub, Plum, Cheddar |
Payment Gateways | Not offered | Not offered |
Currency risk tools | Currency risk solutions and currency management tools offered to all business clients at no cost | Not offered |
Zen is a multi-currency gateway and payment platform with competitive rates. As a result it is a great alternative to Wise Business.
With the payment gateway there's a huge choice of payment methods. This includes a lot of local support, for things like Paysafecard and Paysafecash.
Be aware, for those taking local payment methods, transaction fees can be as high as 10%. Methods with wider support, like Visa and Mastercard, start from 0.5%.
Both offer exchange rates of 0%, and Zen has fees starting at 0.5%. This puts it at the same initial price point as Airwallex.
It should be noted however that sending outside of market hours incurs an additional 0.4% charge, so 0.9% overall.
Cost | Zen | Wise Business |
|---|---|---|
Monthly fee | €25 (all prices with Zen listed in EUR) | $0 |
Exchange rate | from 0% | 0% |
Sending fee | From 0.5% (+0.4% for anything out of market hours) | From 0.33% |
Multi-currency offering | 4 local account options | 10 local accounts |
Other features of Zen
Zen offers batch payments, API access and invoice management. As with Wise Business, you will not get access to currency risk tools. Opt for Xe or TorFX if these are needed.
Area | Zen | Wise Business |
|---|---|---|
Batch payments | Up to 1,000 per transaction | Up to 1,000 per transaction with guaranteed rates |
Expense management and tracking | Available through multi-currency options, + payment link generation | Available, although cards are not currently being issued to US businesses |
Pay invoices | Invoice payment available | Invoices can be paid and synced directly to accounting software |
Receive Payments | Receive payments to multi-currency accounts or through a payment gateway | Receive payment through both payment links and payment requests, includes a range of different payment methods |
Integrations | Xero, QuickBooks, Sage Large number of ecommerce management offered | Xero, Intuit, FreeAgent, QuickFile, Zoho Books, Odoo, Ember, FreshBooks, Oracle, MicroSoft Dynamics 365, Emma, Moneyhub, Plum, Cheddar |
Payment Gateways | Yes, native and API options | Not offered |
Currency risk tools | Not offered, but dedicated account manager is offered | Not offered |
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