When it comes to sending money internationally, Wise (formerly known as TransferWise) is often regarded as one of the best options due to its transparent fees and competitive exchange rates. However, Wise may not always be the best fit for everyone, whether due to its coverage limitations, fees, or the specific needs of the user. Fortunately, there are several Wise alternatives offering competitive services for international money transfers. In this article, we explore some of the best alternatives to Wise, highlighting their features, advantages, and drawbacks.
1. Revolut
Revolut is a comprehensive financial service provider that offers international money transfers at competitive exchange rates. The app supports transfers to over 30 countries and allows users to send money in multiple currencies without hidden fees.
Key Features:
- Fee-Free Transfers: Revolut offers free transfers to countries within the European Economic Area (EEA) and to many other major currencies with its premium plans.
- Competitive Exchange Rates: Similar to Wise, Revolut uses the interbank exchange rate, which is highly competitive.
- Mobile App: Revolut offers a seamless app experience for managing finances, including real-time notifications and the ability to hold multiple currencies.
Best For:
- Those who already use Revolut for their banking or who want to send money to European countries easily.
2. PayPal
PayPal is one of the most well-known international money transfer services. It’s widely accepted and trusted for both business and personal payments.
Key Features:
- Wide Acceptance: PayPal is accepted globally and allows for easy transfers to any email address associated with PayPal accounts.
- Speed: PayPal offers fast transfers, especially when sending money to another PayPal user, and many transfers are instantaneous.
- Security: Known for its robust buyer protection policies, PayPal ensures transactions are secure.
Drawbacks:
- High Fees: PayPal’s fees can be higher than Wise, especially when sending money internationally or with credit card payments.
- Poor Exchange Rates: PayPal typically offers less competitive exchange rates compared to services like Wise or Revolut.
Best For:
- Users looking for a trusted, easy-to-use platform for both domestic and international payments.
3. Xoom (A PayPal Service)
Xoom, owned by PayPal, is designed specifically for international money transfers. It offers a quicker alternative to PayPal for sending money abroad.
Key Features:
- Speedy Transfers: Transfers can be completed in as little as 15 minutes, depending on the country.
- Multiple Payout Methods: Send money to bank accounts, cash pickup locations, or mobile wallets in over 130 countries.
- Global Coverage: Xoom supports transfers to a large number of countries across the globe.
Best For:
- People who need a fast transfer service and prefer PayPal’s network, but with lower fees than traditional PayPal transfers.
4. OFX
OFX (formerly known as OzForex) is a great alternative for sending large amounts of money internationally, especially for those transferring money for business purposes.
Key Features:
- No Transfer Fees: OFX doesn’t charge transfer fees, though it might make money through a margin on exchange rates.
- Competitive Rates for Large Transfers: OFX provides excellent exchange rates for larger amounts, often better than Wise for transfers over a certain threshold.
- 24/7 Customer Support: OFX offers robust customer support, which can be an advantage for those transferring large sums.
Drawbacks:
- Limited Availability: OFX doesn’t offer services for smaller, everyday transfers, which may make it less suitable for casual users.
- Minimum Transfer Amounts: OFX requires a minimum transfer amount of around $1,000, making it better for larger transactions.
Best For:
- Users transferring large sums of money who are looking for competitive rates without paying high fees.
5. WorldRemit
WorldRemit offers fast and affordable international money transfers, with a particular focus on sending money to mobile wallets and cash pickup locations.
Key Features:
- Mobile Wallets: WorldRemit supports transfers directly to mobile wallets in many countries, which is a convenient option for people without bank accounts.
- Low Fees: Compared to traditional services, WorldRemit offers competitive fees and often lower than PayPal or Western Union.
- Speed: Transfers are fast, with many being completed within minutes.
Drawbacks:
- Limited Coverage for Some Countries: While WorldRemit covers a wide range of countries, it doesn’t have the same global reach as Wise or PayPal.
- Lower Transfer Limits: There may be limits on the amount of money you can send depending on the country and the payout method.
Best For:
- People who want a quick, low-fee option for sending money to family or friends in countries with mobile wallet systems.
6. Western Union
Western Union is a well-known global brand for sending money internationally. It allows for both online and in-person transfers, making it highly accessible.
Key Features:
- Extensive Global Reach: Western Union has one of the largest networks of physical agent locations globally, which makes it a convenient option for people without bank accounts.
- Multiple Payout Methods: Send money to bank accounts, mobile wallets, or for cash pickup at agent locations worldwide.
Drawbacks:
- High Fees: Western Union’s fees can be relatively high compared to services like Wise or Revolut, especially for smaller transfers.
- Poor Exchange Rates: The exchange rate margin often makes Western Union a less attractive option for international transfers.
Best For:
- Those who need to send money to areas where other services have limited coverage and need an in-person pickup option.
7. Remitly
Remitly offers international transfers with a focus on remittances, providing a fast, reliable, and cost-effective way to send money abroad.
Key Features:
- Fast Delivery: Remitly offers two types of services: Economy and Express. Economy can take 3–5 days, while Express transfers can be completed within minutes.
- Cash Pickup: Transfers can be picked up at thousands of locations worldwide, similar to Western Union.
- Low Fees for Small Transfers: Remitly has low fees for smaller amounts, often less expensive than services like PayPal.
Drawbacks:
- Exchange Rate Markups: Similar to Western Union, Remitly has a higher markup on exchange rates than services like Wise or Revolut.
Best For:
- Those who need an affordable and fast option for sending money to family and friends.