5 Safe Money Transfer Alternatives to Wise
As a money transfer service, Wise (formerly known as TransferWise) is a transparent and easy to use option. But if you’re making an international money transfer, it can be worth looking at some of Wise’s competitors to see which is the best option for you.
While they are known for their transparency and low fees, for some transfers there are companies that can be cheaper than Wise. It’s always good to know what your options are. In this article, we take a look at companies that offer similar services to Wise and how they compare.
Similar Sites to Wise (formerly TransferWise)
Below, we’ve listed 5 companies you can use as alternatives to Wise. We’ve taken their level of convenience, cost and security into consideration so you can decide who to use for your next international money transfer.
Customers that have used Wise are likely to feel comfortable using Revolut. The most important thing the two companies have in common is transparency. From the start, it's easy to find out what exchange rates and fees you'll pay when sending money overseas.
It's also important to know what makes them different. Revolut has 3 tiers of multi-currency account with different features and fees. This is different to Wise which offers the same fees and features to every user.
- It’s really easy to open an account, and you can get one in minutes
- They have a ton of helpful digital services, even with the free plan
- They provide the “Interbank” mid-market foreign exchange rate, which is the best you can get
Learn more about Revolut
OFX have an easy to use website and app, much like Wise. So if you like doing everything online, they could be a good option. OFX have a large number of currencies they support and countries they can transfer between. This means they operate in most of the same countries that Wise do.
OFX support international money transfers from over 190 countries in more than 55 currencies. If you’re making an online transfer, it is definitely worth looking at OFX as an alternative to Wise.
- After 20 years, OFX is one of the oldest money transfer companies and they have the expertise to go with it.
- Their rates are often better than the banks, especially for larger transfers.
- 24/7 phone support.
Learn more about OFX
Similar to Wise, Remitly is a company that was born online and has grown rapidly. Unlike Wise, however, they specialise in sending smaller transfers amounts or remittances to countries in South America, Asia and Africa.
Remitly offer to send your money "Express" which is faster, but comes with a higher fee or "Economy" which is cheaper, but can be slower.
Like Wise, their site is easy to use and their fees, exchange rates and services are clear at each step of the way when making a transfer.
- Very easy to make a transfer
- 24/7 customer support online or over the phone
- Maximum transfer sizes apply
Learn more about Remitly
MoneyGram is the second largest money transfer service in the world, after Western Union. Founded in 1940, you are likely to have seen their logo in one of your go-to stores such as 7/11, Walmart and the Post Office. With over 380,000 locations, MoneyGram is one of the few companies that offer in-person cash collection of money transfers.
- Send money quickly to family and friends around the globe
- Fast and reliable money transfers
- Easy and convenient – available 24/7
Learn more about Moneygram
If you have an account, you may have considered making an international money transfer with PayPal. They are one of the world’s most popular payment systems to purchase goods and pay for services. It is a convenient way to transfer money to people in the same country and internationally, if they also use PayPal.
If you’re thinking of using PayPal as an alternative to Wise, it’s important to keep a couple of things in mind. Firstly, the person you’re sending money to must also have a PayPal account. Secondly, know that Wise will generally be cheaper than PayPal.
- They are good for sending money within the same country, but can be expensive internationally.
- Accept a variety of payment methods.
- If you’ve used them before, the process is very straightforward.
Compare international money transfer companies like Wise
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