Wise, formerly known as TransferWise, is one of the market leaders in the international payments industry. Utilized by over 13 million customers in more than 170 countries, the London-based fintech company has clearly struck a chord with its target market by offering a cheaper, faster, and more transparent way to transfer money overseas in comparison to traditional banks. With that said, it’s always good to keep your options open, especially as the fintech industry continues to expand with new and exciting products brought to market by innovative companies from across the globe. On that note, we bring you a list of 4 Wise alternatives that could potentially offer more benefits compared to the market leader.

Revolut

In July of 2021, Revolut became the most valuable UK start-up with an eye-watering valuation of £24 billion. Offering a wide range of digital banking services, Revolut is one of the most versatile banking products on the market, and consumers seem to love it. In terms of international payments, Revolut allows its users to send and receive international money transfers in over 28 currencies, including GBP, USD, AED, EUR, CAD, and many more. It is free to open an account, and international payments to other users are free of charge too. However, you will have to pay a mid-market exchange rate similar to what you would pay with a Wise account. On top of this, Revolut also offers its customers access to extra products, such as mobile phones and overseas medical insurance, specialized savings accounts (vaults) for budgeting and saving money, and even an easy platform for trading stock, shares, and cryptocurrencies. If you’re looking for an all-in-one digital banking solution, then Revolut is likely your best bet.

OFX

OFX has been around almost twice as long as Wise, after first being established back in 1998. The Australian-based company has been one of the market leaders for online international payments for both personal and business customers. Similar to the Wise.com app, you can use OFX on your smartphone to send transfers to more than 190 countries in up to 55 currencies. Since its inception, OFX has facilitated more than $100 billion worth of international payments, and with absolutely zero fees for all transfers, it certainly offers stern competition to Wise and the traditional banking sector. With that said, OFX charges an average margin of 0.4% above the mid-market rate, which could end up being more expensive than Wise, depending on the amount you are transferring.

Moneycorp

Moneycorp, founded in 1962, is another veteran of the industry. With over £22 billion in trade across 90 different currencies; Moneycorp is one of the largest and most experienced global payment companies in the world. Using their services, Moneycorp customers get access to international money transfers; forward contracts, market orders, FX optimized travel cards; and account managers that will help you set up transfers and obtain forex-related information. If you are a business owner, Moneycorp offers a bunch of different features; such as currency hedging tools, online seller solutions (access to unique receiving accounts in EUR and USD); and the option to carry out bulk payments by uploading different types of payment-related files from your accounting system. As for the fees, the charges you incur with Moneycorp depend on where you are located. For example, transfers from the UK are free, whereas customers located in Ireland are subjected to a £5 fee for standard transfers and a £9 fee for express transfers. Furthermore, similarly to OFX, markups/margins are added to existing interbank rates.

Remitly

Finally, we have Remitly, which is a US-based mobile payments service that is trusted by over 2.8 million active customers. One of the main differences between Remitly and Wise is that Remitly’s express transfers take only a few minutes to complete; whereas a standard Wise transfer can take between 2-3 working days. Moreover, Remitly also offers cash pickups when receiving international transfers. They currently offer this service in over 100,000 cash pickup locations around the world. Moving on to the fees, the amount you must pay with Remitly depends on the amount you are transferring and the speed at which you want your money to arrive. For example, if you want to send money from the USA to the Philippines; you will be charged a total of £3.99 for an express transfer (instant), whereas if you opt for economy delivery; the transaction will be free, but it will take between 3-5 working days. Furthermore, Remitly adds a margin of between 0.5% to 3% above the mid-market rates; making it considerably more expensive than the Wise app. Thus, if you want to save on costs, Remitly isn’t going to be the best option; but where it does shine is the number of payout options users can choose from. Aside from the cash pickup, you can choose to receive your money via direct bank deposit to your mobile wallet; and you can even opt for home delivery.

The wrap-up

With all things considered, Wise is still the stand-out option when it comes to international money transfers. However, each of these four alternatives offers slightly different benefits to customers; which could be appealing to those looking for a slightly tailored service. For example, the extra digital baking services from Revolut could prove to be worth the switch; whereas if you are strictly looking to save on costs, then OFX may be your best bet.