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.

 

5 Similar Sites to Wise

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.

1. OFX

Like Wise, OFX have an easy to use website and app. So if you like doing everything online, either could be a good option. They are also one of the larger global transfer companies. 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.

  • Great exchange rates across a range of currencies and amounts.
  • Lower fees than Wise for transfers more than $10,000.
  • Access to 24/7 customer support.

Learn more about OFX

2. WorldRemit

Customers that have used Wise are likely to feel comfortable using WorldRemit. 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. Firstly, WorldRemit has much lower transfer limits. If you are looking to send more than $10,000 they might not be the right option for you. Secondly, unlike Wise, WorldRemit offer cash pick-up for many countries which is really handy if you don't have the bank details of the person you are paying.

  • Low fees and excellent exchange rates for transfers to India, the Phillipines, Africa and South America.
  • Easy to use website and app that allows you to pay by credit or debit card.
  • Great for cash pick-up.

Learn more about WorldRemit

3. XE

If you want to use a large and established money transfer company, XE could be the one for you. They are a really good option for making transfers online. Unlike Wise, XE do not charge any fees and generally also have quite competitive exchange rates.

Owned by Euronet and home to xe.com, the company has an incredibly wide reach. They are able to transfer money to bank accounts in many countries worldwide, and don’t charge fees no matter how much you’re sending.

  • Have competitive exchange rates.
  • They don't charge any fees or commission for making a transfer.
  • Large and well established global reach.

Learn more about XE Money Transfers

4. WorldFirst

Like Wise, WorldFirst is a UK based company. They offer money transfer services for both individuals and businesses alike. While their headquarters is located in London, they have offices spanning throughout Australia, Hong Kong, Singapore, the Netherlands and USA.

WorldFirst has a minimum transfer amount of $2,000, which you don’t find with Wise. However, WorldFirst don’t charge any fees for making an international money transfer.

  • Great exchange rates for amounts between $2,000 and $10,000.
  • No direct fees for making a transfer.
  • Access to customer service for small business and corporate customers.

Learn more about WorldFirst

5. PayPal

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.

Learn more about PayPal

Compare money transfer companies like Wise

By Justin Rampono Updated October 21st, 2021