Wise Alternatives: 11 Ways to Send Money Abroad

Wise is a household name for international transfers, but it's far from the only option. Different providers are stronger on certain countries, on business features or on very large one-off transfers, so it pays to compare before you send.

The eleven providers below are listed alphabetically and in no particular order, and every description comes from the provider's own website, read this week. If you're a freelancer working with overseas clients, my round-up of freelance sites and how money reaches you is a useful companion.

Wise alternatives compared

In the free plan column, Yes means the tool's own site names a free plan, a free version, a free account or open source software. Trial only means a time-limited trial. Not stated means the pages I read named neither, even where there's a button inviting you to start for free.

Tool	Type	Good for	Free plan
Airwallex	Global business accounts and international transfers	Businesses paying overseas suppliers	Not stated
Atlantic Money	International money transfer app	Large one-off personal transfers	Not stated
CurrencyFair	International transfers for people and businesses	Paying overseas property, tuition or tax	Not stated
Instarem	International money transfer service	Fast transfers with rewards	Not stated
OFX	Business financial operations and FX platform	Businesses holding many foreign balances	Not stated
Payoneer	Global payment platform for businesses	Freelancers with overseas clients	Not stated
Paysend	Global money transfer app	Card-to-card transfers to family	Not stated
Remitly	Online money transfer service	Sending money home to family	Not stated
Revolut Business	Company account with international payments	A business account with built-in transfers	Not stated
WorldFirst	International business payments and accounts	Online sellers selling in several countries	Yes
Xe	Exchange rates and international money transfers	Checking rates before you send	Not stated

Eleven Wise alternatives worth comparing

Airwallex

Best for: Online businesses that pay suppliers and staff in several countries and want business accounts, cards and transfers in one platform.

Atlantic Money

Best for: People moving a larger sum abroad, such as savings or a house deposit, who want a simple flat-fee transfer app.

CurrencyFair

Best for: Expats and families paying for overseas property, school fees or tax bills who want a specialist transfer service.

Instarem

Best for: Regular senders who want most transfers delivered the same day and like earning rewards on the money they send.

OFX

Best for: Importers and exporters that need to receive, hold and spend money in many foreign balances with corporate cards attached.

Payoneer

Best for: Freelancers and online sellers with clients abroad who want receiving accounts, payment requests and invoices together in one place.

Paysend

Best for: People sending regular support to family overseas who want a simple app for requesting and sending money across borders.

Remitly

Best for: Migrant workers sending money home who want a highly rated app built around fast transfers to family abroad.

Revolut Business

Best for: Startups and small firms that want everyday business banking, cards and international payments in one app rather than a separate transfer service.

WorldFirst

Best for: Ecommerce brands that trade abroad and want a free account that collects, holds and pays out in several foreign balances.

Xe

Best for: Anyone who already checks exchange rates on Xe and wants to send money abroad from the same account, personal or business.

Is your money protected like a bank account?

Not always, and that's the detail most people miss. The Financial Conduct Authority says all non-bank payment service providers, such as authorised payment institutions and e-money institutions, must be authorised or registered with it. It also tells consumers to make sure they understand how their money is protected when they choose a provider.

In practice, check two things for any provider on this list: that it appears on the regulator's register in your country, and how it says it protects the balance you leave in the account. Moving money is one thing; holding a large balance there for months is another.

Personal transfers or a business account?

Families sending money home care about delivery options, such as bank deposit, cash pickup or mobile wallet, and about the countries covered. Businesses care about receiving from clients, paying suppliers, cards for staff and how the account fits with their bookkeeping.

Some providers do both well. Most lean one way, so read whether the site talks mainly to people or to companies before you sign up.

Questions to ask before you send money abroad

1. Does it cover the countries I send to and receive from?
2. How does the exchange rate compare on the day I send?
3. How long will the money take to arrive?
4. Is the provider registered with the regulator in my country?
5. How is a balance held in the account protected?
6. Can I send invoices or receive from clients as well?

How to move to a new transfer provider safely

Start small. Send a modest test transfer to someone you trust and check how long it takes, what arrives and how the app tells you it's done. Once you're happy, update the bank details you've given clients so their next payment lands in the right place.

Don't close your old account straight away. Payments you've already been promised may still arrive there for a few weeks, and you'll want statements for your bookkeeping. When everything's quiet for a month, that's the time to tidy up.

Signs your transfer provider isn't working for you

• Payments arrive late. Clients and family notice.
• The final amount surprises you. Compare the total, not the fee.
• Support takes days. That hurts on a big transfer.
• Your country isn't covered well. Try a specialist.

Do you make an international payments or transfer service? Tool makers can ask to be considered for a featured place on this list.

My plain advice on choosing a Wise alternative

Compare the amount that lands at the other end, not the headline rate or the advertised fee. Run the same transfer through two or three providers on the same day and you'll see the difference straight away.

If you invoice overseas clients, keep your paperwork tidy whatever you use. My guide on how to invoice a client the right way covers the details that stop international payments getting stuck.

Frequently asked questions

What is the best alternative to Wise?

It depends on whether you're sending money to family, paying suppliers or receiving from clients. The list above is in no particular order for that reason.

Are Wise alternatives safe?

Check that the provider is authorised or registered with the regulator. The FCA says all non-bank payment service providers must be authorised or registered with it in the UK.

Is money in a transfer app protected like a bank?

Not always in the same way. The FCA advises checking how your money is protected before you choose a provider.

Which providers suit businesses?

Several on this list focus on business accounts, supplier payments and cards. Their descriptions above say who they're built for.

Can I hold more than one foreign balance?

Many business-focused providers let you hold and spend in several foreign balances. Check the countries supported for each one.

How do I compare providers fairly?

Send the same amount on the same day and compare what the recipient gets after fees and the exchange rate.