8 Best Wise Alternatives for International Payments (2024)

Ryan Patrick

• 7 min read
8 Best Wise Alternatives for International Payments (2024)

In today’s world, it is common to see many enterprises operating their businesses globally. This ever-increasing interconnectivity among several nations of the world has facilitated the need for efficient and effective international payment providers. Wise for many years, has been recognised as a popular, reputable, and reliable platform. Beyond that, it is one of the payment platforms that offers a fair and transparent charge on transactions.

However, as you’d expect, many payment platforms offer unique features and benefits which you might like to explore based on your business needs. Incorpuk therefore analysed other 8 best wise alternatives for international payments.

What is Wise?

Formerly called TransferWise, Wise is one of the pioneering international payment service providers that allows individuals and businesses to send and receive money across several countries without stress. With a wise business account, you can receive payments for goods and services in over 50 currencies. Wise has also been recognised as one of the most transparent payment platforms with no hidden charges, so you could expect a fair charge rate when carrying out transactions like currency conversion, sending of payments, etc.

8 Best Wise Alternatives for International Payments (2024)

Here is our list of the 8 best wise alternatives for international payments.

1. Revolut

If you are looking forward to making stress-free international payments with little to no fees or charges, Revolut should be the one to consider. With the payment platform, you can receive payment from several countries of the world and hold and manage accounts in many currencies. When making international money transfers through Revolut, you could expect this to take 1-4 working days. Revolut currently has over 30 million users and supports more than 28 currencies. With a Revolut-linked debit or virtual card, you can make payments for goods and services purchased without having to go through a currency exchange.

Pros

  1. You can receive and send payments in a number of currencies
  2. fee-free transfer option is available
  3. There are cashback rewards for some type of transaction made.
  4. International transfer fee is quite low.

Cons

  1. Fees could be raised when larger transactions are involved
  2. Customer service support is limited

2. Remitly

With Remitly, you can send and receive payments across 170 nations and with over 100 currencies. It's one payment platform you can trust for its transparent fees and charges. Beyond that, it has an easy-to-navigate website, which makes it suitable for most small businesses. If your business constantly handles smaller transfers and you wish to pay only a small fee for that, then you should consider Remitly. If you also intend to complete the transfer within a few hours, then you could go through the express service option and get your transaction done on time. Wallet transfer, direct deposit, cash pick up, etc., are some of the ways you can receive payments.

Pros

  1. Easy and straightforward transfer process
  2. Variety of payout options, including mobile wallet transfer, bank deposits, cash pick up, etc.
  3. 24/7 Customer Support available; this can be assessed through phone calls or online support.

Cons

  1. It might not be suitable for businesses with larger transfer requirements.

3. Western Union

Western Union is a payment platform to consider if you are considering a money transfer time frame. With it, your recipient will be able to receive payments fast. Beyond that, Western Union also has many physical locations across several nations and this makes it quite easier to pick up cash. The platform also boosts a stress-free online transfer even though you can always walk into their physical locations to complete transactions. With Western Union, you can do mobile transfers, cash pick-ups, bank deposits, etc.

Pros

  1. Ability to make transfers across many countries
  2. Availability of several payout options
  3. Ability to walk into physical locations and complete transactions
  4. The platform prioritises speed, thus it is highly efficient for instant transfer.

Cons

  1. Transfer charges aren’t transparent enough
  2. Transfer fee is quite expensive

4. OFX

This is another payment platform for your international business and personal transactions. It offers competitive exchange rates with transparent fee charges, which enable you to effectively carry out your transactions. OFX maintains a strict security policies with multi factor authentication. This is essential in keeping customer's financial information safe and intact. It also allows transactions to be carried out in more than 55 currencies and up to 190 nations. The platform also offers personal broker services which can easily be assessed through mobile phones.

Pros

  1. OFX has been around for quite a long time and this makes them one of the most reliable platforms out there.
  2. Offers a competitive exchange rate.
  3. Suitable for large transfers.
  4. 24/7 customer support service available

Cons

  1. Only limited payment methods like bank transfer are available.

5. Payoneer

Payoneer is one of the widely known global payment platforms today. The platform caters to the specific needs of online business owners and freelancers across the world. Beyond international transfers, you can also receive payments for goods or services, integrate with your online marketplace, and manage debit cards in several currencies and so on. Transfers made on Payoneer could take up to 1-4 working days.

Pros

  1. There are a range of payment methods available
  2. Payment processing on the platform is quite straightforward
  3. Availability of other business features, like access to working capital loans.
  4. One of the best payment providers for freelancers and online marketplace.

Cons

  1. There are sometimes other extra charges like inactivity fees.

6. PayPal

PayPal is also one of the globally recognised payment platforms used by business owners, freelancers, entrepreneurs, and so on. With the payment platform, you can send and receive payments in more than 25 currencies and across several countries. Credit and debit cards, prepaid cards, etc., are some of the payment options you can use on the platform. With PayPal, you can transfer funds internationally instantly without delays.

Pros

  1. Generally acceptable across many nations
  2. An instant transfer option is available.
  3. There are varieties of PayPal cards which can be used for international transactions.

Cons

  1. Charges for international transfer are quite high.
  2. Currency conversion fees could also be high.

7. Xoom

Xoom is another convenient payment provider that caters to your international business needs. The platform supports transfer across several countries, and you can expect a transfer time frame of about 1 to 2 business working days. Their platform is also generally easy to use, making it suitable for everyone. Payments can also be received through bank deposits, mobile wallets, cash pick-up and so on.

Pros

  1. Several payment options are available
  2. There are often discounts on transfer charges.
  3. Xoom payment platform is quite easy to navigate.

Cons

  1. Extra fees and charges might be incurred with some type of transaction.

7. MoneyGram

With MoneyGram, you can transfer money internationally with a few costs. There are also varieties of payment delivery options, including cash pick-up, mobile wallets, and so on. With the platform, you can send and receive money across 200 countries.

Pros

  1. Transfers carry a low-cost
  2. A variety of payment delivery options are available

Cons

  1. Customer support service is limited.

What to Consider When Choosing

While every of the Wise Alternatives to international payment offers distinct features and benefits, it is vital to pay attention to some factors when selecting the one to use. Here are some of the things you would want to look at.

1. Specific business needs

Your specific business needs are the first factor to consider before selecting an international payment service. While many of the payment platforms offer varying features and benefits that make them suitable for businesses, you must recognise your own needs. If you are running your business on a large or medium scale or you wish to provide your customers or clients with varying payment methods, then it is vital to select a payment provider that suits you. While some payment platforms can handle large transactions at a time, others cannot; it is, therefore, crucial to know what each payment platform has to offer before selecting one.

2. Payment methods

Whether you are a business owner or a freelancer, another essential factor you would want to consider when choosing a payment provider is the available payment methods. As a business, you would want to select a platform that allows for a variety of payment methods that can be easily accessed by customers. This way, customers will be able to choose the most efficient and convenient way for them to pay you. You should, therefore, consider ones with credit and debit card payments, digital wallets, bank deposits, etc.

3. Availability of Standard Security Measures

When we talk about payment providers, security measures that are made available are a great aspect that must be discussed. It is, therefore, common to find many reputable and effective payment companies setting standard and robust security measures on their platform. These security measures range from data encryption mechanisms to fraud detection techniques and compliance with payment processing standards, like PCI DSS (Payment Card Industry Data Security Standard). This way you would be sure that your information is safe from data breaches or any fraudulent activity.

4. Customer Support Service

It is also essential to check through the quality of the customer support service that is available before choosing a payment provider. You would want to consider one with 247 support services and more, so you should be sure that they are able to respond to your queries through phone calls, emails, live chats, and so on. Moreover, you would want to be sure if the payment provider provides short training on how to use and navigate their platform. All of these are essential, as you could experience technical glitches or payment issues at one point or the other.

5. Associated Fees and Charges

Be sure to also check the related fees and charges that apply to using a payment provider. For most transactions, you would usually find that the larger they are, the higher the rate of charge that applies. Each payment method that you also use could carry some charges, so you would want to check that. Overall, you should be sure that there are no hidden fees whatsoever for every platform you choose to use.

6. Integration Capabilities

If you are a business owner with a business website or mobile app, you would want to consider using a payment provider that can easily be integrated with your business platforms. And since most customers would be willing to pay for products or services they ordered through your website or mobile app, it is essential that you integrate your payment provider with your business platform. This way, you would ensure that effective, stress-free and convenient payment options are made available to your customer.

7. Transfer speed

When it comes to sending and receiving payments internationally, transfer speed is another factor to consider. It is, therefore, important to consider payment platforms that have a fixed and fast processing time. While most payment providers could take 1-4 business working days for your recipients to receive payment, you will be able to find some other platforms that take only about a few hours.

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Conclusion

While there are quite a number of payment providers you can use as Wise Alternatives for your business, understanding your unique business needs and the features and benefits rendered by each payment platform is vital to selecting the best.