Wise prides itself on offering customers the real exchange rate and making money transfers easy. The main reasons for using Wise include:
Transparent fees. You are typically charged a fixed fee and then a small variable fee based on a preset percentage. So you know upfront what you’ll be paying.
Mid-market rate. There is no exchange rate markup with Wise. Instead, you will receive the mid-market rate on all your transfers.
High daily spending limits. The limit is $1.6 million for SWIFT transfers and $1 million for local transfers.
But that doesn’t mean it necessarily works for all your money transfer needs. Other companies may be cheaper or have better features. To help you out, we’ve brought together our picks for Wise alternatives — including popular money transfer services that offer features that Wise lacks.
With an extensive network of agent locations in more than 200 countries and territories, MoneyGram is one of the largest money transfer providers around. As a result, it provides customers with a range of transfer options and is often one of the fastest money transfer services.
Why pick MoneyGram instead?
350,000 cash pickup locations worldwide
Almost-instant transfers in a huge range of currencies
Can pay by cash and in-person
Main downsides
High fees
Typically has higher margins on exchanges than other smaller companies
Xe Money Transfer allows you to send money to 130+ countries in 98+ currencies. There are no fees on transfers of $500 or more, and it makes money from adding a margin to the exchange rate. They have an easy signup process and are one of the world’s leading foreign exchange providers.
WorldRemit’s worldwide network supports multiple money transfer options, including bank transfers, cash pickup and door-to-door delivery. Plus, if you are a first-time customer, you’ll often be able to find a promo code to secure yourself a better deal.
Why pick WorldRemit instead?
Noteworthy delivery options: cash pickup, mobile wallets, home delivery
Supports exotic currencies, such as exchanging Rwandan francs for Nepalese rupees
Mobile airtime top-ups through account transfers
Main downsides
Maximum daily limits — $9,000 in a 24-hour period
Inconsistent markups across currencies
No hedging options
4. Western Union
As one of the most established money transfer providers, Western Union’s extensive network and wide assortment of transfer options stand out from Wise’s offering. However, expect weaker exchange rates and higher fees.
Why pick Western Union instead?
More than 145 years in the business
500,000+ global agent locations
Fees based on the transfer amount
Fast transfers
Main downsides
Weak exchange rates
Higher fees than most digital competitors
Maximum limit on the amount you can send online, determined by which country you are sending to
5. Remitly
Remitly is an online money transfer provider focused on smaller, fast transfers. It has a two-speed system, which gives you the choice between speed and fees — depending on your transfer needs.
Why pick Remitly instead?
Express transfer options
Delivery promise or your money back
Diverse transfer options, including cash pickups and transfers to mobile wallets
Referral reward program
Main downsides
Low maximum limit of $2,999 on new accounts, better suited to smaller transfers
Xoom is a money transfer service that sits under the PayPal umbrella. If you are a PayPal account holder, it is a convenient way to send money abroad. It also has a money-back guarantee if your money doesn’t reach its destination.
Why pick Xoom instead?
Money-back guarantee
Multiple transfer options, including cash pickup and door-to-door delivery
24/7 customer support
Cheaper fees if using your PayPal balance
Main downsides
Varying transfer limits depending on the amount of ID provided
Fees when paying with a credit card can be high
7. OFX
OFX’s wide range of currencies, including many exotic ones, makes it stand out from the competition. It has no transfer fees and allows you to fix your rate up to 12 months in advance. However, it only supports bank account to bank account transfers.
Our table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.
It depends on where you are sending money and what transfer method you use. Revolut may not have any transfer fees, but it does add an exchange rate markup. In comparison, Wise offers the mid-market rate but charges a fixed fee plus a small variable fee depending on the destination.
As Wise has zero margins on exchange rates, it tends to be the cheaper option. However, it is always best to compare quotes between providers based on your transfer needs.
Specialist money transfer services, like Wise, tend to be cheaper than banks. They typically have lower transfer fees, and in the case of Wise, there is no exchange rate markup added to your transfer costs.
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.
Leah Fallon is a freelance journalist and editor, specializing in personal finance and small business. She owns Birch Tree Bookstore in Leesburg, Virginia.
How do you know if your international money transfer made it safely? Learn how to track or cancel, and find out what your rights are when it comes to sending money.
From bank transfers to specialist money transfer companies, there are several options available when you need to transfer money overseas from your bank account.
If you need to transfer money overseas using your credit card, you can do so via your bank, MoneyGram, Western Union and PayPal. This can be useful in emergency situations, but credit card transfers are usually not a cost-effective option.
If you’re looking for a secure way to send money overseas, an international bank draft could be for you — but if speed is important, consider using a money transfer service instead.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser Disclosure
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
