Top 5 Wise alternatives: compare fees, features & benefits

Key takeaways

• Wise is a UK-based fintech company that supports global money transfers with multi-currency accounts, virtual debit cards, and accounting integrations.

• The best Wise alternatives include Airwallex, OFX, Payoneer, PayPal, and Revolut.

• While Wise has basic tools for individuals and startups, Airwallex offers a more comprehensive platform for growing businesses and eCommerce companies.

As your company expands into new markets, managing international transactions can quickly become a struggle. You might have considered Wise to help you handle foreign currency and cross-border payments, but it isn’t always the best fit for growing businesses with complex financial needs.

This is because Wise supports fee-free transfers only in a limited number of countries, doesn’t let your business accept online payments, and lacks advanced accounting and expense management tools.

The good news is that Wise isn’t your only option for sending and receiving money overseas. In this article, we highlight five Wise alternatives with better offerings for Aussie businesses.

What is Wise?

Wise is a UK-based financial technology company focused on simplifying global money transfers. Its platform is designed to help consumers and businesses send funds overseas easily at a low cost.

For businesses, Wise’s products include:

• Multi-currency accounts

• Virtual debit cards

• Batch international transfers

• Accounting software integrations

With a Wise multi-currency business account, customers can accept and hold payments in nine currencies and transfer funds to over 70 countries. Additional payment options are available for vital markets. 

Best known for supporting consumers and micro-businesses, Wise offers a simple, fast, but basic service at a low cost. For growing businesses with international vendors, suppliers, and customers, it may be more suitable to look at Wise alternatives.

The top alternatives to Wise 

There are a few alternatives to Wise in Australia that businesses can consider, including Airwallex, OFX, Payoneer, PayPal, and Revolut.

• Airwallex: Founded in 2015, Airwallex is a global financial platform designed for businesses to collect, hold, convert, and send multi-currency payments.

• OFX: Previously known as OzForex, OFX launched in 1998, providing foreign exchange (FX) services. Today, it also offers a foreign currency account for small- to medium-sized businesses.

• Payoneer: A payments platform designed for marketplace sellers and freelancers to collect, hold, and send payments.

• PayPal: A well-established payment gateway that’s been operating globally for over 20 years. eCommerce brands use it to process payments from credit cards, debit cards, and bank transfers.

Revolut: Established in 2015, Revolut is a UK-based fintech company offering digital financial services to consumers and businesses.

Compare the top 5 alternatives to Wise

Why businesses might look for an alternative to Wise

For growing businesses that need more advanced features, Wise often falls short. Here's why you might look for alternatives:

Here are a few main reasons you might look for Wise business alternatives:

• Limited global reach: Wise payouts are available in only 73 countries, and fee-free domestic transfers are supported in just nine countries. This prevents your company from making quick, hassle-free payments.

• Few payment acceptance options: You can only accept payments through links, invoices, or QR codes – there are no custom checkout or hosted payment pages.

• Limited local payment support: Wise doesn’t accept popular local payment methods, such as Alipay, WeChat Pay, and GoPay, which creates unnecessary barriers for your customers.

• Basic spending controls: You can set daily or monthly limits on corporate cards, but not custom rules, per-transaction limits, or one-time virtual cards.

• Limited expense management tools: Wise supports accounting integrations and receipt uploads, but not approval workflows or reimbursements.

• No dedicated account manager: Wise customers don’t get a dedicated account manager, and reviews mention long wait times for support. Wise competitors offer direct support and faster help.

The top Wise alternatives: key features and fees

Airwallex, OFX, Payoneer, PayPal, and Revolut are all great alternatives to Wise, but each has its unique strengths. Our platform, Airwallex, stands out from the rest thanks to its end-to-end financial operations and global reach. It’s a strong option if you’re looking to scale your financial operations domestically or internationally. 

Below, we summarise the key features and fees of each Wise alternative. For full product and fee information, including other charges, please visit each provider’s official website.

Airwallex

Airwallex lets your business operate without borders. You can open local bank accounts in 21+ currencies and access fee-free trading in 120+ currencies. Since 90% of Airwallex’s transactions are processed through local payment rails, and 95% are settled within a few hours or the same day, you can save up to 80% on your FX fees.

We also offer more than just powerful multi-currency support and FX transfers. You can earn competitive returns on your AUD and USD funds through innovative features like Yield and get access to spend management cards, accounts payable and expense management tools, and fully customisable checkouts.

Unlike Wise, Airwallex provides a more comprehensive financial solution that simplifies global growth by integrating a range of tools and services into a single platform.

What fees does Airwallex charge?

Our ‘Explore’ bundle starts at A$29/month, which you can waive by holding a minimum of A$10,000 or depositing A$5,000 monthly. You can make transfers to 120+ currencies fee-free, while international transfers are 0.5% above interbank rates for major currencies and 1% for all other currencies.

Pros

• Combines multi-currency support, global finance tools, APIs, integrations, and expense management into one platform

• Offers local bank details in 21+ countries

• Supports payouts in 200+ countries 

• Lets businesses convert, send, and hold funds across an extensive global network

Cons

• Operates entirely online; no physical branches available

• Regularly releases new updates and optimisations, which may require users to adapt to changing features and interfaces

• No physical POS system yet (coming soon)

OFX

OFX offers a Global Business Account that lets small- to medium-sized businesses manage multiple currencies in one place, receive and send payments globally, and access competitive exchange rates. It also provides access to 30+ currencies and local bank details in multiple countries. 

While OFX positions itself as a strong competitor to Wise, its offering has some limitations, including fees and transfer limits.

What fees does OFX charge?

OFX offers three business pricing plans, starting at A$0/month for three users, with custom pricing available for larger businesses. 

International payments incur a A$10 cross-border Wire/SWIFT fee per transaction. Receiving international funds into a Global Business Account costs A$5, though this can be customised for larger businesses. Additional fees apply when funding the Global Business Account by card, ranging from 1.27–3.40% of the transaction amount, depending on whether the card is domestic or international.

Pros 

• Supports making payments in 30+ currencies to 170+ countries

• Provides local bank details in four currencies and FX transfers

• Has batch payments and spend management features

• Offers employee cards

Cons

• Free accounts can make only 20 no-fee FX transfers

• Exchange rate includes a margin, making it hard to calculate the true cost of a transfer

Payoneer

Payoneer is used amongst freelancers and businesses due to its focus on cross-border transactions. The platform offers an intuitive interface and supports multiple payment methods, including bank transfers and debit/credit cards. It also provides a prepaid Mastercard for US$29.95/year, which can be used for online and in-store purchases. 

While Payoneer may work well for marketplaces and platforms, its international transfer fees can be higher and may become costly for frequent users.

What fees does Payoneer charge?

Payoneer charges an annual account fee of US$29.95, which is waived if the account receives less than US$2,000 over 12 months. 

Payment fees vary by transaction type and payment method – for example, receiving payments from clients via credit card can cost up to 3.99%, while sending payments to non-Payoneer users can cost up to 3% of the transaction amount. 

Currency conversion fees also apply, such as up to 3.5% when using the Payoneer card for transactions that involve currency conversion.

Pros

• Supports multi-currency accounts and currency conversion 

• Serves both individuals and businesses

• Lets users make some free transactions between Payoneer accounts

Cons

• Credit card transactions limited to US$15,000 each, which may not suit larger businesses 

• Transaction fee structures vary, which can make forecasting difficult

• Additional tools may be required to manage other financial operations

PayPal 

PayPal offers Australian eCommerce businesses a well-known and trusted payment platform with easy integration across major eCommerce systems. It provides a broad set of payment tools, including online checkout, invoicing, and payout services. 

Compared with Wise Business, PayPal is better suited to eCommerce businesses that need a payment processing solution. Wise Business, on the other hand, focuses more on small- to mid-sized companies handling cross-border payments and currency conversions.

What fees does PayPal charge?

For Australian businesses, PayPal charges 2.90% plus A$0.30 per domestic transaction. QR code transactions are charged at 1.20%, and international transactions incur an extra 1% fee on top of the domestic rate.

Pros 

• Is widely accepted and supports various payment methods

• Works for both physical and digital stores

• Offers buyer and seller protection

Cons

• Higher fees for international transactions

• Limited customisations 

• Can’t hold multi-currency balances

Revolut

Revolut is a fintech aimed at individuals and businesses. It’s best known for helping individuals manage their spending and convert between currencies when travelling. But it also offers multi-currency accounts for businesses, which lets them hold and manage multiple currencies in one place. 

While Revolut provides several pricing tiers, some basic features have extra costs, such as international transfers made after plan limits are reached. Exchange rate markups may also apply on weekends or for certain currencies.

What fees does Revolut charge?

Revolut Business offers tiered pricing plans for Australian companies, with account fees ranging from A$10/month for the Basic plan to A$79/month for the Scale plan, plus custom pricing for Enterprise plans. 

Each plan includes a set number of no-fee local and global transfers. After those limits are reached, a A$10 fee applies per transfer. 

Currency exchange is offered at the interbank rate, with a fee of 0.6–1%. 

Adding team members is free and unlimited across all plans, but adding members to certain features (such as expense management) costs A$8/user/month.

Pros 

• Offers customisable corporate cards 

• Supports multi-currency accounts, currency conversion, and local bank accounts

• Serves both individuals and businesses, so those who already have a personal account may find it easier to pick up 

Cons

• Additional transaction fees outside the free transaction allowance

• No returns on idle funds

• Digital-only platform and service

Is Airwallex a good alternative to Wise?

Yes, Airwallex is a great alternative to Wise. If your business is looking to grow globally, Airwallex gives you powerful tools to make that happen – from competitive FX transfers and extensive global payout coverage to eCommerce integrations, account management, and expense and accounting features. 

Below, you can compare the key features of Airwallex and Wise.

Final thoughts on alternatives to Wise

Wise is known for offering competitive cross-border money solutions for businesses. But for those looking to grow globally without limitations, Airwallex is hard to beat. With a multi-currency business account, businesses can accept and hold 21 currencies and transfer to 200+ countries, while Wise has a limited payout coverage of 52 countries. With Airwallex, your business can also enjoy 0% international transaction fees to 120+ countries using local payment rails.

The Airwallex platform lets you do a lot more than handle global finance. You can manage all of your business expenses with our built-in expense management software – which includes corporate cards – and benefit from powerful eCommerce capabilities that include payment links and API integrations. Airwallex also lets your business earn on your AUD and USD funds through Yield. 

Our verdict? Wise offers simple, easy, low-cost global money transfers for consumers and smaller businesses, but larger enterprises may find it limiting. Consider Airwallex for an end-to-end financial solution built to solve all kinds of cross-border payment challenges.

Frequently asked questions

Who is Wise’s biggest competitor?

In Australia, Wise’s biggest competitor for businesses is Airwallex. Both Wise and Airwallex offer multi-currency accounts and foreign currency transfers for businesses, with a few key differences, including fees and account capabilities. Other competitors include Revolut Business, OFX, PayPal Business, and Payoneer. 

Is Wise good for small businesses?

Wise can be a good choice for small businesses. It offers multi-currency accounts in 21 currencies and global payout coverage to 52 countries. But fees for some transfers – which differ by country and method – may become prohibitive. Wise may not suit all businesses, either, as it does not offer eCommerce integrations or payment plugins.

Is Wise legal in Australia?

Yes, Wise operates legally in Australia. It’s regulated by AUSTRAC (Australian Transaction Reports and Analysis Centre) and ASIC (Australian Securities and Investments Commission) and holds an Australian Financial Services Licence (AFSL). This means it can provide certain financial services in Australia, such as multi-currency accounts.

Sources & references

1. https://wise.com/au/business/invoices

2. https://wise.com/au/business/interest

3. https://wise.com/au/pricing/business 

4. https://wise.com/help/articles/2897226/what-is-a-wise-account

5. https://www.payoneer.com/about/pricing

6. https://www.paypal.com/au/enterprise/payment-methods

7. https://www.paypal.com/au/webapps/mpp/merchant-fees

8. https://www.revolut.com/business/accept-payments/

9. https://wise.com/au/pricing/business

10. https://wise.com/au/pricing/business/send-money

11. https://wise.com/au/pricing/business/receive

Disclaimer: The information in this article is based on our own online research. Airwallex was not able to manually test each tool or provider. The information is provided for educational purposes only and a reader should consider the specific requirements of their business when evaluating providers. This research is reviewed annually. If you would like to request an update, feel free to contact us at [[email protected]]. This information doesn’t take into account your objectives, financial situation, or needs. If you are a customer of Airwallex Pty Ltd (AFSL No. 487221) it is important for you to read the Product Disclosure Statement (PDS) for the Direct Services, which is available here.

The Airwallex Yield Liquidity Fund (Yield) is issued by K2 Asset Management Limited (K2) (ABN 95 085 445 094, AFSL No 244393), a wholly owned subsidiary of K2 Asset Management Holdings Limited. This information doesn’t take into account your objectives, financial situation, or needs. Read the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for Yield, available at www.airwallex.com.au/terms from Airwallex Capital Pty Ltd (ABN 37 609 653 312, AFSL No. 549026). All investments carry risk. *Target returns are net of fees as at 1 April 2025 (AEDT) and indicate past 1-day annualised returns of the relevant underlying JPMorgan Liquidity Funds.