Top 5 Wise Business alternatives: Find the best platform for your business

Key takeaways

• The leading Wise Business alternatives available in Australia are Airwallex, Revolut Business, WorldFirst, OFX, and Payoneer – each suited to different business types, from high-volume eCommerce sellers to globally trading businesses.

• When comparing Wise alternatives, look beyond headline FX rates: consider additional fees, global currency coverage, card payment gateway capability, and features such as expense management, and accounting integrations to find the platform that fits your operation.

• Airwallex is the strongest platform for growing Australian businesses that need a unified solution – combining Global Accounts in 20+ currencies, payouts to 200+ countries, embedded payment acceptance, and competitive Yield on AUD and USD balances.

Wise built its reputation on transparent, low-cost international transfers – a strong proposition for freelancers and micro-businesses sending money abroad. But Australian companies that are scaling need more: wider currency coverage, fewer fees, more checkout options to accept customer payments, and more powerful expense management tools. Wise doesn't tick every box once your operation grows.

Here, we compare the five strongest Wise Business alternatives available in Australia in 2026, so you can find the right fit for your stage and use case.

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

• Earn returns with Wise Interest

• Accept customer payments with payment links and QR codes

With a Wise multi-currency business account, customers can accept and hold payments in 22 currencies and transfer funds to over 40 countries.

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 5 alternatives to Wise Business

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

• 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.

• WorldFirst: An FX-specialist for high-volume trade payments, with cross-border transfer fees capped at A$15 per transaction.

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

At a glance: Compare the top 5 Wise Business alternatives

The table below compares Airwallex, Wise Business, and the remaining leading alternatives across the features that matter most to Australian businesses. 

In-depth review: Features of the top Wise Business alternatives

Airwallex

Airwallex lets your business operate without borders. You can open local bank accounts in 20+ 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.

Fees

• Account opening: A$0

• Explore plan: A$29/month (waived with A$5,000/month deposit or A$10,000 balance held)

• FX margin: 0.5% above interbank for major currencies (eg. AUD, USD, EUR, GBP); 1.0% for other currencies

• SWIFT transfers: A$10 per transfer (SHA); A$30 (OUR)

• Local transfers (incl. BPAY): A$0

• Additional card users on Explore: A$15/user/month (2 free)

Pros

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

• Offers local bank details in 20+ countries

• Supports payouts in 200+ countries 

• Earn competitive returns on USD and AUD balances

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

• Physical POS coming soon

OFX

OFX offers a number of global currency solutions for businesses, including FX, a Global Account, and Corporate Cards. You can access 30+ currencies with an OFX account for no monthly fee. You can also access spot transfers, 24/7 access to currency brokers, forward contracts, and limit orders. OFX also offers AI-powered expense management tools. Note that OFX requires telephone verification during account setup, which adds friction for businesses expecting instant onboarding, and limited AUD domestic transactions.

Fees

• Monthly fee: A$0

• SWIFT transfers: flat A$10 fee per transfer

• FX margin is included in your quote and not publicly listed

• Limit of 20 AUD domestic transactions included in Standard plan

Pros

• 24/7 access to personal currency brokers

• Advanced FX risk tools: forward contracts and limit orders

Cons

• Mandatory telephone verification can delay initial account setup

• A$250 minimum transfer threshold limits use for small or frequent payments

• No public margin displayed, included in your quote

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.

Fees

• Annual account fee: USD$29.95 if your account receives less than US$6,000 in any 12-month period

• Credit card collection fee: up to 3.99%

• Withdrawal to local bank account: up to 3%

Pros

• Seamless integration with major global marketplaces (Fiverr, Upwork, Wish, and Amazon)

• Mass payout capability: settle up to 1,000 global suppliers simultaneously

Cons

• High fees for transfers outside the Payoneer network

• Prepaid cards do not support AUD as a native base spending currency

WorldFirst

WorldFirst  is a global platform designed for eCommerce sellers, importers and wholesale traders who regularly move large sums internationally. It offers a World Account with local banking details, physical and virtual cards, and connections to over 130 marketplaces globally. Its fee cap structure – 0.4% of the transfer value, capped at A$15 per transaction – makes it highly cost-effective for payments above A$5,000. The platform does not offer a card payment checkout, so it's a specialist payments tool rather than a full business financial platform.

Fees

• Monthly fee: A$0

• Cross-border transfers: 0.4% of transfer value, capped at A$15 per transaction

• FX conversion margin: up to 0.6% for major currency pairs, other currencies are from 0.67%

Pros

• Highly cost-effective for large B2B payments (over A$5,000)

• Up to 1% cashback on card expenses

• Free currency accounts in 20+ currencies

• Transparent fee structure with minimal fees

Cons

• No card payment checkout for merchant websites

• Flat-fee structure is less competitive for smaller transfers under A$5,000

Revolut Business

Revolut Business can suit startup teams and growth-stage companies that want strong mobile-first spend controls at a predictable monthly cost. Its instant transfer network, BPAY support, and granular prepaid card limits make it practical for teams with frequent domestic and international outlays. Note that Revolut Business does not currently offer returns on idle capital in Australia, and its weekend FX surcharge can add up for businesses transacting across global markets on non-business days.

Fees

• Basic: A$15/month; Grow: A$30/month; Scale: A$150/month 

• FX conversions over monthly allowance: 0.6% surcharge

• Weekend FX conversions: 1% additional mark-up

Pros

• Strong mobile UX with granular prepaid card spend controls

• Revtag (Revolut to Revolut) network: instant, free peer-to-peer business transfers

• Native BPAY billing

Cons

• No yield or returns on idle capital in Australia

• Monthly FX allowances can trigger unexpected overage fees

Why businesses might look for an alternative to Wise

Wise Business has earned a strong reputation for transparent international transfers, but several limitations become more pronounced as Australian businesses scale.

• Card fees. Wise charges 2.69% when you withdraw over A$400 per month from your Wise Card, and a 2% fee to top up external eWallets. While card spending itself is free, these costs add up for businesses actively managing cash flow across accounts.

• Wise Interest fee. Businesses planning to grow their funds through Wise Interest also face a 0.72% annual fee on the balance allocated. 

• Limited payment acceptance. Wise Business offers limited payment acceptance options. You can collect card payments via a payment link or QR code, but there's no fully embeddable online checkout or physical point-of-sale (POS) terminal – a gap that matters for merchants who need a complete checkout experience.

• Account set-up fee. Wise charges a one-off A$65 fee to set up local account credentials, whereas platforms like Airwallex include Global Account creation at no cost.

• Features for growing teams. For growing teams, Wise may also start to feel limited. Its multi-user and expense management features are relatively basic compared with platforms designed for larger organisations with approval workflows, policy enforcement, and multi-entity structures.

Airwallex vs Wise Business: How do they compare?

Here's a direct comparison of the two platforms across the features most relevant to Australian businesses managing international financial operations.

Why Australian businesses choose Airwallex over Wise

More than 200,000 businesses globally use Airwallex to manage cross-border financial operations – and the reasons go well beyond FX rates. Here's what sets it apart for businesses that are scaling.

Accept payments in 130+ currencies

Airwallex's embedded payment acceptance lets you collect directly from customers in 130+ currencies, with 160+ local payment methods – no separate payment gateway required. Native integrations with Shopify and WooCommerce mean you can start accepting international card payments without engineering overhead. Customers see a localised checkout in their own currency and language, which drives conversion.

Earn competitive returns on idle capital with Yield

Rather than letting AUD and USD balances sit idle, Airwallex Yield lets you allocate balances into high-returning funds backed by JPMorgan Liquidity Funds. There are no lock-up terms – funds remain accessible when you need them. Exact return rates vary; take a look here for Yield's current rates of return.

Manage employee spending with built-in expense tools

Airwallex's expense management tools give finance teams real-time visibility over company spending. Set customisable card approval workflows, capture receipts automatically via the mobile app, enforce expense policies with AI, and sync directly to Xero and NetSuite – so month-end close is faster and less error-prone. Corporate cards are available in multi-currency physical and virtual formats, with zero international transaction fees.

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. Airwallex does not charge a setup fee for local account details, and lets you transfer funds to more countries than Wise (200+ vs 150+). Other competitors include Revolut Business, OFX, Worldfirst, and Payoneer. 

How do Airwallex and Wise Business compare on exchange rates and fees?

Airwallex charges a 0.5% margin above interbank for major currencies (including AUD, USD, EUR, and GBP) and 1.0% for emerging market currencies. Wise charges from approximately 0.63% above mid-market for major pairs, though its rates vary by corridor. Importantly, Airwallex does not charge a one-off fee to access local banking details, while Wise Business charges A$65.

Are Airwallex and Wise Business regulated in Australia?

Yes – both are regulated in Australia, though neither is an authorised deposit-taking institution (bank). Airwallex Pty Ltd holds an Australian Financial Services Licence (AFSL No. 487221), regulated by ASIC. Wise Australia Pty Ltd also holds an AFSL (AFSL number 545411) issued by ASIC. We encourage all businesses to review each provider's Product Disclosure Statement (PDS) and current terms before transacting.

Sources

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.revolut.com/business/accept-payments/

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

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

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

10. https://www.ofx.com/en-au/rates-and-fees/

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.