The top 5 Wise alternatives for New Zealand businesses

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 for Kiwi businesses include Airwallex, XE, Emerge, OFX, and BNZ.

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

As your company expands beyond New Zealand into new international markets, managing cross-border transactions can quickly become a struggle. New Zealand’s geographic isolation means our 749,000+ registered businesses¹ rely heavily on international trade, making efficient foreign exchange essential.

You might have considered Wise to help you handle foreign currency with its multi-currency accounts and cards, but there are limitations.

The good news is that Wise isn’t your only option. In this article, we highlight five Wise alternatives with better offerings for New Zealand businesses.

How does Wise work?

Wise is a UK-based financial technology company focused on simplifying global money transfers. Its platform is designed to help consumers and businesses send and manage overseas funds at a low cost. For businesses, Wise’s products include multi-currency accounts, debit cards, batch transfers, and accounting software integrations.

Wise is well-known for supporting consumers and micro-businesses. For growing NZ businesses with international vendors and customers, it may be more suitable to look at Wise competitors.

Why businesses might look for an alternative to Wise

For growing businesses that need advanced features, Wise may fall short. Here are the main reasons you might look for Wise business alternatives:

• Payment acceptance options: You can accept customer payments in New Zealand, but your payment acceptance options and currency options are limited. 

• Basic spending controls: You can set limits, but not custom rules or approval workflows for staff reimbursements.

• No dedicated account manager: Wise offers 24/7 online support but does not tend to offer dedicated account managers, which are often helpful for large-scale businesses.

• Setup fee: There is no ongoing account fee with your Wise account, but to set up local banking details you will need to pay NZ$40.

• Wise Interest. While Wise offers a return-earning product, this is currently not available in New Zealand.

The top alternatives to Wise in New Zealand

There are several alternatives to Wise in New Zealand that businesses can consider:

• Airwallex: Our platform is an all-in-one global financial platform designed for businesses to collect, hold, convert, and send multi-currency payments. It includes Corporate Cards, payment acceptance, yield to grow your balance, and enterprise-level capabilities.

• XE: This is a global money transfer platform that offers foreign exchange transfers, multi-currency accounts, and batch payments.  

• Emerge: A digital-first NZ alternative offering $NZ0 accounts and physical or virtual cards.

• OFX: Provides a global business account with competitive exchange rates and local NZ support.

• BNZ Business First Transact: A local banking option for managing business transactions with no monthly fees.

Compare the top alternatives to Wise

In depth: The top Wise alternatives

Airwallex

Airwallex is a global financial platform that empowers your business to operate without borders. Unlike traditional providers, we offer an end-to-end solution that combines multi-currency accounts with advanced spend management and payment acceptance.

Key features

• Global accounts: Open local accounts in 21 countries to collect and hold 70+ currencies like a local.

• Transparent, fast FX and speedy transfers: Access low-cost FX with rates 0.5%–1% above interbank and free local transfers to 120+ countries. Over 90% of transfers arrive the same day.

• Spend management: Issue virtual and physical cards to your team with built-in approval workflows and automated receipt capture.

• Payment acceptance: Integrate customisable checkout pages into your eCommerce store to accept payments from 130+ currencies directly into your multi-currency wallet. Enjoy like-for-like settlement from 20+ currencies to avoid forced conversion.

Fees

• Monthly fee: The Explore tier is available for NZ$0, with the next tier, Grow, available for NZ$99/month.

• FX rates: Access interbank rates with a transparent margin of 0.5% for major currencies and 1.0% for others.

• Card transaction fees: NZ$0 for international transactions.

XE

XE is another alternative for New Zealand businesses looking for specialised foreign exchange services with deep market insights.

Key features

• Market expertise: Access expert FX tools and market analysis to help time your transfers effectively.

• Multi-currency account: Open a multi-currency account and hold 20+ currencies to avoid forced conversion fees when trading globally.

• No transfer fees: XE eliminates the standard "per-transfer" fee, making it attractive for high-frequency senders.

• Broad reach: Support for transfers to 190+ countries and currencies beyond standard pairs.

Fees

• Monthly fee: NZ$0.

• Cost structure: While there are no flat transfer fees, XE applies an exchange rate margin on every conversion.

Emerge

Emerge is a digital-first NZ alternative that serves as a modern alternative for platforms like Revolut, specifically tailored for the local market.

Key features

• Local focus: Built specifically for New Zealand consumers and businesses with seamless domestic functionality.

• Card management: Provides both physical and virtual cards for staff spending and subscriptions.

• Low fees: You won’t be charged account-keeping or transaction fees. 

• Integrated payments: Supports online payment acceptance, allowing you to manage incoming and outgoing funds in one place.

Fees

• Monthly fee: NZ$0 for a New Zealand-only account.

• Transaction fees: NZ$0 for standard transactions.

• No foreign transaction fee on card purchases, which are converted at Mastercard FX rates. Emerge does not currently offer multi-currency wallets or dedicated FX tools.

OFX 

OFX provides money transfer services in New Zealand that balances digital efficiency with 24/7 human support. Its platform is extensive with forward exchange contracts, limit orders, recurring transfers, and other specialist tools available.

Key features

• Expert money transfer service: OFX has 25+ years experience in money transfers and offers access to an expert team to help you with money transfer requirements. You can access a range of tools including limit orders, spot transfers, and more.

• Expansive global reach: You can transfer 50+ currencies in 170+ markets with OFX.

• Human support: Access 24/7 phone support from FX experts to discuss market trends or complex transfers.

• Risk management: Utilise tools like forward contracts to lock in exchange rates for future business needs.

Fees

• Transfer fees: A flat fee of NZ$12 applies for transfers under NZ$10,000; transfers above this amount are fee-free.

• FX margin: OFX includes a margin in the exchange rate, which varies based on the transfer volume.

BNZ Business First Transact

For businesses that prefer a traditional banking relationship within New Zealand, BNZ offers a business account product with foreign exchange capabilities.

Key features

• Simplicity: A straightforward account for domestic operations with no monthly fees and cash access.

• Branch access: Provides the security and physical presence of a traditional bank for those who need in-person services.

• Mobile integration: A reliable mobile app for managing daily New Zealand-based business transactions.

Fees

• Monthly fee: NZ$0.

• International fees: NZ$0 to send an international payment online in a foreign currency; NZ$5 to send NZD online overseas; NZ$12 fee applies in lieu of correspondent bank fees to send international payments; NZ$10-NZ$15 to receive an international payment.

• Limitations: Note that physical cards are the only option, and it lacks the built-in multi-currency acceptance found in fintech alternatives

Is Airwallex a good alternative to Wise?

Yes, Airwallex is a powerful alternative to Wise for Kiwi businesses looking to scale. While Wise offers a simple service, Airwallex provides an end-to-end financial platform with eCommerce integrations, dedicated account management, and superior payout coverage.

With Airwallex, you can enjoy low-cost FX, no fees on international card spend, and free local transfers to 120 countries using local payment rails. 

Frequently asked questions

Who is Wise’s biggest competitor in NZ? 

In New Zealand, Airwallex is a major competitor for business users. Other notable alternatives include Emerge, XE, and traditional banks such as BNZ.

What is the best alternative to Wise for NZ businesses?

Airwallex is widely considered the top alternative for NZ businesses because it offers an all-in-one financial platform including FX, global accounts, and expense management. Unlike Wise, which charges a one-time NZ$40 setup fee to unlock local account details, Airwallex provides global account details in 21+ countries for $0 upfront.

How does Airwallex pricing compare to Wise in New Zealand?

Airwallex offers highly competitive FX rates, starting at 0.5% above the interbank rate for major currencies and 1.0% for others. Airwallex Explore comes with no monthly fees and the next tier – Grow – is available for NZ$99 per month. Wise charges NZ$0 per month with a one-off fee of NZ$40 to set up local account details.

Does Airwallex provide local account details like Wise?

Yes, Airwallex allows New Zealand businesses to open local accounts in 21 countries, enabling you to collect and hold funds including USD, GBP, EUR, and AUD. This allows you to receive payments from international customers via local payment networks, effectively eliminating expensive SWIFT fees and forced currency conversions. Wise also lets you set up local banking details in 24 countries for a one-off fee of NZ$40.

Sources

1. https://www.companiesoffice.govt.nz/insights-and-articles/latest-company-statistics/ 

2. https://www.xe.com/en-nz/business/multi-currency-accounts/ 

3. https://www.ofx.com/en-nz/send-money/ 

4. https://www.bnz.co.nz/assets/personal-banking-help-support/rates-and-fees/business-account-and-service-fees.pdf 

5. https://www.ofx.com/en-nz/blog/creating-certainty-in-uncertain-markets/ 

6. https://www.ofx.com/en-nz/faqs/are-there-any-transfer-fees 

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

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]]. Airwallex (New Zealand) Limited is registered with the New Zealand Financial Service Provider Register (FSP No. 1001602) to provide a range of financial services in New Zealand.