A guide to Wise money transfer services (2025)

Key takeaways

• Wise helps businesses support transfers to 70+ countries and lets you receive payments locally in 10+ currencies. But its global transfer coverage and features remain limited, which can hold your business back as it grows.

• Airwallex gives you broader global coverage in 200+ countries across 60+ currencies. Through our partnership with local payment rails in 120+ countries, 95% of international transfers arrive as fast as within the same day, without SWIFT fees or hidden charges.

• Beyond money transfers, Airwallex provides an all-in-one financial platform with multi-currency accounts, FX, and physical and virtual cards with built-in spend management tools, so your business can grow and manage global operations from a single platform.

You need to pay a supplier in China, reimburse a contractor in the Philippines, and pay for your software subscriptions – all in the same week. When you settle payments through traditional bank transfers, you’ll face days of waiting, hefty SWIFT fees, and limited visibility on when funds will land. That lack of control makes it harder to manage your cash flow with confidence. 

Some fintech firms like Wise have tried to patch over these gaps. In this article, we’ll explore how Wise handles international transfers and where it might fall short. We’ll also show you how Airwallex solves the same pain points, while powering your global financial operations from an all-in-one platform.

Why use Wise for sending and receiving money globally?

Sending and receiving international transfers often means watching profits disappear into unclear fees, and waiting days for payments to arrive. Wise positions itself as a low-cost way to move money worldwide.

These are the features Wise offers:

Collect in multiple currencies like a local

Wise offers local account details in over 10 currencies, including USD, EUR, and GBP, with a strong focus in the EU region.¹ But as your business expands beyond the region, its limited coverage can quickly become a constraint.

In contrast, Airwallex offers 20+ Global Accounts across major markets worldwide, including Asia and the Middle East. Get paid in your customers’ preferred currencies, avoid costly forced conversions, send money faster with local payment rails instead of SWIFT, and skip the hassle of opening local accounts in every new market.

Send payments worldwide

Wise supports transfers to over 70 countries and offers batch transfers of up to 1,000 at a time. Airwallex offers wider coverage, by supporting transfers to 200+ countries in 60+ currencies. Both enable batch transfers of up to 1,000 payments, but differ in terms of coverage and pricing.

Conversion at the mid-market exchange rate

Wise converts currencies at the mid-market exchange rate and shows fees upfront, so you know the total cost before confirming a transfer. Airwallex does the same, and gives you the option to set rate alerts or lock in rates for up to 90 days.

How does Wise work?

The Wise Business Account works as a multi-currency wallet, letting businesses hold, convert, and manage funds.

After paying a S$99 one-time fee,² businesses can open account details in major currencies to receive overseas payments, with the option to hold the balance or convert it at lower costs than most traditional banks. Transfers through Wise are delivered directly to the recipient’s bank or Wise account.

Wise can be useful for managing international transactions, but its services are mainly centred on sending and receiving funds. If you need broader global coverage and a full financial platform — with tools for payments, cards, FX, and expense management all in one place – Airwallex may be a better fit. Explore alternatives to Wise here.

How to set up your Wise Business Account and send money abroad

All businesses incorporated in Singapore must be registered with ACRA before they can set up a Wise Business account.³ The setup is straightforward once you have the right documents ready.

• Create a Wise Business Account: Sign up through the Wise website or app. 

• Provide business details: You’ll need your ACRA (UEN) registration number, along with basic information about your business. Wise also requires government IDs on all directors and shareholders who own more than 25% of the business.

• Verify your identity: Upload a government-issued ID and proof of residential address. If you’re not a director, you'll also need an authorisation letter confirming you can act on behalf of the business.

• Enter transfer details: Once your account is verified, tap "Send" on the Home screen. Select an existing recipient or add a new one, then enter the amount and currency.

• Choose how to pay for your transfer: Wise will display the available payment methods, along with fees and estimated arrival times.

• Review and send: Check the details, confirm the fees and exchange rate, and send your transfer.

How much does it cost to receive money with Wise?

To receive money with Wise, businesses must pay a S$99 one-time fee. This unlocks local account details for receiving payments in multiple currencies.

Receiving domestic payments is free in nine currencies. However, if you’re receiving funds in other currencies, especially through the SWIFT network or wire transfers, fixed fees will apply. For example, receiving USD via SWIFT or wire comes with a charge of US$6.11 per payment.⁵ There are also fees for receiving 20 other currencies, such as Swiss francs and Australian dollars.⁶ 

With Airwallex, there are no account opening fees, monthly maintenance charges, or minimum balance requirements. You can open an account for free with access to local account details in 20+ currencies from day one, collect payments from customers in their preferred currency, and skip costly conversion fees. Every payment you receive avoids SWIFT charges, helping you manage global balances in one place without the hassle of opening multiple local accounts.

What exchange rates does Wise offer?

Wise converts currencies at the mid-market exchange rate – the midpoint between global buy and sell prices, which is likely the same rate you’ll often see on Google or Reuters. Both the rate and fees are shown upfront, so you know the total cost before confirming a transfer.

Airwallex goes further. We use live interbank rates from our global network of banking partners, giving you access to the same real prices institutions rely on. Every conversion is displayed clearly on your dashboard – rate, fee, and final amount – so you always know exactly what you’re paying. You can also set up rate alerts to act when the market moves in your favour, or lock in a rate for up to 90 days to manage FX risk. That means more certainty when paying suppliers, settling invoices, or managing cash flow across borders.

How long will a Wise money transfer take? 

Wise transfers can arrive the same day, but delays of 2–10 business days are common.

The speed of a Wise transfer can vary depending on:⁷

• The countries involved: Different banking regulations can delay processing.

• Transfer method: Local payments are quicker, but SWIFT transfers can take several days.

• Timing: Payments made outside banking hours often take longer to clear.

• Additional checks: Wise may verify your identity, address, or source of funds, which can add up to 10 days.

With Airwallex, 95% of transfers to 120+ countries arrive the same day via local payment rails. Our payout network moves money globally as if it were domestic, so your suppliers and teams get paid faster without SWIFT fees or hidden charges.

Alternative to Wise: Airwallex is your complete business account

Global payments shouldn't be slow, costly, or hard to track. With Airwallex, you get more than Wise: a wider payout network covering 200+ countries, local account details in 20+ currencies, and transfers to 120+ countries delivered through local payment rails — so 95% arrive the same day without SWIFT fees.

But Airwallex goes beyond transfers. It’s a complete financial platform built to support growth. Open Global Accounts to receive funds like a local business, with zero fees on incoming SWIFT payments. Equip your team with multi-currency debit cards that come with 1% cashback, giving you control of global spending while putting money back into the business.

Airwallex also simplifies your operations. Accept eCommerce payments from 160+ local payment methods, automate reconciliation with your accounting software, and manage batch payments, bills, and expenses – all in one place. No more juggling multiple providers.

Here’s how Airwallex stacks up against Wise. The difference is clear: Wise helps you send money, while Airwallex gives you a complete global business account designed to scale with you.

Note: The information in this table has been reviewed to be accurate as of 24 August 2025.

Faster and more cost-effective international money transfers 

Fintech has changed how businesses move money across borders. Gone are the days of hidden fees and week-long delays – today, companies expect transparent pricing and faster settlements.

Wise gives you a straightforward way to send and receive funds, but its reach and tools can feel restrictive as your business expands. Airwallex goes further: local payment rails that bypass SWIFT fees, local accounts in 20+ currencies, and a single dashboard to manage your global finances.

With Airwallex, you get more than transfers. Our all-in-one financial platform gives smaller businesses the speed they need and enterprises the control they demand – helping you move money globally, manage spend, and grow without limits.

Frequently asked questions (FAQs)

What is the fastest way to transfer money internationally?

Fintech platforms are the fastest way to transfer money internationally. With Airwallex, 95% of payments arrive the same day through our proprietary network of local payment rails in 120+ countries. Simply choose Local Payouts instead of SWIFT for same-day transfers with zero fees.

Does Wise integrate with any business accounting software? How does this compare to Airwallex? 

Yes, Wise integrates with business accounting software like Xero and Quickbooks. Airwallex also helps businesses cut down on manual reconciliation through integrations with Xero, QuickBooks, Sage, Odoo, and NetSuite.

Are there any additional services or features offered by Airwallex that are not available with Wise?  

Airwallex offers unique business features that you can’t find in Wise and other fintech firms:

• More local currency accounts: With Airwallex, businesses can create 20+ currency accounts with local bank details. This makes it easy for firms to receive funds from markets like Hong Kong.

• No account opening fees: Wise account setup requires a S$99 one-time fee to open local currency accounts, while an Airwallex Business Account is free to create.

• Transfer fees: Wise’s transfer fees are variable, and start at 0.26%, but Airwallex transfers to 120+ countries are free if you use local transfer methods.

• 1% cashback on Corporate Card transactions: There’s no limit to the cashback earned and no restrictions.

• Multi-currency payment gateway: Receive eCommerce payments worldwide and reduce FX risk with like-for-like settlement. This means you can collect and settle funds in the same currency, without unnecessary conversions.

• Embedded finance: Airwallex offers APIs that let you build global payments and banking services within your platform. 

Sources: 

1. https://wise.com/sg/business/receive-money

2. https://wise.com/sg/pricing/business/receive

3. https://wise.com/help/articles/2666678/what-do-you-need-to-verify-my-singapore-business

4. https://wise.com/sg/pricing/business/send-money

5. https://wise.com/sg/pricing/business/receive

6. https://wise.com/help/articles/3EsxRDF4uNpQncdgH480os/fees-for-receiving-money-by-swift

7. https://wise.com/help/articles/2977963/how-long-will-additional-checks-on-my-transfer-take

8. https://wise.com/sg/business/invoice

This publication does not constitute legal, tax, or professional advice from Airwallex, nor does it substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (Singapore) Pte. Ltd. (201626561Z) is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore.