Transferwise Alternatives For International Money Transfers

Wise is a top pick for international transfers: reasonable fees, great exchange rates, and quick, easy transactions—what’s not to love?

But let’s face it: sometimes you need a change. Maybe you’re trying to send money to a remote corner of the globe that Wise can’t reach, or you’re hunting for a feature Wise doesn’t have—Heck, you could just be itching to see what else is out there!

In those moments, finding a solid alternative is clutch. Whether you need better reach, different payment options, or unique features, having a backup plan is key. The tricky part? Sorting through the sea of options, all claiming to be “the best.” 

How do you pick the right one with all the hype?

It mostly comes down to what you need, but knowing which alternative suits your situation is a must. Lucky for you, today’s post is here to cut through the noise. We’ll explore the top alternatives for different needs, especially the ones expats often run into.

Let’s dive in and see what’s out there!

Best Wise Alternative for Great For Small, Frequent Transactions: Revolut

Revolut is one of the closest TransferWise competitors when it comes to small, regular cross-border transactions. While TransferWise (more popularly known as Wise) is still the gold standard for fast, low-cost, reliable transfers, Revolut is a solid runner-up, especially if Wise isn’t available in your area.

Both are fantastic for ex-pats (and pretty much anyone else) looking to send money internationally regularly without getting hit by ridiculous fees. They let you transfer money abroad at excellent rates, way better than what traditional banks offer. 

On top of that, they offer multicurrency accounts. These allow you to hold and spend in different currencies, making life easier if you’re always on the go or have commitments in multiple countries.

As you’d expect, Wise is better in many ways: 

• Its multicurrency account supports more currencies (40 plus) than Revolut’s (35+). 
• Its pricing is more pocket-friendly and transparent,
• Wise’s multi-currency account doesn’t come with monthly fees. With Revolut, the standard account with multi-currency features is free, but the Premium and Metal accounts (which offer additional benefits) come with monthly fees.

Still, Revolut is the next best thing to Wise for quick, regular international transactions. Competitive pricing, exchange rates, and speed are priorities in such transactions, and Revolut outshines most Wise alternatives on these key merits.  

Revolut generally offers more favorable fees and exchange rates than the likes of Paypal and Western Union. Remitly’s and OFX’s pricing structures, on the other hand, are tailored for remittances and large transactions, respectively. But if we’re speaking strictly about small frequent transfers, Revolut leads the way with cheaper pricing and better exchange rates. 

What about speed? Revolut shines here as well:

• Transfers to other Revolut users are instant.
• Bank transfers are usually processed within 24 hours.

In comparison,

• Paypal: Bank transfers take 1-3 business days. Transfers between paypal accounts are instant. 
• OFX: Bank transfers involving common currency pairs take 1-2 business days. If less common currencies are involved, that timeline jumps to 3-5 days. User-to-user transactions aren’t supported. 
• Western Union: speed varies depending on the service chosen but can still be slower than Revolut for bank deposits.
• Remitly: Remitly’s Express option can deliver funds within minutes but at a higher cost, whereas their Economy option takes 3-5 business days.

Understand that this comparison is based strictly on the needs of people who send small sums of money regularly. If we widen the scope, platforms like Paypal, OFX, Western Union, and Remitly might be better than Revolut.

Best Wise Alternative for Remittances: Remitly

Remitly is one of the best TransferWise alternatives for remittances. Heck, I’d say it’s the best of the lot simply because its services are specifically set up to address the typical headaches expats deal with when sending money back home.

Now, Remitly doesn’t one-up the other Wise alternatives in all merits we typically use to asses money transfer apps/services — Revolut might take the cake for speed with its instant transfers, for example. What it does so well is provide a balanced combination of reasonable speed, cost-efficiency, and multiple delivery options, making it the all-around better choice for remittances. 

It’s like the dependable minivan of money transfers— it might not win every race, but it’s reliable, gets the job done fast and cheaply enough, and even has a few tricks up its sleeve.

Let’s take a closer look at what’s under the hood of this dependable minivan:

The Option to Choose Between Speed and Affordability

When sending money back home, urgency will sometimes matter more than cost and vice versa. 

Take, for example, emergencies where you need to get some cash to your family ASAP—you don’t mind paying a bit more for speed. But if you’re sending them a monthly allowance, stretching your money matters, even if it means waiting a bit longer.

In either case, you’ll want to have the option to choose, and that’s exactly what Remitly offers:

• When speed is crucial, Remitly’s Express option ensures your money arrives within minutes. This is ideal for urgent situations such as medical emergencies or unexpected expenses where getting funds quickly can make a significant difference.
• Remitly’s Economy is great when saving on fees is a priority and speed is less critical. Funds are delivered in 3-5 business days, which is still faster than (or at least comparable to) traditional banks despite being way cheaper. 

Having these choices means you’re in control. Whether it’s a quick rescue mission or planning for regular support, Remitly gives you the flexibility to pick what suits you best.

Multiple Delivery Options

This is what sets Remittly apart from the competition (Wise included), especially when remittances are involved. With most money transfer options, you can only send money to bank accounts and digital wallets.

Remitly sets the bar higher.

Whether your recipient prefers a bank deposit, cash pickup, or even mobile money, Remitly has them covered. They get to pick how they want their money served, an option that can be particularly handy for people who can’t access conventional banking services. 

In comparison, other platforms like PayPal, OFX, and Revolut are more limited in their options. They support bank transfers and user-to-user transfers within their ecosystem, and that’s just about it. Western Union, Moneygram, and Xoom (a paypal service) provide similar delivery options to Remitly, but that flexibility often comes with higher fees and less favorable exchange rates.

Best Wise Alternative For Large Transfers: Currencies Direct

Alright, let’s tackle this a bit differently. Instead of comparing CurrenciesDirect.com to popular platforms like PayPal or Western Union, let’s pit it against OFX. Why? Because when it comes to large transfers, OFX is CurrenciesDirect.com’s closest competitor. Both services are built for handling high-value transactions.

You can always use platforms like PayPal, Western Union, Remitly, and Revolut for large transfers, but they’re more geared toward small-to-medium transactions. So, comparing them to CurrenciesDirect.com is like comparing a sports car to a minivan—they both get you from point A to B, but they’re built for different jobs.

Not that we’ve got that out of the way, let’s find out what makes CurrenciesDirect.com the best Wise alternative and how it stacks up against its close runners-up.

What Makes Currencies Direct Great for Large Transfers?

A couple of things:

Zero Transfer Fees

Yep, you read that right. Transfers with CurrenciesDirect.com are completely free — no hidden costs, commissions – nothing! The figure you see on the quoted exchange rate is exactly what your recipient will receive in their bank account. 

Speaking of exchange rates…

Competitive Exchange Rates

CurrenciesDirect.com has some of the best exchange rates out there, especially for larger transfer amounts. Their rates are better than what you’d typically get from major banks. The best part? The rate gets better as the size of your transfer increases, which is great for high-value transactions. 

Wondering how CurrenciesDirect.com can afford to offer great rates, especially with no transaction fees? I mean, they’ve got to make money, right?

They do make money, but not in the traditional way most money transfer services do. Instead of charging transaction fees, CurrenciesDirect.com makes the majority of its bank from the spread/margin they apply on the exchange rate. The spread/margin is the difference between the rate they get on the currency market and the rate they offer you.

In simpler terms, they offer you a slightly less favorable rate than the one they get on the currency market and pocket the difference. But even with this margin, their rates are still way better than what you’d get from major banks and most Wise alternatives.

How do they manage to offer better rates than banks despite the margin?

By sourcing rates directly from the interbank market, which typically offers more competitive rates than those available to individuals through banks. This direct access allows CurrenciesDirect.com to pass on better exchange rates to their customers. 

So, while they do profit from the spread between market rates and customer rates, their ability to access interbank rates ensures that even with this margin, customers receive more favorable exchange rates compared to traditional banks.

Handy Features For High-Value Transfers

In addition to great rates and zero transfer fees, CurrenciesDirect.com throws in some handy extras to help smooth out large transfers.

First up, you get a personal account manager. This dedicated expert is there to help you get every step right, from timing your transfer to snag the best exchange rate to sorting out the paperwork and regulatory hassles that typically come with large transfers. 

Speaking of rates, CurrenciesDirect.com offers flexible transfer options to help you get the best bang for your buck when sending large sums:

• Spot contracts: If you need to make a transfer right away, a spot contract lets you lock in the current exchange rate and send your money immediately. It’s perfect for those urgent transfers where timing is everything.
• Forward contracts: Want to lock in a great rate now but don’t need to transfer the money just yet? A forward contract allows you to secure today’s exchange rate for a transfer at a future date, up to a year ahead. This is great for planning and avoiding any market fluctuations.
• Limit orders: If you’re aiming for a specific exchange rate, you can set up a limit order. Once the market hits your desired rate, Currencies Direct will automatically execute the transfer. This way, you get the best possible rate without having to constantly monitor the market.

These features give you more control and flexibility, making it easier to manage high-value transfers and get the most out of your money. 

How Does Currencies Direct Compare to OFX For Large Transfers?

For the sake of simplicity, let’s use a table for the comparison:

These are pretty much the only significant differences between the two. They’re more or less the same in all other aspects.

Best Wise Alternative For Sending Money To Remote Regions: Western Union

Let’s paint a picture: You’re an expat, sipping coffee in your cozy corner of the world, but your heartstrings are tugging towards loved ones back home in a village that’s more “off-the-grid” than “on the map.” You decide to wire them some cash. It might not replace a warm hug or catching up face-to-face, but hey, it’s a pretty solid way to show you’re thinking of them.

Sending money to them should be a breeze with all the transfer options out there, right?

Well, not always. Wise, Remitly, Revolut, and the rest of the bunch are fantastic for easy-to-reach places. And for the most part, they’re cheaper than Western Union fees~Wise, have better exchange rates, and come with fancier features. 

But do you know the one thing they don’t have over good old Western Union? Reach.

Western Union still reigns supreme when it comes to sending money to those “where even Google Maps gets lost” places. They’ve been around for over 150 years—way before Wise and the rest were even a twinkle in the tech world’s eye. With more than 500,000 agent locations spread across 200+ countries and territories, their reach makes even the most remote corners feel just a bit closer.

And since remote locations are typically underbanked, Western Union went out of its way to make sure people can receive money without involving banks. They do this through cash pick-ups. As long as everything checks out with your transaction, your recipient can swing by the nearest agent location and pick up cash within minutes of your transfer. No bank account, no problem! Of course, they still offer bank transfers.

Now, you might be thinking, “Okay, that’s great and all, but what about speed, transfer fees, and exchange rates?” Here’s what to expect: 

• Speed: Cash pickups typically take minutes. The average waiting time for bank transfers involving major currencies is 1-2 business days. As you’d expect, transfers involving “exotic” currencies take longer, sometimes up to 5 days. 
• Fees: According to Western Union’s fee table, fees for international transfers range from €2.90 to €75. What you end up paying will depend on the destination, amount, and transfer method (for instance, cash pickups typically cost more than bank transfers).
• Exchange rates. Western Union adds a margin to the mid-market exchange rate when offering rates to customers, and this margin is often higher compared to what some other specialist money transfer services charge.

Clearly, Western Union isn’t always the fastest (although their cash picks are pretty quick), cheapest, or the best when it comes to exchange rates. And that’s okay. You know why? Because they’re not trying to outdo the likes of PayPal, Remitly, Revolut, CurrenciesDirect.com, OFX, etc. on those grounds. 

Their main value proposition is their global reach and accessibility. Pair that with decent speed, non-prohibitive pricing, and decent exchange rates, and you’ve got a winning combo for sending money to those far-flung corners of the world.