Alternatives To TransferWise
Are There Any Cheaper or Better Competitors To TransferWise?
TransferWise is one of the biggest names in international money transfers at the moment. They started back in 2011 but were launched into the spotlight after a series of large investments from the likes of Richard Branson, and massive marketing exposure.
Today, TransferWise are one of the go-to names in FX, and one of the most well knows brands. But what are the alternatives to TransferWise that should have your attention too? You might not have TransferWise available in your country, or you may simply not like the way that they do business. You can read our full TransferWise Review here, or visit TransferWise for more information.
We’ve put together a list of the best alternatives to TransferWise, and why you might want to use them.
Best Alternatives to TransferWise, and Why...
Doing Business Overseas
WorldFirst arguably has a better solution for businesses which have FX risk. Unlike TransferWise, WorldFirst will allocate all business clients a personal account manager to help with transfers and suggest different approaches to hedging risk and minimizing costs. They offer daily market updates and hedging strategies such as forwards and firm orders.
WorldFirst also offers receiving accounts which they call World Account. This is similar to the TransferWise Borderless account, except WorldFirst have an additional 2 accounts available. TransferWise offer accounts in GBP, EUR, USD, and AUD; whereas WorldFirst offer USD, GBP, EUR, AUD, NZD, and CAD. WorldFirst is looking to increase this list to include many other currencies soon.
Amazon & eCommerce
WorldFirst has dedicated solutions for eCommerce users. So does TransferWise, but there are some differences… As with the Borderless account, TransferWise offers receiving accounts to receive eCommerce payments in GBP, EUR, AUD, and USD. However, WorldFirst can accept USD, GBP, EUR, AUD, NZD, JPY, and CAD.
Also, TransferWise currently only allows payments from Amazon and Stripe, whereas WorldFirst allows payments from a wide range of platforms such as Shopify and Rakuten.
Sending Large Volumes Overseas
WorldFirst will allocate you an account manager, who will set your FX rates depending on your circumstance. That means that if you’re sending large amounts of money overseas you’ll probably be given a better rate, and if you’re not happy with your rate; you can sometimes negotiate a better one. TransferWise, on the other hand, has set fees for their transfer.
Sending Large Amounts Internationally
As with WorldFirst, OFX will set you up with a dedicated account manager, who will set your FX rates. This means that you have the leverage to negotiate rates when sending large amounts of money overseas. For example, purchasing property. TransferWise doesn’t give you this freedom and sets rates regardless of your transfer size.
Online Sellers & Amazon
eCommerce and Amazon – OFX also have a specific solution for online sellers. Offering receiving account for sales made on online marketplaces such as Amazon. In addition to the GBP, EUR, AUD and USD accounts offered by TransferWise, OFX also have accounts in HKD and CAD.
TransferWise is a great company to use for foreign remittance, due to their low fees and simple transfer. But sometimes you might run into problems with the country or way you’re trying to send money or the currency that you’re wanting to deal with. Also, you’re not able to sign up for a TransferWise account in some countries. InstaReM, WorldRemit or Remit2India may be better alternatives in this case.
WorldRemit has a massive list of countries that you can send money to. Including countries in Africa and the Middle East, which are sometimes more difficult to send money to, and which TransferWise may not allow.
In some cases, they can also allow for transfers via cash pickup, pre-paid cards, Airtime top-ups, and door-to-door delivery. The cost of their services is also very competitive.
Revolut is a very interesting alternative to TransferWise, if you reside in the UK or Europe. They currently only allow UK and Euro residents to open accounts, but they are looking to expand soon.
Revolut works on a paid subscription basis, although they do have a limited free account. But in some cases, they can be a very cheap alternative to TransferWise.
Revolut can be a great solution for businesses and individuals purchasing overseas. It’s unfortunate that they’re only offered in the UK and Eurozone at the moment.
Revolut gives you a card that you can use for purchases and ATM withdrawals. The free ATM withdrawals are pretty limited per month, but can still be helpful if you’re regularly traveling internationally.