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  • December 8, 2023
  • 7 min
  • Exploring Wise Alternatives For Business

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    In the world of international money transfers, Wise (formerly Transferwise) has been a trusted choice for many, offering low fees, fair exchange rates, and flexible options for handling multiple currencies. 

    Let us take a closer look at some of the options beyond Wise, focusing on their strengths in terms of how quickly transactions are processed, how widely they reach, how they lock in exchange rates, and what fees they charge. While Wise is still a top choice, there are some areas where it could improve, and this highlights the importance of finding the best service for your specific needs.

    Wind 

    Choose Wind Business for unparalleled financial efficiency with fees that outperform traditional methods, ensuring optimal control and security through self-custody wallets. Tailored for crypto salary disbursement and remote team payments using digital currencies like USDC and ETH, Wind Business offers time-saving consolidated transactions, user-friendly setup, stablecoins for reliability, cost-effective transactions, blockchain security, automated efficiency, and transparent tracking.

    Wind’s support for 100+ tokens and fiat currencies, including PHP, USD,INR etc. offers versatility in navigating the crypto space. Power up your funds with high interest rates, projecting an enticing 9.35% interest rate on deposits, and witness your financial portfolio thrive.

    Key Features:

    – Seamless Web3 on/off-ramp for efficient crypto transactions.

    – Convert crypto to fiat (USDC to Bank) with minimal fees.

    – Crypto payment processor for salary disbursement and remote team payments.

    – Easily integrate Wind’s non-custodial crypto onramp and offramp API.

    – Swift processing with low on-ramping fees and same-day deposits.

    – Personalize the experience with a branded API or use the user-friendly widget.

    – Access over 100 tokens, including USDC, USDT, ETH, BTC, with offramp to various fiat currencies.

    – Enjoy 24/7 support through dedicated channels.

    Fees :

    Domestic payments between Wind users are free, as are international transactions. Withdrawal fees for Bank cashouts are a minimal 0.4%, ensuring cost-effective access to funds. Wind provides the best market rates for currency conversion, promoting fair transactions. While recurring and in-person payments aren’t supported, the platform offers volume discounts with custom pricing. Payment sources include Cards, Banks, Transfers, and Exchanges, ensuring flexibility and convenience.

    Cash Out Time with Wind:

    The cash-out time depends on your bank. Once Wind receives your funds, it is promptly sent to your bank account. Bank transfer times may be affected by holidays or weekends. Generally, on business days, the process takes less than 12 hours.

    Make the smart switch today and make business transactions in 4 Steps to Wind Business.

    Revolut for Business

    Revolut Business offers versatile plans to meet the needs of various companies. It is a prominent alternative to Wise, offering a multi-currency account, a debit card, and international money transfers. What sets Revolut apart is its comprehensive digital banking experience, including budgeting tools, crypto and stock trading, savings vaults, insurance, and more.

    The free Standard account provides essentials for basic requirements. Paid upgrades unlock additional capabilities on a sliding scale up to fully customized enterprise-grade solutions.

    Key strengths of Revolut Business include:

    • Multi-currency wallets supporting 28 currencies
    • Flexible tiers from free entry to premium features
    • Revenue-generating perks like cash back rewards

    Potential limitations to note:

    • Full functionality necessitates paid subscriptions
    • Fair usage caps apply on free allowance before excess fees

    Fees : Revolut Business provides four plans—Basic, Grow, Scale, and Enterprise—each with unique monthly subscription fees and allowances for transfers, currency exchange, and cards. 

    While no fees apply within the plan allowance, potential charges from beneficiary or intermediary banks may occur. Currency exchange, utilizing the interbank rate, is fee-free within the plan allowance, with the option to hold and exchange 25+ currencies and access crypto exchange at fixed fees (0.99% for paid plans, 1.99% for the basic plan). 

    Additional plan-specific features include metal cards, payment links, interest, and account management. Fees vary by location and currency, exemplified by the Scale plan costing £79 in the UK and $149.99 in the US. Transfer fees for exceeding allowances, currency exchange fees, and potential additional charges from intermediary or beneficiary banks are outlined on the Revolut website. Notably, the Guaranteed SWIFT(OUR) transfers feature enables users to pre-pay third-party fees for a seamless transaction experience.

    Find about Revolut Business fees in detail at Business fees | Revolut.

    OFX Global Currency Account

    The OFX Global Currency Account offers a distinctive solution compared to traditional bank multi-currency accounts, addressing key limitations.

    Features :

    1. Difference from Bank’s Multi-Currency Account:

       – Traditional bank multi-currency accounts may lack local issuance, missing cost benefits of local payments.

       – Internationally-held accounts may not align with local preferences of marketplaces and gateways.

    2. Using Local Currency Account Details with Multiple Marketplaces:

       – Local currency accounts are versatile, usable across multiple authorized marketplaces.

       – Each marketplace aligns with the initially set currency of the local currency account.

    3. Making Payments from the Global Currency Account:

       – Payments to over 170 countries are supported at competitive OFX rates.

    Pros:

    – Competitive rates.

    – Advanced fraud prevention.

    – Compliant transfers and payments.

    – Introductory pricing, OFX app, and trusted guidance.

    – Options for transfers, currency exchange, and multi-currency accounts.

    – Interbank rates with no markup.

    Cons:

    – No debit card or mobile app (unlike Wise).

    – Additional fees based on currency and size.

    – Potential fees from third-party banks.

    Even though there’s no debit card or a mobile app, OFX makes up for it with the Global Currency Account. This feature lets you easily handle money in different currencies. It’s great for people with online businesses, freelancers, and businesses dealing with money from around the world. OFX offers different plans, so whether you’re just starting out or running a big company, they’ve got you covered.

    Fee Structure of the Global Currency Account:

       – $0 receiving fees, $0 setup fees, and $0 account fees.

       – For FX transfers, a margin on the exchange rate is charged; for same-currency transfers, a flat fee or a percentage of the value is applied.

       – Additional fees for transfers to a recipient bank account based on currency pair and transfer size; third-party intermediary banks may impose fees.

    You get some nice perks like managing money in different currencies, sending money across regions easily, and no fees for bank transfers. But, keep in mind, you won’t find an integrated expense or debit card, and there might be some extra fees for currency exchange. For those who want to stay ahead of money changes, OFX has advanced features like forward contracts to help with currency ups and downs. 

    Payoneer

    Global payment platform for diverse businesses with transparent fees. Offers multi-currency accounts, international transfers, and additional features like invoicing and integrations.

    Key Features:

    – Local bank details for global invoicing.

    – Contractor payouts globally.

    – Debit cards and working capital loans.

    – Local accounts for global billing.

    – Multi-currency payroll.

    – Working capital loans.

    Fees : 

    Payment Options and FeesPay to a Payoneer AccountPay to a Recipient’s Bank AccountPayoneer CardWithdraw to Bank Account
    Recipient TypeFree for recipients with Payoneer accountsUp to 3% for non-Payoneer recipients, with specific fees for higher-earning customers
    Local Currency (USD, GBP, EUR)Local currency (up to $50,000): $1.50Local currency (up to $50,000): $1.50
    Local Currency (over $50,000)Local currency (over $50,000): 0.5%Local currency (over $50,000): 0.5%
    Non-local CurrencyUp to 3%Up to 3%
    Payoneer Card FeesAnnual Fee (first card): $29.95
    Card Replacement, ATM, Balance InquiriesVariable fees
    Other FeesAnnual Account FeeEscheatment FeeRegistration Fee
    Fee Amount$29.95 if no transactions in 12 monthsVariable per stateApplies in certain countries

    Potential Limitations:

    – Transaction and dormancy fees.

    – 0.5% markup on foreign exchange.

    How to Choose the Wallet for Your Business

    Currency Compatibility: Opt for a business wallet that effortlessly handles multiple currencies, aligning with your global business ambitions. Wind Business supports over 100 tokens and fiat currencies, while Revolut for Business offers versatile multi-currency accounts and debit cards.

    Fees & Rates : Look into the cost landscape by comparing transaction fees, currency exchange rates, and other charges. OFX Global Currency Account, for instance, has no setup or account fees but factors in a margin on exchange rates and additional fees for transfers.

    Features : Elevate your business game with a wallet that goes beyond transactions. Look for features like budgeting tools, crypto and stock trading, and additional perks such as invoicing, contractor payouts, and working capital loans. Revolut for Business provides a comprehensive digital banking experience, while Payoneer offers invoicing and financial flexibility.

    Security: Prioritize the safety of your funds and data. Evaluate security measures like encryption, fraud prevention, and regulatory compliance. Wind Business ensures security with 24/7 support through dedicated channels & KYC verification, while OFX Global Currency Account stands out with advanced fraud prevention.

    Unlock efficiency, savings, and success – sign up on Wind Business today!


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