Alternatives to the Wise debit card: Which are the best options for your business?

Business debit cards offer many benefits, including:

• More flexibility
• Autonomy for teams
• Faster expense processes
• Better overview over transactions
• Simplified expense management

However, business debit cards differ concerning their features, security functions, cost factor and more.

Therefore, we ask the question: What is the best Wise card alternative for your business?

We compare the popular Wise debit card to amnis, PayPal, Revolut, Skrill and Payoneer to find the best Wise debit card alternative.

Wise debit card: Introduction

Among the many solutions for international transactions, Wise has established itself as one of the most widely used platforms. With more than 10 million users in 2023 and coverage across 170+ countries and 40+ currencies, it has become a go-to option for individuals and businesses alike. In addition to its global reach, Wise also provides both virtual and physical debit cards, though the terms and conditions may vary by region.

Wise offers a virtual debit card and physical debit card, which allows users to receive, hold and send over 40 currencies. Conversion fees start from 0.43%, while transaction fees depend on the currency pair and amount to be sent.

On the downside, cards for each team member cost additional money, which may be a problem if a lot of your coworkers or field staff need cards. Further, exchange and transaction costs are relatively high compared to competitors. Therefore, we recommend the Wise debit card to freelancers and small enterprises with few international transactions.

• Multi-currency function
• Conversion fees starting from 0.43%
• 40+ currencies. 170+ countries
• 0.5% cashback
• Safety features: Spending alerts, card payment approval and freezing features
• Virtual cards work with Google Pay or Apple Pay
• Additional fees depending on the market

The costs ate stuctured as follows (UK example):

The best Wise debit card alternatives

What is the best Wise debit card alternative? This section compares Wise to amnis, PayPal, Revolut, Skrill and Payoneer.

amnis

The Swiss payment provider amnis offers a multi-currency account combined with a Mastercard multi-currency business debit card, serving both SMEs and larger corporations. With amnis, businesses can hold, send and receive funds in 25 currencies and earn interest (balance cashback) on their main foreign currency accounts.

One of amnis’ biggest advantages is the possibility for customers to send and receive the most important foreign currencies at local rates, no matter where the business is located. Competitive pricing doesn’t stop here, as FX and transaction fees are 0% on all card transactions.

Companies can choose between three subscription plans – Launch, Essential, and Professional – starting from €19 per month. As a business-focused platform, amnis provides powerful tools to simplify international payments and corporate card management.

Cash flow management automation and corporate credit card expense management are at the core of the offering. Card users can easily upload receipts directly in the app, while accountants can download all receipts in bulk. VAT rates and accounting categories can be set automatically, and a reminder function allows accountants to send email notifications if receipts are missing.

Through seamless integrations businesses can connect their accounting and ERP tools, such as bexio, in just a few clicks. Transaction data is transferred automatically, enabling efficient workflows, up to 50% time savings for finance teams, and more time to focus on what really matters.

Key features at a glance: 

• Multi-currency flexibility: Hold, send, and receive in 25 currencies with interest on main FX accounts
• Zero fees: 0% FX and transaction fees on all card transactions
• Global coverage: Almost all countries and currencies supported via amnis or Mastercard network
• Security first: Real-time transaction tracking, card/team spending limits, geoblocking, cash/merchant restrictions, PIN change, temporary deactivation
• Scalable cards: Unlimited virtual cards – even with the Starter package
• Expense control: Advanced tools for receipt handling, categorisation, VAT, and automated reminders

PayPal

PayPal is the largest payment provider and offers a financial ecosystem, which is especially popular among online traders. PayPal is available for individuals and businesses alike, while the debit card is exclusively for the business account.

The debit card offers merchants additional payment options and even allows cardholders to receive money via ATMs, provided that the PayPal funds are covered.

Fees may vary per region, but are usually on the expensive side.

For instance, conversion fees may amount to 4% for sending or receiving funds, while payout fees may cover 2% of total transaction amount, with a maximum fee cap per currency, up to 14 EUR, 16 CHF or 16 USD.

Further, PayPal only offers 4 debit cards per account, which limits the cards to freelancers or SMEs.

• Multi-currency function
• 1% cash back rewards on eligible purchases
• Up to 4 debit cards
• Business credit card available
• Automatic or recurring payments
• Apple Pay support
• Relatively high fees

Revolut

Revolut is a financial technology company that offers various banking services through its mobile app, which has gained popularity for its user-friendly interface and its ability to allow users to manage multiple currencies with ease.

Revolut offers up to 200 virtual cards per team-member, while the amount of physical cards depends on the subscription plan. Revolut offers interest rates of up to 3.51% AER/Gross (variable) up to £2m.

Besides these advantages, transaction fees are relatively high, even for receiving money.

• Multi-currency function
• Hold, send, and spend money in 25+ currencies.
• FX limit and stop orders only for paid subscriptions
• Virtual, plastic and metal debit cards
• Safety features: Set limits, track, freeze/unfreeze and decide where cards can be used. Expenses automatically remind staff to submit receipts;
• Relatively high fees, even for receiving money: 2.6% + £0.02

Skrill

The Skrill business debit card offers a convenient way to manage finances and make global transactions. Businesses can load funds onto the card from their Skrill account, allowing them to access their money instantly and use it for various purposes such as making purchases, paying bills, or withdrawing cash from ATMs.

Additionally, businesses can set spending limits and receive instant notifications for each transaction, helping them stay in control of their finances. While POS transactions are free, FX fees and ATMs fees are relatively expensive, making it a worse option for business travels or high-volume foreign transactions.

• 10 EUR new card application
• 10 EUR annual fee
• 3.99% FX fee
• 1.75 % ATM fee
• POS transactions are free
• Skrill virtual card application – first is free, any subsequent card is 2.5 EUR.
• 22 EUR fee for express delivery via DHL

Payoneer

The Payoneer business card offers a comprehensive solution for freelancers and businesses to manage their finances worldwide. The debit cards are available in USD, EUR, GBP, and CAD and are issued with Mastercard.

While the first card requires a high annual fee of 29.95 USD, additional currency cards are free of charge. The card is directly linked to the Payoneer balance, which makes it easier for individual decision makers but adds difficulties if a lot of employees need a debit card solution.

Currency conversions and international transactions are expensive with up to 3.5% and 1.8% respectively.

• Card delivery (standard delivery): Free
• Card delivery with express shipping (via DHL): 40.00 USD
• Annual card fees, first card: 29.95 USD
• Additional cards in any currency: Free
• Transactions in the same currency as your card, in supported countries: Free
• Transactions involving currency conversion: Up to 3.5%
• Transactions where merchant country is different from card-issuing country (cross-border fee): Up to 1.8%
• ATM: Withdrawals (cash advance): 3.15 USD / 2.50 EUR / 1.95 GBP
• Balance inquiry: 1.00 USD / 0.87 EUR / 0.65 GBP
• Card replacement: 12.95 USD

amnis’ multi-currency debit card offers scalable and competitive pricing options

In conclusion, amnis offers pricing plans tailored to meet the diverse needs of businesses, ensuring seamless financial management. Already in the Starter plan, businesses can issue and use up to 60 debit cards – both physical and virtual – to simplify transactions and enhance flexibility.

With the lowest foreign exchange fees, amnis empowers businesses to save significantly on international transactions with their multi-currency debit card. Moreover, the amnis account provides hedging options, allowing businesses to mitigate risks associated with currency fluctuations and ensure stability in their financial operations.

The card solution also streamlines expense management: receipts can be uploaded directly, transactions are automatically categorised, and spending limits can be assigned per employee or project. This makes tracking and controlling company expenses faster, clearer, and more efficient.

You can profit from local payment schemes all over the world and even set up your own virtual IBAN account, even if your business is located outside Europe.

Discover all features of the amnis debit card now: