The best Wise alternatives for businesses

- International business
Wise offers a great solution for individuals and freelancers. However, if you plan to scale your business, you might have a look at other financial providers, which offer more automations, local IBANs, physical and virtual debit cards including smart expense management, as well as transparent pricing options that suit your business needs. All you need to know about the best Wise money transfer alternative in the following sections.
Wise overview
Wise, formerly known as TransferWise, is a financial technology company that specialises in international money transfers. It was founded in 2010 by Kristo Käärmann and Taavet Hinrikus and it has since gained popularity for providing a more cost-effective and transparent alternative to traditional banks for sending money across borders.
The Wise business account allows businesses to send payments to over 70 countries. Businesses are able to receive, hold and send multiple currencies with one single account, while currency exchange rates start from 0,33%. Further, Wise offers virtual and physical debit cards for your team members at a price of 5 USD per card plus additional usage fees.
As Wise uses percentage-based transaction fees, large transactions may become less competitive compared to fixed-fee services offered by traditional banks. Further, hedging options and automations are underrepresented. Therefore, Wise is enough for individuals and freelancers, but offers less flexibility for scaling businesses with larger transaction volumes.
- Send payments to over 70 countries
- Multiple currency balances
- Local payment schemes
- Accounting software connection
- FX rates starting from 0.33%
The best Wise alternatives for your business
If you plan to scale your business, you might have a look at the following Wise money transfer alternatives to make the most of your financial processes at the lowest possible costs.
amnis
Founded in 2014 in Zurich, Switzerland, amnis has rapidly evolved into a comprehensive banking solution for SMEs. Its multi-currency account allows businesses to send payments in all major currencies to over 200 countries, with FX fees as low as 0.40% on the free plan.
amnis enables companies to make use of local payment schemes, such as SEPA in the EU or ACH in the US. You can use a local dollar currency account, as well as local Swiss, German and British IBANs in your company’s name to send and receive money like a local.
The free Starter subscription plan already offers unlimited virtual debit cards for your business at 0% fees, free local payments in EUR, CHF, GBP, USD and CAD, with transparent exchange margins below market average. Multiple FX hedging options and interest payments, even on your foreign currency account balances, make amnis a suitable financial ecosystem for SMEs and larger corporations alike.
- Send any major currency to over 200 countries
- Multiple currency balances
- Free local payments in EUR, CHF, GBP, USD and CAD
- Local IBANs (EUR, USD, CHF, GBP) in your name to send and receive money like a local
- Hedging options and automated transactions for recurring payments and currency exchanges
- Virtual debit card (unlimited amount) and physical business debit card (multiple cards)
- API & integrations with various financial systems to streamline expenses and bookkeeping
- FX rates starting from 0.20%
Revolut
Revolut is a financial technology company that offers a range of digital banking services. Founded in 2015 by Nikolay Storonsky and Vlad Yatsenko, the financial service provider has gained popularity for providing users with a mobile app that offers various financial features and tools. It allows users to hold and trade with more than 25 currencies, while payment acceptance fees start from 0.8% of the received amount + €0.02.
Revolut offers a wide range of subscription options, which tailor to freelancers and businesses alike. While the Basic plan is free and offers up to 5 free local transfers, its advanced features such as analytics, control access, payment and expense approval start at €19/month.
While local payment options are available, they are limited compared to competing payment platforms. With Revolut, it is possible to conduct EUR transfers within EEA territories, UK and Switzerland as well as GBP transfers from EEA territories, UK and Switzerland to UK recipients including British territories at local rates.
- Free amount of transfers, depending on subscription plan
- Physical and virtual cards
- Recurring and scheduled payments
- Hold and exchange 25+ currencies
- Analytics and control access, depending on subscription plan
PayPal
PayPal is the most commonly used online payment platform that allows individuals and businesses to make electronic transactions securely over the internet. With PayPal, businesses can accept payments through various methods, including credit cards, debit cards and PayPal balances. This flexibility allows customers to choose their preferred payment method.
The business account further allows users to create and send professional invoices to clients. Invoices can be customised with business logos, item details and payment terms. PayPal also enables businesses to receive, hold and pay with multiple currencies. Businesses can receive up to 4 business debit cards as well as credit card options.
On the flip side, PayPal is known for its expensive transaction fees, with up to 3.49% + fixed fee for domestic transactions as well as an additional 1.50% for international transactions, which makes it an expensive option in particular for SME international payments.
- Domestic transactions: Up to 3.49% + fixed fee
- International transactions: Up to domestic transactions + 1.50%
- Additional fixed fees based on received currency
- Up to 4 business debit cards and business credit card available
Find out more about PayPal’s pricing structure here: PayPal Currency Conversion Fees – how to save money!
Conclusion: The best Wise alternative for small businesses
When it comes to scalability, transparency and cost-efficient transactions, the amnis multi-currency account is the best Wise alternative on the market. Businesses can profit from international transactions at local rates, while the free Basic subscription plan further offers unlimited virtual debit cards and up to 10 physical debit cards. The amnis mobile app empowers managers with real-time control over their team’s spending for smart expense management on the go.
Open a free and completely non-binding demo account in 30 seconds and find out how much money you can save with amnis, or visit amnis’ website to learn more about the all-in-one banking solution for SMEs: