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Top 5 Wise Alternatives for International Payment

Top 5 Wise Alternatives for International Payment
rohit
Rohit23 May 2024

Wise (formerly TransferWise) is a global money transfer platform operating worldwide. While it initially started out as a peer-to-peer (P2P) remittance service, Wise has since diversified its offerings to cater to businesses by introducing multi-currency accounts for both individuals and enterprises. However, Wise has temporarily halted the onboarding of new businesses in India and using Wise’s P2P transfer for business payments may not be compliant with Indian regulations.

Beyond money transfers, Wise provides debit/expense cards for use in 175+ nations. The platform uses a mid-market foreign exchange rate but it levies a currency conversion fee and a roughly 2% transaction fee. However, this varies depending on the currency.  Coming to customer experience, Wise offers a user-friendly interface, however, some users have noted that their customer support occasionally lacks the effort to understand and resolve queries fully

Here’s a quick snapshot of Wise’s offerings and pricing along with some of its Pros and Cons:

Who is it for?Started primarily for personal transfer, now offers business transfers as well
Pricing Around 2% transaction fee  + currency conversion fee
Compliance Digital FIRC for Wise Business account at an additional fee
Additional featuresDebit/expense cards for use in 175+ nations
Pros and Cons of Wise

Take a look at a few of the leading alternatives to Wise and see how you can be wiser while receiving international payments. 

5 Wise Alternatives for Receiving International Payments

Skydo

Skydo is a global payment solution that simplifies cross-border payments for freelancers and businesses in India. It offers virtual international bank accounts to its users in under 5 minutes and also supports an entire payments ecosystem consisting of payment tracking, invoice generation and more.

Skydo simplifies payment conversions by using live Forex rates without any currency conversion fees or hidden charges. It provides a clear and straightforward fee structure making it a viable wise alternative. 

Additionally, to ensure utmost adherence to RBI and government regulations, Skydo offers free and instant FIRA, ready to download after every transaction. Each user is assigned a representative to assist with the onboarding process and to address any questions at any time.

However, Skydo currently supports only inward remittances. This means Indian businesses cannot send money internationally through Skydo.

Who is it for?Businesses and freelancers in India
PricingLive forex rate with USD 19 for transfers up to USD 2000, and USD 29 for transfers above USD 2000.
ComplianceInstant and free FIRA after every transfer
Additional featuresPayment tracking, invoice generation, analytics and more
Pros and cons of Skydo as Wise alternative
Save 50% on every international transfer
Receive from 150+ countries
Get global accounts
Zero forex margin