Top 5 Wise Alternatives for International Payment

Top 5 Wise Alternatives for International Payment
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 along with a transaction fee that varies across currencies. 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 Transaction fee depending on currency  + 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 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 to USD 10,000
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


PayPal is a go-to payment solution worldwide, both for personal and business transactions. It offers a comprehensive ecosystem for payments, including e-commerce integration, invoicing, international money transfers, and credit/debit card services making it a solid alternative to Wise.

However, PayPal can be an expensive option for receiving international payments. The costs include a 4.4% transaction fee, a USD 0.30 flat fee, and an additional 4% markup on the exchange rate. PayPal provides Indian businesses with monthly digital FIRA. This means that all international transactions of the previous month will be referenced in a single FIRA, which will only be available by the 15th of the subsequent month.

In terms of customer experience, PayPal is widely applauded for its ease of use and convenience, however, some users have complained about its inadequate customer support.

Who is it for?Individuals, SMB, enterprises and e-commerce platforms worldwide. 
Pricing4.4% Transaction fee + 0.3USD flat fee + 4% markup on exchange rate
ComplianceMonthly FIRA provided 
Additional FeaturesE-commerce integration, invoicing, international money transfers, credit/debit card services and more
Pros and cons of PayPal as Wise alternative


Founded in 2005, Payoneer is quickly becoming a popular payment solution for businesses and freelancers worldwide. It facilitates international transfers by providing users with virtual bank accounts in multiple currencies and integrating with leading marketplaces like Fiverr and Toptal.

Payoneer's pricing includes a 2-3% transaction fee and a 0.5% markup on the exchange rate. Additionally, there is a USD 29.95 annual account fee, making it a relatively costly alternative to Wise.

To simplify compliance, Payoneer offers free digital FIRAs to Indian businesses and freelancers. However, many users have expressed dissatisfaction with Payoneer's customer support.

Who is it for?For freelancers, SMBs, marketplaces and enterprises 
Pricing2-3% transaction fee +0.5% markup on the exchange rate + USD 29.95 annual account fee
ComplianceDigital FIRA provided
Additional featuresIntegration with leading marketplaces
Pros and cons of Payoneer as Wise alternative
Save 50% on every international transfer
Receive from 150+ countries
Get global accounts
Zero forex margin

Ping Pong

Established in 2015, PingPong is an emerging name in the cross-border payments arena, aiming to simplify international payments for freelancers, businesses, and e-commerce sellers. It offers multiple virtual accounts in global currencies and allows businesses to pay VAT/GST and other taxes with no additional costs.

PingPong charges a competitive 1% transaction fee, which is attractive but can become substantial for larger transactions. Additionally, since there is a lack of clarity around Ping Pong’s forex rate, there is a possibility of a markup on that rate.

For compliance, PingPong provides free digital FIRAs to Indian businesses and freelancers, making it a viable alternative to Wise. While their customer service is generally prompt, some users have found the onboarding process slightly cumbersome.

Who is it for For businesses, freelancers and e-commerce sellers
Pricing1% transaction fee + possible forex markup
ComplianceDigital FIRA provided
Additional FeaturesBusinesses can pay VAT/GST and other taxes at no additional costs.
Pros and cons of PingPong as Wise alternative


Stripe, an Irish-American company, is a renowned payment processing and merchant services platform. Accepting over 135 currencies, it stands as a solid alternative to Wise for international payments. 

Stripe's fee for international transfers includes a 4.3% transaction fee, depending on the payment method, and an additional 2% currency conversion fee.

Stripe does not provide FIRA to Indian businesses and freelancers, adding to their compliance burdens. Users have also expressed concerns about transparency in their communication and inadequate customer service.

Who is it for?For startups and enterprises worldwide
Pricing4.3% transaction fee depending on mode of payment + 2% currency conversion fee
ComplianceFIRA not provided
Additional featuresComprehensive suite to manage subscriptions, payments, taxes, and accounting all in one place.
Pros and cons of Stripe as Wise alternative
Save 50% on every international transfer
Receive from 150+ countries
Get global accounts
Zero forex margin

Parting Thoughts

In a world where domestic payments are as simple as a scan and tap, international transactions should be just as seamless. That's why at Skydo, we're not just building a payment platform; we're creating an entire ecosystem to simplify the process. Let us handle all the payment logistics while you focus on growing your business globally!

Lastly, remember to compare transfer fees, exchange rate markups, features, and reputation before choosing your international payment provider. Your business deserves the best!

Save 50% on every international transfer
Receive from 150+ countries
Get global accounts
Zero forex margin
Frequently asked questions

What is the best alternative to Wise?

Wise offers a convenient way for individuals and businesses in Indian to receive international payments. However, currently Wise has temporarily stopped the onboarding of businesses in India. Platforms like Skydo offer businesses a fast, secure and less expensive way to receive international payments in India.  

What is Wise's pricing?

Which app is better than Wise?

About the author
With extensive experience at Flipkart, ITC, and McKinsey, Rohit, our in-house Chartered Accountant now leads finance here at Skydo. Netflix & Chess
Save 50% on every international transfer