Top 5 Wise Alternatives for International Payment
With global connectivity on the rise, seamless international payments have become more essential than ever. Wise (formerly TransferWise) has been a game-changer, simplifying international transfers for millions worldwide. In this blog, we’ll explore Wise’s key features and dive into the top 5 Wise alternatives, comparing how they stack up in facilitating seamless global payments.
What is Wise?
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.
Key Features of Wise
P2P and B2B Transfers: Wise supports both P2P and B2B transfers, making it suitable for personal and business payments. However, the pricing varies between the two
Virtual International Accounts: Wise provides virtual international accounts for B2B payments, supporting multiple currencies like USD, AUD, and more.
Debit/Expense Card: Wise also offers debit/expense cards which can be used in 175+ countries
Pros of Wise
Mid-Market Exchange Rate: Wise provides mid-market exchange rates with no added forex markup during currency conversion.
Instant FIRA: Wise offers instant FIRA for every transaction, easing compliance.
Customer-Friendly Interface: Many wise users have applauded the platform for its user-friendly and intuitive interface
Cons of Wise:
Possibility of High Transaction Fee: Wise's fee varies across currencies, but broadly speaking, it can be around 1.6-1.8% of the transfer amount, which can add up for bigger payments. for example, if you receive a payment of USD 10,000, Wise will charge around USD 165 for the same.
Additional Charges for FIRC: Wise offers FIRC for every transaction but it levies a fee for it which varies across currencies. For USD payments, it is around USD 2.50
Instances of Limited Customer Support: Some users have noted that their customer support occasionally lacks the effort to understand and resolve queries fully
Who is it for?
Wise caters to both personal and business transfers, making it ideal for freelancers, small businesses, and individuals. Freelancers often prefer Wise for receiving international payments, while the Wise card is a convenient option for seamless transactions while travelling abroad
Now, that we have had a quick overview of Wise, let's take a look at a few of the leading alternatives to Wise and see how you can be wiser while receiving international payments.
What are 5 Wise Alternatives for Receiving International Payments?
1. Skydo
2. Paypal
3. Payoneer
4. Ping Pong
5. Stripe
In the following sections, we will explore these wise alternatives in detail to see if they are your right choice for receiving international payments
Skydo
Skydo is a wise alternative that simplifies cross-border payments for freelancers and medium/small businesses in India. It offers virtual international bank account details to its users in under 5 minutes and also supports an entire payments ecosystem consisting of payment tracking, invoice generation and more.
Key Features of Skydo:
Virtual International accounts: Skydo offers virtual international accounts in key regions like the US, UK, Europe, Australia and more.
Live Forex Rate: Skydo offers live forex rate without any forex markup or currency conversion fee.
Invoice Creation and Payment Tracking: Skydo simplifies international payments with tools like an intuitive invoice maker and real-time payment tracking, ensuring transparency every step of the way
Pros of Skydo:
Flat and Transparent pricing: Skydo offers flat, transparent pricing for transfers up to USD 10,000, regardless of the payment amount: USD 19 for transfers up to USD 2,000, and USD 29 for transfers between USD 2,001 and USD 10,000—with no additional monthly or annual fees.
Free and Instant FIRA: The platform provides instant FIRA for every transaction, completely free, simplifying compliance for businesses.
Local Customer Support: Each skydo user is assigned a local representative to assist with the onboarding process and to address any questions at any time.
Cons of Skydo:
Inward Remittance Only: Skydo currently supports only inward remittances, meaning you can receive international payments in India but cannot send payments abroad using Skydo
Not Best for Smaller Transfers: Skydo might also not be the most cost-effective pick for smaller transfers, essentially for transfers below USD 1000
Who is it For?
Skydo is a strong Wise alternative for businesses seeking fast and cost-effective international payments in India. With its user-friendly interface, features like payment tracking and an integrated invoice maker, and robust customer support, Skydo is an ideal choice for both freelancers and established businesses to receive seamless global payments
PayPal
PayPal is a go-to payment solution worldwide and a viable wise alternative, both for personal and business transactions. It offers multiple payment options with a wide range of ancillary services
Key Features of PayPal:
Personal and Business Transfers: Like Wise, Paypal also supports both b2b and p2p transfers worldwide.
Buyer and Seller Protection Programme: PayPal provides buyer protection for missing or misrepresented items and seller protection in India for unauthorized transactions or undelivered shipments.
Robust Security: The platform also enforces strict security measures, including 24/7 account monitoring, to ensure the safety of funds.
Pros of PayPal:
Global credibility: With its credibility and global reach, PayPal is a trusted platform for making and receiving international payments.
Free monthly FIRA: PayPal provides Indian businesses with free monthly digital FIRA. All international transactions of the previous month will be referenced in a single FIRA, which will be available by the 15th of the subsequent month.
Wide Range of Services: Beyond, a remittance platform, PayPal offers a wide range of services, including e-commerce integration, invoice management etc.
Cons of PayPal
High Transaction Fees: business owners can find, PayPal to be an expensive option for receiving international payments. The costs include a 4.4% transaction fee and a USD 0.30 flat fee.
High Currency Conversion Fee: Along with a hefty transaction fee, PayPal also levies an additional 4% markup on the exchange rate.
Instances of Limited Customer Support: While PayPal is widely applauded for its ease of use and convenience, some users have complained about its inadequate customer support.
Who is it For?
PayPal is a trusted choice for those seeking flexible payment options. Its ability to handle multiple payment methods and numerous integrations makes it ideal for businesses looking to streamline their payment processes and manage finances effortlessly.
Payoneer
Founded in 2005, Payoneer is quickly becoming a popular payment solution for businesses and freelancers worldwide.
Key Features of Payoneer
Virtual International Accounts: Like Wise and Skydo, Payoneer also offers virtual international accounts in multiple currencies.
Multiple Integrations: Payoneer integrates seamlessly with various e-commerce platforms and marketplaces, including Walmart, Fiverr, and Toptal."
Pros of Payoneer:
Getting Paid from Marketplaces: Payoneer’s integration with marketplaces like Walmart and Fiverr simplifies payment processing from these platforms.
Free Digital FIRA: Payoneer offers free digital FIRA for every international payment.
Cons of Payoneer
Steep Fees: Payoneer's fees are on the steep side. Credit card payments incur a 3.2% + $0.49 fee, and ACH Bank Debits (US) cost 1%. PayPal payments attract 3.99% + $0.49 fee.
Virtual account payments are free for EUR/GBP but up to 1% for USD.
Withdrawals to local bank accounts attract up to a 3% fee for different currencies. There is also a possibility of a forex markup being levied during currency conversion
Ancillary Charges: Beyond these fees, Payoneer also levies an annual fee of $29.95 if total payments received are below $2,000 in a year.
Limited Customer Support: Many users have expressed dissatisfaction with Payoneer's customer support.
Who is it For?
Payoneer is a viable wise alternative for businesses with clients or operations across multiple regions. Ecommerce businesses can also streamline their finances with Payoneer’s seamless integration with platforms like eBay, and Shopify, and freelancers can also benefit from Payoneer's integration with Fiverr, Toptal etc.
Stripe
Founded in 2010 by entrepreneur brothers Joseph and Patrick Collison, Stripe is an Irish-American company that simplifies global payments for businesses.
Key Features of Stripe
Multiple Currency Support: With Stripe businesses can receive international payments in over 135 currencies
Big Suite of Payment Solutions: Beyond facilitating international transfers, Stripe offers a whole suite of payment solutions like invoice management, subscription management, fraud detection and more.
Pros of Stripe
Flexibility: Stripe provides the flexibility to generate instant payment links or embed its checkout solution directly on your website, supporting both one-time and recurring transactions.
Ease of Use: Businesses praise how simple it is to embed Stripe on their websites and appreciate features like subscription management and invoicing.
Cons of Stripe
Invite only in India: Stripe operates on an 'invite-only' basis in India, requiring new businesses to request approval. The timeline for approval is unclear, and Stripe currently supports only a limited number of businesses.
Card Support in India only: While Stripe supports a variety of payment methods globally, Indian businesses are limited to accepting international payments via cards.
High Charges: Stripe India charges a 4.3% processing fee per successful transaction. Additionally, there’s a 2% currency conversion fee for payments in foreign currencies.
No FIRA provided: Stripe doesn't offer FIRA for international payments in India, making compliance difficult for businesses.
Who is it For?
Stripe is best suited for businesses looking for an all-in-one payment management platform. However, with Stripe becoming invite only in India, it is advisable to look for a more accessible wise alternative in India.
Ping Pong
Established in 2015, PingPong is a wise alternative aiming to simplify international payments for freelancers, businesses, and e-commerce sellers.
Key Features of PingPong:
Virtual International account: Ping Pong too provides virtual international accounts in multiple regions
Partnership with leading e-commerce platforms: PingPong has integrated with many e-commerce platforms including Walmart, Shopify and more.
Pros of PingPong:
Integrated Tax Payment: Ping Pong lets users pay VAT/GST and other taxes with no additional costs.
Digital FIRA: Ping Pong offers digital FIRA for international payments at no additional cost.
Cons of Ping Pong:
Transaction Charges Can Add Up: PingPong charges a competitive 1% transaction fee, which is attractive. However, these low fees can add up and become substantial for larger transactions. For example, for a payment of 10,000 USD, the transaction fee would be 100 USD.
Lack of Transparency on Exchange Rate: Since there is a lack of clarity around Ping Pong’s forex rate, there is a possibility of a markup on that rate.
Who is it For?
PingPong is an apt wise alternative for both freelancers and particularly e-commerce sellers thanks to their integration with multiple marketplaces.
Receiving International Payments with Wise Vs Skydo: A Quick Comparison
Both Wise and Skydo are viable solutions for receiving international payments in India. Let us quickly compare how much would it cost to receive USD 10,000 in India with Wise vs. Skydo:
Wise
Wise offers mid-market exchange rates without forex markup but adds a conversion fee that varies across currencies and levies an additional charge for FIRC. While transparent, the total cost can add up quickly. This is how much you will be paying to receive USD 10000 in India with Wise
Skydo
Skydo converts your payments at live forex rate, without any markup. It offers a flat fee structure of USD 19 for payments under USD 2000 and USD 29 for payments between USD 2001 and USD 10,000. Additionally, it offers instant FIRC for every transaction that too absolutely free.
So with Skydo, receiving USD 10000 would just incur USD 29, saving you more than USD 100 dollars in fees as compared to Wise. Make the smarter, cost-effective choice—switch to Skydo today and keep more of what you earn!
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?
Is there Wise Card in India?
Can I open a Wise business account in India
