Top 5 Wise Alternatives for International Payment

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. 

Beyond money transfer services, Wise provides debit/expense cards for use in 175+ nations. The platform is known for its transparent fees and it uses a mid-market foreign exchange rate without levying any forex markup. Wise levies a  currency conversion cost that varies across currencies. However, broadly speaking it is around 1.78% of the transfer amount.

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:

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 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.

Skydo simplifies payment conversions by using live Forex rates without any currency exchange 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, unlike many traditional banks, 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 and business transfers. This means Indian businesses cannot send money internationally through Skydo and neither can individuals receive personal transfers.  Further, it might also not be the most cost-effective pick for smaller transfers, essentially for transfers below USD 1000

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PayPal

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

However, business owners can find, PayPal to 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.

Payoneer

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 2% forex markup on the exchange rate for withdrawal in different currency and a fixed fee for withdrawal in same currency. There is also a separate fee levied depending on the transfer process. This includes a 3% transaction fee for credit card payment and 1% fee for ACH Bank Debit. Additionally, there is a USD 29.95 annual account fee for 12 months of inactivity, 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.

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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. However, these low fees can add up and 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.

Stripe

Stripe, an Irish-American company, is a renowned payment processing and merchant services platform offering a wide range of services. 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. Also, note that Stripe is currently "invite-only" for Indian businesses. 

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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!