3 Business Alternatives to Wise Money Transfer
Wise (formerly known as TransferWise) has been one of the many trustworthy money transfer mediums for sending and receiving money to (and from) abroad. It is even more popular now because it just went public on IPO. It is the biggest British startup and has, over the years, won the hearts of many in terms of credibility and security. The transfer fees are very transparent and close to nothing; therefore, many people opt for this medium to send money.
It has a strong business account option which adds to the many benefits of the medium and can support many currencies from different countries. In addition to this, the Wise card is borderless. So it can be used internationally across all regions. These and more are reasons the Wise money transfer medium is being used worldwide. However, there are certain criticisms against Wise that have emerged over the years. This will be the focus of this article.
Criticisms about Wise.com
Though the many benefits of Wise, some attributes make it not the best choice for international money transfer. They include the following:
- All the process is done online: From the point of registration to receiving alerts on successful transfer, every process cannot be done offline. This is especially difficult during slow connections. Sometimes, clients have complained about not being able to do some transactions due to challenges with connections. Some clients also complained that things as little alerts should be able to be received offline.
- Difficult to get support: Another criticism against Wise is that it is difficult to get support while using the site. A 24-hour active customer service support team was promised by the website in times of difficulties with the site's procedures and processes. However, there have been complaints towards the customer service support as not been available 24/7 as promised. And though this has been worked on, there still seems to be an issue with this.
- Difficult to track transfer: The third thing that customer reviews have highlighted is that it is usually a challenge to track transfer if it does not go through. While sending money internationally there could be some event that could delay or terminate the transfer. In this event, it could be become very difficult to track the path of the transfer for the solution.
- Large transactions are not convenient: Though the transfer fees for Wise are transparent and low, it can get uncomfortable and expensive when sending large amounts internationally using Wise. Therefore, many clients (individual or business organizations) prefer to use other mediums to send large amounts abroad.
Because of these reasons, we have put together three alternatives for Wise Money Transfer company, that will provide you with better benefits, speed and security while transferring your money internationally.
Alternatives to Wise.com
Below are three money transfer companies that can stand as an alternative to Wise.com because they provide better services to ease money transfer processes. The three companies are world first, TorFX, and moneycorp.
Worldfirst Money Transfer
Worldfirst, based in London is a business that helps both individuals and businesses send and receive money from abroad. For individuals, there are no transfer fees whatsoever - yes, Worldfirst collects nothing for individuals to send money abroad. However, the receiving bank could incur some fees. Also, the customer service support for Worldfirst is quick and active from Monday to Friday (8:30 am to 5:30 pm).
In addition, the company has a competitive exchange rate with other companies (including Wise) and they send money across many currencies and countries. Businesses also prefer to use this medium for large amounts of transactions because the transfer fees for businesses are very low. This gives Worldfirst another point against Wise.com.
Another advantage of Worldfirst is that it is one of the fastest ways to send money with a reliable way to track every step of the money-sending process. They also entered into a contract agreement with banks in many countries to help clients lower transfer fees.
The downside however is that the minimum transfer threshold is a little too high for those that want to transfer smaller fees. Standing at $1000, many individuals might opt for other options to send smaller amounts. Money can also be collected only through banks (cash pickup, airtime, or mobile transfer is not available).
Quick fun fact - WorldFirst was Euro 2020’s official sponsor.
TorFX Money Transfer
TorFX was formerly called Tor Currency Exchange Ltd in 2004 and has since then grown into one of the many leading money transfer companies in the world today. Just as Wise.com and Worldfirst, it also serves both individual clients as well as businesses. One thing that makes Torfx stand out is that there is no maximum transfer limit, therefore, companies can take advantage of this to send large sums of money abroad.
When it comes to transfer fees, TorFX does not place any fixed fee on the transfer amount. However, additional fees could be incurred from the receiving banks. TorFX also has a multi-currency account and serves many countries including UK, USA, Mexico, Australia, Poland, China, Canada, and South Africa.
They also provide a flexible transfer option for businesses and individuals that have challenges while sending money. Some of the opened transfer options include spot contracts, forward contracts, and market orders. Their minimum transfer threshold is $200 which is better than WorldFirst and the fact that there is no maximum transfer limit makes it a good alternative for Wise.
Quick fun fact - TorFX was voted the best employer in Cornwall.
Moneycorp Money Transfer
Moneycorp has been in the money transfer business for ages, and it is one of the largest UK-owned money transfer companies with offices in many countries including Ireland, Hong Kong, Romania, Brazil, Australia, and Spain. With its continuous success in providing money transfer solutions to many countries, it also operates with hundreds of currencies.
The transfer rate is also competitive and is a good option for both small and medium-scale transfer transactions. The mobile application also makes it easy to track every transfer process from start to finish (which beats Wise’s difficulty to track transfer processes). Moneycorp also has a generally good review concerning their good and active customer service support team.
This is a good alternative for Wise because of its transfer rate and transfer tracking advantages. Also, the transfer fees for large money transfer is better than Wise.
Quick fun fact - Moneycorp is the original business money transfer service.
Wise has been in the market for so long and has built a world for itself with many loyal customers. But when the criticisms over-run the benefits, customers look for alternatives to a better money transfer option. In the guide above, we provided three alternatives to Wise with a brief review on them. These companies too have their shortcomings, but overall, we would choose them over Wise.