5 Best Transferwise Alternatives (Updated: 2023)
Many of us have experienced the joys and pains of transferring money to another country through Transferwise or a similar platform. Unfortunately, you cannot always trust the bank holding your funds as they are often prone to malpractice. As a result, you may have to look for an alternative service to get the job done with little fuss.
That is why we will look at some of the best Transferwise alternatives for you in 2023 and beyond. This list is not exhaustive, but it will give you a good idea of what is available on the market today.
So, let’s get started.
Airwallex
It is the top and best alternative to Transferwise and is a cheaper option. It offers better exchange rates and lower fees than Transferwise.
Revolut
Revolut is a mobile banking app that allows you to send money internationally at lower rates than Transferwise. It also has many other features, such as spending tracking, budgeting, etc.
Worldfirst
Worldfirst is a global money transfer company that has been around for years. It offers cheaper rates than Transferwise and is also trusted by many people.
Monese
Monese is another good alternative to Transferwise. It is a mobile-only bank that allows you to send money internationally at lower rates than Transferwise.
N26
N26 is a mobile-only bank that offers many financial services. It’s a good alternative to Transferwise, but its conversion rate and fee are different according to the location.
What are the Best Transferwise Alternatives of 2022?
There are many Transferwise alternatives on the market. Some of them are better, so we have selected only a few of the best ones for you to use.
Here is our list:
- Airwallex.com
- Revolut.com
- worldfirst.com
- Monese
- N26
1. Airwallex
Airwallex
It’s the UK’s most popular money transfer service and has been around for almost 7 years. It’s a simple way to move money around the world and only costs 0.5% of the total money you want to send.
The company also has some cool features: you can use it as an international payment method on your banking account; you can set up recurring payments so that they come out automatically; there are no fees or a little until your transaction reaches $100, and you can use it to send funds overseas.
PROS:
- Mobile App is easy to use and has a good user interface
- You can set up recurring payments, so they come out automatically, which is a convenient feature.
- It has an easy-to-understand interface suitable for all types of users.
- It offers fast transactions, especially international ones.
CONS
- The only downside of Airwallex is that it takes longer than expected to verify a new account.
Best For
Freelancers, Web Services Buyers, Entrepreneurs, etc.
Fee
0.5% to 1.0%
Mobile App
Yes
International Payment?
Yes
Our second option is:
2. Revolut
Revolut
Revolut is one of the fastest-growing banking services in Europe, with over a million customers. The company makes it easy for people to exchange money worldwide with minimum fees and no fuss. Revolut also has an app that lets you pay bills, buy stuff online, and manage your budget all within one place—and its user interface is designed to be as simple as possible.
These features make it a good alternative to Transferwise and the best option for people who want to move money internationally without going through a bank.
PROS
- Easy to set up and use.
- Highly rated by customers.
- The app is available for both Android and iOS devices.
- Money can be transferred within minutes.
- Easy to use interface with added security features.
- Free ATM Withdrawals.
CONS
- Some users have reported that Revolut’s customer support can be slow to answer questions and may not have the answers you need.
Best For
Small Business Owners, Travellers, Freelance Services Buyers, and More.
Price
- No fee for 1000/month
- You can buy different plans for 2.99/6.99/12.99
Mobile App
Yes
International Payment?
Yes
3. Worldfirst
Worldfirst
Worldfirst is a transfer-only payment service and one of the best online business bank accounts that let you exchange money from your account for other countries’ accounts.
It’s an alternative to Transferwise, PayPal, Western Union, and other money transfer services. You can send money from anywhere in the world to anywhere else in the world (180+ countries) using just a Worldfirst account. Worldfirst has been around for more years and is one of the most trusted ways to send money across borders. It’s easy and secure—, and you get a great exchange rate!
The best part? It’s easy to use! All you have to do is fill out a form with your details and send your money from one account to another within 30 minutes (or even less!).
PROS
- Worldfirst is one of the safest ways to send money across borders.
- The company has been around for many years and is known for its high customer satisfaction.
- It’s fast, easy, and secure.
- Provide good customer support.
CONS
- Not available for the USA
Best For
Freelancers, Web Services Buyers, Entrepreneurs, etc.
Price
Personal Transactions are free, and business transactions can charge you 10 to 30.
Mobile App
Yes
International Payment?
Yes
4. Monese
Monese
Monese is another global money transfer service that allows users to send money to anyone worldwide. It’s one of the most popular alternatives to TransferWise.
Monese was founded in 2015 and offered an easy-to-use interface that makes sending money abroad as easy as sending an email. Monese charges a minimal fee for the transaction, which is significantly lower than what TransferWise charges, so you can save money by switching over.
PROS
- A simple and easy-to-use interface.
- Transfer money in under 15 seconds.
- Support multiple currencies, including US dollars, euros, British pounds, and Australian dollars.
- Offers cheaper rates than TransferWise.
CONS
- The free account has limited features.
Best For
Small Business Owners, Travellers, Freelance Services Buyers, and More.
Price
- No fee for Monese to Monese transfer.
- 2.5% for international transfer.
Mobile App
Yes
International Payment?
Yes
5. N26
N26
N26 is another alternative to Transferwise and one of the best multi-currency accounts. A European bank allows you to send money to anyone worldwide, with minimal fees and no restrictions. This is likely the best Transferwise alternative for 2022 because it offers a platform that does not charge you extra for international transfers. It also has a very easy-to-use interface and can be used on mobile devices and computers.
PROS
- Easy to use interface that makes it suitable for beginners.
- No ATM withdrawals fee
- It provides the best exchange rates
- Quick money transfer
CONS
- Not available in the UK (recently closed its operation in the UK)
Best For
Everyone
Price
Different according to the country or state
Mobile App
Yes
International Payment?
Yes
So What is The Best Transferwise Alternative for 2022? Final Thoughts
When we compare TransferWise with other money transfer services, it is clear that TransferWise is the best. It has very low fees, charges provide the best exchange rates, and can be used on mobile devices and computers. It also has a very easy-to-use interface that makes it suitable for beginners.
However, if you are looking for the best Transferwise alternative for 2022, all of the above-mentioned services are good options. They all have low exchange rates, provide great customer service, and their mobile apps make it easy to send money from anywhere in the world.
So which Transferwise alternative do you like the most? Let us know in the comments below!
