What is similar to Wise bank account?

Alternatives to Wise's multi-currency account include Revolut, PayPal and OFX, which offer similar services for holding and transferring money in multiple currencies.

Is Wise legal in Australia?

Yes, Wise operates legally in Australia. It is licensed and regulated by the Australian Securities and Investments Commission (ASIC) for the financial products it offers - Wise Australia Pty Ltd holds AFS licence number 513764 - and is a reporting entity under the anti-money laundering laws AUSTRAC administers. Neither a licence nor AUSTRAC oversight is a government guarantee of your money.

Who are the Wise's biggest competitors?

Wise's biggest competitors include PayPal, Revolut, OFX and WorldRemit. These companies provide similar international transfer and currency exchange services.

Which app is better than Wise?

Apps like Revolut and PayPal may offer better features depending on your needs. They provide similar services for international money transfers, but with unique benefits like cryptocurrency trading or fee-free payments in select regions.

9 alternatives to Wise (TransferWise) for money transfers

Many alternatives offer no fees for large transfers, such as OFX for amounts over $10,000.
Providers like MoneyGram and Remitly offer diverse delivery options, including cash pickup.
Some services, including Revolut and Instarem, offer close to mid-market rates for certain transfers.

Are you looking for a money transfer company better suited to your needs? If Wise doesn't support your currency or you just want to know what else is out there, check out some other options below.

We've handpicked some of the most popular alternatives and highlighted what features they have that Wise doesn't.

Sites like Wise

1. Revolut

2. OFX

3. TorFX

4. Instarem

5. Remitly

6. WorldRemit

7. MoneyGram

8. CurrencyFair

9. Western Union

Revolut logo

Revolut

Revolut is a newcomer to the money transfer space in Australia, they offer a convenient service at competitive exchange rates.

Why pick Revolut instead?

Revolut's app has a great user experience
No transfer limit on most major currencies
Get close to the mid-market rate during market hours (Mon to Fri)

Downsides

App only, can't send money through an online platform
Not as competitive for large money transfers
Make sure to check your plans limits

ofx logo

OFX

Also known as OzForex, OFX launched in Australia in 1998 and aims to beat the exchange rates offered by banks.

Go to site

Why pick OFX instead?

No fees on transactions over $10,000
No maximum limit on how much you can send
Fast transfers, usually completed within 24 hours
OFX is one of two providers approved to pay ATO from overseas

Downsides

Doesn't use the mid-market rate
Only accepts bank transfers as payment
$250 is the minimum transfer limit for Australian users

TorFX

TorFX lets you make personal or business transfers in 40+ currencies around the world.

Go to site

Why pick TorFX instead?

Assigned personal account manager to support you
More suitable for large transfers
Forex tools to help you secure the exchange rate you want

Downsides

Can only pay by bank transfer and send to bank accounts
Not so great for transfers under $2,000
Adds a margin to the exchange rate
Fewer currencies than some online-only providers

Instarem logo

Instarem

Instarem supports almost instant transfers and has transparent fees.

Why pick Instarem instead?

Transparent fees
Uses the mid-market rate for some currencies during certain hours.
Earn loyalty points and same-day transfers for most currencies

Downsides

Your receiver must have a bank account
Can only pay by bank transfer
Not as many currencies as other companies
If you're sending above $20,000 AUD, OFX or TorFX is a better option

Remitly logo

Remitly

Remitly has a two-speed system in which you get the choice of speed versus fees.

Go to site

Why pick Remitly instead?

Diverse delivery options including cash pickup locations
Express transfer options
A large network

Downsides

Low maximum limits for new users
Inconsistent exchange rate markups

WorldRemit

WorldRemit has one of the largest ranges of countries you can send to, as well as a variety of payment options.

Why pick WorldRemit instead?

Able to transfer to cash pickup locations or mobile wallets
Send money to over 130 countries with flexible payment options.
Supports many exotic currencies
Instant transfers available

Downsides

Only sends mobile credit top-ups to certain countries
Low maximum transfer limit makes it bad for large transfers

MoneyGram

One of the most well-known transfer brands, MoneyGram sends money to more than 200 countries.

Go to site

Why pick MoneyGram instead?

More than 440,000 cash pick-up locations worldwide
One of the largest ranges of currencies
Almost-instant transfers
Can pay by cash and in-person

Downsides

High transfer fees
Has transfer limits in place
Adds a bigger margin to the exchange rate than other, smaller transfer companies

CurrencyFair's logo

CurrencyFair

Peer-to-peer currency exchange marketplace, with fair exchange rate markups for small transfers

Why pick CurrencyFair instead?

Competitive exchange rates and fees, the average cost of sending a transfer is around 0.45% of the transaction amount.
New customers get 10 fee-free transfers in their first 6 months (terms and conditions apply)

Downsides

Only supports the major currencies
Credit card and cash payments are not accepted
Percentage-based fee makes it expensive for large transfers

Western Union logo

Western Union

Western Union is a brand synonymous with money transfers and has a massive network of agent locations globally. They provide a convenient way to transfer money and have flexible transfer options.

Why pick Western Union instead?

Offer discounts to entice new customers
Suitable for sending money to those without bank accounts
With 525,000 agent locations worldwide, they are the largest money transfer provider in the world

Downsides

Not competitive for large money transfers
Inconsistent markups on currencies, some approach 5%

Finder survey: What service do Australians use to transfer money overseas?

Response
Money transfer specialist (eg. TorFX or Western Union)	48.89%
Bank	41.11%
Other	10%

Source: Finder survey by Pure Profile of 1110 Australians, December 2023

Still looking for other options?

Alternatively, learn more about Wise in our review.

{"niche":"AUFMT"}

25 of 38 results

Filter Values	Fastest Transfer Speed	Fees (Pay by Bank Transfer)
TorFX	8.9 Great	24 hours	$0	TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000. Same-day transfers between AUD and NZD (under $100,000).	Go to site View details Compare product selectionCompare	loading
OFX	9.3 Excellent	24 hours	$15	OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.	Go to site View details Compare product selectionCompare	loading
Revolut	9.2 Excellent	Within minutes	From 0.15%	Send money with great rates and low fees in 40+ currencies. Plan fees apply.	View details Compare product selectionCompare	loading
Xe Money Transfers	9.4 Excellent	Within minutes	$0	Xe has fast transfers, low fees and a range of foreign currency tools. Send money to 200 countries in 100 currencies.	View details Compare product selectionCompare	loading
Wise Most Loved	9 Excellent	Within minutes	From 0.63%	Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.	Go to site View details Compare product selectionCompare	loading
TorFX	8.5 Great	24 hours	$0	TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000. Same-day transfers between AUD and NZD (under $100,000).	Go to site View details Compare product selectionCompare	loading
OFX	7.5 Great	24 hours	$0	OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.	Go to site View details Compare product selectionCompare	loading
Xe Large Transfers	9 Excellent	24 hours	$0	Xe has fast transfers, low fees and a range of foreign currency tools. Send money to 200 countries in 100 currencies.	View details Compare product selectionCompare	loading
TorFX Business Transfers	Not scored yet	24 hours	$0	TorFX guarantees to match any competitor's exchange rate. T&Cs apply.	TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.	Go to site View details Compare product selectionCompare	loading
OFX Business Transfers	Not scored yet	24 hours	$0	OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.	Go to site View details Compare product selectionCompare	loading
Send Payments	6.7 Standard	24 hours	$0	Send provides no Send payments fee transfers via its 24/7 multi-currency payments platform with real-time quotes.	Go to site View details Compare product selectionCompare	loading
Remitly	9.3 Excellent	Within minutes	From $0	Remitly has quick, affordable transfers around the world, with both express and economy options.	Go to site View details Compare product selectionCompare	loading
Rocket Remit	7.2 Great	Within minutes	From $0 to $5	Send money instantly to friends and family in over 45 countries using just your mobile number.	Go to site View details Compare product selectionCompare	loading
WorldFirst	Not scored yet	24 hours	From $0	Open bank accounts in Australia, the UK, US, Canada, Japan and Europe. Send and receive funds with zero fees for large sums, including same-currency supplier payments.	Go to site View details Compare product selectionCompare	loading
Send business	Not scored yet	24 hours	$0	Send provides no Send payments fee transfers via its 24/7 multi-currency payments platform with real-time quotes.	Go to site View details Compare product selectionCompare	loading
MoneyGram	8.1 Great	Within minutes	Varies	MoneyGram has fast cash pick-up transfers to more than 440,000 agent locations worldwide.	Go to site View details Compare product selectionCompare	loading
Send Payments	7.9 Great	24 hours	$0	Send provides no Send payments fee transfers via its 24/7 multi-currency payments platform with real-time quotes.	Go to site View details Compare product selectionCompare	loading
Qantas Business Money	Not scored yet	Within minutes	$0	Earn 1 Qantas Point on every $1AUD equivalent converted in foreign currency. T&Cs apply.	Set up accounts in 11 different currencies and get rewarded for global business payments by earning Qantas Points.	View details Compare product selectionCompare	loading
Xe Business Transfers	Not scored yet	Within minutes	$0	Xe has fast transfers, low fees and a range of foreign currency tools. Send money to 200 countries in 130+ currencies.	View details Compare product selectionCompare	loading
CurrencyFair	6.3 Standard	24 hours	€3	New customers get 10 fee-free transfers for the first 6 months. T&Cs apply.	CurrencyFair has bank-beating exchange rates and fast transfer times on 20+ popular currencies.	View details Compare product selectionCompare	loading
CurrencyFair	6.2 Standard	24 hours	€3	New customers get 10 fee-free transfers for the first 6 months. T&Cs apply.	CurrencyFair has bank-beating exchange rates and fast transfer times on 20+ popular currencies.	View details Compare product selectionCompare	loading
Revolut Business	Not scored yet	Within minutes	$0	Revolut allows your business to move money around the world quickly and cheaply with 40+ currencies and no maximum limit transfers. Plan fees apply.	View details Compare product selectionCompare	loading
OrbitRemit	9 Excellent	Within minutes	$0-$4	Get a $0 fee and special promotional rate on your first transfer with OrbitRemit. T&Cs apply.	OrbitRemit sends to over 45+ countries for a flat fee and transparent exchange rate.	View details Compare product selectionCompare	loading
Airwallex	Not scored yet	Within minutes	$0	0% foreign exchange margin and $0 fees on your first $20,000. T&Cs apply.	Streamline global payments across 150+ countries with fast settlements and competitive rates in over 60 currencies.	View details Compare product selectionCompare	loading
CurrencyFair	Not scored yet	24 hours	€3	CurrencyFair has bank-beating exchange rates and fast transfer times on 20+ popular currencies.	View details Compare product selectionCompare	loading

Showing 25 of 38 results

Finder Score for money transfer

We review money transfer providers for different features to assign them a score out of 10. The higher the score, the more competitive the product.

Read the full methodology

Frequently asked questions

Yes, Wise operates legally in Australia. It is licensed and regulated by the Australian Securities and Investments Commission (ASIC) for the financial products it offers - Wise Australia Pty Ltd holds AFS licence number 513764 - and is a reporting entity under the anti-money laundering laws AUSTRAC administers. Neither a licence nor AUSTRAC oversight is a government guarantee of your money.

Sources

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Written by

Rosie Russell

Writer

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Rosie Russell was a money transfers producer at Finder. She is on a mission to make personal finance easier to understand. Rosie has a Bachelor of Communication (Journalism) and Bachelor of Arts in International Studies from the University of Technology Sydney. See full bio

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Alternatives to Wise (TransferWise)

Take a look at money transfer companies like Wise who could offer better value.