Top Alternatives to Wise (formerly TransferWise.com)

Finding a reliable, efficient platform to facilitate foreign exchange conversion and global transactions can be challenging with so many options on the market.

While Wise is well-known, it’s always good to know your options to make the best choice for your business. In the next few minutes, we’ll go over the top TransferWise alternatives for global payments and global compliance.

5 Alternatives to Wise

The top five alternatives to Wise for MSP payments are Convera, Papaya Global, Paypal, Ebury, and Bank Files. Here’s a glance at each competitor’s offerings, starting with Convera.

Convera

• Flexible Payouts in 130+ currencies: Yes
• Split Payments (multiple currencies/multiple accounts): No
• Data security: Complies with local data protection regulations, but not the strictest international standards such as ISO 27001
• Recurring payments: No
• Support for statutory payments: No

Papaya Global

• Flexible Payouts in 130+ currencies: Yes
• Split Payments (multiple currencies/multiple accounts): Yes
• Data security: Complies with the highest security standards (GDPR, SOC1 Type II, SOC2 Type II, ISO 27001, ISO 27701)
• Recurring payments: Yes
• Support for statutory payments: Yes

PayPal

• Flexible Payouts in 130+ currencies: No
• Split Payments (multiple currencies/multiple accounts): No
• Data security: Complies with ISO 27001 and has a PCI Attestation of Compliance
• Recurring payments: Yes
• Support for statutory payments: Yes, but support is limited

Ebury

• Flexible Payouts in 130+ currencies: Yes
• Split Payments (multiple currencies/multiple accounts): No
• Data security: Information isn’t publicly disclosed
• Recurring payments: No
• Support for statutory payments: No

Bank Files

• Flexible Payouts in 130+ currencies: Yes
• Split Payments (multiple currencies/multiple accounts): No
• Data security: Banks usually comply with stringent security standards PCI DSS and SWIFT CSP. Information isn’t publicly disclosed
• Recurring payments: No
• Support for statutory payments: No

Selecting a Wise.com Competitor

Wise’s BatchTransfer payment platform promises low-cost payouts of up to 1,000 international payments with a single transfer. Let’s compare Wise’s real-time rates, international transfer options, and multi-currency account features with what our platform offers.

Wise.com vs Papaya Global: What does Papaya Global do?

Since acquiring Azimo in 2022, Papaya Global has revolutionized payments by automating manual processes on a licensed platform that delivers faster, safer, and more efficient global transactions.
With Papaya Global’s workforce and payment solutions, you get:

• A payments API to integrate payments into your processes
• Complete payments transparency
• Separate virtual IBAN accounts
• Payroll in 160+ countries
• Same-day payments—some arriving immediately in certain locations
• Smart automation to reduce payroll misclassification by 90%
• Lower FX fees
• Compliance and security that adhere to GDPR, SOC1 Type II, SOC2 Type II, ISO 27001, and ISO 27701
• Dedicated local and global payment experts
• Workforce wallets to facilitate cross-border payments
• And more

Along with evolving technologies, a strategic partnership with J.P. Morgan and Citi Bank has made Papaya Global the future-ready global payment platform for hundreds of companies.

What does Wise.com do?

Wise’s payroll payments tool allows businesses to send bulk payments to remote employees and contractors in multiple countries. Wise business account benefits include minimal fees and real exchange rates.

When to Choose Papaya Global?

For growing businesses, Papaya’s scalability is unmatched. Our highly customizable platform allows admins to add additional features and services to quickly adapt to your company’s needs. Then, there’s our global workforce payments dashboards, which tracks payments from funding requests to delivery with real-time status updates.

Papaya could help you grow your business safely if you:

• Handle global workforce payments
• Want to save time with workforce payment automation
• Require more than basic transfer capabilities
• Wish to separate and safeguard funds
• Want flexible features like split, mass, and recurring payments
• Have large-sum recurring payments
• Need proof of payments for accurate recordkeeping
• Want to avoid delays and safeguard transactions
• Have a large finance team and want to set permissions and rule-based access
• Make payments to people’s bank accounts, cards, and wallets
• Need to make payments in 130+ currencies

When Wise is better

Taking into account Wise’s payment integration, processing times, mass payment capabilities, and detailed guidance on payments, Wise best suits those with:

• Simple international money transfers for individuals or small businesses
• Low-cost multi-currency accounts for freelancers and SMBs
• One-time or occasional payments (as opposed to payroll automation)
• No need for other services, such as payment guides

Ultimately, if you need an end-to-end payroll management platform with compliance support, we’d go with Papaya Global. If you’re just looking for an affordable way to pay international contractors and employees, Wise is a good choice.

5 Signs you need to replace Wise

If you’re reading this, you’re probably wondering whether you need Wise to send money abroad or if your business requires a more complete suite of tools and solutions to power global payments. If your company resonates with any of the below signs, it may be time to switch providers:

1. Your company struggles with global payroll and compliance
   Wise facilitates international payments but doesn’t offer full payroll management services like tax withholding, benefits administration, or compliance with local labor laws. Companies looking for automated payroll processing that is compliant in multiple countries may find Wise lacking.
2. You only get limited bulk payments and automation features
   While the solution allows batch payments and offers basic tools—such as the Wise transfer fee calculator—it doesn’t have some of the advanced automation features payroll-specific platforms have. Competitors like Papaya Global provide automated salary calculations, tax deductions, and direct integrations with HR systems, for efficient payroll processing.
3. You’re having trouble with currency and payment restrictions.
   Wise does not support all global currencies and some payment routes are restricted due to regulatory limitations. Another consideration is that Wise may not cover certain local payout methods for seamless international payroll.
4. Your company is concerned with compliance security
   Wise is regulated in multiple jurisdictions, but it lacks the built-in compliance tools payroll platforms provide. For instance, Papaya Global offers automatic tax reporting, adheres to SOC2 Type I and SOC2 Type II, ISO 27001, and ISO 27701, and fraud detection to help businesses meet complex international payroll regulations.
5. Your platform can’t integrate with the rest of your business tools
   Wise is mostly designed around payments and therefore, doesn’t have deep integrations with accounting, and payroll software. Other payroll providers offer seamless API connections, making payroll and expense tracking easier for finance teams.

Put an end to piecing together global payroll and payments data. Papaya Global seamlessly fits into your existing setup and provides a complete solution for secure, compliant, and timely global payments.

Papaya Global’s payment services are offered through Azimo, Papaya’s licensed payments arm. Azimo is a payment services provider regulated in five Tier-1 jurisdictions. These licenses allow Papaya, together with its partners, to provide workforce payments worldwide. For further information on Azimo’s licences worldwide, check our licensing page.