OFX Logo

OFX

OFX is the best alternative for USA residents. OFX has been around since 1998. Until 2015, it operated as OzForex. This Australian ASX stock exchange listed Wise alternative has offices in Sydney, San Francisco, Toronto, London and Hong Kong. 

OFX's Global Currency Account is an alternative to the Wise Borderless account. You can register as an individual, a business or an online seller. OFX offers local virtual banking details for Canadian Dollar. Currently Wise does not offer CAD local banking details.

OFX is better than Wise when you need to transfer large amounts of money. Not only can you negotiate a better rate but you can talk to an account manager to discuss risk management tools that may benefit you depending on your future transfer requirements. Wise being an 'online only' company means no negotiation for large money transfers and no access to currency risk management tools.

OFX offers a super low 0.4% margin fee on top of the real exchange rate when new customers sign up through iCompareFX. 

Read more in iCompareFX's comprehensive OFX review.

Pros

Remove Circle Icon
A very low 0.4% exchange rate fee when registering through iCompareFX
Remove Circle Icon
Global money transfers for individuals, businesses and online sellers
Remove Circle Icon
Negotiable rates for large volume transfers
Remove Circle Icon
Customer service based in the USA, UK, Australia, Hong Kong and New Zealand
Remove Circle Icon
Initiate your transfer online or over the phone
Remove Circle Icon
Offers spot orders, forward contracts and limit orders
Remove Circle Icon
Regular transfers available (great for worry free international pensions or mortgage payments)
Remove Circle Icon
OFX is best for customers located in Canada, USA, UK, Europe, Singapore, Australia, New Zealand and Hong Kong

Cons

Remove Circle Icon
Website access only in English
Remove Circle Icon
Not all currencies can be traded online – some you need to trade over the phone
Remove Circle Icon
No cash pick up centers
Remove Circle Icon
No foreign currency optimized debt card

WorldRemit Logo

WorldRemit

WorldRemit began operations in 2010. This TransferWise competitor has its headquarters in the UK, with offices also in Australia, New Zealand, the U.S., Canada and Japan. The company has processed over a million transfers since inception, having transferred funds to over 125 countries. You can use the WorldRemit website in English, French and Spanish. 

WorldRemit specializes in sending money from and to many more countries than TransferWise. WorldRemit also allows sending money online for cash pickup and international bill payment. This is something that TransferWise does not offer to it's customers. If you want to send money for cash pickup, pay bills internationally or send money to mobile wallets, then TransferWise is the best alternative for you.

Continue reading the WorldRemit review.

Pros

Remove Circle Icon
Transfer funds to bank accounts or cash pick up centers
Remove Circle Icon
Top up mobile airtime and mobile wallets
Remove Circle Icon
Minimum transfer amount is £1 or its equivalent in another currency
Remove Circle Icon
Multilingual website
Remove Circle Icon
Larger support for registration countries

Cons

Remove Circle Icon
Serves only individuals and not businesses
Remove Circle Icon
Transfer limits depend on where you live and the desired mode of transfer
Remove Circle Icon
Transfer fees vary according to the currencies being traded, the amount being transferred and the transfer method
Remove Circle Icon
No forward contracts or limit orders
Remove Circle Icon
Can not schedule transfers
Remove Circle Icon
Sending cash and bill payment is more expensive than sending to a foreign bank account

XE Money Transfer Logo

XE Money Transfer

XE is a Canada-based TransferWise alternative that also has offices in the U.S. and the UK. It began operations in 1993, and merged with UK-based HiFX in 2019. XE provides fee-free personal transfers. Business clients are required to pay nominal fees. You may use the XE website in different languages.

Pros

Remove Circle Icon
Lets you register as an individual or a business
Remove Circle Icon
Fee-free personal transfers
Remove Circle Icon
Provides limit orders
Remove Circle Icon
Large list of supported destination countries and currencies

Cons

Remove Circle Icon
Does not allow scheduling of transfers
Remove Circle Icon
Cash pick up is not supported
Remove Circle Icon
Foreign bill payments are not supported

WorldFirst Logo

WorldFirst

WorldFirst is one of the alternatives to TransferWise in the UK, Singapore, Australia and New Zealand. It is the best alternative for UK residents. WorldFirst also has an alternative to the TransferWise Borderless account. The WorldFirst World Account offers currency local bank account details than WorldFirst. Uniquely it offers a CNH receiving account for Online Sellers giving access to the Chinese market.

WorldFirst is cheaper than TransferWise when sending and converting high volumes of money internationally over the course of a year. Fee margins for high volumes can be as low as 0.25% and even lower at 0.15% for high volume international businesses. 

WorldFirst has provided international fund transfer services since 2004, when it began operations as a small business in Stockwell, South London. Over time, it has gone on to become a leading alternative to companies such as TransferWise. In 2011, this company crossed the £5 billion mark in transactions. By 2013, it had processed over 120,000 payments. Now, WorldFirst also has offices in Australia, Hong Kong and Singapore. Other than English, its websites are available in French, Japanese and Chinese. Learn more with this WorldFirst review.

Pros

Remove Circle Icon
Very transparent and low fee structure
Remove Circle Icon
Provides services to individuals, businesses and online sellers
Remove Circle Icon
Offers spot orders and forward contracts
Remove Circle Icon
Allows scheduling of transfers
Remove Circle Icon
Use the “World Account” to receive funds and make payments in foreign currencies through local virtual receiving bank accounts
Remove Circle Icon
Integrate your World Account and Xero with ease
Remove Circle Icon
Multilingual website
Remove Circle Icon
Local phone support in different countries

Cons

Remove Circle Icon
No support for USA registrations
Remove Circle Icon
No cash pick up centers
Remove Circle Icon
Varied sending limits that depend on where you live and the desired payment method