Wise alternatives for business: fees and features compared

Key takeaways

Wise works well for straightforward transfers, but per-conversion fees add up at volume, and there’s no FSCS deposit protection.
The best Wise alternatives for UK businesses include OFX (competitive FX with finance automation), Airwallex (API-first scaling), Revolut Business (FSCS up to £120,000), and Payoneer (marketplace receivables).
OFX offers a £0 Standard plan, competitive exchange rates, 30+ currencies, and built-in tools for spend management, AP automation, and corporate debit cards.
Only Revolut Business offers FSCS deposit protection among the featured providers. Others (including Wise and OFX) are FCA-regulated electronic money institutions that safeguard funds.

Finding an affordable, reliable way to send money abroad matters when your business makes regular international payments. This guide compares the top Wise alternatives for UK businesses, breaking down fees, features, and which providers fit different transfer needs.

Why UK businesses look for Wise alternatives

UK businesses look for Wise alternatives when their international payment needs outgrow what a single-purpose transfer tool can offer. With UK firms exporting £862 billion of goods and services in the year to February 2024¹, moving money across borders efficiently has become a core finance priority. Wise has earned a strong reputation for transparent pricing and mid-market exchange rates, making it a strong choice for businesses sending the occasional international payment. But as payment volumes grow, finance teams often run into some inherent limitations with this tool.

The first is cost at scale. Wise charges a per-conversion fee from 0.24%², and independent fee analysis shows rates can reach around 2.85% on certain currency routes³. That adds up quickly when you’re converting tens or hundreds of thousands each month. Cash flow is already under pressure for many UK firms, with late payments alone costing the UK economy £11 billion a year⁴, so every point of payment cost matters.

The second is business tooling. Wise offers debit cards and basic batch payments, but it doesn’t include deeper finance-operations features like AI-powered accounts payable automation, spend management with budgeting controls, or hedging tools such as Forward Contracts. Businesses using Wise often find themselves juggling multiple tools when they would rather have access to a single connected platform.

The third limitation of this tool is support. Wise primarily offers in-app chat and phone support during business hours. Finance teams managing complex, high-value payments sometimes want direct access to a dedicated human specialist.

Finally, Wise is an FCA-regulated electronic money institution, not a bank. That means funds are safeguarded rather than protected by the Financial Services Compensation Scheme (FSCS). For some businesses, that distinction matters.

OFX Global Business Account

Receive, hold, convert, and send funds across a wide range of currencies. Reduce costs and gain greater control over your international payments.

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What to look for in a Wise alternative

Not every alternative suits every business. Here are the criteria that matter most:

Total FX cost. Look beyond headline rates and also factor in the FX margin, per-transfer fees, monthly or setup fees, and any SWIFT charges. A provider with no monthly fee but a higher margin may cost more than one with a subscription and lower margins.
Currencies and countries. Check the provider supports the currencies you send and receive, and can deliver to the countries you operate in. Local receiving accounts (GBP, EUR, USD) cut costs when clients pay you.
Payment rails. Faster Payments (FPS), SEPA, and local rails are quicker and cheaper than SWIFT. Confirm which rails your provider uses by default.
Finance-operations tooling. Do you need corporate debit cards with spend controls? AP automation to cut manual invoice processing? Expense management and approval workflows? Integrations with Xero or QuickBooks Online? These features can save as much time as the FX savings.
Support. Consider whether you want self-serve tools, in-app chat, or access to human specialists around the clock.

Is your money safe? FSCS vs safeguarding

Most Wise alternatives (including OFX, Airwallex, Payoneer, and WorldFirst) are FCA-regulated electronic money institutions. They’re required to safeguard customer funds, which means keeping them separate from company operating funds.⁵ But they’re not banks, so FSCS deposit protection (up to £120,000 per eligible depositor)⁶ doesn’t apply.

Revolut Business is the exception. It holds a UK banking licence and offers FSCS protection up to £120,000.⁷ If deposit insurance is non-negotiable for your business, Revolut or a traditional UK bank may be the right fit.

In the UK, OFX is regulated by the Financial Conduct Authority as an electronic money institution. OFX is not a bank, and so you are not protected by the Financial Services Compensation Scheme when you send money with OFX.⁸ OFX safeguards customer funds, engages with over 50 regulators globally, and monitors transactions with advanced fraud-prevention technology.⁸

Learn more about how OFX keeps your money and information secure.

The best Wise alternatives for business at a glance

Provider	Monthly fee	Local receiving	Currencies	Standout feature	FSCS protected?
OFX	£0 (Standard) / £75 (Full Suite)⁹	Free via FPS and SEPA⁹	30+ currencies, 180+ countries¹⁰	Built-in finance automation and 24/7 human support	No (FCA EMI, safeguarded)
Airwallex	£0 / £19 / £49 / Custom¹⁴	Free for most currencies¹⁴	20+ local accounts15, 200+ SWIFT countries¹⁴	API-first platform with strong developer tools	No (FCA EMI, safeguarded)¹⁵
Revolut Business	£10 / £35 / £125¹⁶	Included	25+ currencies¹⁷	FSCS-protected UK bank with all-in-one app	Yes (up to £120,000)⁷
Payoneer	£0 (annual fee if low volume)¹⁸	Free local; 1% non-local¹⁸	70+ currencies, 190+ countries¹⁸	Strong marketplace integrations for receivables	No (e-money, safeguarded)¹⁹
WorldFirst	Pricing varies (check the provider)	Varies	Multi-currency accounts	Marketplace seller integrations	No (FCA EMI, safeguarded)

The best Wise alternatives compared

OFX

Best for: Businesses wanting competitive exchange rates, 24/7 human support, and built-in finance automation in one platform.

OFX is a global money transfer provider offering multi-currency accounts, international payments, and FX tools. The Standard plan costs £0 and includes corporate debit cards and unlimited users (fair use)⁹. The Full Suite at £75 per month⁹ adds AI-powered AP and bill automation, spend management, expense management, and approval workflows with budgeting controls.

You can hold and convert 30+ currencies, send payments to 180+ countries¹⁰, and receive funds for free via FPS and SEPA (SWIFT fees may apply for other rails)⁹. Local account details are available in GBP, EUR, USD, and CAD⁹. OFX integrates with Xero and QuickBooks Online.

For managing FX risk, OFX offers Forward Contracts and Limit Orders. And unlike many fintechs, OFX provides 24/7 human support by phone, email, and online chat⁹.

Pros: Competitive, transparent exchange rates. One connected platform with finance automation. Forward Contracts for rate certainty. Real human support around the clock.

Cons: Not FSCS-protected (FCA-regulated EMI). No marketplace-specific integrations.

Airwallex

Best for: Scaling, tech-forward businesses that want API-first infrastructure and multi-currency expense cards.

Airwallex offers plans from £0 (if you maintain a £10,000 deposit or balance) up to £19, £49, or custom pricing for larger businesses.¹⁴ The FX margin is 0.50% for major currencies and 1.00% for others¹⁴.

Local transfers to 120+ countries are free. SWIFT transfers cost £10 (shared fees) or £20 (sender pays all), reaching 200+ countries.¹⁴ Most receiving is free, though some currencies carry small fees (0.30% PHP, 0.60% for KRW, VND, BRL, MYR)¹⁴.

Airwallex is strong on developer tools and API access, making it popular with tech teams building custom payment flows. Its expense cards support 20+ currencies¹⁵ with no FX fee when spending from a held balance.

Pros: API-first platform. Competitive FX margins. Strong expense card offering.

Cons: Not FSCS-protected. Higher plan tiers can get expensive.

Revolut Business

Best for: Businesses wanting an all-in-one banking app with FSCS deposit protection.

Revolut Business plans run from £10 per month (Basic) to £35 (Grow), £125 (Scale), or custom Enterprise pricing.¹⁶ Each plan includes a free FX allowance: Basic gets £1,000 per month, Grow gets £15,000, and Scale gets £60,000¹⁶. Beyond the allowance, FX costs 0.6%, with a 1% surcharge on weekends and out-of-hours¹⁶.

International transfers are free within allowance, then £5 each. Guaranteed SWIFT (OUR) costs £20.¹⁶ UK domestic transfers are free within allowance, then £0.20.

The standout: Revolut holds a UK banking licence, so deposits are FSCS-protected up to £120,000⁷. If deposit insurance matters to your business, this is an important differentiator.

Pros: FSCS protection. Slick app. Good for businesses that stay within FX allowances.

Cons: Costs rise quickly once you exceed allowances. Weekend surcharges. Only 25+ currencies¹⁷ compared to some rivals.

Payoneer

Best for: Online sellers and businesses receiving payments from marketplaces.

Payoneer has no monthly fee, but charges a US$29.95 annual fee if you receive less than US$6,000 in 12 months.¹⁸ Currency conversion costs 0.5% on your own balances, or 1.2% to 4% when withdrawing with FX.¹⁸

Local receiving is free. Non-local receiving costs 1% (minimum US$1). Funding from a bank costs 1%, and credit card funding can reach 3.99% plus US$0.49.¹⁸

Payoneer excels at marketplace receivables. It integrates with Amazon, eBay, Fiverr, Upwork, and other platforms, making it easy to collect payments from multiple sources into one account. It supports 70+ currencies and 190+ countries¹⁸.

Pros: Strong marketplace integrations. No monthly fee for active accounts. Wide currency coverage.

Cons: Withdrawal and conversion fees add up. Not FSCS-protected.

WorldFirst

Best for: Import/export businesses and e-commerce sellers with marketplace integrations.

WorldFirst offers multi-currency accounts and marketplace integrations aimed at online sellers. It supports a range of currency accounts and connects with major e-commerce platforms.

Pricing varies, so check the provider’s site for current fees. WorldFirst is an FCA-regulated electronic money institution, meaning funds are safeguarded but not FSCS-protected.

Pros: Marketplace-focused. Multi-currency accounts.

Cons: Pricing not always transparent. Limited business tooling compared to full-platform providers.

Which fits your business? If you’re receiving-heavy (with clients paying you from abroad), prioritise free local accounts. If you’re paying suppliers in multiple currencies, look at total FX cost and hedging tools. If you need an all-in-one platform with finance automation, OFX’s Full Suite brings AP automation, spend management, corporate debit cards, and FX tools into one place.

How fees and FX really compare

Headline rates can be misleading. According to the Bank of England, a cross-border payment can take several days and cost up to ten times more than a domestic payment^20. A provider advertising a low starting margin may charge much more on common currency routes. In the end, a £0 monthly fee means little if the FX margin is double a competitor’s.

To compare fairly, look at total cost, including monthly or setup fees plus FX margin plus any per-transfer or SWIFT fees. Cross-border costs remain stubbornly high worldwide, and in 28 countries sending money abroad still costs more than 3% of the amount sent²¹.

Wise charges no monthly fee (with a one-off £50 setup for local details in 22 currencies), and its FX fee starts from 0.24%.² Independent fee analysis indicates the cost can reach around 2.85% depending on the currency pair.³ Receiving via SWIFT incurs fixed fees: £2.16 for GBP, US$6.11 for USD, €2.39 for EUR.²²

Airwallex charges 0.50% on major currencies and 1.00% on others.¹⁴ There’s no monthly fee if you maintain a £10,000 balance, otherwise plans range from £19 to £49, with custom pricing for larger businesses.

Revolut Business charges 0.6% beyond your plan’s FX allowance, plus a 1% weekend surcharge.¹⁶ If your volume fits within the allowance, it’s effectively free FX. Exceed it, and costs climb.

Payoneer’s 0.5% conversion fee is straightforward, but withdrawal fees (1.2% to 4%) can add up for businesses moving funds frequently.¹⁸

OFX offers competitive, transparent exchange rates with no hidden markups. The Standard plan costs £0⁹ with no setup fee. For businesses converting larger volumes, the predictable pricing and lack of per-transaction surprises can make a real difference to the bottom line. Forward Contracts let you lock in a rate for future payments, adding cost certainty when markets move.*

OFX vs Wise: head-to-head

Feature	OFX	Wise
Monthly fee	£0 (Standard) / £75 (Full Suite)	£0 (£50 one-off setup)
Currencies	30+ currencies, 180+ countries	40+ currencies
Local receiving	Free via FPS and SEPA	Free for 9 currencies; SWIFT fees apply
Support	24/7 human phone support	In-app chat and phone
Finance automation	AI-powered AP, spend management, expense tracking, approvals, budgeting (Full Suite)	Basic batch payments and cards
FX risk tools	Forward Contracts, Limit Orders	Rate alerts only
FSCS protected?	No (FCA EMI, safeguarded)	No (FCA EMI, safeguarded)

Why OFX stands out for business

OFX brings together three things that matter for growing businesses: competitive exchange rates, real human support, and built-in finance automation.

Competitive, transparent FX. OFX offers competitive rates with no hidden fees. The Standard plan costs £0. You can send payments to 180+ countries in 30+ currencies¹⁰, and receive funds for free via FPS and SEPA⁹.

Real human support. OFX provides 24/7 human support by phone, email, and online chat. When you’re managing a complex payment or need help navigating FX, you’re talking to a real specialist, not a chatbot.

Built-in finance automation. The Full Suite (£75 per month) includes AI-powered AP and bill automation, spend management, expense management, and approval workflows with budgeting controls. Corporate debit cards come with cashback on eligible spend and real-time expense tracking. Pay by Card lets you earn rewards on everyday supplier payments (Visa and Mastercard accepted in the UK). OFX integrates with Xero and QuickBooks Online.

FX risk management. Forward Contracts let you lock in today’s rate for future payments*. Limit Orders let you set a target rate and execute when the market hits it*. Both help manage currency risk and budget with confidence.

Registration takes under 10 minutes online, with verification typically completed in 2–3 business days and immediate platform access while your identity check is finishing. See our business pricing to learn more.

Frequently asked questions about Wise alternatives

What is the best Wise alternative for a UK business?

It depends on your priorities. For competitive FX with built-in finance automation and human support, OFX is a strong choice. For FSCS deposit protection, Revolut Business is the only featured provider with a UK banking licence. For marketplace sellers, Payoneer offers strong receivables integrations.

Is there a cheaper alternative to Wise?

Several alternatives can be cheaper depending on your volumes and currency routes. Wise’s published fees start from 0.24%, and independent analysis shows rates can reach around 2.85% on some routes, so providers with lower or more predictable margins may save you money at scale. Compare total cost (FX margin plus any monthly and transfer fees) rather than headline rates.

Are Wise alternatives safe? Is my money FSCS-protected?

Most Wise alternatives (including OFX, Airwallex, Payoneer, and WorldFirst) are FCA-regulated electronic money institutions that safeguard customer funds. FSCS deposit protection doesn’t apply because those listed alternatives are not registered as banks. Revolut Business is the exception, as it holds a UK banking licence and offers FSCS protection up to £120,000.

What’s the best multi-currency account for a UK business?

The best multi-currency business account depends on what you need beyond holding currencies. OFX offers 30+ currencies with built-in finance automation and competitive FX. Airwallex provides strong API tools for tech teams. Revolut offers FSCS protection but has FX allowance limits.

Which Wise alternative has the lowest FX fees?

FX fees vary by currency pair and provider, so the cheapest option depends on the currencies you use most and your monthly volume. Published margins include 0.50% on major currencies at Airwallex, 0.6% beyond allowance at Revolut, and 0.5% for conversions at Payoneer. Wise’s published floor is 0.33%, with independent analysis showing up to around 2.85% by route. The more useful comparison is total cost at volume: monthly or setup fees plus FX plus per-transfer charges, rather than a single headline rate.

Can I receive international payments for free?

Yes. OFX offers free receiving via FPS and SEPA. Wise offers free local receiving in nine currencies, with SWIFT fees for others. Airwallex offers free receiving for most currencies. Payoneer offers free local receiving but charges 1% for non-local methods.

Which alternative is best for my business size or volume?

Smaller businesses with occasional payments may find Wise or Revolut’s lower-tier plans sufficient. Growing businesses with higher volumes often benefit from OFX’s competitive rates and finance automation. Enterprise businesses with complex needs may prefer Airwallex’s API capabilities or OFX’s Full Suite with approval workflows.

*If you book a Forward Contract, it may mean losing out if the market rate improves because you’re contracted to settle at the agreed rate. Read more. Forward Contracts are not available for clients in Singapore. NZForex issues derivatives to wholesale clients only. Retail clients are not permitted or eligible to enter into any forward contract.

^If you book a Limit Order, it may mean losing out if the Market Rate continues to move above your Target Rate. There is no guarantee that your desired rate will be reached. Once the order is triggered, the transfer is binding and cannot be voided.

The contents of this article are general information only and do not constitute financial advice. Consider your own objectives, financial situation and needs before acting.

References

https://assets.publishing.service.gov.uk/media/662692cd1cbbb3400ba7e601/business-and-trade-facts-and-figures.pdf
https://wise.com/gb/pricing/business
https://transferfees.io/wise-fee-calculator/
https://www.gov.uk/government/publications/backing-your-business-our-plan-for-small-and-medium-sized-businesses/backing-your-business-our-plan-for-small-and-medium-sized-businesses-web-version
https://www.fca.org.uk/publications/policy-statements/ps25-12-changes-safeguarding-regime-payments-and-e-money-firms
https://www.fscs.org.uk/
https://help.revolut.com/help/accounts/what-does-the-uk-bank-licence-mean-for-my-account/question-now-that-revolut-is-a-bank-in-the-uk-how-is-my-money-protected/
https://www.ofx.com/en-gb/faqs/how-ofx-helps-protect-your-money/
https://www.ofx.com/en-gb/business/pricing/
https://www.ofx.com/en-gb/business/global-business-account/
https://wise.com/gb/pricing/business/receive
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https://wise.com/help/articles/4IusAofIppsIGPcs7sEIXI/how-our-uk-entity-wise-payments-ltd-safeguards-customer-funds
https://www.airwallex.com/uk/terms/fee-schedule
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https://www.revolut.com/legal/business-fees-all-plans-current/
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https://www.bankofengland.co.uk/payments/cross-border-payments
https://blogs.worldbank.org/en/opendata/the-cost-of-sending-remittances-is-higher-than-3–in-28-countrie
https://wise.com/help/articles/3EsxRDF4uNpQncdgH480os/fees-for-receiving-money-by-swift