Wise, formerly known as TransferWise, has gained great popularity among enterprises making cross-border transactions. With its transparent pricing and competitive exchange rates, Wise is a great solution for most business entities involved in cross-border trading.

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However, Wise is not a one-size-fits-all product, as several Indian businesses continue to face issues in terms of volume, currency support, and features like bulk payments or GST invoicing. As companies grow, their needs extend beyond what’s possible with Wise, making it important to look for the perfect Wise alternatives for their business payments.

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This article presents the best alternatives to Wise, prioritizing options that correspond to the unique needs of Indian businesses. Whether it is better fees, more currencies, or business payment-specific features, everything is covered. Let's start!

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What is Wise - It’s Features and Drawbacks

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Founded with the aim of making cross-border payments more transparent and affordable, Wise has already disrupted traditional banking methods by providing an easy, tech-enabled way to send and receive money across borders. It is now a globally recognized platform that specializes in low-cost international money transfers.

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Features of Wise

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Low-Cost International Transfers: Wise uses the real mid-market exchange rate with no hidden markups, making it one of the cheapest ways to send money abroad.

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Multi-Currency Accounts: The Wise Business Account enables you to hold and manage funds in over 40 currencies.

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Batch Payments for Businesses: Businesses can make up to 1,000 payments at once with Wise's batch payment feature. It is particularly convenient for payroll or suppliers' payments.

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Fast Transfers: Most transactions are done within a day, while some are done in just minutes, depending on the currency and the destination country.

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Regulated and Secure: Wise is licensed and regulated in several jurisdictions, thus it is compliant with global financial regulations.

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Drawbacks of Wise

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Although Wise is superior in transparency and cost-efficiency, Wise has few weaknesses for businesses:

• Wise places caps on the amount you can transfer, which limits its popularity among businesses handling high-value transactions.
• Lacks features such as GST invoicing or dedicated account managers for significant volume clients.
• Lacks options like virtual accounts, debit/credit card integrations, or digital wallet payments.

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Wise Competitors: A Quick Comparison

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The following are the wise alternatives for business payments on a global scale.

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Top Wise Alternatives for Business Payments

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Below are some excellent alternatives to Wise for business payments:

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1. Karbon Business

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Karbon Business is an excellent solution specifically tailored for Indian businesses handling cross-border payments. It reduces the complexity of sending and receiving international payments through competitive exchange rates and enhanced regulatory compliance.

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Features:

• End-to-end support for cross-border payments, including both inward and outward remittances.
• Fast transactions with enhanced regulatory compliance for Indian businesses.
• Transparent fee structure with no hidden charges.

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Disadvantage:

• Features designed for business/freelancer payments, not personal payments.

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2. Payoneer

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Payoneer is an all-around platform for business owners who receive payments from global marketplaces or clients.

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Features:

• Multi-currency accounts for holding and managing funds.
• Easy integration with platforms Amazon, Upwork, and Fiverr.
• Low fees for receiving payments.

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Disadvantage: 

• Higher currency conversion charges compared to Karbon and Wise.

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3. Revolut Business

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Revolut Business provides a global banking solution with rich budgeting and expense management capabilities.

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Features:

• Company cards for the team: Use company cards for team spending.
• Multi-currency accounts: Support with real-time exchange rates

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Disadvantage: 

• Not easily available for Indian business due to licensing

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4. OFX

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OFX is a reliable provider of non-margin currency exchanges. It is also known for its personalized customer service.

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Features:

• Best exchange rates for high-value transactions
• Account managers dedicated to supporting businesses.

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Disadvantage: 

• Slower transaction times compared to Wise or Karbon.

5. Interactive Brokers

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Ideal for companies with large forex requirements, as it provides professional payment management tools and solutions for high-value transactions.

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Features:

• Low forex spreads when dealing with big-volume orders
• Exposures to more international markets for the growing international business

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Disadvantage:

• Suitable only for those with more monetary experience.

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Overall, Karbon Business is one of the best alternatives to Wise for Indian businesses due to its localized services. Karbon Business could be worth exploring for a seamless and efficient international payment experience.

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Overview of International Business Remittance Charges

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Transfer Fees:

• Transfer fees typically range from $5 to $50 per transaction, depending on factors like the destination country, transfer amount, and speed. For example, transferring $1,000 to India might incur a fee of around $10 with some providers.

Exchange Rate Margins:

• Exchange rate margins usually range from 0.5% to 3% above the mid-market rate. For instance, if the mid-market exchange rate for USD to EUR is 1.20, a remittance provider might offer a rate of 1.17 for transfers, resulting in a margin of 2.5%.

Transaction Limits:

• Transaction limits vary among providers, with some allowing transfers of up to $10,000 per transaction for business accounts. However, others may have lower limits, such as $5,000 per transaction.

Additional Charges:

• Additional charges may include expedited transfer fees of $20 to $50 for faster delivery, currency conversion fees ranging from 1% to 3%, and receiving fees of $10 to $30 for funds in a different currency.

Bank Charges:

• Bank charges for intermediary or receiving fees can range from $10 to $30 per transaction, especially for international transfers involving multiple banks.

Subscription Plans or Packages:

• Subscription plans may cost around $20 to $50 per month for business users, offering benefits like discounted fees, preferential exchange rates, and additional features.

Promotional Offers:

• Promotional offers may include discounts such as waiving transfer fees for the first transaction or offering a 20% discount on fees for a limited period.

Regulatory Compliance Costs:

• Compliance costs for regulations like anti-money laundering and Know Your Customer requirements may add up to $5 to $10 per transaction for remittance providers.

Volume Discounts:

• Businesses sending large volumes of transactions may qualify for volume discounts, such as a 10% discount on fees for sending over $50,000 per month.

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These are some things to be kept in mind while making a business outward remittance from India. This is where Karbon forex comes into play. We cater to international business remittances for both inward and outward remittances. 

What is the process involved? We have broken it down with utmost transparency so you have no qualms in mind when you decide to become our client. 

How Does Karbon Forex Work as a Wise Alternative?

The banking route for Karbon forex transactions is done with the help of our various partner banks. 

This is a simpler and quicker method that many customers choose due to quicker transaction time. 

The user needs to upload the international vendor’s invoice. Once the invoice is uploaded on the user dashboard, the collection of documents takes place. 

• 15 CA forms as produced by the company. It reveals information on tax declarations by the company.
• 15 CB as produced by CA(You may choose your own CA or our in house expert with 15+ years of experience )
• Form A2 
• FEMA declaration - ethical code of declaration by the company to the Government of India (as per FEMA Act 1999 )

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Following the completion of the form submission process, updates are made simultaneously to both the client dashboard and the Karbon dashboard where we get information about your transaction request. 

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Lastly, your approval is sought through the use of a digital signature and Aadhaar e-verification.

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If the transaction involves a vendor who has previously transacted with Karbon, it will be completed within 5 hours. Otherwise, it may take up to a maximum of 72 hours.

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Sign up now to know the markup fees you are eligible for!

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