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Wise VS OpenAlternative

Compare Wise VS OpenAlternative and see what are their differences

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Wise logo Wise

Currency exchange Banks and other providers could charge you up to 5% in hidden costs when sending ...

OpenAlternative logo OpenAlternative

Discover Open Source Alternatives to Popular Software
  • Wise Landing page
    Landing page //
    2023-09-02
  • OpenAlternative Landing page
    Landing page //
    2025-01-20

OpenAlternative is a community driven list of open source alternatives to proprietary software and applications. The goal of the site is to be your first stop when researching for a new open source service to help you grow your business. It will help you find alternatives and reviews of the products you already use.

I’ve always been a fan of open source software and I’ve always wanted to contribute to the community in some way. I thought that creating a list of open source alternatives to proprietary software and applications would be a great way to give back to the community.

Wise features and specs

  • Low Fees
    Wise offers competitive and transparent fees compared to traditional banks and many other money transfer services.
  • Real Exchange Rates
    Wise uses the mid-market exchange rate, meaning users get the real exchange rate without any hidden markups.
  • Fast Transfers
    Many transfers through Wise are processed quickly, often within a few hours or a day, depending on the destination country and payment method.
  • Multi-Currency Accounts
    Users can hold and manage money in multiple currencies with Wise's Borderless Account, making it easier for those who deal with international payments regularly.
  • Transparent Pricing
    Wise is upfront about their fees and the total cost of a transfer, so users know exactly how much they'll pay and how much the recipient will receive.
  • User-Friendly Interface
    Wise offers a clean and intuitive application and web interface, making it easy for users to navigate and complete transactions.

Possible disadvantages of Wise

  • Limited Customer Support
    Wise's customer support is primarily online, and some users report difficulties in reaching live assistance or having slow response times.
  • Transfer Limits
    There are limits on how much money can be transferred in a single transaction or over a period of time, which might be restrictive for some users.
  • Lack of Physical Locations
    Unlike traditional banks, Wise doesn't have physical branches, which can be an inconvenience for those who prefer in-person banking services.
  • Verification Process
    New users or those making large transfers may have to go through a lengthy verification process, which can delay the initial transaction.
  • Not Available in All Countries
    Wise does not operate in every country, limiting its accessibility for some users looking to send or receive international payments.
  • Occasional Delays
    While generally fast, some transfers may experience delays due to various factors, such as banking hours, holiday schedules, or compliance checks.

OpenAlternative features and specs

  • Open Source
    OpenAlternative provides a platform that supports open source alternatives to proprietary software, promoting transparency and community collaboration.
  • Cost-Effective
    With access to a range of free-to-use software alternatives, users can save on licensing fees associated with proprietary software.
  • Community Support
    Users benefit from community-driven support and development, leading to continuous improvements and updates driven by user feedback.
  • Privacy-Focused
    OpenAlternative prioritizes user privacy by promoting software that does not rely on invasive data collection practices common in proprietary solutions.

Analysis of Wise

Overall verdict

  • Overall, Wise is highly regarded as one of the top options for international money transfers. It is praised for its transparency, cost-effectiveness, and ease of use, making it a preferred choice for many users.

Why this product is good

  • Wise is considered a reliable and efficient service for international money transfers due to its transparent fee structure and competitive exchange rates. The platform uses a mid-market exchange rate with no hidden fees, making it a popular choice for individuals and businesses looking to transfer money across borders. Additionally, Wise is known for its user-friendly interface and fast transfer speeds.

Recommended for

  • Individuals needing to send money abroad frequently.
  • Expats living in foreign countries who need to transfer money to home accounts.
  • Freelancers and remote workers receiving payments from international clients.
  • Businesses conducting international transactions.

Wise videos

+ Add

TransferWise Review - 3 Must Knows (2020)

More videos:

  • Review - TransferWise in detail
  • Review - Transferwise Review

OpenAlternative videos

No OpenAlternative videos yet. You could help us improve this page by suggesting one.

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Category Popularity

0-100% (relative to Wise and OpenAlternative)

Wise

OpenAlternative

Online Payments
100 100%
Online Payments
0% 0
Open Source
0 0%
Open Source
100% 100
Money Transfer
100 100%
Money Transfer
0% 0
Developer Tools
0 0%
Developer Tools
100% 100

User comments

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Reviews

These are some of the external sources and on-site user reviews we've used to compare Wise and OpenAlternative

Wise Reviews

6 Cheaper Payoneer Alternatives for Your Online Transcations
Wise is a well-known alternative to traditional banking and offers competitive rates for international money transfers. It operates on a peer-to-peer system, ensuring low fees by matching individuals who want to exchange currency in different countries.
Source: www.withparallax.com
Top 5 Payoneer Alternatives [2024]
Wise offers fast, convenient transfers with transparent fees based on mid-market exchange rates, as well as a multi-currency account for both individual and business customers. While Wise offers several tools for business customers, such as expense cards, it is not as extensive as those offered by Payoneer. On the other hand, Payoneer’s fee structure is only transparent on...
Source: www.exiap.com
Top 5 Payoneer Alternatives for Seamless Online Transactions
Both offer global transactions, but Wise shines with competitive exchange rates and transparent fees, while Payoneer focuses on receiving payments with features like virtual cards. Choose Wise for cost-effectiveness, Payoneer for easy receiving.
Source: www.doola.com
Best money transfer apps of 2021
TransferWise does also offer Business pricing, which adds in extra features that are free, including the ability to receive money in EUR, USD, GBP, PLN, AUD and NZD currencies without charge. However, this comes with a 0.33%-3.56% fee to convert currencies. The supporting TransferWise debit Mastercard comes free too, with the same currency conversion fee of 0.33%-3.56% plus...
Source: www.techradar.com
Top 7 Wise Alternatives
Wise’s Multi Currency Account (review) and associated Wise card (review) (which works great as a travel money card) are especially useful to expats who need banking features in a new country to pay rent, buy groceries, or receive money like a local (Wise offers international bank details in 10 currencies).
Source: transumo.com

OpenAlternative Reviews

We have no reviews of OpenAlternative yet.
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Social recommendations and mentions

Based on our record, Wise should be more popular than OpenAlternative. It has been mentiond 24 times since March 2021. We are tracking product recommendations and mentions on various public social media platforms and blogs. They can help you identify which product is more popular and what people think of it.

Wise mentions (24)

  • Which bank in vietnam have the lowest fee for overseas remittance?
    I don't think you need to be a holder of both. I put my mom on my Wells Fargo account and she sent to my account. There is also https://wise.com/us/ . This one I have used to send to someones account in Vietnam. It does have slightly higher fee. But it goes straight into their account. From Wells Fargo I would have to go and get USD then exchange it to Vietnamese currency. Source: about 2 years ago
  • We are happy to welcome you to Auction 88 — Coins of The World.
    They invoice in Euros (Czech Republic) so also be aware of fees on payments. I've successfully used TransferWise (https://wise.com/us/). Source: over 2 years ago
  • Recommend me a first credit card with 0 foreign tx fee
    It's not a credit card. It's just a way to convert currency w/o a fee. https://wise.com/us/. Source: over 2 years ago
  • Renting an apartment without a US Bank account?
    Get a Wise account. Open one in your local currency, and one in US currency. I was doing that for the first few months. Source: almost 3 years ago
  • My New Client Is Asking Me For My Bank Info
    I’ve used Wise for bank payments from international clients before: https://wise.com/us/ that way you’re not giving them your actual bank info but the process is similar on the client’s end. Source: almost 3 years ago
View more

OpenAlternative mentions (5)

  • OpenAlternative – open-source Alternatives to Popular Software
    I dunno why someone would link to the repo, it's not a project one builds to host locally Also, for comparison: https://openalternative.co/?q=splunk https://alternativeto.net/software/splunk/?license=opensource. - Source: Hacker News / 5 months ago
  • I want to create IMDB for Open source projects
    There are a few: - https://openalternative.co/ - https://www.opensourcealternative.to/ - https://opensourcealternatives.org/ - https://www.btw.so/open-source-alternatives By just aggregating everything FOSS, doesn't mean its useful. Its useful in a certain context - such as searching for alternatives. If you are uncertain how to "plan the product", don't plan -> just start. - Source: Hacker News / over 1 year ago
  • I want to create IMDB for Open source projects
    I've built https://openalternative.co a month ago, but it's pretty niched down to software/saas applications. I think a more general one for broader selection of open source software would also be nice to have. The code for OpenAlternative is on GitHub if you want to use some or take inspiration. - Source: Hacker News / over 1 year ago
  • How to Build Dynamic Breadcrumbs in Remix
    If you're interested to see how breadcrumbs can be implemented in a real-world application, you can check out the OpenAlternative project, or check out the source code. - Source: dev.to / over 1 year ago
  • Growing a side-project to 100k Unique Visitors in one week
    I then picked the simplest name I could find and registered openalternative.co for $6.99. - Source: dev.to / over 1 year ago

What are some alternatives?

When comparing Wise and OpenAlternative, you can also consider the following products

Bill.com - Your financial operations platform. The intelligent way to create and pay bills, send invoices, manage expenses, control budgets, and access the credit your business needs to grow—all on one platform.

AlternativeTo - AlternativeTo lets you find apps and software for Windows, Mac, Linux, iPhone, iPad, Android, Android Tablets, Web Apps, Online, Windows Tablets and more by recommending alternatives to apps you already know.

Zoho Invoice - 100% free online invoicing software for small businesses.

SaaSHub - Find and promote software that will help you grow your business or to be more productive.

The Invoice Machine - The Invoice Machine is an online invoicing service with a simple and elegant user interface.

Product Hunt - A website that lets users share and discover new products

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