TransferGo vs Wise Business: Which service is best for SMEs?

Are you a business owner looking for reliable and affordable business payment solutions? Maybe you’re looking for a way to streamline your business operations? Introducing the TransferGo vs Wise Business debate—a crucial discussion to help you determine the best service for your business needs.

In this piece, we’ll explore the advantages and disadvantages of Wise vs TransferGo, covering everything from their fees and market reach to their speed of payments, security, customer support and more.

Ready to compare the two platforms? Let’s go.

Key benefits of TransferGo for businesses  

First up, TransferGo. Let’s look at the many benefits of TransferGo Business for SMEs. When you sign up for a TransferGo Business Account, you’ll be able to:

• Send money to over 60 destination countries in 35 currencies with zero fuss
• Take advantage of low transaction fees and competitive currency exchange rates (plus, enjoy even lower rates for high-volume transactions!)
• Simplify your global financial management with its business multi-currency account—send, receive, hold and exchange money across the globe
• Rely on top-tier customer support in 9 different languages

How TransferGo simplifies business payments  

Simplicity is a key requirement in handling business transactions and luckily for business users, the TransferGo Business Account makes managing global cash flow effortless.

Allowing you to receive, hold, exchange and send low-cost international payments for businesses in multiple currencies, the TransferGo Business Account gives you full visibility and control over your finances thanks to clear payment histories and tracking.

Plus, you can pay up to 50 contacts in one go thanks to its batch payments option, saving busy business owners both valuable time and effort.

Multi-currency solutions: How Wise Business and TransferGo differ  

Wise Business allows businesses to hold and manage multiple currencies in a single account, promising customers that the ‘more you send, the more you save’. It costs 45 GBP to set up but there are no monthly fees and the platform uses a mid-market exchange rate. 

Meanwhile, the TransferGo Business Account is completely free to set up with no monthly fees and favourable exchange rates. The platform also makes it easy for businesses to lock in and exchange the best exchange rates when they see them. Plus, TransferGo offers lower rates for high-volume transactions.

Comparing TransferGo vs Wise Business fees and hidden costs

Wise Business FX fees are low and transparent and there are no monthly fees to pay. That said, you do need to pay a 45 GBP fee to initially set up your account.

Meanwhile, TransferGo is free to both set-up and manage. It charges zero fees on major transfer routes with exchange-rate markups as low as 0.35%. TransferGo is also completely transparent about any fees. What you see is what you pay.

While both companies offer competitively priced solutions for businesses, TransferGo provides the most cost-effective option for businesses prioritising low fees, allowing business owners to hold onto more of their hard-earned money.

Market reach: Supported countries and currencies  

TransferGo supports swift business payments to over 60 countries in over 35 currencies and counting. Meanwhile, you can send money to over 70 countries and 50 currencies with Wise Business.

It’s worth bearing in mind that TransferGo is constantly expanding its destination market. Don’t see your country listed at the moment? Watch this space.

Speed of payments: Which platform delivers faster transfers?  

As business owners know, high-speed payments are integral to healthy cash flow management. Fortunately, both TransferGo and Wise Business offer super-fast money transfers.

With TransferGo, you can send instant transfers with the money reaching its destination in minutes. Meanwhile, Wise Business claims that over half of their money transfers arrive in less than 20 seconds. TransferGo, on the other hand, claims that 97%+ of deliveries are consistently paid on time and often ahead of schedule. 

User experience: TransferGo vs. Wise Business for SMEs  

TransferGo’s new user-friendly interface is simple, straightforward and easy to use and navigate. Its tone of voice is direct but human, offering clear instructions and guidance to its users. Meanwhile, its mobile-friendly design and tracking allow users to send and track transfers on the go easily. This gives business owners better control over their transactions and finances wherever they are in the world. 

Wise Business also has a clean and intuitive interface with modern graphics and visually appealing graphics.

Customer support comparison: Wise Business vs. TransferGo for businesses  

Wise Business offers 24/7 customer support with an online support page answering any frequently asked questions. 

Meanwhile, TransferGo also has an online support page and its top-notch, dedicated customer support team is tailored to your business needs. The TransferGo Customer Support team speaks 9 languages and is available by phone, email and in-app chat with 80% of enquiries addressed within just 2 hours.

TransferGo’s customer support reputation is strong with the company receiving an average Trustpilot rating of 4.7/5 (compared to Wise’s average rating of 4.3/5).

Security and compliance: Ensuring SME transactions are safe  

TransferGo and Wise Business are among the best business payment platforms in the financial sphere; naturally, they both therefore implement high-grade security protocols and comply with FCA regulations to keep their customers’ money safe. 

Both companies also implement comprehensive AML (anti-money laundering) and CTF (counter-terrorist financing) measures, as well as strict Know Your Client (KYC) processes to protect all customers against financial crimes. 

Integrations for SMEs: Accounting and ERP system compatibility  

Wise Business works with tools like Xero and QuickBooks, which can help those businesses looking to integrate their existing systems with their Wise Business account. 

Meanwhile, TransferGo offers super-easy and fuss-free navigation, removing the need for complex integrations. This is one of the reasons why TransferGo set-up costs stay free.

Advantages and drawbacks for businesses

Advantages and drawbacks of Wise Business for SMEs  

And now to sum up. Does Wise Business cover all the bases for SMEs? Let’s find out…

Pros  

• Fees are transparent—what you see is what you pay
• Multi-currency account available in 40+ currencies
• Physical and virtual account cards available

Cons  

• Locking in your exchange rates for the future is not currently possible
• Set-up fees are high compared to competitors—it costs £45 to open a Wise Business Account

Advantages and drawbacks of TransferGo for SMEs  

Now that we’ve summed up the pros and cons of using Wise Business, let’s explore the advantages and disadvantages of TransferGo to settle the TransferGo Business vs Wise Business debate.

Pros

• Low fees on international money transfers with no sign-up or monthly fees
• High-speed transfers with the money reaching its destination in minutes
• Easy currency exchange for businesses with the option to hold balances in GBP, EUR, RON, PLN and more
• Dedicated team of customer support agents with an average rating of 4.7/5 on Trustpilot

Cons

• Limited integrations with accounting tools
• While TransferGo supports multiple countries and currencies, there are some countries not yet supported by TransferGo (but stay tuned!)

Conclusion: Choosing the right platform for your SME needs  

The outcome of the comparison of TransferGo and Wise Business depends solely on your business needs.

If low rates, high speeds and a trustworthy and dedicated customer support team are important to you, then the TransferGo Business Account could be the better choice. It’s free to set up and there are no monthly fees; plus, its dedicated team of customer support agents speak 9 languages and address 80% of enquiries within just 2 hours.

TransferGo has an average rating of 4.7/5 on Trustpilot with 40% of TransferGo’s customers coming to the platform due to word-of-mouth recommendations. This positions TransferGo as one of the top-rated financial providers for small to medium-sized businesses looking for a reliable and efficient business account platform.

Are you ready to streamline your business finances? Sign up for TransferGo today!

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The information provided in this blog post is for general informational purposes only and reflects the author’s personal opinion. Any comparisons made between TransferGo and other businesses are intended to highlight differences and provide a fair overview, based on publicly available information as of the date of publication.

While every effort is made to ensure the accuracy of the content, we make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date. We encourage readers to independently verify any claims or information presented in this post.

Any references to other companies, products, or services do not imply endorsement or affiliation with TransferGo, and we do not accept responsibility for the actions, products, or services of third parties.