The Best Payment Apps for 2023

Wise earned our top spot because it uses the standard exchange rate instead of bank rates. Anyone who transfers money internationally can use Wise. Its multi-currency account offers a cheaper alternative to the fixed fees and exchange-rate markups often charged by banks.

Wise took the top spot for best international payments because it doesn’t charge overly large international transaction fees or exchange rates. You can send money to over 80 countries. However, you may send money to a country not on Wise’s list if the recipient’s account uses U.S. dollars, euros, or pounds.

Wise offers mobile apps for Apple and Android devices and enables robust security and encryption so you can protect your personal information. You can also choose two-factor authentication for extra security. Wise doesn’t offer the same protection that the Financial Services Compensation Scheme (FSCS), the U.K.’s statutory deposit insurance and investors compensation organization, offers with a bank account.

Converting money can take a maximum of two working days, but often takes less time. It also depends on how quickly the recipient’s bank can process deposits and the ways in which you can send money in that particular country.

For the personal accounts, the daily limit to receive funds is $1,000,000 and the annual limit is $5,000,000. For business accounts, the limits are $3,000,000 daily and $15,000,000 annually.

You can spend the money you keep with the Wise card.

If you accidentally send the wrong payment to the wrong person, try canceling the transfer yourself and set up a new transfer using the correct bank details. However, sometimes it’s too late to cancel. Once marked «complete,» the money goes into the banking system. In that case, get in touch with the person you paid and ask them to contact their bank and find out whether their bank can send the money back to Wise.