Wise Business vs MoneyGram Business: Which is better for your business?
This article covers:
Choosing the right business account makes a big difference in how you manage your finances. We’re comparing Wise Business and MoneyGram Business, which includes their features, pricing, business card options and more, to help you decide which one works best for you.
| Wise Business | MoneyGram Business | |
|---|---|---|
| Features | Hold and exchange 40+ currencies, receive local account details in 9+ currencies, integrate with accounting software like QuickBooks and Xero, multi-user access with custom permissions, batch payments | Access to 5 billion+ bank accounts and digital wallets worldwide, simple and modern APIs, global money transfers with competitive fees and exchange rates, industry-leading compliance program |
| Pricing | One-time setup fee of $31, no monthly subscription, currency conversion fees starting from 0.43%, international transfer fees with a small fixed fee and variable fee starting from 0.43%, ATM withdrawal fees after free limit | Fees vary based on transaction details, competitive exchange rates, no specific information on monthly subscriptions or setup fees |
| Business Cards | Physical and virtual cards available, first card free, additional cards for team members at $3 each, set spending limits and alerts, free ATM withdrawals up to $100 per month | No business card offerings available |
Wise Business vs MoneyGram Business: Key Features
| Wise Business | MoneyGram Business | |
|---|---|---|
| Supported Currencies | Hold and exchange 40+ currencies | |
| International Payments | Send money to 160+ countries with transparent fees | Access 5 billion+ bank accounts and digital wallets worldwide, competitive fees and exchange rates |
| Accounting Software Integration | Integrates with QuickBooks, Xero, FreeAgent, and more | Not specified |
| Business Debit Cards | Physical and virtual cards available, set spending limits and alerts | Not available |
| App | Mobile app with real-time tracking and transaction management | Not specified |
Both options offer robust features. Wise Business stands out with its comprehensive multi-currency support and seamless integration with accounting software, making it ideal for businesses dealing with international transactions and requiring streamlined financial management. MoneyGram Business excels in providing extensive global reach with access to billions of bank accounts and digital wallets, suitable for businesses focusing on widespread international money transfers. The best choice depends on your business’s specific needs.
Wise Business vs MoneyGram Business: Pricing
| Wise Business | MoneyGram Business | |
|---|---|---|
| Account Opening Fee | One-time fee of $31 | Not specified |
| Monthly Subscription | None | Not specified |
| Currency Exchange Fees | Mid-market rate with fees starting from 0.43% | Not specified |
| Money Transfer Fees | Small fixed fee plus variable fee starting from 0.43% | Not specified |
| FX Fees | Mid-market rate with transparent fees | Fees vary based on transaction details, competitive exchange rates |
Wise Business offers a competitive pricing structure with a one-time setup fee of $31 and no monthly subscription, making it cost-effective for businesses with frequent international transactions. MoneyGram Business’s fees vary based on transaction specifics, so it’s advisable to assess your transaction volume and frequency to determine which pricing structure aligns better with your business needs.
Wise Business vs MoneyGram Business: Business Cards
| Wise Business | MoneyGram Business | |
|---|---|---|
| Physical Card | Available, first card free, additional cards at $3 each | Not specified |
| Virtual Card | Available, free | Not specified |
| Custom Card | Not specified | Not specified |
| ATM Withdrawal | Free up to $100 per month, then $1.50 plus 2% per withdrawal | Not available |
Wise Business offers both physical and virtual business debit cards with features like setting spending limits and receiving spending alerts, providing flexibility and control over business expenses. MoneyGram Business does not offer business card functionalities.
See how Instarem compares
| Instarem | |
|---|---|
| Features | Hold and exchange multiple currencies, send real-time payments, secure transactions, process up to 1,000 payments, and fund transactions seamlessly with Visa or Mastercard® credit cards |
| Pricing | No monthly fees and no fees for cross currency payments |
| Business cards | Virtual prepaid Mastercard® with FX savings and customised spending controls |
Getting started with Instarem is easy
- Click here to get a free Instarem business account
- Enter your company details
- Once approved, add beneficiary details, saved for future transfers
- Select a payment method and we’ll show you rates and fees upfront
Register with Instarem business today
Take control of your business finances with Instarem. Enjoy competitive exchange rates, streamlined payments, and fast & secure transactions.
