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Apple Pay vs TransferWise

Apple Pay logo

Apple Pay

Software

The easier way to pay and send money

From
Free
Rated
-
Full reviewWebsite
TransferWise logo

TransferWise

Software

The cheapest way to send money abroad

From
Free
Rated
-
Full reviewWebsite

The short version

  • Each has a real cost: Apple Pay apple Pay works only in countries and regions that support contactless payments and is not available in all markets; TransferWise wise Card only available in selected countries, excluding major markets like UK
  • They diverge on capability: Apple Pay covers Digital wallet, TransferWise covers International transfers.

Where they differ

Only the attributes on which Apple Pay and TransferWise actually diverge.

Attributes where Apple Pay and TransferWise differ
AttributeApple PayTransferWise
Pricing modelfreeUnknown
PlatformsIOS, WatchOS, MacOSWeb, iOS, Android
Founded20142011

Identical on both: starting price (Free), free tier (Yes), user rating (Not yet rated), category (Unknown).

What each one covers

Drawn from each product's published feature list. An absence here means we hold no record of it - not that the product lacks it.

Only in Apple Pay

  • Digital wallet
  • Secure payments
  • Contactless transactions
  • P2P money transfers
  • Credit cards
  • Debit cards
  • WatchOS support
  • MacOS support

Only in TransferWise

  • International transfers
  • Real exchange rates
  • Currency conversion
  • Multi-currency accounts
  • Web support
  • Android support

Both cover

  • Bank accounts
  • IOS support

What people use each for

The jobs each tool is most often brought in to do.

Apple Pay

  • Contactless in store payment from iPhone and Apple Watchnot TransferWise
  • Paying in apps and on the web without entering card detailsnot TransferWise
  • Sending money between Apple users with Apple Cash and Tap to Cashnot TransferWise

TransferWise

  • Budget Managementnot Apple Pay
  • Expense Trackingnot Apple Pay
  • Investment Trackingnot Apple Pay

Where each one falls short

Documented limitations, not opinions. Every one is a constraint you would hit in normal use.

Apple Pay

  • Apple Pay works only in countries and regions that support contactless payments and is not available in all markets
  • Apple Cash is available only in the 50 United States, the District of Columbia and Puerto Rico
  • Apple Cash Family accounts and Tap to Cash transactions are each capped at 2000 USD within a rolling seven day period
  • Mac support requires a Touch ID equipped model
  • A card works only if the issuing bank supports Apple Pay, and banks may charge their own overseas usage fees

TransferWise

  • Wise Card only available in selected countries, excluding major markets like UK
  • Mid-market rate is still 0.33-0.5% plus spreads higher than interbank rates
  • Business accounts have additional requirements and higher minimums

Pricing, plan by plan

Apple Pay

Free
  • FreeFree
    • Secure payments
    • P2P transfers
    • Transit passes

TransferWise

Free
  • Personal AccountFree
    • Free account opening
    • Transfer in 40+ currencies
    • Mid-market exchange rates
  • Transfer fees$undefined/per-transfer
    • Transparent fees shown upfront
    • Average total cost 0.5-1%

Which should you pick?

Choose Apple Pay if

  • You need digital wallet.
  • You want to start without paying.
  • You work on IOS, WatchOS, MacOS.
  • You also want secure payments.
Apple Pay review

Choose TransferWise if

  • You need international transfers.
  • You want to start without paying.
  • You work on Web, iOS, Android.
  • You also want real exchange rates.
TransferWise review

Questions people ask

Is Apple Pay or TransferWise better?
Neither clearly leads. Apple Pay starts at Free and TransferWise at Free, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Apple Pay or TransferWise?
Apple Pay starts at Free and TransferWise at Free.
Does Apple Pay or TransferWise run on more platforms?
Apple Pay runs on IOS, WatchOS, MacOS. TransferWise runs on Web, iOS, Android.
Can I use Apple Pay for free?
Both have a free tier, so you can try either at no cost before committing.
What is Apple Pay best used for?
Apple Pay is most often used for contactless in store payment from iphone and apple watch, paying in apps and on the web without entering card details, sending money between apple users with apple cash and tap to cash. Of those, contactless in store payment from iphone and apple watch and paying in apps and on the web without entering card details are not what TransferWise is typically brought in for.
What can Apple Pay do that TransferWise cannot?
Apple Pay covers Digital wallet, Secure payments, Contactless transactions, P2P money transfers. TransferWise covers International transfers, Real exchange rates, Currency conversion, Multi-currency accounts. Both handle Bank accounts, IOS support.

Answered from the vendors’ own pages

TransferWise: How much does Wise charge for transfers?

Wise charges a small fee (typically 0.33% to 0.5% of transfer amount) plus shows you the mid-market exchange rate. Total costs are usually 0.5-1% compared to banks charging 3-6%.

Source
TransferWise: Can I open a Wise account for free?

Yes. Opening a Wise personal account is free with no monthly or annual fees. You only pay when you actually make a transfer.

Source
TransferWise: How many currencies does Wise support?

Wise allows you to hold and exchange money in 40+ currencies, and send payments to 160+ countries with spending available in 150+ countries.

Source
TransferWise: Does Wise offer a debit card?

Yes. Wise Multi-Currency Card is available in selected countries including Australia, Brazil, Canada, Japan, and others. It uses mid-market exchange rates and has no annual fee.

Source
TransferWise: How does Wise work without traditional banking?

Wise holds local bank accounts in each country it operates. When you send USD to EUR, Wise receives your dollars in the US and releases euros from its local European account to your recipient.

Source
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Related pages

More on Apple Pay

More on TransferWise

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