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E-Commerce · head to head

Magento vs Wise Business

Magento logo

Magento

E-Commerce

Open-source ecommerce platform for enterprise retail

From
Free
Rated
-
Full reviewWebsite
Wise Business logo

Wise Business

Accounting

The smart way to send and receive business payments

From
$29/month
Rated
-
Full reviewWebsite

The short version

  • Only Magento has a free tier, so it costs nothing to try first.
  • Each has a real cost: Magento magento Open Source is available under the OSL v3 license as a free self-hosted edition, but Adobe sells a separate proprietary Adobe Commerce edition with additional B2B, page builder and cloud features not included in the open source code; Wise Business opening a Wise Business account in the UK carries a one off setup fee of 50 GBP
  • They diverge on capability: Magento covers Multi-store management, Wise Business covers Multi-currency accounts.

Where they differ

Only the attributes on which Magento and Wise Business actually diverge.

Attributes where Magento and Wise Business differ
AttributeMagentoWise Business
Starting priceFree$29/month
Pricing modelopen-sourceusage-based
Free tierYesNo
PlatformsWebWeb, Ios, Android, Api
CategoryE-CommerceAccounting
Founded20082011

Identical on both: user rating (Not yet rated).

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 Magento

  • Multi-store management
  • Advanced product catalog
  • Customer segmentation
  • Order management system
  • Inventory management
  • Progressive Web App
  • GraphQL API
  • Security & compliance

Only in Wise Business

  • Multi-currency accounts
  • International transfers
  • Batch payments
  • API access
  • Team management
  • Xero
  • QuickBooks
  • Various

What people use each for

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

Magento

No use cases recorded yet. See the Magento review.

Wise Business

  • Holding and converting multiple currencies as a businessnot Magento
  • Paying international suppliers and contractors at the mid market ratenot Magento
  • Receiving payments into local currency account details in several countriesnot Magento

Where each one falls short

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

Magento

  • Magento Open Source is available under the OSL v3 license as a free self-hosted edition, but Adobe sells a separate proprietary Adobe Commerce edition with additional B2B, page builder and cloud features not included in the open source code

Wise Business

  • Opening a Wise Business account in the UK carries a one off setup fee of 50 GBP
  • Volume discounts on transfers start only above 20,000 GBP equivalent sent per month

Pricing, plan by plan

Magento

Free
  • Magento Open SourceFree
    • Unlimited products
    • Multiple storefronts
    • Advanced marketing
  • Adobe Commerce$20000/year
    • All Open Source features
    • 24/7 enterprise support
    • Managed cloud hosting

Wise Business

$29/month
  • StandardFree
    • Multi-currency account
    • Real exchange rate
    • Batch payments

Which should you pick?

Choose Magento if

  • You need multi-store management.
  • You want to start without paying.
  • You also want advanced product catalog.
Magento review

Choose Wise Business if

  • You need multi-currency accounts.
  • You work on Web, Ios, Android, Api.
  • You also want international transfers.
Wise Business review

Questions people ask

Is Magento or Wise Business better?
Neither clearly leads. Magento starts at Free and Wise Business at $29/month, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Magento or Wise Business?
Magento has a free tier; the other does not. Paid plans start at Free for Magento and $29/month for Wise Business.
Does Magento or Wise Business run on more platforms?
Magento runs on Web. Wise Business runs on Web, Ios, Android, Api.
Can I use Magento for free?
Yes. Magento has a free tier, so you can try it without paying. Wise Business starts at $29/month.
What can Magento do that Wise Business cannot?
Magento covers Multi-store management, Advanced product catalog, Customer segmentation, Order management system. Wise Business covers Multi-currency accounts, International transfers, Batch payments, API access.

Answered from the vendors’ own pages

Wise Business: How fast are international transfers with Wise Business?

Wise Business offers fast global payments with 70% arriving in 20 seconds and 95% arriving in under 24 hours. You can also pay up to 1,000 contacts in a single batch transfer.

Source
Wise Business: Does Wise Business offer volume discounts?

Yes, volume discounts are available on monthly transfers over 20,000 GBP or equivalent.

Source
Wise Business: How does Wise Business keep funds secure?

Wise customers move over AED60 billion monthly with systems built to keep funds safe. The company runs over 7 million daily fraud checks (80 per second), keeps funds diversified with secure financial institutions, and offers 24/7 customer support.

Source
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