Software · head to head
TransferWise vs Apple Pay
The short version
- Each has a real cost: TransferWise wise Card only available in selected countries, excluding major markets like UK; Apple Pay apple Pay works only in countries and regions that support contactless payments and is not available in all markets
- They diverge on capability: TransferWise covers International transfers, Apple Pay covers Digital wallet.
Where they differ
Only the attributes on which TransferWise and Apple Pay actually diverge.
| Attribute | TransferWise | Apple Pay |
|---|---|---|
| Pricing model | Unknown | free |
| Platforms | Web, iOS, Android | IOS, WatchOS, MacOS |
| Founded | 2011 | 2014 |
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 TransferWise
- International transfers
- Real exchange rates
- Currency conversion
- Multi-currency accounts
- Web support
- Android support
Only in Apple Pay
- Digital wallet
- Secure payments
- Contactless transactions
- P2P money transfers
- Credit cards
- Debit cards
- WatchOS support
- MacOS support
Both cover
- Bank accounts
- IOS support
What people use each for
The jobs each tool is most often brought in to do.
TransferWise
- Budget Managementnot Apple Pay
- Expense Trackingnot Apple Pay
- Investment Trackingnot Apple Pay
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
Where each one falls short
Documented limitations, not opinions. Every one is a constraint you would hit in normal use.
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
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
Pricing, plan by plan
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%
Apple Pay
Free- FreeFree
- Secure payments
- P2P transfers
- Transit passes
Which should you pick?
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.
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.
Questions people ask
- Is TransferWise or Apple Pay better?
- Neither clearly leads. TransferWise starts at Free and Apple Pay at Free, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
- Which is cheaper, TransferWise or Apple Pay?
- TransferWise starts at Free and Apple Pay at Free.
- Does TransferWise or Apple Pay run on more platforms?
- TransferWise runs on Web, iOS, Android. Apple Pay runs on IOS, WatchOS, MacOS.
- Can I use TransferWise for free?
- Both have a free tier, so you can try either at no cost before committing.
- What is TransferWise best used for?
- TransferWise is most often used for budget management, expense tracking, investment tracking. Of those, budget management and expense tracking are not what Apple Pay is typically brought in for.
- What can TransferWise do that Apple Pay cannot?
- TransferWise covers International transfers, Real exchange rates, Currency conversion, Multi-currency accounts. Apple Pay covers Digital wallet, Secure payments, Contactless transactions, P2P money transfers. 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%.
SourceTransferWise: 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.
SourceTransferWise: 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.
SourceTransferWise: 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.
SourceTransferWise: 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