Wise vs Zelle

Wise is a money app for sending money, receiving payments from abroad, checking exchange rates, paying bills, and sending money to loved ones. It sends to bank accounts in over 140 countries; delivery on many popular routes is within a day, the same day, or instant. Wise says it uses the mid-market exchange rate and displays fees before payment. Signing up is free, with no subscription; sending and conversion fees vary by currency and start from 0.33%. Sending to another Wise account has no sending fee, though conversion fees may still apply. Transfers can be funded with Apple Pay, Google Pay, cards, or bank transfer. Users can track and schedule transfers, repeat previous transfers, and receive live exchange-rate notifications. Wise says it safeguards customer money separately from its own and uses two-factor authentication to protect accounts and transactions. Photo ID may be required for some currencies or large transfers. The app is available on Android, iOS, and web.

Zelle lets people send, request and receive money through participating banks’ and credit unions’ apps or online banking. It is available in more than 2,400 such apps, as well as on Android, iOS and the web. Users can address payments to an email address or U.S. mobile number; eligible small business accounts can also use Zelle tags. Transfers are described as instant, and tracking is available. Both parties need eligible U.S. checking or savings accounts, and both must be enrolled for money to arrive in minutes. Eligible small businesses can request or receive customer payments and send money to customers, vendors and employees. Sending and receiving limits are set by each financial institution. Zelle says payments to enrolled recipients cannot be reversed, and authorized payments for goods or services that are not received or as described are not covered by a protection program. Consumers typically pay no fee, but should check with their bank or credit union. Any small business fees depend on its financial institution.