Convera vs. Wise Business: Which is Best for Your U.S. Business?

As American businesses expand globally, the need for efficient and cost-effective international payment solutions has become essential. Sending money to overseas suppliers, paying international freelancers, or managing revenue from foreign markets requires a platform that is reliable, transparent and tailored to your company’s needs.

This article compares two major players in this space, Convera vs. Wise Business. We will explore their key features, fee structures and ideal use cases to give you a clear picture of what each platform offers.

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Table of contents
Convera vs. Wise Business: Quick Overview Convera vs. Wise Business: Key Features Convera Wise Business Key Differences Between Convera vs. Wise Business Comparing Costs Between Convera vs. Wise Business Fees and Exchange Rates Payment Methods and Accessibility Which Platform is Best For Your Business? Frequently Asked Questions

Convera vs. Wise Business: Quick Overview

	Convera	Wise
Key features	Foreign exchange (FX) risk management tools Forward contracts Mass payments Dedicated account managers.	Mid-market exchange rates and transparent fees Hold account details in various currencies Fast peer-to-peer international transactions Access to Batch Transfer
Main fees	Combination of transfer fees and a markup on the exchange rate. Pricing is often bespoke and not fully transparent online.	A small transparent transfer fee is charged upfront. Uses the real mid-market exchange rate with no markup.
Great for	Larger businesses, enterprises and educational institutions needing to manage currency volatility and make large complex payments.	Startups, small to medium-sized businesses, freelancers, and online sellers who prioritize transparency, low fees and a digital-first platform.

Convera vs. Wise Business: Key Features

Convera

This platform was built for businesses that deal with significant international transaction volumes and require tools to manage currency risk. As such, it offers several features for US business users:

• FX Risk Management: Convera’s core feature is its suite of hedging tools. Businesses can use forward contracts and market orders to lock in an exchange rate for a future date. This protects them from currency fluctuations.¹
• Mass Payments: For companies that need to pay numerous recipients abroad, such as a global network of suppliers or contractors, Convera offers a mass payment solution.²
• Dedicated Support: Convera often provides clients with dedicated account managers. This high-touch service model is beneficial for companies that need expert guidance on their currency strategy.
• Global Network: Convera has a vast payment network that can send funds to over 200 countries and territories in more than 140 currencies.³

Wise Business

The Wise Business account is a cost-effective way for US businesses to send international transfers and get paid from abroad in multiple currencies. Conversions also take place at the mid-market exchange rate. This account adds features and tools that are helpful for business use. You can also get a Wise Multi-Currency card for business, and employee expense cards. These features make it easier to run your business, organize finances, cut costs, and get paid on time.

Wise Business also includes several additional features to benefit both US-based and international businesses:

• Free invoicing tool: With the invoicing tool, Businesses can create and track invoices, and get paid in 8+ local account details and 17+ global account details.
• Request business payments with payment links
• Quickbooks connection (as well as integrations with other popular accounting softwares)
• Interest feature for held USD, GBP, and EUR
• With a Wise Business account you can also use BatchTransfer to make multiple international transfers with just one payment.

Open a Wise Business account in minutes

Key Differences Between Convera vs. Wise Business

1. Fee and Rate Structure: Wise Business uses the mid-market rate and adds a small transparent fee.⁵ Convera does not make their fees readily available, there is an exchange rate markup built into the quote, but there are no specific transaction fees.

2. Core Product: Wise Business’ core product is a multi-currency account designed for daily business operations. Convera’s core strength lies in its sophisticated FX hedging products.

3. Service Model: Wise is a self-service digital platform. Convera offers a more traditional service model with dedicated account managers.

For any growing business, cost is a primary concern, so let's compare.

Comparing Costs Between Convera vs. Wise Business

Fees and Exchange Rates

	Convera	Wise
Setup fee	None	Registering a Wise account is free. There is a one-time setup fee of $31 to access all Wise Business features, including getting account details to receive money in 24 currencies.5
Transfer fee	Convera transfer fees are built into the quote at the time of setting up the transfer.	Wise charges a small, variable conversion fee from 0.57% plus a small fixed fee that depends on the payment method. All fees are shown upfront before you commit to the transfer.5
Exchange rate	A markup or spread will be added to the mid-market exchange rate, which will be indicated in the transfer quote.	Wise always uses the mid-market exchange rate, the one you see on Google, with no markup.5

With Convera, the cost is less straightforward. Their profit is made on the exchange rate spread, this is the difference between the mid-market rate and the rate they offer you. For larger transactions this spread can be negotiated with an account manager, but for smaller businesses, the rate is often built into the quote.

With Wise Business the cost is based on transparency. Wise always uses the mid-market exchange rate, with no markup. For sending money, a conversion fee starting at 0.57% (may vary per currency) is added. Wise also offers discounts for transactions over $25,000.

Payment Methods and Accessibility

Both platforms offer standard funding methods for U.S. businesses, including bank debit and wire transfer. Recipients typically receive the money directly in their local account.

The key difference in accessibility is the Wise multi-currency account and business debit card. This gives a U.S. business true global banking alternative functionality, allowing it to receive, hold, and spend foreign currency like a local entity, which Convera’s primary service does not offer.

The best choice depends entirely on your business’s specific needs.

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Wise Business Could Help Your Company Save on Global Payments

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Which Platform is Best For Your Business?

Wise Business might be your best choice if your U.S. business:

• Frequently pays international freelancers, contractors or suppliers for smaller amounts
• Receives payments from clients in different currencies
• Values transparency and wants to see all fees upfront
• Needs a business debit card for international travel or online spending
• Want to integrate payment workflows with accounting software

Convera might be helpful if your U.S. business:

• Is a larger enterprise that deals in high-value international transactions
• Needs to mitigate currency risk with financial products like forward contracts
• Requires a dedicated account manager for strategic advice and support
• Makes mass payments to hundreds or thousands of recipients at once

Still have questions? We've compiled answers to the most common questions to help make your decision easier.

Save Time and Money On Overseas Payments With Wise Business

Wise Business can help you save big time on international payments.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in currencies.

Signing up to Wise Business allows access to BatchTransfer which you can use to pay up to 1000 invoices in one go. This is perfect for small businesses that are managing a global team, saving a ton of time and hassle when making payments.

Some key features of Wise Business include:

• Mid-market rate: Get the mid-market exchange rate with no hidden fees on international transfers

• Global Account: Send money to countries and hold multiple currencies, all in one place. You can also get major currency account details for a one-off fee to receive overseas payments like a local

• Access to BatchTransfer: Pay up to 1000 invoices in one click. Save time, money, and stress when you make 1000 payments in one click with BatchTransfer payments. Access to BatchTransfer is free with a Wise Business account

• Auto-conversions: Don't like the current currency exchange rate? Set your desired rate, and Wise sends the transfer the moment the rate is met

• Free invoicing tool: Generate and send professional invoices

• No minimum balance requirements or monthly fees: US-based businesses can open an account for free. Learn more about fees here

Use Wise Business >>

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Frequently Asked Questions

What is Convera GlobalPay?

Convera GlobalPay is a specific product line often used by educational institutions to process international tuition payments. It allows students to pay in their local currency while the institution receives the full amount in theirs.⁸

Who owns Convera?

Convera was formed after Goldfinch Partners and The Baupost Group acquired Western Union Business Solutions in 2021.⁹

How to pay using Convera?

To make a payment you would log in to their platform, enter the recipient's details and the amount, get a quote for the exchange rate, and then fund the transfer from your business bank account. The platform then handles the conversion and delivery of funds.¹⁰

How long does a Convera payment take?

Payment speed varies based on the destination country and currency. While major currency routes can be completed within one to two business days, less common banking routes could take up to three to five business days. Your Convera representative can provide a more precise estimate for each transaction.¹¹

How to cancel Convera payment?

To cancel a payment you must contact your Convera representative or their customer support team as soon as possible. If the funds have not yet been processed they may be able to stop the transaction.¹²

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Sources:

1. Key benefits of forward contracts | Convera
2. Manage International Payments | Convera
3. Global Payments | Convera
4. Business fees | Wise
5. Business | Wise
6. Convera | The Paypers
7. What are Wise’s transfer fees? | Wise
8. What is Convera GlobalPay for Students and how does it work? | Convera
9. Goldfinch Partners and Baupost Announce Initial Acquisition of Western Union Business Solutions | Business Wire
10. How to make a payment | Convera
11. International Payments via Convera | Student Billing Berkeley