Wise and CurrencyFair are two of the most popular international money transfer platforms in the world. Both owe their popularity to years of excellent service and reliability.
While there is no shortage of areas where both platforms thrive and provide significant value for their customers, there are also a handful of aspects where they both differ significantly. In case you're about to send money overseas and aren't sure of the best option for you between Wise and CurrencyFair, you have indeed come to the right place.
In the upcoming sections, we take an in-depth look at key aspects of both platforms and ultimately give our verdict as to which alternative is best for you depending on your unique international money transfer needs.
Wise is an online financial service that helps users send money between two currencies. They are known for charging very competitive fees.
Wise was established in 2011.
Wise covers more currencies compared to CurrencyFair. For example, Wise payments can be sent to 80+ countries using 50+ currencies.
On the Wise platform, users can use debit cards to fund their transfers.
Wise is a well-established international company. It manages more than 10 million customers and two thousand employees.
Wise charges a standard transaction fee on all transfers. Their exchange rate is also consistent with the mid-market rate and has no markup.
Wise has a minimum transfer amount of €1, £1, and $1.
CurrencyFair allows users to enter their desired exchange rate and to be paired with another customer who also wishes to make their exchange at that rate.
CurrencyFair was founded in 2009.
CurrencyFair supports more countries compared to Wise. CurrencyFair payment can be sent to 150+ countries using 20+ currencies.
Users of CurrencyFair cannot use debit cards to fund their transfers.
CurrencyFair is a fast-growing money transfer company. It has had more than 57 thousand customers since 2009.
CurrencyFair is not as transparent as Wise. A great deal of CurrencyFair's charges and fees are hidden in their exchange rate margin.
CurrencyFair allows the customer to send and withdraw a minimum of €8, £8, and $8.
When it comes to establishing a solid reputation for reliability in what they do, very few money transfer platforms compare to Wise. The platform has also garnered a reputation for being secure and easy to navigate.
CurrencyFair may be a little harder to navigate than Wise, but it is generally reputed to be just as secure. The hidden charges, particularly on exchange rate markups, are a cause of concern for many. Still, the platform itself does not deny this practice.
Moreover, it is a common practice among many similar companies in the industry.
Wise remains one of the most popular international money transfer platforms in the world with a lot of satisfied customers. On top of that, they are well reviewed across platforms, boasting a 4.7 out of a 5-star review rating on Trustpilot.
CurrencyFair is also just as well reviewed. They boast a 4.6 out of 5-star rating on Trustpilot. Customers particularly appreciate the dynamism of their platform and exchange rates.
Wise and CurrencyFair are duly authorized and regulated by the appropriate bodies in their respective countries. Wise is regulated by the FCA and HMRC in the United Kingdom, while CurrencyFair is regulated by the Central Bank of Ireland, ASIC in Australia, and by the FCA in the United Kingdom.
Wise transfer speed can vary from minutes when using a credit card (this incurs a higher fee) or up to 2 to 3 business days when transferring money internationally to countries like the US, Germany, India, Mexico, and the UK. Sometimes, delivery can be delayed depending on the country to which money is being sent to.
CurrencyFair transfers can be delivered within 24 hours or take up to 1-2 business days, depending on the recipient country and currency being exchanged. Customers also have the choice to determine the speed of their transfers when they opt for the peer exchange service.
With no markup on transfers and a focus on the real mid-market exchange rates, Wise transparent service rates give you an exact idea of the total cost of international transfers with no hidden charges. This makes the cost of service using Wise money transfer competitively lower than other money transfer providers.
To know the total cost your transfer will incur when using CurrencyFair, you will have to calculate the currency exchange rates yourself and include the flat rate approximate to a $4.00 service charge deducted from every transfer. Or you can opt for the peer-to-pair exchange rate service.
Wise offers an excellent web user experience with a detailed FAQ section that makes navigation easier for first-time customers. The homepage has a built-in cost calculator for transparency when checking for transfer rates and fees.
Lastly, Wise offers delivery within minutes on transfers made through a debit or credit card.
It is easy to register a user account on CurrencyFair. This can be done either on the online website or via the mobile app. Customer support can also be reached through email or phone at any time except for weekends and banking holidays in various languages.
Payments on CurrencyFair can only be made using BPay or customer bank accounts.
Wise deducts a percentage of the money being sent. This amount is determined by the currency rates of the recipient country. Also, depending on your transfer mode, Wise will not charge you for transfers made from your bank account or debit card unless you opt for a faster credit card transfer mode, which will cost you more.
Wise makes its profit by targeting mid-market rates instead of exchange rates, so you are not charged by currency rates. Mid-market rates are also known as inter-bank charges between banks during currency transfers. This rate tends to fluctuate by the minute.
Transfer charges are deducted from your wallet on CurrencyFair for each transaction made to a bank account. These fixed charges usually fall under €3.00 or its equivalent in other currencies.
Transfers made within and out of your CurrencyFair account using a local bank transfer method may not attract any fee. But foreign transactions are done with an international bank transfer with a service fee to the intermediary bank.
A commission charge ranging from 0.10% to 0.60% with an average margin of 0.45% may also be deducted from the exchange amount. You can choose which currency you want the transfer to be carried out with to save cost.
Wise is a great alternative to consider if you happen to find yourself in any of the following scenarios:
Wise is not necessarily the best option for you if you find yourself in any of the following scenarios:
CurrencyFair is a great alternative to consider if you happen to find yourself in any of the following scenarios:
CurrencyFair is not necessarily the best option for you if you find yourself in any of the following scenarios:
Both Wise and CurrencyFair are two excellent international money transfer services with unique functionalities. Wise, of course, is a little more direct and easy to navigate than CurrencyFair. This is usually appealing for those looking to get their transfers done quickly without hassle.
Now, while the Wise platform thrives in its simplicity, there is no denying that it lacks in functionality.
CurrencyFair, on the other hand, is quite functional. Not only do you have the chance to set your preferred exchange rate and look for customers to trade with, but you can also choose to trade directly with the platform at a specified rate, albeit with substantial markups.
In conclusion, both platforms are viable options to consider. However, which one you eventually choose to go to is usually nothing but a function of the features you happen to prioritize at that particular moment in time.