Choosing CanadianForex or TransferWise for your next overseas funds transfer makes good sense. Both companies are specialists in this field, offering noticeably better deals than most banks. However, when it comes to choosing between the two, arriving at a decision requires considering individual analysis.
Turning to Trustpilot to check what customers have to say about businesses they use can be beneficial. The results of the TransferWise vs. CanadianForex comparison on this platform indicates that CanadianForex gets an average score of 8.1 out of 10, whereas TransferWise achieves 9.6 out of 10. Using these Trustpilot scores to make your decision is however, not the best way forward.
Selecting between TransferWise and CanadianForex can be easy if you know what sets these companies apart. Check all the sections of this comparison below and decide accordingly:
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
Fund Transfer Fees
This section of the TransferWise vs. CanadianForex comparison requires careful consideration, given the unique fee structures followed by both companies.
- If you transfer less than CAD $10,000, you have to pay CAD $15 as fees. Transfers over CAD $10,000 do not attract any fees.
- Fee-free thresholds and charges vary if you pay in a currency other than Canadian dollars. For example, transfers below USD $5,000 attract USD $5 as fees, and if you transfer less than £3,000, a £7 fee applies.
- To find the latest CanadianForex.ca fees structure for other currencies check their website.
Ease of Use
Deciding between TransferWise and CanadianForex can be easy if you require website access in a foreign language. Both companies let you register online. You can start transferring funds as soon as the verification of your details is complete.
- Access to the CanadianForex Website comes only in English.
- The company provides specialized services for individuals, businesses, and online sellers.
- If you are not comfortable booking your transfer online, you can do so over the phone.
- International customers can pay for their transfers via electronic fund transfers.
- Canadians can make payments via pre-authorized debits and via their online banking bill payment service.
- You can use CanadianForex apps with devices that run on iOS or Android.
- You can use your Facebook or Google account to register with TransferWise.
- This company provides services to both, individuals and businesses.
- Access to the TransferWise website comes in English, German, Spanish, French, Italian, Hungarian, Polish, Portuguese, Russian and Japanese.
- You can pay for your transfer using electronic fund transfers, debit cards, or credit cards. (Note: Credit cards attract a higher percentage fee! Only use if you are super rushed to get money transferred.)
- The company provides apps for Android and iOS.
Regular Overseas Payments
This section of the CanadianForex vs. TransferWise comparison favors the former. While CanadianForex lets you set up fixed and non-fixed regularly-scheduled payments, TransferWise does not offer this feature yet.
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