Many who wish to transfer funds overseas wonder if they should use the services of CurrencyFair or Currencies Direct. Both operate as specialist money transfer companies, enabling them to offer better exchange rates than most banks. However, when it comes to a Currencies Direct vs. CurrencyFair comparison, neither company can claim to be an outright winner.
For starters, both companies let people from multiple countries use their services. Also, both companies transfer funds to individual and business bank accounts in different parts of the world. Access to the CurrencyFair website is available in English, French, and Polish. Currencies Direct makes its website available in English, Spanish, French, Italian, Swedish, Portuguese, Norwegian, and Chinese.
If you look at the CurrencyFair vs. Currencies Direct score comparison on Trustpilot, you will notice that both companies rate well. While CurrencyFair averages at 9.0 out of 10, Currencies Direct achieves 9.1 out of 10.
Choosing between Currencies Direct and CurrencyFair requires that you address multiple features, including:
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
International Money Transfer Fees
There are no hidden fees with CurrencyFair or Currencies Direct. The CurrencyFair fee structure may seem intimidating, at first. However, it’s actually rather easy to understand.
- Whether you transfer funds with a matching customer has a bearing on fees.
- If CurrencyFair finds a matching customer for your transfer, it charges 0.15% of the transfer amount along with a flat €3.
- If the company matches your transfer in the absence of a matching customer, you end up paying 0.4% to 0.5% of the transfer amount along with a flat €3.
- The company charges 0.35% of transferred amount as fees on average.
- Currencies Direct does not charge fees for 90% of the fund transfers it processes.
- If you have to pay for any particular service, the company notifies you in advance.
Ease of Use
Both, CurrencyFair and Currencies Direct, require that you submit online applications to begin the registration process. This should take no more than 5 to 10 minutes, provided you have the required information close at hand. Before activating your account, both companies take measures to verify the information you provide. Access to websites of both companies comes in multiple languages.
- From global customers, this money transfer company accepts payments via electronic bank transfers.
- If you are a resident of Ireland and have a debit card issued by a bank in Ireland, you can use it to make payments in Euros.
- You can find CurrencyFair apps for mobile devices that run on iOS and Android.
- Exchange Rate Alert – A new feature for CurrencyFair.
- Currencies Direct accepts payments via checks, bank transfers, and debit cards.
- This company provides an app for devices that run on iOS.
Regular Overseas Payments
- CurrencyFair gives you the ability to set up regular transfers.
- Currencies Direct also lets you set up regular transfers.
- Watch a TransferWise YouTube video on how to apply your exclusive discount.
- When CurrencyFair and TransferWise go head to head.. who wins?