TransferWise and CurrencyFair are great service providers. Both transfer your money overseas at a significant discount when compared to the big banks. You can save up to 85% of the fees that the big banks charge.
*If you are a resident of the U.S., you should read the CurrencyFair USA Customers post first.*
To help you compare CurrencyFair vs. TransferWise, their similarities and differences are highlighted through these categories:
- Exchange Rates
- Supported Countries
- Ease of use
- Regular overseas payments
- TransferWise charges a percentage of the amount transferred, which varies depending on the country. Its fees have a minimum and maximum charge. To learn how much you would need to pay, go through the fee breakdown table.
- CurrencyFair states that it charges a fixed fee of €3 and around 0.4% of the amount exchanged.
- Express transfers carried out through CurrencyFair attract additional fees.
Ease of Use
Both CurrencyFair and TransferWise have designed their services quite well to allow a smooth and intuitive user experience. Both TransferWise and CurrencyFair have instant ID verification upon signup. Some differences exist:
- TransferWise allows for account creation with your Google or Facebook account credentials, reducing signup time. (Yahoo account support removed 22nd May 2015)
- TransferWise allows you to use a debit or credit card to ‘Upload’ your money (air miles anyone?). Important to note – this can sometimes incur a 2% surcharge.
- The TransferWise Borderless Account gives you access to free receiving accounts in different currencies.
- Borderless account holders get to set up direct debits in GBP and EUR.
- Borderless account holders for some countries may apply for the TransferWise Mastercard.
- TransferWise has apps for Android and iOS.
- TransferWise gets an average score of 9.2 out of 10 on TrustPilot.
- CurrencyFair allows you to create an account very easily with your existing Facebook profile.
- CurrencyFair provides Express transfers for customers who pay in EUR, GBP, NOK, DKK, PLN, SEK, or CHF. You may pay for an Express transfers using a Visa or Mastercard debit card.
- Australian residents may use BPAY to pay for their transfers.
- For payments made using other currencies, CurrencyFair needs you to transfer your money via free local bank transfers.
- CurrencyFair has released official iOS and Android apps. You may find them in the Apple App store or the Google Play store.
- To activate your free transactions coupon, you need to sign up through the CurrencyFair website first, before installing the CurrencyFair app.
- Learn more about the CurrencyFair Coupon. CurrencyFair has an easy to use Exchange Rate Alert feature.
- CurrencyFair’s average Trustpilot score is 9.4 out of 10.
Regular Overseas Payments
- CurrencyFair has introduced the regular payments feature. This allows you to automate overseas payments.
- TransferWise currently does not support this feature.
- Check this YouTube CurrencyFair video or read more about activating your CurrencyFair coupon.
- Find TransferWise Alternatives.
- Read more with this comprehensive CurrencyFair Review.
- Click this comprehensive TransferWise Review.
- View a CurrencyFair Video Review.
*Accurate at the time of writing