*If you are a USA resident you should read CurrencyFair USA Customers post first.*
To help you compare CurrencyFair vs TransferWise I have made notes on these differences and broken them down into these categories:
- Exchange Rates
- Supported Countries
- Ease of use
- Regular overseas payments
- CurrencyFair states that they approximately charge a fixed fee of €3 and 0.35% of the amount exchanged.
- TransferWise charges a percentage of the amount transferred but it varies depending on the country. Their fees have a minimum and maximum charge. To learn how much you would be charged by TransferWise, read fee breakdown table.
Ease of Use
- TransferWise allows for account creation with your Google or Facebook Account credentials reducing signup time.
- You can then easily sign in to TransferWise with your Google or Facebook Account. (Yahoo account support removed 22nd May 2015)
- CurrencyFair allows you to create an account very easily with your existing Facebook profile.
- TransferWise allows you to use Debit or Credit Card to ‘Upload’ your money to TransferWise (air miles anyone?). Important to note that this can sometimes incur a 2% surcharge.
- CurrencyFair needs you to transfer your money to them via free local bank transfer.
- TransferWise has an app for Android and iOS. Follow this link on iOS or Android to get App install option at top of screen and still get up to £3000 transfer free!
- CurrencyFair have released an official Apple and Android app. You can find it in the Apple App store or the Google Play store. To activate your first transaction free coupon, you need to signup through the CurrencyFair website first before installing the CurrencyFair app. Learn more about the CurrencyFair Coupon.
Regular Overseas Payments
- CurrencyFair has introduced the regular payments feature. This allows you to automate overseas payments to, for example, suppliers or mortgage payments.
- TransferWise currently does not support this feature.
- Find TransferWise Alternatives.
- Read more with this comprehensive CurrencyFair Review.
- Click here to read a comprehensive TransferWise Review.
- View a CurrencyFair Video Review.
- Check out this YouTube CurrencyFair Video on activating your Coupon!
*Accurate at the time of writing