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
- 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.
- 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.
Ease of Use
- TransferWise allows for account creation with your Google or Facebook account credentials, reducing signup time. (Yahoo account support removed 22nd May 2015)
- 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.
- For payments made using other currencies, CurrencyFair needs you to transfer your money via free local bank transfers.
- 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.
- TransferWise has an app for Android and iOS. Follow this link on iOS or Android to install the app and use the company’s fee-free up to £3,000 transfer coupon!
- CurrencyFair has released an official iOS and Android app. You can find it in the Apple App store or the Google Play store. To activate your first TEN transactions free 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.
Both TransferWise and CurrencyFair have instant ID verification upon signup.
- TransferWise gets an average score of 9.2 out of 10 on TrustPilot.
- 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 here to read a comprehensive TransferWise Review.
- View a CurrencyFair Video Review.
*Accurate at the time of writing