Carrying out international money transfers has simplified and become more cost effective over the last couple of decades. This is mainly because of the arrival of several specialist overseas money transfer companies. If you have come up with a shortlist and cannot decide between using the services of TransferWise or Global Reach (previously FC Exchange), paying attention to a few simple aspects can simplify the decision making process.
One way to check where the Global Reach vs. TransferWise comparison stands in the real world is to turn to Trustpilot, an online review-based platform. Here, while TransferWise gets an average score of 9.3 out of 10, Global Reach averages at 7.6 out of 10. Simply looking at these scores, though, is not enough to make a decision.
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
Whether you should use TransferWise or Global Reach money transfer services might depend on this factor, given that both companies follow different pricing structures.
- TransferWise charges a small percentage of the amount you transfer as fees.
- Factors that affect fees you need to pay include the currencies involved, the transfer amount, and the mode of payment.
- The TransferWise fee breakdown table gives you a clear indication of how much your transfer might cost.
- Adding or receiving money in the TransferWise Borderless Account comes with no fees.
- Withdrawing money from the Borderless Account to your local bank account attracts nominal fees.
- You might need to pay a standard telegraphic transfer fee of not more than £20.
- The company informs you of the fee you need to pay before you finalize your trade.
Ease of Use
You may sign up with either Global Reach or TransferWise rather easily, although both companies verify your identify before opening your account.
- Sign up using your Google or Facebook account.
- The company operates a multilingual website.
- Region-specific payment methods include bank account transfers, debit cards, credit cards, and SOFORT.
- The Borderless Account comes with bank account details in GBP, EUR, PLN, USD, AUD, and NZD.
- Get easy access to funds in your Borderless Account through the TransferWise Mastercard, which is made available to residents of several countries.
- Set up direct debits in GBP and EUR by using your Borderless account.
- Global Reach provides forward contracts and limit orders.
- You get access to currency dealers over the phone.
- Website access comes only in English.
- It accepts payments via bank account transfers.
Regular Overseas Payments
Turning to either TransferWise or Global Reach might not do you much good if you wish to set up scheduled transfers, because both do not offer this feature yet. Some of the companies that let you carry out regular transfers include OFX, TorFX, Currencies Direct, and WorldFirst.
- Who is similar to TransferWise?
- Compare TransferWise and Travelex side by side.
- Reach the full review of Global Reach.