- User RatingTrustPilot or Feefo User Ratings
- Transfer Type
- Coupon
- Fee
- Speed
- Regular Payments
- Mobile App
- Min Transfer Amount
TransferWise
- 9.3/10
- Online OnlyOne off transfers Regular transfers
- ~0.5%Min and Max Fees apply.. Learn More
- 1 - 2 Days
- £1 / $1Min and Max Fees apply.. Learn More
Travelex
- 8.6/10
- Online
Phone - $5 / £7Fee is applied below USD$5,000 or £2,500.
- 2 - 4 Days
- $500 / £1,000
TransferWise or Travelex – is there any reason for you to favor one company over the other? The answer depends largely on individual circumstances. While both companies are better alternatives when compared to most banks, selecting the right one requires that you pay attention to different factors.
Taking the Travelex vs. TransferWise comparison to Trustpilot shows that most customers of both companies have good overall experiences. While the average score of Travelex UK stands at 8.7 out of 10, TransferWise scores 9.6 out of 10. This difference in scores does not mean that TransferWise is necessarily better for you.
This TransferWise vs. Travelex comparison is divided into different categories so you can make an informed decision when choosing between the two:
- Exchange Rates
- Fees
- Countries
- Ease of Use
- Security
- Regular Overseas Payments
- Coupons
Foreign Currency Exchange Rates
You can select either Travelex or TransferWise to get better exchange rates than what most leading banks offer. To find out which of these companies provides better rates, run a comparison shortly before your transfer.
TransferWise
- TransferWise mid-market rates remain very close to existing market rates at all times.
- Use the calculator on the TransferWise homepage to find out existing exchange rates.
- You find out the guaranteed rate before finalizing your transfer.
- You can visit the TransferWise website to track fluctuations in exchange rates of different currency pairs.
- TransferWise provides free rate alerts.
Travelex
- To view existing exchange rates, use the Travelex currency converter.
- If you want to benefit through positive changes in exchange rates, you can use Travelex to set up forward contracts.
- The company’s Price Promise ensures that you get the best possible overall price quote.
TranferWise Live Price Calculator
Overseas Money Transfer Fees
If you are unhappy with the steep fees that most banks charge to process international fund transfers,turn to either TransferWise or Travelex.
TransferWise
- TransferWise fees can vary according to the destination country and the transfer amount.
- The fee is a nominal percentage of the transfer amount.
- View the TransferWise fee breakdown table to find out how much your transfer will cost.
Travelex
- You may qualify for a fee-free transfer depending on the transfer amount and the destination country. If you don’t, you will have to pay only nominal fees.
- You learnt about the fees Travelex charges before you confirm your transfer.
Destination Countries For Overseas Money Transfer
If you plan to transfer funds in an exotic currency or to a lesser-known country, this aspect of the Travelex vs. TransferWise comparison requires careful consideration.
- Check this page to view the list of TransferWise-supported countries.
- Visit the Travelex website to find out which currencies the company supports. The page also provides information about the countries it does not serve.
Ease of Use
You can choose Travelex or TransferWise for a seamless international fund transfer experience. Both companies require that you register online. After the verification of your details is complete, you can start using your new account.
TransferWise
- You can quicken the registration process by using your Facebook or Google account.
- Access to the TransferWise website comes in English, German, Spanish, French, Italian, Hungarian, Polish, Portuguese, Russian and Japanese.
- You can pay for your transfer using a debit or credit card, or via an electronic bank transfer.
- With the TransferWise Borderless account, you get free bank account details in EUR, GBP, USD, PLN, AUD, and NZD.
- Use the Borderless account to set up direct debits in EUR and GBP.
- You may qualify to apply for the TransferWise Mastercard depending on your country of residence.
- TransferWise apps for iOS and Android devices let you transfer funds on-the-go easily.
Travelex
- You can use a country-specific Travelex website according to where you reside.
- The company operates dedicated websites for over 20 countries, some of which include Australia, Belgium, Brazil, Canada, China, France, Germany, Italy, Japan, New Zealand, South Africa, the UK, and the U.S.
- You can access some of the Travelex websites in local languages.
- Travelex customers can contact the company’s foreign exchange dealers round-the-clock on working days.
Security
Whether you pick TransferWise or Travelex, you can put your worries about security to rest. Websites of both companies make use of high encryption levels to protect the information you provide online. Both companies keep client money in segregated bank accounts.
TransferWise
- TransferWise is a UK-based fund transfer company, authorized by the Financial Conduct Authority (FCA).
- If you sign in using your Google account, you can benefit through a two-factor authentication system.
- TransferWise natively supports 2-Factor Authentication with SMS codes sent to your registered mobile number. TransferWise Business customers will be pleased with this enhanced security.
Travelex
- Travelex International Payments service is provided by USForex Inc., a company that is part of the OzForex Group Limited.
- USForex has received the required licenses to function as a money transmitter from various state regulatory bodies in the U.S.
- It is registered with the U.S. Financial Crimes Enforcement Network.
Regular Overseas Payments
This section of the TransferWise vs. Travelex comparison clearly favors one company over the other. While Travelex lets you set up regularly scheduled transfers according to your convenience, TransferWise does not offer this feature as of now.
Coupons
Promotional offers by both companies can lead to savings. However, there are no existing offers from either TransferWise or Travelex. New offers are updated in this section.
Learn More
- Compare TransferWise and OFX side by side.
- Read more with the TransferWise Review
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