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
- Ease of Use
- Regular Overseas Payments
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.
- 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.
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.
- 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.
- 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.
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.