People with experience in the forex world often get asked if using TransferWise or USForex is better. Unfortunately, the answer is not as simple as picking one over the other at the drop of a hat. For starters, both are specialist money transfer companies that let people from different countries transfer funds overseas. Additionally, both companies offer better currency exchange rates when compared to the big banks.
TransferWise offers its customers the ability to access its website in languages other than English. These include English, German, Spanish, French, Italian, Hungarian, Polish, Portuguese, Russian and Japanese. Access to the USForex.com website is only in English. However, its parent company, OFX.com, also operates dedicated websites for Canada, the UK, Australia, and New Zealand.
Choosing between these two companies is subject to individual requirements. Finish reading this USForex Vs TransferWise comparison to make the right choice. The similarities and differences are highlighted across these categories:
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
Funds Transfer Service Fees
USForex has a simple fee structure, where you simply have to look at certain transfer amount thresholds to find out how much you will have to pay. TransferWise, on the other hand, follows a slightly more complicated fee structure. No matter which of these companies you choose, you can be sure that you will pay lower fees when compared to using the services of a bank. When choosing between the two, the destination country and the amount you want to transfer play important roles.
- The company charges a flat fee depending on the currency you wish to convert.
- With US dollars, you have to pay a $5 fee for transfers below $5,000. Transfers over this amount are administered without charge.
- Visit the USForex fees webpage to find out how much you will have to pay if you wish to initiate the transfer in a currency other than U.S. dollars.
Ease of Use
The signing process with both companies is fairly straightforward. If you are looking for website access in a foreign language, you will be better off with TransferWise. Both companies offer rate alerts to their customers.
- TransferWise simplifies the sign-up process by allowing you to use your Google or Facebook account.
- It requires that you follow an easy-to-understand five-step wizard to make a transfer.
- It permits you to make payments using debit and credit cards.
- You can make transfers on-the-go by using the TransferWise app on your Android or iOS device.
- Successful registration requires that you complete an identity verification process.
- Making a transfer requires that you follow a simple step-by-step process.
- You cannot make payments using debit or credit cards.
- USForex does not offer apps for mobile devices yet.
Regular Overseas Payments
You cannot set-up scheduled transfers through TransferWise at this time. USForex lets you do this with ease.
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