If you wish to transfer funds overseas and are looking for a dependable service provider, you can choose either CurrencyFair or Travelex. Both companies specialize in international repatriation of funds, which is why they are able to provide better overall experiences when compared to most multi-service banks. Finding out which of these companies rates better requires that you delve into the intricacies of how they work.
Turning to Trustpilot gives you easy means to see what real customers have to say about prominent online businesses. The Travelex vs. CurrencyFair comparison on this platform yielded results along expected lines. While Travelex UK averages at a respectable 8.7 out of 10, CurrencyFair does better, at 9.6 out of 10. However, this does not imply that you should choose CurrencyFair without any further consideration.
Whether you should choose Travelex or CurrencyFair essentially depends on your individual requirements. Check the different sections of this comparison to find out which company suits you best:
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
Fund Transfer Fees
When compared to how much most banks charge for overseas fund transfers, using Travelex or CurrencyFair can lead to savings in fees.
- If your transfer through CurrencyFair finds a match, it charges a flat fee of €3 plus 0.15% of the transfer amount.
- In CurrencyFair cannot find a match for your transfer, the fee increases to €3 plus 0.4% to 0.5% of the transfer amount.
- The average cost of a transfer through CurrencyFair is about 0.35% of the transfer amount.
- Your transfer through Travelex may not attract any fees.
- The company informs you of the fees you have to pay before you finalize your transfer.
Ease of Use
This section of the Travelex vs. CurrencyFair comparison tilts the scale in favor of one company, especially if you live in the U.S. You can submit online applications to register with both companies. However, you have to wait until the verification of your details is complete before you can start transferring funds.
- CurrencyFair does not provide its services to residents of the U.S. yet. You can transfer funds to the U.S., but not out of the country.
- Access to the CurrencyFair website comes in English, French, and Polish.
- YOu can register with CurrencyFair as an individual or a business.
- As an international customer, you can pay via an electronic bank transfer.
- If you reside in Ireland, you can use an Irish debit card to make a payment in Euros.
- You can use CurrencyFair apps with iOS and Android devices.
- Travelex operates dedicated websites for different countries, some of which include the U.S., the UK, Australia, Brazil, Canada, France, Germany, India, Japan, South Africa, and United Arab Emirates.
- Access to different Travelex websites comes in local languages such as Chinese, French, German, and Portuguese.
- Travelex provides customers 24/5 access to its foreign exchange dealers.
Regular Overseas Payments
You can set up regular overseas transfers through CurrencyFair and Travelex.
- Get a more in depth feel for CurrencyFair features.
- Which one is better, CurrencyFair or Paypal?
- Learn how to save even more with your first CurrencyFair transfer.
- Is CurrencyFair’s competition up to the task?