Do you need to transfer money internationally? Have you considered UKForex vs TransferWise?
Both TransferWise.com and UKForex.co.uk are leading global money transfer services. The worst possible decision you can make is to use one of the major banks. The large banks have large and hidden money transfer fees.
To help you choose UKForex or TransferWise, this comparison is divided into the following categories:
- Exchange Rates
- Supported Countries
- Ease of use
- Regular overseas payments
Without a doubt, TransferWise and UKForex are both cheaper than the big banks. When considering UKForex vs TransferWise, fees are extremely important factor. Transferring money overseas through the big banks attracts very large and very hidden fees.
- TransferWise charge slightly different fees depending on your source and destination country. On average the fees are around ~0.5%. The fees list can change regularly as TransferWise adds more support for countries.
- Some of TransferWise’ supported countries can result in higher fees due to lack of full support. See their detailed fee breakdown here. (Check out Coupons section below to save on TransferWise fees.)
- UKForex Fees are more straightforward to calculate. Zero. Zip. Nada. Nothing. In early 2016 UKForex removed all fees and lowered the minimum transfer amount to £100. That is an outstanding response to a more competitive market.
Conclusion: TransferWise’s fees increase the more money you transfer. UKForex fees are straightforward. If you are transferring large amounts it would be best to consider both the combined Exchange Rates & Fees.
Ease of Use
TransferWise and UKForex have designed a very simple user interface. It does not take long to learn how easy it is to beat the big banks and save a fortune while sending money overseas.
- You can signup to TransferWise with your Google or Facebook account. This can mean creating a TransferWise account in seconds.
- Unlike TransferWise, UKForex.co.uk account creation is nothing out of the ordinary.
- TransferWise have a simple 5 Step Money Transfer Wizard.
- UKForex have a simple 3 Step Money Transfer Wizard.
- Both TransferWise and UKForex have IOS and Android apps.
Conclusion: Both TransferWise and UKForex are simple and straightforward to use.
Regular Overseas Payments
Regular overseas payments can be quite useful frequent pension transfers or overseas mortgage repayments.
- TransferWise do not offer automated regular overseas payments.
- UKForex does offer regular overseas payments. Please contact your UKForex account manager to learn how to set up this service.
Conclusion: The clear winner is UKForex with it’s support for regular and automated overseas money transfers.
- Learn more on TransferWise customer service and features in the TransferWise Review.
- Read more on UKForex’s features here.
- Does TransferWise provide the same service as PayPal?
- Learn how to redeem the exclusive UKForex voucher.