🌍 Struggling to decide between CurrencyFair and Wise? Don’t worry, we’ve got you covered.
CurrencyFair grabs attention with its extensive global availability and unique currency marketplace, enabling seamless money transfers at fixed exchange rates worldwide. But how does it stack up against Wise’s lightning-fast transfer speeds and budget-friendly costs?
In this comprehensive comparison, we’ll delve into the features, fees, safety, and real customer reviews of both platforms, helping you make an informed decision.
Overview
| CurrencyFair | Wise | |
|---|---|---|
| New user incentive | – | – |
| Fees and costs | ⚪ | 🟢 |
| Safety | 🟢 | 🟢 |
| Transfer speed | ⚪ | 🟢 |
| Transfer limits | 🟢 | 🟢 |
| Ease of use | ⚪ | 🟢 |
| Customer reviews | ⚪ | 🟢 |
| Availability | 🟢 | ⚪ |
| Try CurrencyFair | Try Wise |
CurrencyFair Vs Wise Company Comparison
CurrencyFair
CurrencyFair was founded in 2009 and is based in Dublin, Ireland. The company offers peer-to-peer currency exchange services, allowing users to set their desired exchange rate and wait for someone else to match it before confirming a transfer.
It’s available in over 150 countries and supports 20 currencies with individual and business accounts available.
New customer incentives: CurrencyFair has a referral program where users can send a signup link to friends or family. When they sign up using the referral link and make their first transfer, both you and they will be sent a bonus as a reward.
See our review of CurrencyFair.
Wise
Wise, formerly known as TransferWise, was founded in 2011 and is based in London. It operates in over 80 countries and supports 21 currencies.
Wise provides international money transfer services, allowing individuals and businesses to send money abroad at a lower cost than traditional banks.
Wise offers a multi-currency account and debit card, which enables users to hold and exchange multiple currencies, make payments and withdraw cash in local currency while traveling abroad.
New customer incentives: Wise has a referral program that works by sending a referral link to three people. They can then signup and make their first transfer for free, provided it’s less than £500. Once they all transfer £200+, you receive a bonus.
Verdict: Wise and CurrencyFair both offer multi-currency accounts which makes them ideal for individuals and businesses looking to manage multiple currencies. However, CurrencyFair is available in more countries than Wise.
See our review of Wise.
Fees and Costs Comparison
CurrencyFair charges a flat fee for transfers which varies depending on where you’re located. This is usually £2.50 (or the equivalent currency). In addition, if you set an exchange rate and someone matches it, CurrencyFair charges 0.25% to 0.3% of the transfer amount. If no matches are found at your desired rate, CurrencyFair generally charges 04.%-0.6% of your total transaction.
Wise charges approximately 0.5%-1.5% of the total transfer amount, depending on the currency and destination country. However, if you’re paying with a bank transfer, there are zero fees. Funding transfers with ACH result in a fee of 0.15% and debit/credit card payments incur fees of between 0.3% and 2%.
| Provider | Currency conversion fee | Additional Costs |
|---|---|---|
| CurrencyFair | €3 (or the equivalent currency) conversion fee plus 0.45% of the total transfer amount. | Adds a markup to the exchange rates. |
| Wise | Around 0.45% of the transfer amount for most major currencies. | No markups. |
Overall, Wise is cheaper as it doesn’t add markups to the mid-market exchange rate.
Exchange rate comparison
CurrencyFair has a marketplace that allows individuals to set exchange rates and transfer money directly with one another. It adds a markup to exchange rates which are provided in a cost breakdown before you finalize a transfer.
Wise uses the mid-market rate which is used by banks to trade currencies. There are no markups added to the exchange rates.
Generally, Wise is cheaper when it comes to the exchange rate as it doesn’t add a markup. CurrencyFair’s currency marketplace may be ideal if you’re looking to only transfer at a set exchange rate.
Although, that’s only the case if someone else matches your proposed exchange rate, which doesn’t always happen. If not, the only options are to take CurrencyFair’s rate or try again.
Safety Comparison
CurrencyFair is a trusted and regulated company in Ireland and Australia, offering a safe platform for individuals and businesses to transfer money internationally. The company uses SSL 256-bit encryption technology to secure personal and financial information.
Wise is also a trusted and regulated company in multiple countries, including the UK, US, and Australia. The platform uses encryption to secure personal information and implements strict security protocols to protect funds.
CurrencyFair and Wise are considered to be safe as they’re both regulated by the relevant authorities and use strong security protocols.
Transfer Speed Comparison
CurrencyFair Transfer Speed: On average, transfers through CurrencyFair take 1-2 business days to complete. Some transfers may be completed faster, while others may take longer, depending on bank processing times and the amount being transferred.
Wise Transfer Speed: Wise transfers typically take 1-2 business days. However, some Wise payments can be instant, with 80% arriving in 24 hours. The exact transfer time can vary based on factors such as the amount being transferred and the speed of the recipient’s bank.
Verdict: CurrencyFair and Wise offer relatively fast transfer times, but Wise transfers are generally faster.
Ease of use comparison
Both platforms have a relatively straightforward sign-up process, allowing users to quickly and easily create an account.
Wise and CurrencyFiar accept credit/debit cards and bank transfers for funding. Making transfers with both transfer services is easy. However, Wise offers more customization options than CurrencyFair.
Both platforms support multiple languages, making them accessible to a wider audience. CurrencyFair supports English, French, German, Spanish, and Portuguese, while Wise supports over 30 languages, including English, Spanish, French, German, and Chinese.
Due to how Wise offers a debit card, users can use it for ATM withdrawals. This isn’t something that CurrencyFair offers.
CurrencyFair has a minimum transfer limit of 8 Euros (or the equivalent currency) and no maximum limit.
Wise does not have a minimum limit. Its maximum limit varies widely depending on the country and currency.
Verdict: CurrencyFair and Wise offer easy-to-use platforms with various funding options and supported languages. However, Wise offers more customization options and the ability to withdraw funds from ATMs which may be better for some.
Customer Review Comparison
Wise has 4.4/5 stars on Trustpilot with over 185,000 reviews. Users have been pleased with how easy the service is to use, the speed of transfers, and the transparent pricing. However, other users have been disappointed with the lengthy verification process.
CurrencyFair has 4.3/5 stars based on over· 6,000 reviews on Trustpilot. Users have highlighted its user-friendly interface and how easy it is to make transfers worldwide. However, some customers have reported occasional technical issues and slow customer service response times.
On the Apple Store, Currency has a 4.7/5 rating with over 800 reviews. It also has 4.2/5 stars with over 800 reviews on the Google PlayStore.
Wise has a rating of 4.6/5 stars based on over 27,000 reviews. Customers on these platforms have praised both services for their ease of use, quick transfer times, and low fees.
CurrencyFair and Wise have received mostly positive reviews from their customers. However, Wise has more customer reviews, meaning that its ratings reflect how thousands more customers feel about its service compared to CurrencyFair.
Availability Comparison
CurrencyFair allows for payments in over 150 countries whereas Wise is available in 80+ countries. Therefore, CurrencyFair is best for availability as they operate in more countries than Wise.
Final verdict
In conclusion, CurrencyFair and Wise are both excellent money transfer services, offering a range of benefits and features tailored to different users’ needs.
Wise is best for low fees, transparency, and fast transfer times. CurrencyFair is ideal for users looking to transfer funds between a wider selection of countries. Its currency marketplace is also a standout feature, however, it only works best if someone else matches your rates.
Wise is a faster and more reliable way of transferring funds internationally and knowing exactly what the costs are.
Hopefully, the details found throughout this post have been useful in helping you to learn more about both of these money service providers so that you can pick the one that’s best for you.
FAQ
Is there a better solution than Wise?
WorldRemit is a strong Wise competitor. It allows for 9 more currencies as well as cash pick-ups for recipients. However, WorldRemit’s bank transfers are generally slower than Wise’s.
Which is cheaper, CurrencyFair or Wise?
Unless you’re able to find a match on the exchange rate with someone else using CurrencyFair, Wise is the cheaper option. It also doesn’t add a markup to its exchange rate, which is something that CurrencyFair does that makes it more expensive.
How many currencies do CurrencyFair and Wise support?
CurrencyFair supports over 20 currencies, while Wise supports 21 currencies.