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By
Adrienne Fuller&
Stacie HurstUpdated
Founded in 2013, Wyre is a California-based payment infrastructure company that offers software for making purchases and transferring funds in many popular currencies and cryptocurrencies.
Business owners in the US and Australia can use Wyre’s solutions to offer customers the ability to manage digital wallets, make online purchases, transfer funds, swap cryptocurrencies, exchange fiat money with cryptocurrency and more.
Although Wyre supports transfers in Canadian dollars, you can only open an account if you live in the United States or Australia. However, there are other money transfer services and cryptocurrency platforms that are suitable for people living in Canada.
To make comparing even easier we came up with the Finder Score. Supported coins, account fees and features across 28 cryptocurrency trading platforms are all weighted and scaled to produce a score out of 10. The higher the score, the better the exchange—simple.
Unlike other money transfer services, Wyre is a bitcoin startup that uses the blockchain—a digital wallet that publicly records transactions for bitcoin and other cryptocurrency as they’re made—to settle transactions, acting as an intermediary between you and your recipient. Blockchain technology moves money quickly and helps guard against unauthorized access to funds.
Wyre uses application programming interfaces (APIs) to provide payment solutions for business owners and app developers. It’s software is designed to be integrated with existing apps or websites.
Highlights include:
International money transfers for businesses
Wyre doesn’t have a standard markup over the mid-market rate. They typically use the blockchain rate, which is often better than the mid-market rate.
Domestic transfers between Wyre user accounts are free, and the cross-border transfer fee is 0.75% of your transfer amount, in addition to any payment fees from the transaction method—a bargain compared with the 1% to 4% charged by competitors.
Unlike most money transfer services, Wyre doesn’t skew the mid-market rate for a profit. Instead, it typically uses the blockchain rate, which is often better than the mid-market rate.
Normally, its cross-border fee is a mere 0.75% of your transfer amount, in addition to any payment fees from the transaction method—a bargain compared with the 1% to 4% charged by competitors. Transfers between US Wyre accounts are free.
Transfer options vary by country, but US customers can send money by bank account only using:
Wyre offers business owners convenient money transfer and payment solutions, and is especially useful for businesses that deal in both fiat currency and cryptocurrency. However, you can only open a Wyre account if you live in the US or Australia, so Canadian business owners will need to look elsewhere. Check out our guide on international money transfers to explore more options for Canada-based senders.
See how the payment industry giant stacks up against Canadian banks for fees, exchange rates, transfers speed and more.
Compare this well-known global payments giant to newer transfer service, Remitly, to see which is better for fees, exchange rates and transfer speed.
Enjoy zero transfer fees and a special signup offer when you send a Simplii Global Money Transfer.
Adrienne Fuller is the former head of publishing at Finder US. With a decade of experience creating guides in finance and education, she aimed to deliver the accurate and transparent information she wished she had when she made some of life's important financial decisions. Adrienne has a BA from Colorado College and loves to hike with her two Catahoula dogs. See full bio
Stacie Hurst is an editor at Finder, specializing in loans, banking, investing and money transfers. She has a Bachelor of Arts in Psychology and Writing, and she has completed FP Canada Institute's Financial Management Course. Before working in the publishing industry, Stacie completed one year of law school in the United States. When not working, she can usually be found watching K-dramas or playing games with her friends and family. See full bio
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