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Wise (TransferWise) vs CurrencyFair

We compare CurrencyFair vs Wise head-to-head to see which has the edge.

Compared to most banks, Wise and CurrencyFair both offer favourable exchange rates and low fees. But which one is better for you?

The fees and rates used in this comparison are accurate as of 29 January 2019.

1 - 2 of 2
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Wise (TransferWise)
24 hours
From 0.41%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
CurrencyFair
24 hours
From €3
Special offer: New customers get unlimited fee-free transfers for their first 3 months. T&Cs apply.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
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Which has lower fees, Wise vs CurrencyFair?

Wise

Wise charges a percentage of your transfer, which changes based on which currencies you’re exchanging, as well as a small flat fee. This flat fee is often only a few dollars, but can get higher in some circumstances. Sending to China, for example, will add on a $8 flat fee + a 0.75% fee of the amount that’s converted.

The percentage fee typically ranges from 0.45–1.5% of your money transfer.

CurrencyFair

CurrencyFair charges fees in a similar way to Wise – a percentage of the transaction, as well as a small flat fee. The flat fee is always €3. The percentage, on the other hand, ranges from 0.25–0.6% of the transfer.

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Winner: CurrencyFair

CurrencyFair wins out on fees, charging a smaller flat fee and percentage. However, keep in mind that this won’t necessarily make a transfer with CurrencyFair cheaper. Exchange rates can make a big difference. We’ll go into why below.

Let’s crunch the numbers: Sending $1,000 and $10,000 to Poland

To make this a bit easier to understand, let’s take a look at how Wise and CurrencyFair compare when sending money to Poland. Keep in mind that transferring to other currencies will have different fees and transfer times.

In our imaginary scenario, we’ll be using a bank transfer.

Sending $1,000 to Poland
WiseCurrencyFair
Transfer fee$5.69PLN 10 (around $3.50)
Exchange rate1 CAD = 2.833 PLN1 CAD = 2.817 PLN
Transfer speed2 business days4 business days
Total Polish zloty receivedPLN 2,835PLN 2,807
Receiver getsPLN 28 morePLN 28 less
Sending $10,000 to Poland
WiseCurrencyFair
Transfer fee$50.46PLN10 (around $3.50)
Exchange rate1 CAD = 2.833 PLN1 CAD = 2.817 PLN
Transfer speed2 business days4 business days
Total Polish zloty receivedPLN28,315PLN28,160
Receiver getsPLN 155 morePLN 155 less

For both transfers, Wise ends up on top. With the $1,000 transfer, the receiver gets almost PLN28 more. This works out even bigger on the $10,000 transfer, with Wise netting you almost PLN 155 more than CurrencyFair.

Which offers better exchange rates: CurrencyFair or Wise?

Wise

Wise exchanges money at the mid-market rate. That’s a great deal compared to most other money transfer services, who add a margin on top, though you should still keep an eye on the site’s percentage fee.

CurrencyFair

CurrencyFair adds a margin onto the mid-market rate, meaning the exchange rates offered aren’t as good as those Wise does. The margin is different for every currency, but generally ranges between 0.5% and 1% of the transfer.

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Winner: Wise

Any provider offering the mid-market rate is going to offer better exchange rates. In this case, Wise wins.

Which is faster?

Wise

It can take up to four days to send money using Wise, depending on which method you use. Paying by card will get your money there immediately, while a bank transfer will be longer.

CurrencyFair

A transfer with CurrencyFair should take between one and six days, depending on which currency you’re sending to. If you want to send to US dollars, for example, it’ll take you around two days. Hong Kong dollars, on the other hand, can take up to six days.

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Winner: Wise

Both CurrencyFair and Wise offer similar times for bank transfers, but Wise’s instant credit or debit card transfers puts it in the lead.

General features

Payment methodsMinimum and maximum transfersTransfer speedsCurrencies
WiseBank transfer, credit card, debit cardMinimum: $1

Maximum: $9,500

24 hours45+ currencies
CurrencyFairBank transferMinimum: $5

Maximum: $10,000,000

24 hours15+ currencies

Wise

With Wise, enter how much money you want to transfer, then send your funds to Wise. Wise will convert the currency and send it to your recipient’s bank account.

CurrencyFair

CurrencyFair works similarly. After creating your account, you can set up your transfer and send the money to CurrencyFair’s local bank account. Once CurrencyFair exchanges your money, it is sent to your recipient. You can also request the exchange rate you want and CurrencyFair will exchange your money when that’s reached.

Bottom line

Although both are quite similar, Wise pulls ahead with its mid-market exchange rate and faster transfers. Still, you’ll want to compare your options to find a service that’s best for your situation.

Looking for more options?

Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
1 - 12 of 12
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
OFX
24 hours
$0
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Xe Business Transfers
Xe Business Transfers
Within minutes
$0
Xe Money Transfer can help your business unlock international transfers. Forward contract and limit order options available.
CurrencyTransfer
24 hours
$0
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
Remitly
Within an hour
$1.99
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Wise (TransferWise) - Under 10k
24 hours
From 0.35%
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Xe Money Transfers
Within minutes
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
Xe Money Transfers
Within minutes
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
Simplii Financial
Within minutes
$0
Up to $300 off your first Global Money Transfer with our code GMTEVENT depending on the amount you send. For cash pickups instead, earn $50 using code CASH. Limits and regulations apply.
Send money without fees and at competitive exchange rates to 130+ countries.
Simplii Financial
Within minutes
$0
Up to $300 off your first Global Money Transfer with our code GMTEVENT depending on the amount you send. For cash pickups instead, earn $50 using code CASH. Limits and regulations apply.
Send money without fees and at competitive exchange rates to 130+ countries.
Africhange
Within an hour
$0
Send money in CAD to Africa on this blockchain and P2P powered provider.
OFX
24 hours
$0
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Instarem
Within minutes
From $0
Instarem offers zero transfer fees on all transfers.
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