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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.
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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.
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
| Wise | CurrencyFair | |
|---|---|---|
| Transfer fee | $5.69 | PLN 10 (around $3.50) |
| Exchange rate | 1 CAD = 2.833 PLN | 1 CAD = 2.817 PLN |
| Transfer speed | 2 business days | 4 business days |
| Total Polish zloty received | PLN 2,835 | PLN 2,807 |
| Receiver gets | PLN 28 more | PLN 28 less |
Sending $10,000 to Poland
| Wise | CurrencyFair | |
|---|---|---|
| Transfer fee | $50.46 | PLN10 (around $3.50) |
| Exchange rate | 1 CAD = 2.833 PLN | 1 CAD = 2.817 PLN |
| Transfer speed | 2 business days | 4 business days |
| Total Polish zloty received | PLN28,315 | PLN28,160 |
| Receiver gets | PLN 155 more | PLN 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.
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.
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 methods | Minimum and maximum transfers | Transfer speeds | Currencies | |
|---|---|---|---|---|
| Wise | Bank transfer, credit card, debit card | Minimum: $1 Maximum: $9,500 | 24 hours | 45+ currencies |
| CurrencyFair | Bank transfer | Minimum: $5 Maximum: $10,000,000 | 24 hours | 15+ 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.
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