Finder makes money from featured partners, but editorial opinions are our own. Advertiser disclosure

Wise (TransferWise) vs. CurrencyFair

Wise and CurrencyFair are solid options for international money transfers. We compare them head to head to see who has the edge.

Compared to most banks, Wise and CurrencyFair are excellent options to transfer money. Most important, they charge low fees and offer favorable exchange rates — two big factors that will determine how much you’ll save on your transfer.

WiseCurrencyFair Logos
FeesFrom 0.41% to 1.5% of your transactionOn average, customers at the moment pay around 0.45%
Exchange ratesMid-market rateExchange rate varies by user
Speed1–2 business days2–4 business days
Max Transfer Amount$1 million per transfer and $5 million annuallyNo limit
Wise reviewCurrencyFair review

Wise and CurrencyFair: How they work

It’s easy to transfer money through Wise and CurrencyFair, and the process is pretty similar for both services.

Wise

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

CurrencyFair

For CurrencyFair, you set the exchange rate you want on your currency, and then you’ll be matched with someone who wants to exchange money with you. After your currency is converted, CurrencyFair will transfer it to your recipient’s bank account.

Which offers lower fees?

Wise

Wise charges a percentage of your transfer, which changes based on which currencies you’re exchanging. The fee is incorporated into your transfer. (Check out Wise’s pricing page for details on fees).

If you’re transferring money by credit card, you’ll pay a transaction fee.

  • Via bank transfer – $0
  • Via credit card – Typically 0.3% to 2%
  • To exchange currency – from 0.41%

CurrencyFair

When customers exchange money on CurrencyFair, CurrencyFair charges a fee of the total amount. If there isn’t anybody on CurrencyFair for you to exchange with, it will step in and exchange the money for you at a higher fee.

There’s no fee to send money to CurrencyFair.

  • Via bank transfer – $0
  • Exchange currency with another user – 0.25% to 0.3% of total amount
  • Exchange currency with CurrencyFair – 0.4% to 0.6%

Trophy icon
Winner: CurrencyFair

Wise charges at least a 0.41% fee to exchange currency. CurrencyFair charges 0.25% to 0.3% if you exchange with another user. This gives a slight edge to CurrencyFair.

PRO TIP

Though a money transfer service might not charge for bank transfers, your bank may charge you for sending in your money. Your recipient’s bank may also charge fees for receiving money.

Compare other transfer services

Our table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.
1 - 14 of 14
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Airwallex
Airwallex
Within minutes
$0
After spending $15k in your first 90 days, receive a one-time $500 bonus that will automatically be credited to your account on any FX conversion.
Airwallex can help you make business payments to 150+ countries in 60+ currencies.
Wise (TransferWise)
Within minutes
From 0.41%
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Cash App
Within minutes
From $0
With this peer-to-peer payment app make payments to your friends and family with no transfer fees within the US or from the US to the UK or EU.
Instarem
24 hours
From 0%
New Instarem customers will get a special FX rate and zero-fees on their first transfer.
Instarem offers offers rewards on every transaction.
MoneyGram
Within minutes
From $0
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
Western Union
Within minutes
From $0
Enjoy $0 fee on your first online transfer. Western Union makes money from currency exchange. Not valid on credit cards or sends to Cuba.
Western Union sends money online to friends and family in 200+ countries and territories around the world.
OFX International Money Transfers (Business)
24 hours
$0
Business customers: Send safe, no-limit transfers with no fees and competitive exchange rates.
CurrencyTransfer for Business
24 hours
$0
Increase business efficiency with zero transaction fees and same-day transfers.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Xe Money Transfer for Business
24 hours
$0
Save your time and money with Xe Money Transfer for business.
Currencies Direct (business)
24 hours
$0
Minimizes costs of international transactions and offers custom solutions for business clients. Currencies Direct may call you to confirm your transfer, so be prepared for a phone call shortly after initiating a transfer.
Xe
Within minutes
$3
Xe has fast transfers with low fees and a range of foreign currency tools.
CurrencyTransfer
24 hours
$0
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
Currencies Direct
24 hours
$0
CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates. Currencies Direct may call you to confirm your transfer, so be prepared for a phone call shortly after initiating a transfer.
loading

Which offers better exchange rates?

Wise

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

CurrencyFair

Because CurrencyFair is a marketplace that matches users, your exchange rate will vary from 0.25% to 0.3%. Depending on what you’re willing to exchange for, you could get anywhere from a poor rate to something even better than the mid-market rate.

Trophy icon
Winner: Tie

Judging purely on exchange rates, this battle is a tie. Wise converts at the stellar mid-market rate, but you could theoretically get the mid-market rate or better at CurrencyFair.

Which is faster?

Wise

It can take up to four days to send money to Wise, depending on which method you use.

  • Credit or debit card – Immediately
  • Wire transfer – Up to 1 business day
  • Bank transfer (ACH) – 1–3 business days

Currency conversion takes anywhere from a few hours to two days, and it takes a few business days for the money to be sent to your recipient.

In total, it takes from one to six business days to complete a transfer.

CurrencyFair

It takes up to two days to send money to CurrencyFair, depending on which method you use.

  • Bank transfer – 1–2 business days
  • Bank transfer (ACH) – 1–4 business days

It’ll take one to two business days for CurrencyFair to convert the money and send it to your recipient. In total, it takes two to four days to complete a transfer.

Trophy icon
Winner: Wise

In most cases, Wise will provider faster transfer speeds. If there’s one weakness to both Wise and CurrencyFair, it’s that you can’t pay by credit or debit card for all currencies. Expanding credit and debit card payments would speed up the transfer time for many countries.

Which offers more options?

Payment MethodsMinimum and maximum transfersDelivery methodsTransfer speedsCountries and currencies
WiseBank transfer, credit card or debit card$1 minimum; $1,000,000 maximum per day and up $5,000,000 annuallyBank transfer1–3 business days80+ countries
CurrencyFairBank transfer€8 (or equivalent) minimum and maximum is unlimitedBank transfer2–4 business days150+ countries

Case study: $1,000 to Italy

Say you’re a business owner who needs to buy a few things from a supplier in Florence. Here’s what a transfer would like with Wise and CurrencyFair.

WiseCurrencyFair
Transfer fee$7.30$2.81
Exchange rate1 USD = €0.9411 USD = €0.9365
Transfer speed1–2 days2–4 days
Total received€934.33€933.5

Although Wise charges a higher transfer fee, their exchange rate is stronger and will save you a whopping €0.82 on your transfer. As you transfer more money, Wise should save you a bit more money. However, going with either service will result in big savings over using your local bank.

Bottom line

Wise and CurrencyFair are very similar, and each edges out the other in a few respects. For example, Wise offers credit and debit card payments for more currencies. On the other hand, CurrencyFair has a higher transfer limit and potentially gives you a better rate through their marketplace.

Still, you’ll want to compare your options to find a service that’s best for your situation.

Frequently asked questions