If you need to transfer money to friends or family in China, Wyre is one of the fastest options available.
Offering competitive rates and transfers in as little as six hours, Wyre can help you send money to family, friends or businesses throughout China.
Founded in 2013, Wyre is a newer service that transfers your cash using the blockchain, with cheaper rates and up to three days faster than competing services. Wyre acts as an intermediary between you and your recipient to settle transactions.
How does Wyre work?
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 the US and China.
It promises to “replace technologies that have been stagnant for 30+ years,” focusing on revolutionizing transparent cross-border payments to become the fastest and most competitive transfer and remittances service out there.
After signing up for a Wyre account, you can begin transferring money to its select countries with no minimum or maximum amounts.
How does Wyre compare to more well-known brands?
Wyre competes on speed and exchange rates, but there may be better options for your needs:
How can I transfer money with Wyre?
For US clients, Wyre currently supports ACH and wire transfers from your bank account. If you’re outside of the US, you’ll need to confirm your transfer methods with Wyre by your country of origin.
What is an ACH bank transfer?
The Automated Clearing House (ACH) is a network that moves money and information between bank accounts through direct deposits and payments. It processes more than $40 trillion each year and supports more than 90 percent of all electronic payments in the United States.
Wyre exchange rates
Wyre doesn’t actually have a standard markup over mid-market rate. They typically use the blockchain rate, which is often better than the mid-market rate. Visit the site to instantly see the current exchanges rates.
How much does it cost to transfer money with Wyre?
Because Wyre is a partner of finder.com, you can send any amount of money for free by signing up through the link on this page.
Normally, Wyre charges a 0.25% “cross-border” fee on international transfers, plus any payment fees from local payment methods. Domestic transfers between Wyre users are free.
What types of transfers can I send through Wyre?
In addition to one-off transfers, you can schedule regular payments through Wyre.
Pros and cons
- Lightning-fast transfers. While it boasts that its transfers take minutes, expect a still impressive 6 to 24 hours for your money to be delivered.
- Low transfer fees. Wyre charges only 0.25% for international transfers, a bargain compared with competitors that charge 1% to 4%.
- No minimum or maximum. Send as little or as much as you need.
- Schedule regular payments. Wyre offers the ability to set up recurring payments.
- Limited state availability. Though new states will be added to its business roster, Wyre currently does not support services in Wyoming, New York, Idaho, Oregon, Washington, North Dakota, South Dakota, Vermont, New Hampshire, Connecticut, Virginia, North Carolina or Georgia.
- Limited country availability. Wyre currently offers full service to the US, Mexico, China, Brazil and Hong Kong only. It offers payout-only services to India and Canada.
- Limited customer service options. Wyre does not offer 24/7 support and limits its phone support to English speakers located in the United States.