TransferWise vs. CurrencyFair: Who has cheaper rates? | finder.com
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TransferWise vs. CurrencyFair

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TransferWise 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, TransferWise 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.

TransferWise CurrencyFair Logos
Fees From 0.5% to 1.5% of your transaction On average, customers at the moment pay around 0.38%
Exchange rates Mid-market rate Exchange rate varies by user
Speed 1–6 business days 2–4 business days
Max Transfer Amount Private individual – $49,999 per day and $199,999 per year
Business – $199,999 per day and $1,000,000 per year
No limit
Read review Read review

TransferWise and CurrencyFair: How they work

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

TransferWise

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


Read review: TransferWise

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.

Read review: CurrencyFair

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Which offers lower fees?

TransferWise

TransferWise charges a percentage of your transfer, which changes based on which currencies you’re exchanging. The fee is incorporated into your transfer. (Check out TransferWise’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 – About 1% ($3 minimum)

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
  • Via Irish debit card – $0
  • Exchange currency with another user – 0.15% of total amount
  • Exchange currency with CurrencyFair – 0.4% to 0.6%

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Winner: CurrencyFair

TransferWise charges a 1% fee to exchange currency. CurrencyFair charges 0.15% if you exchange with another user. This gives a slight edge to CurrencyFair.

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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

I want to send

to

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 0 3 - 5 days USD 0.00 0.887 EUR 4,436 Transfer up to $500,000 with no minimums and no fees. Go to site Show details
USD 1 1 - 2 days USD 0.00 0.894 EUR
4,472
Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site Show details
USD 1 Within an hour USD 0.00 0.882 EUR 4,411 Use promo code 3FREE to send your first 3 transfers with no fee. Send to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up. Go to site Show details
USD 1,000 1 day USD 0.00 0.885 EUR 4,427 No-maximum limit transfers with competitive exchange rates for 100+ currencies. Go to site Show details
GBP 1,000 1 - 2 days USD 0.00 0.891 EUR 4,454 Exclusive: Minimum transfer of $1,000 for Finder readers (normally $5,000).
For larger transfers, get no transaction fees and no maximum send limits.
Go to site Show details
USD 5,000 1 day - - Venstar will support you through the entire process of your international transactions, from start to finish. Go to site Show details
USD 50 1 - 2 days USD 0.00 0.879 EUR 4,395 Simple, zero-margin exchange rates, plus earn loyalty points on sign up, referral and every transaction. Go to site Show details

Compare up to 4 providers

Which offers better exchange rates?

TransferWise

TransferWise 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. 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.

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Winner: Tie

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

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Which is faster?

TransferWise

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

  • Credit or debit card – Immediately
  • Wire transfer – Up to 1 business day
  • Bank transfer (ACH) – 1–4 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.

  • Debit card – Immediate (only for Irish debit cards from a bank in the Republic of Ireland)
  • 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. If you have an Irish debit card, your transfer could be completed in as little as one business day.

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Winner: Tie

TransferWise could technically take longer to transfer money, but more often you can expect it to take as long as CurrencyFair.

If there’s one weakness to both TransferWise and CurrencyFair, it’s that you can’t pay by credit or debit card for all currencies. TransferWise offers credit and debit card payments for currencies like the British pound and Australian dollar, but not for others like the Japanese yen or US dollar. CurrencyFair only offers debit card payments from Irish cards. Expanding credit and debit card payments would speed up the transfer time for many countries.

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Which offers more options?

Payment Methods Minimum and maximum transfers Delivery methods Transfer speeds Countries and currencies
TransferWise Bank transfer, credit card or debit card $1 minimum; $36,000 maximum Bank transfer 1–6 business days 39 countries
CurrencyFair Bank transfer or debit cards (Irish cards only) None Bank transfer 2–4 business days 160+ countries
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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 TransferWise and CurrencyFair.

TransferWise CurrencyFair
Transfer fee $9.90 $1.50
Exchange rate 1 USD = 0.93455 EUR 1 USD = 0.93100 EUR
Transfer speed 1–6 days 2–4 days
Total received 934.55 EUR 931.00 EUR

While TransferWise offers a slightly stronger exchange rate, you’ll pay almost $8.50 more in transfer fees and could wait up to two extra days. However, going with either service will result in big savings over big banks.

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Bottom line

TransferWise and CurrencyFair are very similar, and each edges out the other in a few respects. For example, TransferWise offers credit and debit card payments for more currencies. On the other hand, CurrencyFair offers transfers to more countries and potentially gives you a better rate than the mid-market rate.

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

Frequently asked questions

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US International Money Transfers Offers

Important Information*
XE Money Transfer

Transfer up to $500,000 with no minimums and no fees.

WorldRemit International Money Transfers

Use promo code 3FREE to send your first 3 transfers with no fee. Send to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up.

TransferWise

Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks.

CurrencyTransfer

Exclusive: Minimum transfer of $1,000 for Finder readers (normally $5,000).
For larger transfers, get no transaction fees and no maximum send limits.

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2 Responses

  1. Default Gravatar
    KenFebruary 14, 2019

    To send US100 to a bank account in Ghana:
    How long does it for receipt to receive the money?
    How much GHC will be received?
    What is the total fee?

    • finder Customer Care
      johnbasanesFebruary 15, 2019Staff

      Hi Ken,

      Thank you for reaching out to Finder.

      Currencyfair does not have affiliated locations in Ghana for a transfer to be made. Transferwise on the other hand, based on today’s currency exchange will send 526 Ghanaian Cedis to your recipient from the $100 you send. Estimated arrival of funds will be the following day. Fees would depend on the method of sending the money. Bank Debit is at $.15, Debit card is at $.74, Credit card is at $3.29 and Wire Transfer will just charge your bank fees. Hope this helps!

      Cheers,
      Reggie

US International Money Transfers Offers

Important Information*
XE Money Transfer

Transfer up to $500,000 with no minimums and no fees.

WorldRemit International Money Transfers

Use promo code 3FREE to send your first 3 transfers with no fee. Send to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up.

TransferWise

Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks.

CurrencyTransfer

Exclusive: Minimum transfer of $1,000 for Finder readers (normally $5,000).
For larger transfers, get no transaction fees and no maximum send limits.

Go to site