- Good for sending money to bank accounts, cash pick-up locations and straight to your recipient’s home. Also offers multilingual support.
- Only has a limited number of transfer destinations.
WireBarley exchange rates and fees
WireBarley’s exchange rates are updated regularly in line with fluctuations to the mid-market rate. The company adds a margin on top of the mid-market rate for each transaction, but the size of this margin is typically much smaller than what you could expect from a bank.
Fees also apply to all transactions. The size of the fee varies depending on where you are sending money, how much you transfer and how your recipient will access the funds.
WireBarley allows you to send money overseas using more than a dozen currencies, including the following:
- CNY Chinese yuan
- EUR Euro
- GBP British pound
- INR Indian rupee
- KRW South Korean won
- MYR Malaysian ringgit
- PHP Philippine peso
- BDT Bangladesh taki
What types of transfers can you make with WireBarley?
WireBarley offers three types of money transfers:
- Bank account transfers
- Cash pick-up transfers
- Home delivery transfers
- Mobile wallet transfers
You can send money online through the WireBarley website or by using a mobile app, but please note that not all transfer methods are available for all destinations.
How long does a transfer with WireBarley take?
- Fastest transfers: As little as a few minutes
This speed will depend on your payment method and your destination and is not guaranteed.
- Slowest transfers: 2 business days or more
Paying by bank account is typically the slowest way.
What payment methods does WireBarley accept?
Payments can be made in two ways:
- Debit card
- ACH Direct Debit
Transfers typically take
WireBarley doesn’t have a Trustpilot page, but some customer reviews can be found on the Google Play and Apple App store. WireBarley has a combined rating of about 4.4 out of 5 stars between the two app stores. While some people on Reddit mention that WireBarley has a simple sign up process and often runs promotions, I was unable to find any critical reviews of WireBarley outside of the app stores.
Is WireBarley safe to use?
- Security and regulation: All transactions comply with the Office of Foreign Assets Control, a US federal organization that regulated money transfers
- Established: 2012
- Number of customers: 100,000+ US app downloads*
- Support: Multilingual customer support in 12 different languages
*According to WireBarley on October 7, 2020.
WireBarley Corporation is licensed by South Korea’s Ministry of Strategy and Finance to provide cross-border remittance services. Its US subsidiary, WireBarley Corp, is regulated by the Australian Securities and Investments Commission (ASIC) and listed on the Australian Transaction Reports and Analysis Centre (AUSTRAC) Remittance Sector Register.
To help offer the safest possible transactions, WireBarley partners with Community Federal Savings Bank in the US and claims to offer security measures in line with those offered by global banks. These include password encryption, treating all transaction information with SEED encryption and using SSL technology on its server.
How does WireBarley make money?
WireBarley makes money in two ways:
- By charging transaction fees
- By adding a margin on top of the mid-market exchange rate – the mid-market rate is the “true” exchange rate you see listed on Google and is the rate at which banks and transfer companies buy and sell currency from one another
How to register an account
You can register for an account with WireBarley by completing the following steps.
How do I make an international money transfer with WireBarley?
You can send money overseas with WireBarley by completing the following steps:
- Log in to your account and start a new transaction.
- Specify where you want to transfer money, enter the amount you want to send and select a delivery option.
- Provide your recipient’s name and details. If sending to a bank account, you’ll need to provide your recipient’s bank account information.
- Review the details of your transaction, including the exchange rate and fee.
- Submit payment for your transaction via debit card or ACH bank debit.
- You’ll receive an email notification when your transaction has been completed.
What is WireBarley?
WireBarley is a South Korean fintech company that specialises in online and mobile cross-border remittances throughout the Asia-Pacific region. Headquartered in Seoul, it has been offering transfer services to Australian customers since 2012. In addition to South Korea and Australia, WireBarley also has operations in New Zealand and the United States.
In a nutshell
- Multiple transfer options. WireBarley offers online and mobile transactions, and it allows you to send bank account, cash pick-up and home delivery transfers.
- Competitive exchange rates and fees. The exchange rates and fees offered by WireBarley are typically much better than those you would receive from your bank.
- Quick and easy to use. Whether you’re sending funds via the WireBarley website or mobile app, the registration and transfer process is simple and straightforward.
- Multilingual customer support. If you need help with your transaction, WireBarley offers customer support in Korean, English and 10 other languages.
- Only supports a limited number of transfer destinations. WireBarley only supports transfers to 14 countries from Australia, so your desired transfer destination may not be supported.
- Limited payment methods. Credit cards are not accepted as a payment method.
- Not suitable for large transactions.While transaction limits vary depending on where you’re sending money, WireBarley is typically not suitable for sending amounts over $3,500.