Wise vs Currencyfair: Which is Better?
Wise and CurrencyFair are reliable international payment services that can help you save a lot of money when making remittances to loved ones at home or transferring funds abroad. In case you are about to decide which of them is better to use, considering that they are so similar, we will help you arrive at a beneficial choice in this post. As you read it, you will find out which feature of each one matters to you the most and be able to choose wisely.
How Do They Work?
The way a payment system works is an important factor in deciding whether you would like to use it. You need to be sure that you can easily use the service and get the maximum benefits you desire, such as an affordable exchange rate, no or low fees, secure transactions, fast payments, and a lot more. Now, we will compare how Wise and CurrencyFair work.
Wise: What it is and how it works
Wise is a reputable online service that provides multi-currency accounts for its users to send money at a low cost to people in 80 countries. It can be up to five times less expensive than traditional banks.
More than 13 million people use Wise to make fast and secure money transfers online. Its multi-currency account allows you to make low-cost transfers locally and internationally. You can register with it today and enjoy using its Visa card, which supports m-wallets like Google Pay and Apple Pay.
To send money to someone through Wise, you will need to take the following steps:
- Create a Wise personal or business account using its mobile app or website and pass the identity verification procedure.
- When your account is ready, log in and set up a transaction by inputting the amount you want to transfer and selecting the sending and receiving currencies.
- Add the recipient’s personal/bank details, making sure that they are correct.
- Choose the method you want to use for payment.
- Fund your account using a bank transfer or card.
- Confirm the transaction and send the money.
CurrencyFair: What it is and how it works
CurrencyFair is a reliable and secure money transfer service that is available at no hidden fees. You can open a personal or business account with CurrencyFair and start exchanging currencies at bank-beating rates, or use its marketplace to choose your own rate and wait for a match.
Users of CurrencyFair can send and receive money in more than 20 currencies. It supports fund transfers to and from over 150 countries, including European countries, Australia, Canada, Singapore, Hong Kong, the United Kingdom, Switzerland, and many other destinations.
To use CurrencyFair for domestic or international money transfers, you will need to take the following steps, which are quite similar to those of Wise:
- Create an account with CurrencyFair online and verify your identity.
- When your account has been successfully prepared for use, log in and set up a transaction by entering into the platform the amount you want to transfer and selecting the sending and receiving currencies.
- Follow the prompts and add the details of the recipient.
- Select your preferred payment method.
- Credit your CurrencyFair and the transfer will be made to your recipient.
Wise vs CurrencyFair: Which is Safer?
Everywhere that CurrencyFair works, it is completely regulated. It is fully authorised by the Central Bank of Ireland, regulated by the Financial Conduct Authority (FCA) UK and is under the European Communities (Payment Services) Regulations 2009. Moreover, CurrencyFair is regulated by the financial authorities in the countries or territories where it operates.
Similarly, Wise is fully supervised and regulated by the Financial Conduct Authority (UK) and the Australian Securities and Investment Commission (ASIC), Australia. It also has the necessary licences and regulatory supervision in several other countries where it conducts business.
Therefore, both electronic money transfer services are equally safe to use. They are under adequate regulatory supervision for the protection of your interests as a consumer.
Which is Easier to Use Between Wise and CurrencyFair
In terms of how easy it is to use Wise and CurrencyFair, we would like to help you by comparing them using the following aspects:
- Account registration: Both services allow you to create an account using their websites or their mobile apps. Hence, they are both easy for account registration since you will have to use either your personal computer or mobile phone to get started.
- Mobile app store: They are available on the App Store and Google Play, which are the most popular software distribution platforms in the world. You can easily use your iPhone or Android phone to download any of these apps. Therefore, they are equal in this aspect.
- Account funding for transfers: Your account with any of these platforms can be funded using bank transfers. However, while Wise supports the use of credit and debit cards, CurrencyFair does not accept deposits by cards. For this reason, it may be better to choose Wise instead of CurrencyFair.
Wise vs CurrencyFair: Pros and Cons
Below is how Wise compares to CurrencyFair in terms of advantages and disadvantages.
Pricing, Exchange Rates, and Fees Comparison
Wise is more transparent than CurrencyFair when it comes to pricing. It allows users to make transfers at the mid-market exchange rate and charges a variable fee that can be as low as 0.41%. Also, its fee is low and clearly displayed when about to make a transfer.
On the other hand, CurrencyFair does not offer transparent pricing, although customers pay 0.45% of the amount and a transfer fee of €3 per transaction. Still, it is in its exchange rate margins that users can find most of its fees. However, users can get favourable rates through its P2P market.
Available Countries and Currencies
Whether or not the currencies you need are supported might be the determining factor when comparing Wise and CurrencyFair. For example, if you want to use USD, EUR, GBP, RUB, or any other currency to send money from Europe or the United States, or if the recipient will be receiving the funds in any of them, you must use the best service that will allow the transaction.
Compared to Wise, CurrencyFair generally facilitates payments to more countries, although it offers a smaller selection of currencies. While Wise supports 80 countries, CurrencyFair supports 150. But in terms of currencies, Wise supports 53 popularly traded ones, while its counterpart (CurrencyFair) allows its customers to use about 20 that are often exchanged. Popular examples include EUR, USD, GBP, CAD, AUD, CHF, CNY, HKD, JPY, and NZD.
Wise vs CurrencyFair: Transfer Speeds
About 45% of payments from Wise are made instantly, especially if you use a credit or debit card to pay for your transfer. Also, more than 80% of Wise payments come in less than 24 hours, and every transfer has an estimated delivery date.
Depending on the currencies involved, CurrencyFair has estimated processing timeframes available too. Wire transfers submitted in USD are typically received by CurrencyFair in 1 to 2 business days.
When it comes to customer support channels, it is difficult to say that Wise outperforms CurrencyFair. Both of them can be reached via phone, email, and live chat 24/7. Their customer care teams, which are multilingual, can be contacted via the extensive "Help" sections on their respective websites. Nevertheless, Wise provides faster customer service than CurrencyFair.
Customer Reviews Comparison
Both Wise and CurrencyFair have very high customer reviews. Out of 5 stars, Wise earns about 4.7, while CurrencyFair earns about 4.6. With such average scores from more than 100,000 users of these money transfer services, it is clear that their overall impressions in the minds of their customers are very positive.
Customers highly rate CurrencyFair, with 94 per cent of Trustpilot reviews evaluating it as "Excellent" or "Great." After more than 5,800 evaluations, they received a 4.6 out of 5 average ratings.
When compared to WorldRemit, Wise offers international transfers at better rates and at a lower total cost. Moreover, in most cases, Wise offers a better value if you want your transfer to be sent to a bank account in a supported country.
Yes, Wise is a good way to transfer money domestically and internationally. It is regulated by financial authorities in several countries. Also, its security system is among the best in the world by global standards.
CurrencyFair is a regulated payment institution. It is fully authorised by the Central Bank of Ireland. Besides, it is regulated by other financial authorities in many countries where its services are available.
TransferWise, which is now known as Wise, has successfully established its position as one of the cheapest international money transfer services in the world. However, depending on your location and the transaction you want to make, other services that might be cheaper than Wise include CurrencyFair, OFX, Paysend, and Xe.
Yes, Wise is a safe digital money transfer service. In every country where it operates, Wise abides by a strict set of regulations set by the various regulatory bodies. The Financial Conduct Authority (FCA), for instance, oversees Wise’s business activities in the UK to protect consumers’ interests and that of the market. To ensure that Wise's actions and statements adhere to legal requirements, the company's regulators keep an eye on its operations.
Wise and PayPal both provide alternatives for holding and converting currency. In contrast to PayPal, Wise accounts provide a wider range of currencies.
Additionally, unlike Wise, PayPal provides credit and buy now pay later services to its users.
Yes, Wise (former TransferWise) is totally secure for transfers of large amounts. It is far less expensive than a bank and enables customers to transmit large amounts of money.
Wise is a specialised money transfer service provider, not a bank. However, it provides bank-level security for users’ personal and financial data. It is a great choice for freelancers, digital nomads, and businesses with international operations.
Having made an in-depth comparison of Wise and CurrencyFair, we now give our verdict on which of them is better. Both are excellent international fund transfer services with unique selling points, features, and benefits. Still, we can emphasise that Wise is slightly cheaper and more transparent, whereas CurrencyFair offers a P2P marketplace for a more flexible exchange rate.
Despite all that we have highlighted in this comparison, remember that your choice of which money transfer system to use should be entirely based on how it meets your needs and expectations.