CurrencyFair vs Wise

CurrencyFair for individual customers offers a range of services beyond just international money transfer. CurrencyFair adds to their service offering for individuals on a regular basis. Currently they offer only online international money transfer features.

What CurrencyFair offers

• International money transfers
• Currency balances & top-ups
• CurrencyFair Exchange Marketplace
• Rate alerts
• Regular transfers

What CurrencyFair doesn’t do

• Personal account management
• Digital wallet
• Personal FX optimized travel cards

Wise provides a simple easy to use international money transfer service with digital wallet capabilities. Their digital wallet, or Borderless account also gives the individual local banking details in 6+ currencies including, EUR, SGD, NZD, USD, GBP and AUD. Their Wise Borderless debit card backs on to their Borderless digital wallet allowing you to spend directly out of your multi-currency account balances.

What Wise offers individuals

• International money transfers
• Borderless multi-currency receiving accounts
• Borderless Debit Card - FX optimised debit card
• Android and Apple apps
• Send money to email address
• Scheduled and recurring transfers - sufficiently funded Borderless account required for this to work.

What Wise does not offer individuals

• Personal account management
• Full support for regular transfers. Currently regular transfers or ‘scheduled transfers’ need to have a Borderless multi-currency account balance. Find out which countries support Wise Borderless account.
• Cash pick up or international bill payments

Along with features for personal accounts, Currencyfair offers business customer benefits although there are gaps to their offering.  iCompareFX keeps in close contact with CurrencyFair management and Currencyfair’s scoring will be adjusted as new benefits are released.

What CurrencyFair for business offers

• Receive international payments
• Multi-currency accounts
• Xero integration
• Multi-user account access
• Two person approval

What CurrencyFair for business doesn’t offer

• Business account management
• Currency risk management tools
• Online seller solutions
• Unique banking details for multi-currency accounts
• Debit cards for FX optimised foreign transactions

In addition to the services Wise offers the individual, there are some features only available for a business. Unfortunately, as Wise is online only, a business customer does not have support with currency fluctuations and trends. Wise does however offer easy to use transactional foreign currency receipts and payments.

Scheduled transfers is a recently added feature. This can reduce admin for those standard monthly, weekly payments to suppliers and staff. A sufficient balance in the Business Borderless account is required. Wise will remind the account owner to make sure there is sufficient funds in the multi-current account. What is not supported is standing orders from a business bank account through Wise. This may mean that businesses need to alter their business structure to ensure continuous sufficent Borderless account funding.

What Wise offers businesses

• Batch payments
• Xero and Quickbook integration
• FX optimised business debit card
• Multi-user account access
• Regular and scheduled transfers

What Wise for business doesn’t offer

• Business account management
• Risk management tools

CurrencyFair Fees

Exchange rate margin fee - Between 0.25% and 0.45% on top of the real exchange rate.

Transfer fee - Transferring out of CurrencyFair can cost €3 (currency equivalent).

International intermediary bank fees - Some currencies supported by CurrencyFair have the receiving account (the one you send your payment to), not in the home country of the currency. E.g. ZAR is located in London. This means that transferring ZAR to USD through CurrencyFair can attract an additional charge for the banks to send ZAR internationally. This can be up to US$20 currency equivalent. Currencies without local bank transfer payment support:

AED, CAD, HUF, NZD, USD, ZAR

Express deposit fee - In some countries, if you choose an express deposit or payment to CurrencyFair, it can be with an additional fee.

CurrencyFair free transfer offers - Yes! There are CurrencyFair coupons with up to 10 transfer fees free.
 

Are CurrencyFair fees negotiable?

No. CurrencyFair exchange rate margin fees are non-negotiable with larger transfer sums.

Wise offers the real time exchange rate at the time of your transfer. Therefore fees are visible in addition to the transfer amount. The fee structure is complex as it differs depending on the currencies you are sending from and to. Fees also apply to the type of Borderless account transaction. Fees can also apply on the use of the Wise Borderless debit card. Fees are briefly summarised below. Read the detailed Wise review for more details on Wise fees.

CurrencyFair’s focus on customer service and user experience is of very high standards. Customer onboarding and service process management are clearly well thought out and wrapped in great design.

Account registration - Fast and easy to follow wizard.

ID verification - ID checks can be completed within 24 hours. Sometimes instantaneously with some countries. Proof of ID can be uploaded directly within the CurrencyFair app. Use your phone to take photos of ID and upload with ease.

Transfer speed - 1 - 2 business days upon receipt of payment.

Payment options -  There are local bank transfer, local country payment solutions (e.g. BPay), debit card and express deposits available in some countries.

CurrencyFair mobile app - A very well designed Android and Apple mobile app. Very easy to use. New features are added regularly.

Minimum transfer amount - €8 equivalent.

The Wise app design and user experience of their technology is great with simple, intuitive processes.

Registration - Fast and easy account creation

ID verification - Instant in some countries

Transfer speed - It can be instantaneous in some countries. Fast payments to Wise comes at an additional cost.

Minimum transfer amount - $1

Mobile app - Simple and easy to use. Probably the best designed app of the international money transfer companies.

Payment options - Wise has the broadest range of payment options. Local bank transfer, debit / credit card and country specific solutions such as POLi.

What CurrencyFair does well

Supported destination currencies - 21 currencies. AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, ILS, INR, NOK, NZD, PHP, PLN, SEK, SGD, THB, USD, ZAR.

International presence - CurrencyFair local offices can be found in Ireland, UK, Singapore, Hong Kong and Australia.

Customer support - CurrencyFair’s customer support is very good. Local offices in Ireland and Australia provide 24/5 support.

Foreign language support - CurrencyFair’s website is available in English, French and German.
 

Where CurrencyFair could improve

USA support - No support for US residents. 

Local settlement accounts - Not all currencies support local bank transfer payments to CurrencyFair. This can mean higher fees by intermediary banks. (Read more in the CurrencyFair fees section).

CurrencyFair payment bank accounts - These have changed with some frequency. This can cause customer confusion and time while funds are paid to the wrong banks.

Wise’s supported countries vary with different services having different supported customer countries and destination countries. These are detailed in the Wise Countries and Currencies article and is summarized below.

Send from - 23 countries plus the Europe SEPA countries

Send to - Over 60 currencies

Borderless account and debit card - Over 6 countries can sign up to their Borderless services.

Where CurrencyFair does well

Regulated by - CurrencyFair is regulated by ASIC Australia and the Central Bank of Ireland. 

TrustPilot - A rating of Excellent by TrustPilot. CurrencyFair monitors TrustPilot for negative reviews. They respond publicly and work diligently to correct legitimate customer complaints.

iCompareFX visitors - Customers referred by iCompareFX make thousands of transactions with CurrencyFair yearly. 
 

CurrencyFair challenges

Fees transparency 

CurrencyFair has low and very competitive exchange rate margin fees. There is no need to not be completely transparent. iCompareFX believes that showing the real time exchange rate and the margin fee clearly within their money transfer wizard would result in a more positive customer experience.

Wise is fully regulated by the FCA and their customer funds are segregated from their business banking activities.

Wise is rated on TrustPilot as Excellent. Unfortunately there have been some poor reviews on TrustPilot indicating sudden account closures with funds being returned with no explanation.

Wise continues to raise capital through private funding. This could be a concern for the future when the shareholders are looking for aggressive growth and / or a return on their investment.