Personal Features

TransferWise

50

50

TransferWise 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 TransferWise Borderless debit card backs on to their Borderless digital wallet allowing you to spend directly out of your multi-currency account balances.

What TransferWise 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

What TransferWise does not offer individuals

  • Personal account management
  • Regular transfers
  • Cash pick up or international bill payments

Moneycorp

75

75

Sending money to family and friends

Buying property overseas

Emigrating

Making mortgage payments

Receiving pension payments

Getting cash in foreign currency for overseas travel

Getting a multi-currency card


MoneyCorp wins!

MoneyCorp scores better in the Personal Features category.

Moneycorp
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Winner

Business Benefits

TransferWise

56

56

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

What TransferWise offers businesses

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

What TransferWise for business doesn’t offer

  • Business account management
  • Risk management tools
  • Regular transfers

Moneycorp

78

78

Asset managers

Banks

Consumer finance

Fund managers

Global insurance and reinsurance

Hospitality and leisure

Private equity houses

Wealth managers


It’s a draw!

Both equally compare in the Business Benefits category.

 

Moneycorp
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Winner

Fees & Exchange Rates

TransferWise

54

54

TransferWise 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 TransferWise Borderless debit card. Fees are briefly summarised below. Read the detailed TransferWise review for more details on TransferWise fees.

TransferWise ServiceTransferWise fee
Simple International Money Transfer

0.4% - 2% 

Varies on currency and payment type

Adding to TransferWise Borderless account0.4% - 0.5%
Converting between Borderless account0.3% - 0.6%
Sending money out of Borderless accountLess than 0.1% in most cases
Borderless Account Debit Card

No fee for card issuance

Fee free cash withdrawal limit of US$250, 2% thereafter

Zero cost on spend from existing currency balance, 0.24 - 3.69% fee if there is no existing balance


Moneycorp

29

29

Moneycorp exchange rates

The calculator provided on the Moneycorp homepage lets you view existing interbank rates.

The actual rate you receive depends on the existing exchange rate, the amount you wish to transact and the currency you are purchasing.

You get the same rate whether you fund your transfer through a bank transfer or via a debit card.

Moneycorp currency charts let you track fluctuations in exchange rates.
 

Moneycorp fees

The fee you pay depends on the Moneycorp website you use.

If you use the UK-based website, standard payments attract £5 as fees. For express payments, you will be charged £9. If you book a deal over the phone, you will have to pay £15.

The Australia-based website does not charge any fees for online or over-the-phone transfers.


TransferWise wins!

TransferWise scores better in the Fees and Exchange Rates category.

TransferWise
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Winner

Ease of Use

TransferWise

83

83

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


Moneycorp

68

68

Moneycorp operates dedicated websites for the U.S., the UK, Spain, Ireland, France, Romania and Australia.

Depending on the website you use, you can get access in English, Spanish, French or Portuguese.

In some countries, such as the UK, France, Ireland and Romania, Moneycorp offers services to businesses as well.

You can transfer as little as £50 or its equivalent in another currency.

In the UK, Moneycorp provides travel money solutions.


TransferWise wins!

TransferWise scores better in the Ease of Use category.

TransferWise
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Winner

Support & Countries

TransferWise

88

88

TransferWise’s supported countries vary with different services having different supported customer countries and destination countries. These are detailed in the TransferWise 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.


Moneycorp

81

81

You can send money to various countries and in a range of currencies.

MoneyCorp enables you to transfer money to over 150 countries, and it deals in as many as 90 currencies. You can view the complete list after registering as a customer.


TransferWise wins!

TransferWise scores better in the Support and Countries category.

TransferWise
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Winner

Trust & Transparency

TransferWise

63

63

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

TransferWise 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.

TransferWise 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.


Moneycorp

56

56

Headquartered in the UK, Moneycorp is authorized and regulated by the FCA.

In Australia, Moneycorp Pty Ltd is an authorized representative of Rochford Capital Pty Ltd, which in turn, is licensed by the Australian Securities and Investments Commission (ASIC).


TransferWise wins!

TransferWise scores better in the Trust and Transparency category.

TransferWise
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Winner

The Result

Winner ribbon iconWinner

 TransferWise

A close call with TransferWise just nudging out MoneyCorp 75 to 67.  With a draw across their business services, MoneyCorp did fair better in the Personal Services category.  TransferWise took the lead across every other category particularly with its cheaper fees and exchange rates.