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
  • Scheduled and recurring transfers - sufficiently funded Borderless account required for this to work. 

What TransferWise 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 TransferWise Borderless account.
  • Cash pick up or international bill payments

Moneycorp

75

75

Moneycorp lets you sign up as a personal customer from most countries.
 

What Moneycorp does

  • International money transfers.
  • Forward contracts and market orders.
  • Regular transfers.
  • Account managers.
  • Moneycorp travel card for UK residents.
  • Moneycorp travel money for UK residents.

What Moneycorp doesn’t do

  • Cash pick up.

Moneycorp wins!

MoneyCorp scores better in the Personal Features category.

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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.

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. TransferWise 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 TransferWise. This may mean that businesses need to alter their business structure to ensure continuous sufficent Borderless account funding.

What TransferWise offers businesses

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

What TransferWise for business doesn’t offer

  • Business account management
  • Risk management tools

Moneycorp

78

78

Moneycorp provides specialized solutions for businesses from several countries and for online sellers from the UK.
 

What Moneycorp business account offers

  • International money transfers.
  • Business account managers.
  • Risk management tools.
  • Online seller solutions (through the UK website).
  • Bulk payments.

What Moneycorp business account doesn’t offer

  • Business travel cards.
  • Integration with popular accounting software

Moneycorp wins!

Both equally compare in the Business Benefits category.

 

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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 fees

Moneycorp fees depend on where you live and the desired transfer speed. Moneycorp provides fee-free transfers in some markets.
 

Moneycorp exchange rates

The exchange rate margin that Moneycorp applies depends on the transfer amount. Moneycorp does not notify you of the margin it applies - it only informs you of the exchange rate that will apply on your transfer.


TransferWise wins!

TransferWise scores better in the Fees and Exchange Rates category.

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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

What Moneycorp does well

Phone transfers - Initiate transfers by speaking with your dedicated account manager over the phone.

Payment options - Accepts payments via bank account transfers, debit cards and Moneycorp account balances.

Express transfers - You may carry out Express transfers that can go through on the same day, depending on where you live.
 

Where Moneycorp could improve

Signing up - Signing up online or over the phone, followed by account verification, can be made quicker and simpler.

Transfer speed - Most transfers take 2 - 3 business days. Some transfers can take even longer.

Moneycorp app - While Moneycorp has apps for Android or Apple, some customer reviews on Apple App Store and Google Play Store highlight concerns about their usability.


TransferWise wins!

TransferWise scores better in the Ease of Use category.

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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

What Moneycorp does well

Supported registration countries - Moneycorp accepts customers from most countries.

Supported destination countries and currencies - Send money online to more than 190 countries, in 33 currencies. More currencies are supported over the phone.

Moneycorp travel card currencies - GBP, EUR, USD, CAD, AUD, NZD, ZAR, CHF, TRY and AED.

Moneycorp customer service - Provided via email and over the phone.
 

Where Moneycorp could improve

Languages - While access to the Moneycorp website comes in English and a few European languages, customers might benefit by the addition of more languages.


TransferWise wins!

TransferWise scores better in the Support and Countries category.

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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

What Moneycorp does well

Regulated - Moneycorp is regulated by licensing bodies of different countries.

Safety of funds - Holds client money in segregated bank accounts.

Well rated business services - iCompareFX has consistently received positive feedback about Moneycorp's business services.
 

Where Moneycorp could improve

Transparency in rates - Moneycorp can work in increasing trust among its customers by making its exchange rate margins completely transparent.

Customer support - While Moneycorp rates as Excellent on Trustpilot, there's still room for improvement, especially when it comes to its customer service.


TransferWise wins!

TransferWise scores better in the Trust and Transparency category.

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Winner

The Result

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 TransferWise

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