Personal Features

TransferWise

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

Travelex

50

Travelex has over 1,000 stores and ATMs in 26 countries at key airport, seaport, rail, tourist locations.

They provide remittances and online international payments through partnerships with Western Union and Ozforex.

Travelex offers pre-paid currency cards for use across the globe.  Customers can use the cards to lock in the exchange rate at time of purchase, benefit from a 24/7 emergency service and load multiple currencies onto their cards.


TransferWise wins!

TransferWise scores better in the Personal Features category.

It's a draw!
Ribbon Icon
Draw

Business Benefits

TransferWise

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

Travelex

0

Travelex does not offer business services.


TransferWise wins!

TransferWise scores better in the Business Benefits category.

TransferWise
Ribbon Icon
Winner

Fees & Exchange Rates

TransferWise

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


Travelex

8

Exchange rates

Exchange rates are visible by visiting the Travelex website. 

Forward contracts are offered to lock in better exchange rates in the future.
 

Fees

Fee transfers through Travelex depend on the destination country and the transfer amount.

If you have to pay a fee, the company informs you about it before you finalize your transfer.


TransferWise wins!

TransferWise scores better in the Fees and Exchange Rates category.

TransferWise
Ribbon Icon
Winner

Ease of Use

TransferWise

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.


Travelex

64

Travelex has dedicated websites for residents of different countries such as Australia, Bahrain, China, France, Germany, Hong Kong, Japan, Malaysia, New Zealand, South Africa, Switzerland, the UK and the U.S.

Travelex provides access to some of its websites in local languages.

Once you register with Travelex International Payments, you can contact a foreign exchange dealer at any time, on business days.


TransferWise wins!

TransferWise scores better in the Ease of Use category.

TransferWise
Ribbon Icon
Winner

Support & Countries

TransferWise

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.


Travelex

44

Supported Countries 

Their click and collect option lets customers choose from over 40 currencies, as well as pre-paid currency cards to have delivered directly to their home, or to collect in one of their stores. 
 

Customer Service

Phone services are open 8am-8pm Monday to Friday, and 9am-5pm Saturday (EST). 

Travelex UK gets an average score of 8.7 out of 10 on Trustpilot.


TransferWise wins!

TransferWise scores better in the Support and Countries category.

TransferWise
Ribbon Icon
Winner

Trust & Transparency

TransferWise

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.


Travelex

31

The Travelex International Payments service is provided by OFX.

OFX is registered with the U.S. Financial Crimes Enforcement Network (FinCEN).

Travelex has licenses to operate as a money transmitter, which are issued by various state governing bodies in the U.S.


TransferWise wins!

TransferWise scores better in the Trust and Transparency category.

TransferWise
Ribbon Icon
Winner

The Result

Winner ribbon iconWinner

 TransferWise

It's hard to compare between TransferWise and Travelex as Travelex does not offer business services which effects its overall score.  Despite both drawing in their individual offerings, Travelex has shortcomings in all the other scoring sections.  The considerable difference is across its fees and exchange rates while the Ease of Use and Support and Countries categories also fall well short of TransferWise.