TransferWise
TransferWise operates as a peer-to-peer platform, matching buyers to sellers. It is not able to carry out this P2P matching in every country, however. Therefore, some transfers can only be executed as a local transfer within the country in question. Contact TransferWise directly for more information. Their fees implement nominal rates on top of this, depending on transfer size, currency and the country being transferred to. Their online calculator is a helpful tool to assist users in determining the relevant fees applicable for different transfers.
TransferWise is very good at eliciting positive feedback from their customers and they can boast over 40,000 reviews on Trustpilot with the full 5-star rating.
Currencies Direct
Currencies Direct has a core business aimed at attracting the personal and online seller markets. They offer personal account management and prepaid foreign currency cards, as well as simple spot contracts, forward contracts, limit orders and regular payments. They have also agreed links with Amazon and eBay so that sellers can be paid in a chosen currency.
Their minimum transfer value is very low at £1/$1/€1. The company also provides topical information and advice for the personal market, and has a broad selection of channels that they communicate through if you are on-the-go, including Facebook and YouTube. Currencies Direct tops the bill, netting a full 5-star rating on Trustpilot (averaging 9.2) and has the highest Dun & Bradstreet rating for creditworthiness (Level 1).
TransferWise Features
Currencies Direct Features
Make transferring on the go simple, with their new Wise bot available through Facebook Messenger
Offers the ability to carry out batch payments to up to 1000 recipients – useful for regular payments to self-employed contractors or freelancers.
The main website is available in: English, French, German, Italian, Japanese, Hungarian, Polish, Portuguese, Russian and Spanish.
Difficult to compare easily to other providers due to the fees, but does make them transparent and details them all at the start, so there are no surprises
Cannot accept out bound payments from Hong Kong
Customers have voiced concerns about the specific point at which Wise verify your identity as this may not be your first transfer. This could impact your transfer timescales, so best to confirm directly with them if you do have an urgent, large transfer due.
Payments via bank transfers, direct debits and cheques
Excellent customer service
5-star Trustpilot rating
4.6/5 Feefo rating
Free account
Fee-free transactions almost anywhere
Educational guides for personal customers and businesses (SME and online trading)
Regular payments service covers mortgages, studying abroad and pension payments
Not setup for small value transfers or remittances
Price Comparison
Fees charged by TransferWise are detailed when you ask to transfer a specific amount. They depend on transaction size, so therefore cannot be quoted. Card fees exist whether you are paying by debit or credit card, but you can only make payments on the card registered to the country/region you want to make the payment to. There are no additional fees if you carry out a bank transfer. Contact TransferWise for their full fee structure.
There are no fees through foreign currency exchange trades applicable through Currencies Direct. Currencies Direct also offers a very low minimum transfer amount of £1.
International Presence
Both currency traders offer the ability to trade over the telephone or online 24/7. TransferWise can support 27 currencies and facilitates transfers to over 50 countries for personal or business accounts.
Currencies Direct offers a wide spectrum of available international transfers, meaning that you can transfer to most countries in the world, while they also support 60 different currencies. Please refer directly to Currencies Direct for a full list of countries and currencies available.
Ease of Use
It is quick and simple to open an account with TransferWise, while the accompanying website and account functions are easy to operate. The broker also offers an incredibly helpful function of making payments through Facebook Messenger, while their borderless account feature enables regular payments in USD, GBP, EUR and AUD. The TransferWise website offers a Live Chat functionality to guarantee instant communication with a member of the team (Mon-Fri). Finally, mobile apps are available for iOS and Android smartphones.
Currencies Direct also places emphasis on user-friendliness, offering a website which is easy to interact with and an account which is simple and quick to sign up to. Payments can be made by bank cards, direct debits and cheques, and it is also possible to manage your account via smartphone with the iOS compatible app.
OFX provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates.
Average of the top US Banks costs as compiled by our own FXC Intelligence group
FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended. FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.
