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
Amount Received
£ 200.00
EUR223.98
USD256.72
CAD336.12
AUDn/a
£ 13.29 Avg. Saving vs. Banks ?
Go to site
Currencies Direct
Amount Received
£ 200.00
EURn/a
USDn/a
CADn/a
AUDn/a
£ 0.00 Avg. Saving vs. Banks ?
Go to site
TransferWise
Fee: ? 0.5% to 1.5%
Bank Partner: ?
Speed: ? 1-5 days
Local Settlement: ? Europe
Transfer Methods ?
Phone and online transfer services
Regulated By: ?
FCA, FinCEN
General Notes Get your free multi-currency account, to pay and get paid around the world with the real exchange rate. Say bye bye to crazy bank fees for good.
Country Notes When you pay by debit or credit card, most banks charge an additional fee. These processing fees vary depending on the kind of card you use and where it was issued.
Currencies Direct
Fee: ? No Fees via FXcompared
Bank Partner: ?
Speed: ? 1-3 days
Local Settlement: ? UK, Spain, France, USA, South Africa
Transfer Methods ?
Phone and online transfer services
Regulated By: ?
FCA
General Notes Highest possible credit rating with Dun & Bradstreet
Country Notes 12 global offices based in UK, France, Spain, Portugal, India, South Africa, USA

TransferWise Features

  • Peer-to-peer platform
  • Nominal fees on transfers
  • Transfers completed within 1–4 days
  • Borderless accounts without overseas address requirement
  • Offers four currencies: AUD, EUR, GBP or USD
  • Single payment or repeat payment options
  • Provides rate information and fees prior to transfer via online calculator
  • Payments via debit card, Apple Pay, SWIFT transfers and bank transfers
  • Secure payments function available via TransferWise feature in Facebook Messenger
  • 5-star Trustpilot rating from over 40,000 reviews
  • Uses mid-market rate supplied by Reuters

Currencies Direct Features

  • Trade online or by telephone
  • Ideal for remittance payments such as transfers to friends and family
  • Minimum transfer amount of £1/€1/$1
  • No upper limit on exchange rate transactions
  • Mastercard can be used for multi-currency foreign currency payments abroad
  • Transfers typically completed within 1–3 business days depending on transfer location and amount
  • Most transfers are fee-free
  • Useful guides and collateral for personal and business accounts accessed via the website
  • Premium business accounts
  • Products suited to each customer type
  • Currencies Direct risk management
  • Global reach with offices worldwide
  • Range of website language versions including Chinese, French, Italian, Norwegian, Portuguese, Spanish and Swedish

The pros and cons of using TransferWise

pros

Make transferring on the go simple, with their new TransferWise 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.

cons

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 Transferwise 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.

The pros and cons of using Currencies Direct

pros

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

cons

No facilities to match competitor rates

cons

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 Transferwise 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.

cons

No facilities to match competitor rates

TransferWise
Amount Received
£ 200.00
EUR223.98
USD256.72
CAD336.12
AUDn/a
£ 13.29 Avg. Saving vs. Banks ?
Go to site
Currencies Direct
Amount Received
£ 200.00
EURn/a
USDn/a
CADn/a
AUDn/a
£ 0.00 Avg. Saving vs. Banks ?
Go to site

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.

 

Compare Other Currency Rates

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Other International Money Transfer Quotes

OFX (US)

?
Est. 1998

OFX provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates.

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OFX provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates.

Amount Received
GBP £157.41
USD $30.25
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Average US Bank

Average of the top US Banks costs as compiled by our own FXC Intelligence group

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Average of the top US Banks costs as compiled by our own FXC Intelligence group

Amount Received
GBP £155.13
USD $27.41
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WorldRemit

?
Est. 2010

WorldRemit is an online service that lets people send money to friends and family living abroad, using a computer, smartphone or tablet.

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WorldRemit is an online service that lets people send money to friends and family living abroad, using a computer, smartphone or tablet.

Amount Received
GBP £157.33
USD $30.15
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MoneyGram

?
Est. 1940

MoneyGram is a leading remittance provider serving countries across the globe.

 

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MoneyGram is a leading remittance provider serving countries across the globe.

 

Amount Received
GBP £155.58
USD $27.97
saved vs. banks

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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.