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Wise (TransferWise) vs CurrencyFair

We compare the two head-to-head to see which has the edge.

Compared to most banks, Wise and CurrencyFair both offer favourable exchange rates and low fees. But which one is better for you?

The fees and rates used in this comparison are accurate as of 29 December 2022.

Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Wise (TransferWise)
Within minutes
From 0.43%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
CurrencyFair
Within minutes
€3
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
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Which has lower fees?

Wise

Wise charges a percentage of your transfer, which changes based on which currencies you’re exchanging, as well as a small flat fee. This flat fee is often only a few dollars, but can get higher in some circumstances. Sending to China, for example, will add on a $10 flat fee.

The percentage fee typically ranges from 0.45–1.5% of your money transfer.

CurrencyFair

CurrencyFair charges fees in a similar way to Wise – a percentage of the transaction, as well as a small flat fee. The flat fee is always €3. The percentage, on the other hand, ranges from 0.25–0.6% of the transfer. According to CurrencyFair's website, on average they add 0.45% to the mid-market rate.

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Winner: CurrencyFair

CurrencyFair wins out on fees, charging a smaller flat fee and percentage. However, keep in mind that this won't necessarily make a transfer with CurrencyFair cheaper. Exchange rates can make a big difference. We'll go into why below.

Let's crunch the numbers: Sending $1,000 and $10,000 to Poland

To make this a bit easier to understand, let's take a look at how Wise and CurrencyFair compare when sending money to Poland. Keep in mind that transferring to other currencies will have different fees and transfer times.

In our imaginary scenario, we'll be using a bank transfer.

Sending $1,000 to Poland
WiseCurrencyFair
Transfer fee$7.0510 PLN
Exchange rate1 AUD = 2.980 PLN1 AUD = 2.960 PLN
Transfer speed2 business days4 business days
Total Polish zloty received2,959 PLN2,950 PLN
Receiver gets9 PLN more9 PLN less
Sending $10,000 to Poland
WiseCurrencyFair
Transfer fee$64.2910 PLN
Exchange rate1 AUD = 2.980 PLN1 AUD = 2.960 PLN
Transfer speed2 business days4 business days
Total Polish zloty received29,608.52 PLN29,590 PLN
Receiver gets18.52 PLN more18.52 PLN less

For both transfers, Wise ends up on top. With the $1,000 transfer, the receiver gets almost 10 PLN more. This works out even bigger on the $10,000 transfer, with Wise netting you almost 19 PLN more than CurrencyFair.

Which offers better exchange rates?

Wise

Wise exchanges money at the mid-market rate. That’s a great deal compared to most other money transfer services, who add a margin on top, though you should still keep an eye on the site’s percentage fee.

CurrencyFair

CurrencyFair adds a margin onto the mid-market rate, meaning the exchange rates offered aren't as good as those Wise does. The margin is different for every currency, but generally ranges between 0.4% and 1% of the transfer.

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Winner: Wise

Any provider offering the mid-market rate is going to offer better exchange rates. In this case, wins.

Which is faster?

Wise

It can take up to four days to send money using Wise, depending on which method you use. Paying by card will get your money there immediately, while a bank transfer will be longer.

CurrencyFair

A transfer with CurrencyFair should take between one and six days, depending on which currency you're sending to. If you want to send US dollars, for example, it'll take you around three days. Hong Kong dollars, on the other hand, can take up to six days.

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Winner: Wise

Both CurrencyFair and Wise offer similar times for bank transfers, but Wise's instant credit or debit card transfers puts it in the lead.

General features

Payment methodsReceiving optionsMinimum and maximum transfersTransfer speedsCurrencies
Wise
  • Bank transfer
  • Credit card
  • Debit card
  • PayID
  • Alipay (China only)
  • Bank account
Minimum: $1

Maximum: $1,800,000

Within minutes52 currencies
CurrencyFair
  • Bank transfer
  • Bank account
Minimum: $10

Maximum: $10,000,000

Within minutes23 currencies

Wise

With Wise, enter how much money you want to transfer, then send your funds to Wise. Wise will convert the currency and send it to your recipient’s bank account.

CurrencyFair

CurrencyFair works similarly. After creating your account, you can set up your transfer and send the money to CurrencyFair's local bank account. Once CurrencyFair exchanges your money, it is sent to your recipient. You can also request the exchange rate you want and CurrencyFair will exchange your money when that's reached.

Bottom line

Although both are quite similar, Wise pulls ahead with its mid-market exchange rate and faster transfers. Still, you’ll want to compare your options to find a service that’s best for your situation.

Looking for more options?

Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Xe Large Transfers
24 hours
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
Revolut
Within minutes
$0
Send money with great rates and low fees in 30+ currencies.
Xe Money Transfers
Within minutes
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
Instarem
Within minutes
From 0%
50% off first transaction fee from any country in APAC (outside India).
Minimum transfer of $250 and max transfer of $500,000
Wise (TransferWise)
Within minutes
From 0.43%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Remitly
Within minutes
From $0
Remitly has quick, affordable transfers around the world, with both express and economy options.
WorldRemit
Within minutes
From $0.99
Use promo code 3FREE and pay no fees on your first 3 transfers. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Rocket Remit
Within minutes
From $0 to $5
Send money instantly to friends and family in over 45 countries using just your mobile number.
MoneyGram
Within minutes
From $1.99
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
SingX
Within minutes
From 0.5%
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
CurrencyFair
Within minutes
€3
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
Send Payments
24 hours
$0
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
MasterRemit
Within minutes
From $0
Get your 1st and 2nd money transfer for free with promo codes FIRSTFREE and MASTERFINDER!.
Send money in minutes at competitive exchange rates to the Middle East, Africa and South Asia.
Western Union
Within minutes
From $0
Western Union sends money online to friends and family in 200+ countries around the world.
Qantas Business Money
Within minutes
$0
Limited time offer: Earn up to 125,000 bonus Qantas Points as a first-time converter. Ends 30 April 2024. Conversion limits and T&Cs apply.
Set up accounts in 11 different currencies and get rewarded for global business payments by earning Qantas Points.
Airwallex
Within minutes
$0
Streamline global payments in 60+ currencies. Send & receive securely in 150+ countries, with fast settlements & competitive rates. Simplify book-keeping & manage everything in one place.
TorFX Business Transfers
24 hours
$0
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
OFX Business Transfers
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
WorldFirst
24 hours
From $0
Open bank accounts in Australia, the UK, US, Canada, Japan and Europe. Send and receive funds with zero fees for large sums, including same-currency supplier payments.
Send business
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
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