TransferWise vs CurrencyFair - featured image

TransferWise vs CurrencyFair

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

Compared to most banks, TransferWise 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 16 November 2018.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 5 1 - 2 days EUR 3.00 0.689 USD
6,892
Special offer: Pay zero fees on your first 5 transfers.
Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details

Compare up to 4 providers

The "Rate" and "Amount Received" displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention "Finder" before you commit to a brand.

Which has lower fees?

TransferWise

TransferWise 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 TransferWise – 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.

Trophy icon
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 TransferWise 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
TransferWise CurrencyFair
Transfer fee $5.97 PLN10
Exchange rate 1 AUD = 2.753 PLN 1 AUD = 2.737 PLN
Transfer speed 2 business days 4 business days
Total Polish zloty received PLN2,736.66 PLN2727
Receiver gets PLN9.66 more PLN9.66 less
Sending $10,000 to Poland
TransferWise CurrencyFair
Transfer fee $50.75 PLN10
Exchange rate 1 AUD = 2.753 PLN 1 AUD = 2.737 PLN
Transfer speed 2 business days 4 business days
Total Polish zloty received PLN27,389.29 PLN27,360
Receiver gets PLN29.29 more PLN29.29 less

For both transfers, TransferWise ends up on top. With the $1,000 transfer, the receiver gets almost PLN10 more. This works out even bigger on the $10,000 transfer, with TransferWise netting you almost PLN30 more than CurrencyFair.

Which offers better exchange rates?

TransferWise

TransferWise 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 TransferWise does. The margin is different for every currency, but generally ranges between 0.5% and 1% of the transfer.

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Winner: TransferWise

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

Which is faster?

TransferWise

It can take up to four days to send money using TransferWise, 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 to US dollars, for example, it'll take you around three days. Hong Kong dollars, on the other hand, can take up to six days.

Trophy icon
Winner: TransferWise

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

General features

Payment methods Minimum and maximum transfers Transfer speeds Currencies
TransferWise Bank transfer, credit card, debit card Minimum: $1

Maximum: $1,800,000

1 - 2 days 45+ currencies
CurrencyFair Bank transfer Minimum: $5

Maximum: $10,000,000

1 - 2 days 15+ currencies

TransferWise

With TransferWise, enter how much money you want to transfer, then send your funds to TransferWise. TransferWise 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, TransferWise 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?

The calculator and table below lets you compare the fees and exchange rates of some of the other popular money transfer providers available.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 200 1 day AUD 0.00 0.69 USD
6,899
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
Send money overseas in 30+ currencies with competitive rates for transfer amounts over $2,000.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.69 USD
6,899
Send 60+ currencies at competitive rates with $0 transfer fees for Finder customers. WorldFirst will beat any eligible quote from another provider. Go to site Show details
AUD 250 1 - 2 days AUD 0.00 0.69 USD
6,899
$0 transfer fees for Finder customers.
$0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.
Go to site Show details
AUD 250 1 day AUD 0.00 0.69 USD
6,899
SendFX guarantees to match any competitor's exchange rate. T&Cs apply.
Fee-free transfers in 30+ currencies to over 200 countries.
Go to site Show details
AUD 200 1 day AUD 0.00 0.689 USD
6,893
Low minimum transfer amount of just AU$200, with no set-up fees or transfer fees. Go to site Show details
AUD 5 1 - 2 days EUR 3.00 0.689 USD
6,892
Special offer: Pay zero fees on your first 5 transfers.
Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
AUD 1 Within an hour AUD 3.99 0.689 USD
6,890
An online money transfer service with cash pickup, bank account to bank account and airtime transfers available. Go to site Show details
AUD 3,000 1 day AUD 0.00 0.69 USD
6,898
Global Reach will match any competitor's exchange rates. Conditions apply.
No transfer fee when transferring more than £10,000 or equivalent. Send money in over 130 currencies. No maximum transfer amount.
Go to site Show details
AUD 1 1 day AUD 0.00 0.689 USD
6,893
With global payments provider XE, enjoy fast and secure transfers and a range of foreign currency tools and calculators while benefiting from $0 transfer fees. Go to site Show details
AUD 200 1 - 2 days AUD 50.00 0.693 USD
6,891
Exclusive: Finder customers receive $15 off their first transaction. T&Cs apply.
Quick and simple international money transfers with zero-margin exchange rates. There's a flat 0.5% transfer fee for most transfers. Earn loyalty points on sign up, referral and every transaction.
Go to site Show details

Compare up to 4 providers

The "Rate" and "Amount Received" displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention "Finder" before you commit to a brand.

Frequently asked questions

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International Money Transfer Offers

Important Information*
Logo for TorFX International Money Transfers
TorFX International Money Transfers

TorFX guarantees to match any competitor's exchange rate. Conditions apply.
Send money overseas in 30+ currencies with competitive rates for transfer amounts over $2,000.

Logo for WorldFirst International Money Transfers
WorldFirst International Money Transfers

Send 60+ currencies at competitive rates with $0 transfer fees for Finder customers. WorldFirst will beat any eligible quote from another provider.

Logo for OFX (Ozforex) International Money Transfers
OFX (Ozforex) International Money Transfers

$0 transfer fees for Finder customers.
$0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.

Logo for TransferWise International Money Transfers
TransferWise International Money Transfers

Make online transfers at the mid-market rate with transparent fees in 45+ currencies.

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