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.
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
Wise
CurrencyFair
Transfer fee
$7.05
10 PLN
Exchange rate
1 AUD = 2.980 PLN
1 AUD = 2.960 PLN
Transfer speed
2 business days
4 business days
Total Polish zloty received
2,959 PLN
2,950 PLN
Receiver gets
9 PLN more
9 PLN less
Sending $10,000 to Poland
Wise
CurrencyFair
Transfer fee
$64.29
10 PLN
Exchange rate
1 AUD = 2.980 PLN
1 AUD = 2.960 PLN
Transfer speed
2 business days
4 business days
Total Polish zloty received
29,608.52 PLN
29,590 PLN
Receiver gets
18.52 PLN more
18.52 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.
The mid-market rate is what we call the midpoint between the supply and demand for a currency. It's the rate used when banks and other providers transfer among themselves and is what your currency is actually worth.
You can find it on Google, Reuters or Xe. It's a good idea to compare this rate against the exchange rate a provider is offering you.
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.
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 methods
Receiving options
Minimum and maximum transfers
Transfer speeds
Currencies
Wise
Bank transfer
Credit card
Debit card
PayID
Alipay (China only)
Bank account
Minimum: $1
Maximum: $1,800,000
Within minutes
52 currencies
CurrencyFair
Bank transfer
Bank account
Minimum: $10
Maximum: $10,000,000
Within minutes
23 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.
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.
Both services compare favourably to other money transfer options. Overall, you’ll lose less on fees and exchange rates than with other services like banks.
There may be. A bank transfer usually comes with a fee of $15 to $30. Check with your bank to see what transfer fees you might pay. Your recipient’s bank might also charge receiving fees.
No. Unfortunately, neither Wise nor CurrencyFair accepts cash.
Rosie Russell is a money transfers producer at Finder. She is on a mission to make personal finance easier to understand. Rosie has a Bachelor of Communication (Journalism) and Bachelor of Arts in International Studies from the University of Technology Sydney.
What are the best options for sending or receiving a large amount of money overseas? Read this $50,000 case study with exchange rates and fees comparison.
Send an international money transfer to someone without a bank account. Get it there instantly and they can pick it up in person, in cash. Get quotes now.
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