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TransferWise vs CurrencyFair

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

Updated

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We’re committed to our readers and editorial independence. We don’t compare all products in the market and may receive compensation when we refer you to our partners, but this does not influence our opinions or reviews. Learn more about Finder .

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 1 1 - 2 days AUD 45.00 0.712 USD
7,086
Make online transfers at the mid-market rate with transparent fees in 45+ currencies. Show details
AUD 5 1 - 2 days EUR 3.00 0.705 USD
7,045
Special offer: Zero fees on your first 10 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
TransferWiseCurrencyFair
Transfer fee$5.97PLN10
Exchange rate1 AUD = 2.753 PLN1 AUD = 2.737 PLN
Transfer speed2 business days4 business days
Total Polish zloty receivedPLN2,736.66PLN2727
Receiver getsPLN9.66 morePLN9.66 less
Sending $10,000 to Poland
TransferWiseCurrencyFair
Transfer fee$50.75PLN10
Exchange rate1 AUD = 2.753 PLN1 AUD = 2.737 PLN
Transfer speed2 business days4 business days
Total Polish zloty receivedPLN27,389.29PLN27,360
Receiver getsPLN29.29 morePLN29.29 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.

Trophy icon
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 methodsMinimum and maximum transfersTransfer speedsCurrencies
TransferWiseBank transfer, credit card, debit cardMinimum: $1

Maximum: $1,800,000

1 - 2 days45+ currencies
CurrencyFairBank transferMinimum: $5

Maximum: $10,000,000

1 - 2 days15+ 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 2,000 1 day AUD 0.00 0.709 USD
7,090
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 0.709 USD
7,090
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 2,000 1 day AUD 0.00 0.709 USD
7,090
Better exchange rates for Finder customers.
Send 60+ currencies at competitive rates and no fees. If you find a better eligible quote, WorldFirst will beat it.
Go to site Show details
AUD 250 1 - 2 days AUD 0.00 0.709 USD
7,090
$0 transfer fees for Finder customers.
No-maximum limit transfers with competitive exchange rates for 100+ currencies. No transfer fee over AUD$10,000.
Go to site Show details
GBP 3,000 1 day AUD 0.00 0.709 USD
7,090
Global Reach will match any competitor's exchange rates. Conditions apply.
Get no fees for both business and personal transfers when you send your money overseas with Global Reach.
Go to site Show details
AUD 1 1 day AUD 52.00 0.708 USD
7,046
Pay no fees on your first two transfers, up to $3,000.
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
Go to site Show details
AUD 0 Same day AUD 2.99 0.704 USD
7,038
Special offers like free transfers and better exchange rates available for new customers.
Affordable transfers around the world with both express and economy options. Express transfers delievered in as little as 10 minutes for an extra fee.
Go to site Show details
AUD 1 Same day AUD 0.00 0.708 USD
7,082
Get fast transfers with no fees and a range of foreign currency tools. Go to site Show details
AUD 200 1 - 2 days AUD 50.00 0.711 USD
7,075
Exclusive: Use code FINDER10 to receive US$10 off your first transaction.
Quick and simple international money transfers with a flat 0.5% transfer fee for most transfers. Zero-margin rates on some currencies.
Go to site Show details
AUD 5 1 - 2 days EUR 3.00 0.705 USD
7,045
Special offer: Zero fees on your first 10 transfers.
Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
AUD 1 Same day AUD 3.99 0.703 USD
7,030
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
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

More guides on Finder

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 SendFX International Money Transfers
SendFX International Money Transfers

SendFX guarantees to match any competitor's exchange rate. T&Cs apply.
Fee-free transfers in 30+ currencies to over 200 countries.

Logo for WorldFirst International Money Transfers
WorldFirst International Money Transfers

Better exchange rates for Finder customers.
Send 60+ currencies at competitive rates and no fees. If you find a better eligible quote, WorldFirst will beat it.

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

$0 transfer fees for Finder customers.
No-maximum limit transfers with competitive exchange rates for 100+ currencies. No transfer fee over AUD$10,000.

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