Currencies Direct vs TransferWise (Wise)
Currencies Direct was the first dedicated money transfer specialist to launch in Europe way back in 1996. Meaning it had been trading for fifteen years when TransferWise emerged. It started as a telephone-only dealing service, launching its online trading software in 2008. Nowadays, it prides itself on a slick online system and registration process, much like Wise.com, but retains a team of multi-lingual account managers who are available locally to each country in which they operate. Clients have the choice whether to deal on the telephone or online with Currencies Direct, whilst Wise provides a slick online-only money transfer service.
| Currencies Direct | Wise (TransferWise) | |
| Safe? | Yes, regulated by FCA and many regulatory bodies around the world. Transfers over £7.5 billion in foreign exchange each year, servicing over 300,000 clients. One of the oldest money transfer specialists with 25 years of experience. | Yes, regulated by FCA and many more regulatory bodies. Transfers dozens of billions in foreign exchange each year, servicing millions of clients. |
| Fees | The rate varies depending on the size of payment, clients moving significant volumes should be able to negotiate a better deal with Currencies Direct vs TransferWise. | Ranging between 0.26% for CHF transfers to 2.01% for CLP (Chilean Peso). On average it is about 0.5%. |
| Dedicated Dealer | Yes. Personal and Corporate clients are assigned an account manager they can discuss FX related queries. They will also book trades. | No. You can call for support for system issues but currency guidance is not offered. |
| Website | OFX.com | Wise.com |