CurrencyFair vs Wise Comparison

CurrencyFair, established in 2009, has carved a niche for itself with its unique peer-to-peer exchange mechanism, allowing users to enjoy lower fees, especially on larger transfers.

Wise, launched in 2011, quickly rose to prominence with its transparent pricing model and user-friendly interface, revolutionizing how individuals and businesses manage international transactions.

This article delves into a detailed comparison of CurrencyFair and Wise, highlighting their strengths, service offerings, and which scenarios each company is best suited for, providing readers with the insights needed to make informed decisions for their next international money transfer.

Customers

Company NameCurrencyFairWise
Logo
wise new logo
CurrencyFair ReviewWise Review
Customer rating4.5 / 54.2 / 5
# Rating Customers6,000+195,000+
Top 3 Pros
  • 0.4% to 0.6% Overall Markup
  • Transparent Pricing
  • First 5 Transfers Free
  • Transparent exchange rates/fees
  • Earn interest on balances
  • Highly rated app
Top 3 Cons
  • Not as Known
  • No Dedicated Dealers
  • Only 22 Currencies Available
  • Not optimal for large transfers
  • Fees increased over years
  • High proportion of negative reviews recently

Availability

Company NameCurrencyFairWise
Logo
wise new logo
Office locationsUK, Australia, SingaporeUK, USA, Australia, UAE, Ukraine
# Currencies2250+

Security

Company NameCurrencyFairWise
Logo
wise new logo
Regulated byCentral Bank of IrelandFCA
HTTPS SecuredYesYes
Segregated Customer AccountsYesYes
2FAYesYes

Limits and Fees

Company NameCurrencyFairWise
Logo
wise new logo
Min transferΒ£/€/$ 8Β£1/€1/$1
Max transferUnlimited$1,000,000
Fixed feesYes (varies by currency)No, percentage of transfer
See rates before you log in?YesYes

Customer Support

Company NameCurrencyFairWise
Logo
wise new logo
Dedicated DealerNoNo
EmailYesYes
PhoneYesYes
Live ChatNoYes
24/7NoYes

Ways to Transfer

Company NameCurrencyFairWise
Logo
wise new logo
Online SystemYesYes
Online AppYesYes
Multi-Currency AccountYesYes
Cash PickupNoNo
Card Top-UpNoYes

Additional Functions

Company NameCurrencyFairWise
Logo
wise new logo
HedgingNoNo
Mass paymentsNoYes
Cash chequesNoNo
Multi-Currency Debit CardYesYes

Conclusion

On MoneyTransferComparison, CurrencyFair has received a higher editorial score. The advantages of CurrencyFair over Wise are these:

  • CurrencyFair offers a fixed small fee for transfers which becomes significantly advantageous for larger amounts.
  • Allows for unlimited transfer amounts.
  • Has a slightly higher customer rating indicating strong customer satisfaction.

CurrencyFair is better for larger international money transfers and for users looking for a fixed fee structure.

Wise is better for those who prefer a transparent fee structure based on a percentage of the transfer amount, and for users who value a highly rated mobile app for managing their transfers on the go.