Wise vs CurrencyTransfer: Fees & Reviews Compared

Both Wise and CurrencyTransfer are popular international money transfer services. But which one is better?

Below we compare them on their fees and reviews.

Fees

	Wise	CurrencyTransfer
Homepage
Transfer Fee	Variable fee – 0.4% – 0.6% of total amount (on average) Fixed fee – £0.2 – £0.3 on average.	No fee
Average Exchange Rate Markup	No markup	0.007
Minimum Transfer Amount	$1	£5,000 (or currency equivalent)
Maximum Transfer Amount	$6,000,000 USD $1.8 million AUD $1.5 million CAD €6,000,000 EUR £5,000,000 GBP	No limit

Reviews

	Wise	CurrencyTransfer
Trustpilot Rating	4.3	4.8
Number of Trustpilot Reviews	193,700	900
iOS App Rating	4.6	N/A
Number of iOS App Reviews	29,500	N/A
Android App Rating	4.7	N/A
Number of Android App Reviews	503,000	N/A

Features

	Wise	CurrencyTransfer
App Transfers	Yes	No
Online Transfers	Yes	Yes
Phone Transfers	No	No
In-person Transfers	No	No
Available Countries	170	170
Number of Currencies	50	28
Payment Methods	Bank account Debit card Credit card Direct debit Apple Pay Google Pay iDeal Trustly SOFORT POLi PayPal	Bank account
Receiving Methods	Online wallet Bank account	Bank account
Cash Pickup Option	No	No
Payments Flexibility	Web platform Mobile app	Web platform
Supported Languages	English, Spanish, French, Portuguese, Italian, German, Chinese, Japanese, Indonesian, Hungarian, Ukrainian, Polish, Romanian, Turkish, and Russian	English
Transfer Speed	0-2 days (within minutes for over 50% of transfers).	1-4 days
Dedicated Dealer	No	Yes
Instant Custom Quote	Yes	Yes
Business Features	Recurring transfers Batch payments Invoicing Multi-user access Digital multi-currency wallet Rate alerts API integration	Spot contracts Forwards contracts Market orders Batch payments FX derivatives Rate alerts API integration
Debit Card	Wise multi-currency debit card	None
Cancellation Policy	Users can cancel a transfer as long as they’re able to see the “cancel transfer” option on their transfer	Booked currencies can be bought back from the selling provider with the costs falling on the customer
Suitability	Small money transfers	Large money transfers

Company Comparison

	Wise	CurrencyTransfer
Year Founded	2011	2015
Headquarters	London, UK	London, UK
Other Office Locations	London (UK), Austin, Dallas, Tampa, and New York (USA), Bangkok (Thailand), Dubai (UAE), Riyadh (Saudi Arabia), Hong Kong (Hong Kong), Shanghai (China), Singapore (Singapore), Tokyo (Japan), Seoul (South Korea), Jakarta (Indonesia), Kuala Lumpur (Malaysia), Manila (the Philippines), Mumbai (India), Brussels (Belgium), Budapest (Hungary), Cherkasy (Ukraine), Tallinn and Tartu (Estonia), Zürich (Switzerland), São Paulo (Brazil), Mexico City (Mexico), Cape Town (South Africa), Sydney and Melbourne (Australia)	Tel Aviv (Israel)
Annual Trading Volume	£76.4 billion	$500 million
Number of Employees	4500	23
Number of Clients	16 million	20000
Regulatory Institutions	FinCEN in the USA FINTRAC in Canada FCA in the UK ASIC in Australia National Bank of Belgium in the EU	FCA and HRMC in the UK
Awards	Best European Startup Under 3 Years Old (Europas, 2013) One of The World’s Top 10 Most Innovative Companies in Finance (Fast Company Magazine, 2014) Boldest Smaller Company (FT’s Boldness in Business Awards, 2014) Ernst and Young UK Entrepreneurs (2015) Top 20 out of 50 on Glassdoor’s Best Places to Work in the UK (2022) Made it in the FinTech50 list (in 2013, 2014, 2017, 2018, 2019, and 2021)	Top 9 Startups (Swift Innotribe Startup Challenge, 2014) Presented at FinovateEurope – a FinTech-based conference (2014)

Wise Pros & Cons

Wise Pros

• No markups on exchange rates
• Comprehensive global service reach
• Impressive currency support
• Widespread local presence with branches in more than 28 countries
• Custom quotes are available without signup
• Diverse payment methods encompassing bank accounts, debit and credit cards, PayPal, and more
• Highly rated on Trustpilot
• In-depth knowledge repository
• Ideal for small transactions
• Fast money transfers, with half of all transactions completed in minutes and the rest within 0-2 days
• Outstanding web platform and mobile app experience

Wise Cons

• Some Challenges with customer service
• Cash pickup isn’t an option
• Lack of dedicated currency dealers
• Less-frequented countries and currencies might incur high transfer fees
• Inadequate for large monetary transfers
• No support for lesser-traded currencies

CurrencyTransfer Pros & Cons

CurrencyTransfer Pros

• Real-time personalized quotations
• Excellent client support
• Strong rating on Trustpilot
• Zero fees on transfers
• Attractive foreign exchange rates
• Worldwide service availability
• Wide range of options for businesses
• Speedy transfer of funds
• Notifications for exchange rate fluctuations

CurrencyTransfer Cons

• Not suitable for small money transfers
• High minimum transfer limit
• No multi-language support
• Limited payment options
• No mobile app
• Limited currency coverage
• No local coverage

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