CurrencyFair vs Wise
CurrencyFair
currencyfair.com
Wise
wise.comSide by side
| Figure | CurrencyFair | Wise |
|---|---|---|
| Price from | €3/mo | Free |
| Free plan | — | Yes |
| Free trial | — | — |
| Open source | — | — |
| Web | Yes | Yes |
| iOS | Yes | Yes |
| Android | Yes | Yes |
| API | Yes | — |
| Plans published | 3 | 1 |
| Spec score · Money Transfer Apps | 8.6 (#14) | 8.9 (#5) |
| Exchange-rate model | markup | mid_market |
| Upfront fee display | Yes | Yes |
| Founded | 2010 | 2011 |
| Free plan | Yes | Yes |
| Headquarters | Dublin, Ireland | London, United Kingdom |
| Mobile platforms | both | The Wise app is available for iOS through the Apple App Store and for Android through Google Play. |
| Rate alerts | Users can set a rate alert when they are not ready to exchange immediately. | The app can send exchange-rate alerts so users can track the mid-market rate. |
| Recipient methods | bank | bank |
| Regulation | CurrencyFair Limited is regulated by the Central Bank of Ireland, while its entities are also regulated in Australia, Singapore and Hong Kong. | Wise states it is authorised by the UK Financial Conduct Authority for issuing electronic money and works with a local bank partner to offer inward remittance service to India with RBI approval. |
| Scheduled transfers | Yes | Yes |
| Support | CurrencyFair offers customer support by phone and email plus a support centre with frequently asked questions. | Wise says its customer support is available by email, live chat, and phone, 24/7 in English and in 14 other languages. |
| Transfer speed | Many international transfers are completed within 24 hours, and GBP Faster Payments can arrive within one hour with participating banks. | On many popular routes, transfers can arrive within one day, the same day, or instantly. |
| Transfer tracking | Yes | The app shows the list and current status of transfers users have set up. |
Plans
CurrencyFair
- International transfer€3 a month
- Business account€3, paid once
- Personal account€3, paid once
In their own words
CurrencyFair
CurrencyFair provides online cross-border payments and foreign-exchange services through web, iOS, Android, and an API for approved business and institutional partners. Users can send and receive money to and from more than 150 countries in more than 20 currencies, with bank recipients and same-day transfer speed listed. Quick Trade supports instant exchanges; Marketplace Trades let users set a desired rate and wait for a match. Users can also set rate alerts, track transfers, and schedule them. Business customers can pay overseas workers, suppliers, and contractors, or receive international payments. UK-based business customers can hold more than 20 currencies and convert when market conditions suit them. CurrencyFair lists a free plan. Charges include €3 a month for international transfers, billed at €3 or currency equivalent when sending or transferring out after exchange, plus an exchange margin. Personal and business accounts list a €3, paid once charge per send or transfer out after exchange. Identity verification is required and may involve identification and up to two proofs of address. The company is based in Dublin and was founded in 2010.
Wise
Wise is a money app for sending money, receiving payments from abroad, checking exchange rates, paying bills, and sending money to loved ones. It sends to bank accounts in over 140 countries; delivery on many popular routes is within a day, the same day, or instant. Wise says it uses the mid-market exchange rate and displays fees before payment. Signing up is free, with no subscription; sending and conversion fees vary by currency and start from 0.33%. Sending to another Wise account has no sending fee, though conversion fees may still apply. Transfers can be funded with Apple Pay, Google Pay, cards, or bank transfer. Users can track and schedule transfers, repeat previous transfers, and receive live exchange-rate notifications. Wise says it safeguards customer money separately from its own and uses two-factor authentication to protect accounts and transactions. Photo ID may be required for some currencies or large transfers. The app is available on Android, iOS, and web.