Wise vs CurrencyFair: A Full Comparison 2024
Wise and CurrencyFair both offer international payments, but they have different focus areas which may mean they appeal to different customer needs. Both serve both personal and business customers in Australia - but while CurrencyFair is a specialist in transfers only, Wise has transfers among a suite of other international services including multi-currency accounts and debit cards.
This Wise vs CurrencyFair review walks through all you need to know about their features, fees, services and safety, to help you choose.
Summary: Wise has multi-currency accounts you can use to receive, hold, send, spend and exchange 40+ currencies, and lets you send money to 160+ countries with the mid-market exchange rate and fees from 0.33%. CurrencyFair doesn't have holding accounts, but offers transfers to 150+ countries, with a flat fee and an exchange rate markup which is on average 0.53%.
CurrencyFair vs Wise: side by side
We’ll dive into the details of how Wise vs CurrencyFair work throughout this guide. First let’s take a head to head comparison on a few important features.
| Feature | Wise | CurrencyFair |
|---|---|---|
| Eligibility | Personal and business customers in Australia and many other countries | Personal and business customers in Australia and many other countries |
| Send international payments | Send to 160+ countries, 40+ currencies | Send to 150+ countries, 20+ currencies |
| Multi-currency account options | Hold AUD and 40+ other currencies
Local account details available for 8+ currencies |
Not available - when you send money to CurrencyFair it will be converted and transferred out to your beneficiary immediately |
| Debit cards available | Y - the Wise international debit card | Not available |
| Receive international payments from others | Yes - with local account details or SWIFT | Not available |
| Fully licensed and regulated | Yes | Yes |
So, to summarise:
- Wise and CurrencyFair both offer services to personal and business customers
- Wise and CurrencyFair both serve customers in Australia and many other countries globally
- Wise and CurrencyFair both offer international transfers - Wise delivers to slightly more countries and has more available currencies
- Wise has a multi-currency account and card to support 40+ currencies - CurrencyFair does not have this service
- Both providers are fully regulated and safe to use
The important bits
|
CurrencyFair |
Wise |
|
|---|---|---|
| Rates | Markups are used - around 0.45% on average | Mid-market exchange rate with no markup |
| Fees | 4 AUD transfer fee | Low fees, varies by destination |
| Speed | Many payments arrive in 24 hours, although some can take longer | 40% of payments are instant, 80% arrive in 24 hours |
| Service | Online and by phone | Online, in app and by phone |
| Safety | Fully regulated and licensed | Fully regulated and licensed |
| Reviews (TrustPilot). | Trustpilot score: 4.7/5, Excellent rating, from 5,000+ reviews | Trustpilot score: 4.6/5, Excellent rating, from 140,000+ reviews |
Rates: Wise uses the mid-market rate, CurrencyFair has a small exchange rate markup
Fees: Wise has variable fees for international transfer from 0.33%; CurrencyFair fees are usually around 3 EUR - about 5 AUD - or the currency equivalent
Speed: Wise payments can be instant, with 90% arriving in 24 hours. CurrencyFair transfers can take a day or two, depending on payment method and destination
Service: Both providers offer multilingual service in a range of languages, online, in-app and by phone
Safety: Both providers are fully licensed and regulated.
Reviews: On Trustpilot, Wise gets an Excellent rating, CurrencyFair scores an Average rating
Pros and cons
| Wise | CurrencyFair |
|---|---|
| ✅ Send to 160+ countries, in 40+ currencies ✅ Mid-market exchange rates ✅ No ongoing fees or minimum balance requirements |
✅ Send to 150+ countries, in 20+ currencies ✅ Flat transfer fees on many routes ✅ Exchange rate margins can be fairly low ✅ Safe and regulated ✅ Business services available |
| ❌ Some transfer and transaction fees apply ❌ No cash based services |
❌ Exchange rates include a markup ❌ Delivery can take a day or more |
CurrencyFair Vs Wise: The verdict
Wise and CurrencyFair have a similar range of products on offer - the right one for you is likely to come down to the details of your payment.
CurrencyFair covers a really good range of 150+ destination countries, but only 20 or so currencies. They also offer a multi-currency account to receive, send and exchange 20+ currencies. One unique feature of the CurrencyFair service is the marketplace option, in which customers can set up peer to peer currency exchange at the rate of their choosing.
Wise offers the mid-market exchange rate for all transfers, which can make the pricing more transparent compared to CurrencyFair, and covers a broader 50+ currencies. Wise also offers a multi-currency account with 54 currencies on offer and a linked international debit card.
In our cost comparisons for international payments, Wise came out marginally cheaper each time. If Wise supports payments to the country you're sending to, they may be your best bet.
About CurrencyFair and Wise
CurrencyFair was founded in 2010 in Ireland and has 150,000+ customers. You can make international payments for personal and business needs, and open a multi-currency account to receive, send and exchange 20 currencies.
With CurrencyFair you can send payments to 150+ countries, in 20+ currencies.
Wise was launched as TransferWise back in 2011 as a low-cost international payment provider. These days, Wise has upwards of 10 million customers, and also offers personal and business accounts to hold and manage currencies, accept payments and spend using a linked debit card.
With Wise you can send payments to 80+ countries, in 50+ currencies.
How do they work?
Here's how to make a payment online or in the app with CurrencyFair:
- Set up your transaction, adding the currency and amount you want to send and the currency you need your recipient to get in the end
- Follow the prompts to add recipient details
- Confirm how you want to pay - BPay or a local bank transfer
- Send your payment to CurrencyFair, and the money will be passed on to your recipient as soon as the funds have cleared
The amount of time it takes for your payment to be delivered with CurrencyFair will depend on how long it takes your money to be received by CurrencyFair, and the processing time of your recipient's bank. As soon as the funds are cleared they'll be released to the recipient - this may take anything from a few hours to a day or two depending on the destination and specific bank.
The process for sending money with wise is relatively similar - here's how you make payments online and in the Wise app:
- Log into your account
- Type in how much you want to transfer, or how much you need the recipient to get
- Enter the recipient's details - bank account number or email
- Check over the details
- Fund your payment using a card or bank transfer
- Confirm and your money will be on the move
Wise transfers are made through Wise's network of local bank accounts, so they arrive faster and don't incur intermediary fees. When you want to pay for your transfer in AUD you'll send the money to Wise's local Australian account. Then Wise will make a payment of the equivalent amount in your preferred currency, from their account in the destination country. No money actually moves across borders, so it's faster and cheaper than traditional international payments.
Wise vs CurrencyFair
CurrencyFair charges a couple of different fees:
- Exchange rate markup - often this is around 0.45%
- Transfer fee - 4 AUD flat fee
You'll be able to see the transfer fee and exchange rate on offer from CurrencyFair before you confirm your payment. The transfer fee is transparent - but to work out the exact exchange rate markup you'll need to compare the rate you're quoted against the mid-market rate for your currency. The markup used will vary between currency pairs, but on average comes in at about 0.45%.
The amount you pay for a Wise international transfer will depend on the value of your payment and the way you pay for it. Wise uses the mid-market exchange rate with no hidden costs. Instead there's a transparent fee you'll be shown when you calculate your payment online or in the Wise app.
Wise vs CurrencyFair: which is cheaper?
Using a specialist provider is usually cheaper than choosing to send an international payment with your normal bank. However, the services, exchange rates and fees on offer from specialist providers do vary significantly - so shopping around is still a smart move.
Here's a look at how CurrencyFair and Wise measure up on a few different transfers. In these examples, we are sending a payment direct to a recipient bank account, funded by bank transfer.
| Amount & Currency | CurrencyFair | Wise | Winner? |
| AUD>1000 USD | 1,403.79 AUD | 1,399.52 AUD | Wise |
| AUD>5000 USD | 6,996.59 AUD | 6.994.44 AUD | Wise |
| AUD>1000 EUR | 1,593.57 AUD | 1,589.62 AUD | Wise |
| AUD> 5000 EUR | 7,948.77 AUD | 7,946.01 AUD | Wise |
*Rates and fees correct at time of research - 8th January 2022
In the examples above, Wise came out on top every time. Choosing between the 2 providers may come down to your personal preference, and where you're sending money to.
Wise Vs CurrencyFair: which is faster?
CurrencyFair international transfers are often ready within 24 hours. The exact time it takes for your money to be delivered will depend on how you fund the payment and where it's headed. There's a country by country rundown of anticipated delivery times on the CurrencyFair website to help.
Wise payments can arrive in seconds on some currency routes, and most transfers arrive within a day. You'll see the estimated delivery time when you set up your transfer, and can always track it online or in the Wise app.
Safety
CurrencyFair is fully regulated everywhere it operates. CurrencyFair is regulated in Australia by the Australian Securities and Investments Commission (ASIC), and holds all customer funds in tier 1 international banks, to keep it secure.
Wise is fully regulated by ASIC, and also holds the required licenses in other countries it operates in. In Australia, Wise holds an Australian Financial Services licence and is authorised by the Australian Prudential Regulation Authority (APRA).
Ease of use
- Creating an account: CurrencyFair and Wise accounts are opened and operated online or using the provider's app.
- Making a transfer: CurrencyFair and Wise international payments can be made online or in the Wise app.
- Ways to send money: CurrencyFair payments can be made by BPay or bank transfer. Wise transfers can be funded by bank transfer, credit or debit card.
- Languages: CurrencyFair has phone and email support in a range of languages. Wise offers global support in a range of languages, online, using the app, and by phone.
- Minimum & maximum amounts: CurrencyFair doesn't publish specific transfer limits, although some destination countries may be subject to local limits based on regional rules. Wise limits depend on which currencies you send to and from, and how you pay. However, you can make several smaller transfers if your ideal transfer amount exceeds the limit for the specific payment.
Supported currencies
Send payments to 150 countries with CurrencyFair, in 20+ currencies. You can also send and receive 20 currencies using the CurrencyFair app.
With Wise you can send money to 80 countries and hold and convert 54 currencies in your Wise account.
Conclusion
Both CurrencyFair and Wise offer good international payment options for individuals and business customers. CurrencyFair covers 20+ currencies, and can support payments to 150 countries, while Wise has 50+ currencies on offer, and allows transfers to 80+ countries.
While Wise came out on top in our cost comparisons there's not much in it. If both providers cover your destination country and currency it may be best to compare the overall costs of each to get the best available deal.
Frequently asked questions - Wise vs CurrencyFair
In our comparisons, Wise was slightly cheaper than CurrencyFair for transfers to USD and EUR.
CurrencyFair payments are likely to take a day or two - the exact delivery time will depend on where you're sending money to. Wise payments can arrive instantly, with most being delivered within 24 hours.
CurrencyFair offers payments in 20+ currencies to 150 countries. Wise customers can send payments to 80+ countries, and hold and manage 50+ in their Wise accounts.
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