Wise (formerly TransferWise) alternatives

Wise (formerly TransferWise) alternatives

If you are looking for Wise (formerly called "TransferWise") alternatives you need look no further! CurrencyFair and Wise offer differing products, features and currencies depending on if you are a personal or business customer. While both CurrencyFair and Wise allow you to exchange at lower-margin FX rates and transfer money abroad, in this article we look at the key ways they differ, from the currencies supported, and their account features, to how their reward programs work. For a more detailed look at sending money abroad, check out our guide: Sending money abroad: a guide to international money transfers.

One main difference between them is how CurrencyFair offers consumers a unique level of control over their exchange rate and also offers some new features for business accounts, which we explain in more detail below.

CurrencyFair vs Wise

Ways to Exchange

Both companies have a number of features and benefits - doing a straight CurrencyFair vs Wise comparison should be specific to what a business or consumer needs from their money transfer provider. Some of the currency corridors that are supported by CurrencyFair aren’t available with Wise. For example, you can’t exchange South African Rand (ZAR) to Euros (EUR) with Wise but you can with CurrencyFair. However, someone who needs to exchange Euros (EUR) to Argentine Peso (ARS) or Turkish Lira (TRY) could do so with Wise - whereas these currencies aren’t supported by CurrencyFair yet.

One key difference is that for the majority of currencies supported by CurrencyFair, customers are offered two ways to exchange and save on their money transfers: right away at near real-time rates or by choosing their own rate on our FX marketplace which could beat the rate you see online.

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The Benefits of a CurrencyFair Account

Set Your Own Rate

As Wise alternatives go, choosing to send money with CurrencyFair is an easy decision. As an alternative to Wise, only CurrencyFair allows you the opportunity to try and beat the currency market rate that you see online. Our unique FX marketplace brings buyers and sellers together online. It empowers both personal and business customers to set their own rate and wait for it to be matched with other customers also looking to get the best available rates for them. Find out more.

The Difference Between Their Business Accounts

For business customers, both CurrencyFair and Wise accounts offer different features that make money transfers for SMEs easier and cash flow management smarter.

Multi-User Access

Our Multi-User Access (MUA) feature was launched for Business in 2020. Add up to eight team members to your business account and allocate specific tasks to them. By delegating access to your team, you can optimise your time and streamline the way you receive, exchange, and make payments from your account. As of the date of publication, this feature is not available yet for Wise business customers. Their MUA is in a beta testing stage.

  • Set Custom Roles

Multi-User Access also lets you set specific roles and permissions for your employees on your CurrencyFair for business account. With these custom roles you have added control by deciding exactly what users can do. For example, you can choose which users can exchange money, transfer money out of your account or add/remove recipient accounts.

As of the date of publication Wise business customers could only add other users as Viewers with no option to customise roles.

A CurrencyFair business account empowers people to help manage overseas invoices or suppliers. Discover the benefits of Multi-User Access here.

  • Dual Approval

With CurrencyFair’s business account you can choose to set up Dual Approval. Our two-step approval feature means that you don’t have to worry about anything leaving your account without your approval. This optional layer of extra security allows you to approve or decline outgoing payments. Dual Approval is not a feature that is currently offered with Wise’s Business Account.

The CurrencyFair business account makes it easy to pay overseas invoices or suppliers. Find out how it can help your business. 

How Do CurrencyFair and Wise Reward Programs Differ?

Referral reward programs give customers the opportunity to earn money - even when they, themselves, are not exchanging money. With CurrencyFair you can receive €30 (or the currency equivalent) for inviting friends to sign up. When any friend signs up with your referral code, then trades and transfers out a minimum of €2,000, you both get €30. We often like to run promotions that increase our reward, so keep an eye on your emails for our latest offers!

Find out more about the CurrencyFair reward program here.

Wise offers different referral programs in different countries. Someone invited by a friend to use Wise is offered a discount on their first transfer. This will either remove or reduce the fee on their first transfer and customers are emailed about the discount amount they will receive. However, there is a limit on the discount applied as the fee is calculated based on the amount exchanged. So, if you are transferring anything over the limit, there will be a fee charged on that. **

Why CurrencyFair?

Whether you are looking for Wise alternatives for your personal exchange needs or your business, CurrencyFair offers unique benefits that save you not only time but money. CurrencyFair offers you control in how you want to exchange. And, by charging a standard flat rate fee of €3 (or the currency equivalent) you can better manage your cash flow and how much you need to transfer in to send to your recipient.  Providing fast, secure money transfers, often within 24 hours, that can be up to 8x cheaper than the banks.

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 ** Information correct as of 23rd April 2020 Wise’s Referral: https://Wise.com/help/21/inviting-friends/2487043/how-does-your-invite-program-work

All data and information correct as of 23rd April 2020. This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from CurrencyFair Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.