How is CurrencyTransfer different to Transferwise?
(1) Marketplace v Peer to Peer
Transferwise is a direct online money transfer supplier matching one customer with another based on a peer to peer model. You transfer money abroad directly with Transferwise.
CurrencyTransfer.com is a marketplace (think Expedia, Kayak) comparing a range of international money transfer suppliers, primarily focusing on high transactional value, and business money transfers. Customers can aggregate rates from an average of 6 suppliers on each transfer.
Typically, we don’t offer transfers lower than £5,000 GBP in value. If and when this changes, we’re very excited to welcome Transferwise on our marketplace as a rate contributor.
(2) Pricing & Types of Transfer
At CurrencyTransfer, we like and support Transferwise and their global mission. A lot. We view it as a great, low cost money transfer service ideal for smaller sized, spot driven, pure play digital transfers. They transparently offer you the mid-market exchange rate plus take 0.5% of the total currency turnover as a transaction fee. This is higher for more speedy transfers. If you transfer £500 it will cost you £2.48 and if you transfer £50,000, it will cost you £248.76 with no hidden fees.
CurrencyTransfer caters to a slightly different audience, who are making large online money transfers for both business and private use, and those who may require hedging of currency risk. We offer an online marketplace for both spot and forward contracts (forwards not currently supported on Transferwise), coupled with a slightly more managed service for our larger corporate customers who want an FX specialist on side. Both companies only support online money transfers, with no telephone based dealing.
For larger transfers above £10,000, the average markup on the CurrencyTransfer.com marketplace is much tighter than the flat 0.5% Transferwise charges its customers regardless of size. However, on small transfers, the Transferwise peer to peer model is more competitive on price.
In conclusion, both companies try to be a shining light on the international money transfer industry, targeting a slightly different customer base with a different approach.