How is CurrencyTransfer different to Transferwise?
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. Typically, we don’t offer transfers lower than £5,000 GBP or in the equivalent currency value. For example, if you want to transfer 10,000 USD to DKK or send money from Singapore to Australia, CurrencyTransfer.com can help you with that.
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.com 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 transfers and forward contracts (forwards not currently supported on Transferwise), coupled with a slightly more managed service for our larger corporate customers who want an personal FX specialist. For larger transfers, the average markup on the CurrencyTransfer.com marketplace is much tighter than the flat 0.5% Transferwise charges its customers. However, on small transfers, the Transferwise peer to peer model is more competitive on price. Both CurrencyTransfer.com and Transferwise only support online money transfers, with no telephone based dealing. Both companies try to be a shining light on the international money transfer industry, targeting a slightly different customer base with a different approach.