How is CurrencyTransfer different to Wise (ex Transferwise)?
CurrencyTransfer is a global payments network
Wise (ex 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 them. CurrencyTransfer is a network 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.
We don’t help the same audience
At CurrencyTransfer, we view Wise as a great, low-cost money transfer service ideal for smaller sized, spot driven, pure play digital transfers. We cater 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 platform for both spot transfers and forward contracts (not currently supported on Wise), coupled with a more managed service for our larger corporate customers who want an personal FX specialist.
We are more competitive on larger transfers
For larger transfers, the average markup on CurrencyTransfer is much tighter than the flat 0.5% Wise charges its customers. However, on small transfers, their peer-to-peer model is more competitive on price. Both CurrencyTransfer and Wise 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.
If you would like to find out more about how CurrencyTransfer differs from other payment platforms, have a look at our comparison tables.