Wise vs Currencies Direct [2024]: Fees, exchange rates & limits

Torn between Wise and Currencies Direct for your next international payment? This Wise vs Currencies Direct review is here to help.

Quick summary:

• Wise supports payments to more countries than Currencies Direct, and has a flexible multi-currency account and card.
• For international transfers, Wise uses the mid-market exchange rate, with transparent fees, while Currencies Direct may not charge a transfer fee, but does add a markup to the rate applied.
• Currencies Direct has currency risk management solutions which aren’t available through Wise.

Which is best for you may simply come down to the specific services you need. Let’s take a look at their fees, exchange rates, limits and ease of use more in detail, next.

Wise vs Currencies Direct: Side by side

*Information correct at time of research – 21st November 2024

So, to summarize:

• Wise supports payments to more countries than Currencies Direct
• Wise has a personal and business multi-currency account that supports 40+ currencies, while Currencies Direct has multi-currency accounts for business customers only
• Wise has a linked debit card on offer – Currencies Direct does not have that option
• Currencies Direct offers currency risk management services – Wise does not
• Both providers are fully regulated, and offer both personal and business services

Currencies Direct is a specialist broker service which has a range of currency risk management products like forward contracts and limit orders. They also offer services by phone, as well as online and in their app.

Wise on the other hand is a specialist in fast, secure international payments made online and in-app only. Wise international transfers use the mid-market exchange rate, and Wise also has a more comprehensive multi-currency account option compared to Currencies Direct, including a Wise Business account, which lets you hold, exchange, send and spend flexibly.

The important bits: International wire transfers

*Information correct at time of research – 21st November 2024

*The speed of transaction claims depends on individual circumstances and may not be available for all transactions

• Rates: Wise uses the mid-market rate, whereas Currencies Direct adds a margin to the rate offered to customers
• Fees: Wise has variable fees which are based on the destination country, Currencies Direct doesn’t usually charge a transfer fee
• Speed: Currencies Direct delivery times will be confirmed when you arrange your transfer and depend on the currencies involved, Wise payments can be instant
• Service: Both providers offer service online, in-app and by phone
• Safety: Both providers are fully licensed and regulated
• Reviews: Both providers score Excellent review ratings on Trustpilot – but Wise has significantly more listed customer reviews showing
• Pros and cons

The verdict: Which is better, Wise or Currencies Direct?

Wise and Currencies Direct both offer international payment services – but they’re very different businesses. Which suits you will depend on the specific services you need.

• Currencies Direct Review: They operate through a broad range of channels, including phone services and personal account managers. As a specialist broker, Currencies Direct can also offer currency risk management services like forward contracts and limit orders to manage the risks of transacting in foreign currencies.

• Wise Review: Online specialist in online and in-app transfers direct to bank accounts, and offers the mid-market exchange rate with low, transparent fees. Wise also offers a multi-currency account for individuals and businesses, with a linked international debit card for spending and withdrawals.

If you need currency risk management tools, Currencies Direct will probably suit you better. However, if you want to send a one-off or recurring transfer it’s worth comparing both providers to see which has the best deal for your specific payment.

About Wise and Currencies Direct

Currencies Direct was founded in 1996, and has 20+ branches around the world, with over 325,000 customers.

You can send payments in 40 currencies with Currencies Direct.

Currencies Direct also offers an impressive selection of currency risk management solutions like forward contracts and limit orders for personal and business customers.

Wise was launched back in 2011 as a low-cost international payment provider.

These days, Wise has upwards of 16 million customers, and also offers personal and business accounts to hold and manage currencies, send and receive payments, and spend using a linked debit card.

With Wise you can send payments to 160+ countries, in 40+ currencies.

Wise vs Currencies Direct transfer fees

Currencies Direct transfers don’t have any extra fees apart from the currency exchange costs added to the exchange rate you’ll be quoted. Currencies Direct exchange rates include a markup on the mid-market exchange rate. As a large provider, they buy currencies at the wholesale mid-market rate and then add a small margin to the rate they offer customers. This covers their costs, but it does make it harder for you to work out what your payment is really costing you.

Wise doesn’t hide any fees in the exchange rates used, but instead splits out the fee you pay for transparency. Your money is converted using the mid-market rate, with the transfer fee shown clearly before you confirm.

Learn more about Wise fees. You can also get a fee-free or discounted transfer with this Wise discount code.

Wise vs Currencies Direct: Which is cheaper?

As Currencies Direct doesn’t publish exchange rates publicly, it’s not possible to check their overall costs without first creating and verifying a customer account.

If you want to check how much your international transfer would cost with Wise you can get a calculation instantly on the Wise website. You’ll see the rate and fees right away, as well as the costs of your payment from a few other major providers. If a competitor within the comparison is cheaper than Wise you’ll be informed to help you get the best deal.

You can use our comparison tools to find the cheaper provider for your transfer.

Wise vs Currencies Direct: Which is faster?

Currencies Direct payment delivery times depend on how quickly your funds arrive and are cleared, and the recipient bank’s own processes. Generally transfers arrive in a day or two. You can always ask about estimated wait time when you set up your payment – and you’ll get an email confirming when the payment has been dispatched, too.

50%+ of Wise payments get to their destination instantly, and 90%+ arrive in 24 hours. However, the exact delivery time will depend on where you’re sending money to, and how you want to pay. You’ll see an estimated arrival time when you set up your payment. Learn more on How long does Wise transfers take?

How do they work?

How to send an international transfer with Currencies Direct

To use Currencies Direct you’ll need to register for an account in person, by phone, online or in the app. Once you’re set up you can make transfers 24/7:

1. Log into Currencies Direct on the desktop site, or open the app
2. Enter the country you’re sending money to, and the payment value
3. Get a quote for the exchange rate available
4. Confirm once you’re happy with the details
5. Make your payment by bank transfer or card
6. Your transfer will be processed once Currencies Direct receive your funds

How to send an international transfer with Wise

To use Wise you’ll need to create an account, and depending on the type of payment you want to make you might need to provide some ID for verification.

Once your account is up and running make payments online and in the Wise app:

1. Log into your account
2. Type in how much you want to transfer, or how much you need the recipient to get
3. Enter the recipient’s details – bank account number or email
4. Check over the details
5. Fund your payment using a card or bank transfer
6. Confirm and your money will be on the move

Wise transfers are made through Wise’s network of local bank accounts, so they arrive quickly and don’t incur intermediary fees. When you want to pay for your transfer in dollars you’ll send the money to Wise’s local US 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 fast and cheap.

Wise vs Currencies Direct: Payment methods

You can pay for your Wise transfer using:

• Bank transfer – ACH, wire or SWIFT
• Wise balance
• Credit or debit card

Pay for your Currencies Direct transfer by:

• Bank transfer
• Wallet balance
• Credit or debit card

Wise vs Currencies Direct exchange rates

The exchange rate can make a big difference to the overall costs of making your international transfer. When you look online you’ll usually see the mid-market rate for your currency pair – but this isn’t usually the rate that’s used for converting currencies as part of a payment. Instead, providers set their own rate which can include a fee. Here’s how Wise and Currencies Direct work for exchange rates.

Wise exchange rate

Wise does not add a markup to the exchange rate used – you’ll get the mid-market rate, with the fees split out for transparency. You can get the Wise exchange rate without needing to register a Wise account, over on the Wise desktop site or app. Enter the details of your payment and you’ll be shown the Wise rate and fees, and can also pick the option to compare providers. This will show the costs and rates available from other major money transfer services so you can decide which is best for you.

Currencies Direct exchange rate

Currencies Direct adds a markup to the mid-market exchange rate to calculate the rate that is passed onto customers. You can only see the rate which you’ll be able to access once you have registered a Currencies Direct account, and will need to compare it to the mid-market rate to see the markup being used.

Wise vs Currencies Direct international transfer limits

If you need to send a high value payment for yourself or your business, you’ll need to check that you won’t run into a limit from your provider or bank.

Here’s what you need to know:

*Information correct at time of research – 21st November 2024

Sending large amount transfers

If you send more than the currency equivalent of 20,000 GBP a month using Wise (around 25,000 USD) you could get an automatic discount of up to 0.17%. There’s no need to pre-arrange the fee, which means everyone gets the best possible deal, every time.

Here’s how the Wise high value payment discounts break down:

Currencies Direct does not advertise any special pricing for high value transfers – but as you’ll be able to talk to your personal account manager you can ask them about any deals available before you set up your transfer.

How to send a high amount transfer with Currencies Direct

You can send a high amount transfer with Currencies Direct online, in the app, or by calling your account manager. If you decide to arrange your payment by phone you’ll be walked through the process step by step. Online, you’ll need to take the following steps:

1. Go to the Currencies Direct desktop site or app
2. Tap Send Money
3. Enter the amount and currency you want to send
4. You’ll be shown a rate and fee quote
5. Pay by ACH or card, or from your wallet balance

How to send a high amount transfer with Wise

Here’s how to send a high value payment with Wise:

1. Go to the Wise desktop site or app
2. Tap Send Money
3. Enter the amount and currency you want to send
4. You’ll be shown a rate and fee quote instantly, which will include any relevant discount on fees
5. Pay using your preferred method – such as ACH or card

In some cases you may be asked for some documents to support your payment. You’ll be guided through this process by a Wise team member if you need help.

Supported currencies

• Currencies Direct supports transfers to 120+ countries, in 40 currencies.
• Wise supports transfers to 160+ countries, in 40+ currencies.

Are they safe to send money with?

Both Wise and Currencies Direct are safe to use. They’re built with security in mind and protect customers’ accounts and money through both manual and automatic means.

Is Wise safe and legit?

Yes. Wise has security features built into its app, including 2 factor authentication and secure login processes. You’ll be able to check and track transactions in the app for ease and convenience and you can also freeze and unfreeze your card if you choose to.

Learn more about Wise Safety here.

Is Currencies Direct safe and legit?

Yes. Currencies Direct has a focus on customer safety and uses industry level security measures to prevent fraud and keep customers and their accounts secure.

Are they regulated in the US?

Both Wise and Currencies Direct are fully licensed and regulated, and use both smart technology and dedicated service teams to keep customer money safe.

• Currencies Direct is regulated by FinCEN in the US, and also licensed as a money services business in many US states. As a global business it’s also overseen by the FCA in the UK, and regulatory bodies in the EU, South Africa and elsewhere.

• Wise is regulated by FinCEN in the US, and other global regulatory bodies around the world.

Ease of use

• Creating an account: Create your account online or in app with both Wise and Currencies Direct. Currencies Direct also offers the option to set up an account by phone.
• Making a transfer: Currencies Direct allows payments in USD to be funded by bank transfer or card. Wise typically allows local bank transfers, card payments and Apple Pay payments.
• Ways to send money: Send payments to your recipient’s bank account directly with both Wise and Currencies Direct
• Languages: Currencies Direct services are available in 11 different languages, with multilingual customer support. Wise offers 15 languages, plus multi-lingual support services.
• Minimum & maximum amounts: Sending limits can vary by destination country, and based on your account type.

Customer reviews

Both Wise and Currencies Direct have active Trustpilot accounts which allow customers to leave reviews and ratings. This can be a good source of information to understand how these businesses are doing. Wise commonly gets praised for speed and cost, while Currencies Direct has an excellent 4.9 out of 5 rating at the time of writing.

Wise reviews

Here’s what a couple of happy Wise customers had to say:

“Wise is an amazing service to use. The rates are a lot better than any other transfer companies such as remitly, western union etc. The card also works great. I can use it anywhere in the world. The Digital Cards option provides a safe way for payments and you can freeze and replace cards instantly from Wise app. Everything is so smooth and streamline from app perspective. Transfer happens in minutes. Sometime they ask about your employment record or payslip”

“Easy and fast transactions. No hidden fee. Have been using it for many years and never had a single problem. If people post bad reviews it is because Wise has to follow procedures asking us to confirm information (which is very rare).”

Of course, not everyone is so positive. Where issues arise with Wise, customers may reference problems with getting their account verified, or transactions processed because of required paperwork for example. There are also some comments complaining about the Wise customer service – although Wise do follow up comments on Trustpilot to try to help resolve issues there.

“The issue with Wise is that when it works, it’s great, but when something goes wrong, the support process is frustrating and inefficient. Each time, a different support person handles the case, often failing to properly read the case history. For more complex issues, this results in generic responses that don’t address the problem. Wise recently closed my account and refunded my money, but one payment is missing. Despite weeks of back-and-forth and repeatedly asking for evidence of where the refund went, they’ve twice sent me receipts for the wrong transaction, even though I’ve clearly stated the exact amount multiple times. Wise’s support feels faceless, with no accountability or ownership of issues. I wouldn’t recommend them.”

Currencies Direct reviews

Overall, Currencies Direct has an excellent score with customers frequently calling out exceptional service from their named account managers. Here are a couple of examples:

“I may not have continued with Currencies Direct except for my good fortune in getting Megan Reeve as expert advisor during my first tentative use of CD. She was so pleasant and helpful as well as being knowledgeable, reassuring and ever so patient as I questioned everything! She remained focused and intent on making my first transfers a successful experience for me and so built my trust in CD. I will use it again.”

“Germaine was very friendly and professional. I sold a house in the USA and she talked me through the whole process of exchanging US dollars to UK pounds. I would wholeheartedly recommend Germaine and Currencies Direct. Will use them in the future.”

Where things go wrong with Currencies Direct it may be due to verification or legal challenges when sending payments – as this customer describes:

“I tried to transfer money to a good friend in Canada. The transfer was initially delayed because the trader forgot to run through a scam warning with me. Next, the compliance team asked for more details of the beneficiary, which I promptly supplied. Then, at the end of the trading day, the compliance team decided that they needed more proof of the beneficiary’s identity – another full day wasted. Next they decided to reject the transfer because they didn’t like the beneficiary (a young mother who is a good friend, has a Canadian passport and has no dealings with any “shady” matters). Finally, the app on my phone has been locked, so I’m unable to access the money in my account, I can’t send it to anyone – including myself.”

Wise vs Currencies Direct for business payments

Both Wise and Currencies Direct support business services, although the way they work is a little different.

Learn more Wise Business Review.

Wise vs Currencies Direct customer service

Wise offers support through in app chat – you can open a secure chat with a live agent and then they’ll connect you to the help you need if you have a question.

Currencies Direct offers online and in app chat, plus there’s a physical branch in Orlando you can call into if that’s local to you. You can also schedule a demo or chat with a team member, and complete an online form to request a call back.

Conclusion: Comparing Wise and Currencies Direct

Wise and Currencies Direct offer different features which will suit different customer needs.

Currencies Direct is a specialist currency broker with a range of currency risk management solutions on offer. You can also arrange transactions in person and by phone if you want to talk your options through with someone.

Wise was built to allow fast, low cost international payments online and using the Wise app. Transfers use the mid-market exchange rate with no markups, and transparent fees. Wise also has super handy multi-currency accounts for individuals and business customers, which allow you to hold, exchange, send and receive payments in foreign currencies – and come with an optional debit card for spending and withdrawals.

If you need to set up a complex currency management strategy, or just want the reassurance of talking your payments through with a broker, Currencies Direct could be a good choice. If you need a personal multi-currency account you’ll want to look at Wise. And if you’re looking for a fast digital transfer you’ll probably want to compare both on fees and rates, to see which is the best fit for your specific payment.

Currenciesdirect vs TransferWise FAQs

Is Wise or Currencies Direct cheaper?

The overall costs of a transfer overseas will depend on both the fee you pay and the exchange rate used to convert your funds to the required currency. You can use our comparison tools to find the cheaper provider for your specific transfer.

Is Wise or Currencies Direct faster?

Wise payments are often instant, and 90% arrive within 24 hours. The delivery times for Currencies Direct transfers will be confirmed when you make your payment.

How many currencies do Wise and Currencies Direct support?

Currencies Direct supports 40 currencies and Wise supports 40+ currencies for international money transfers.

Claire Millard

Author

Claire Millard

Fintech Content Writer

Claire Millard is a content and copywriter with a specialty in international finance. Her work has featured in The Times and The Telegraph, as well as industry magazines and leading personal finance blogs.

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Seyma Mektepli

Reviewer

Seyma Mektepli

Editor-in-chief

Seyma is an experienced content writer and editor-in-chief at Exiap, delivering informative articles on personal finance, and money transfers.

Read more

Last updated

December 17th, 2024