Wise vs CurrencyFair [2025]
Not sure whether to use CurrencyFair or Wise (formerly known as TransferWise) for your next international payment? This guide has you covered. We’ll run through all you need to know about CurrencyFair vs Wise.
Quick summary: Wise supports payments to more countries than CurrencyFair. Based on our comparison, the costs of sending money with Wise and CurrencyFair are fairly similar. However, Wise has more transparent pricing, and may be able to offer a faster delivery time. Both providers are licensed by global bodies in the countries they are registered and offer services in.
CurrencyFair Vs Wise: Side by side
| Feature | CurrencyFair | Wise |
|---|---|---|
| Send payments to | 150+ countries, 20+ currencies | 160+ countries, 40+ currencies |
| Multi-currency accounts | Available for 20+ currencies | Account details for 20+ currencies |
| Debit card available | No | Yes, Wise Multi-Currency Debit Card |
| Fully licensed and regulated | Yes | Yes |
| Open a business account | Yes | Yes, Wise Business Account |
*Details correct at time of writing – 27th January 2025
So, to summarize:
- Wise supports more countries and currencies for international transfers
- Though the supported currencies vary, both CurrencyFair and Wise multi-currency accounts offer account details in 20+ currencies
- Wise has a debit card on offer for customers – CurrencyFair does not have that option
- Both providers are fully regulated, and offer both personal and business services
CurrencyFair and Wise have similar features – both offer international payments to bank accounts and both have their own multi-currency account – what separates the two is speed and pricing.
Wise can be faster, and has a more flexible multi-currency account. Wise offers mid-market exchange rate, and their rates don’t include any margin.
CurrencyFair has a bank beating rate – but it does include a small margin of around 0.53% on average.
The Important Bits
| Wise (formerly TransferWise) | CurrencyFair |
|---|---|
| Rates: Mid-market exchange rate with no markup Fees: Low fees, varies by destination Speed: 50%*+ of payments are instant, 80% arrive in 24 hours Service: Online, in app and by phone Safety: Fully regulated and licensed Reviews (TrustPilot): 4.3 stars, Excellent, 247, 501 reviews | Rates: On average customers pay 0.53% for an instant transfer. Fees: A fixed fee of the currency equivalent of 3 EUR applies. Speed: Varies by destination, can take a day or two Service: Online, in app and by phone Safety: Fully regulated and licensed Reviews (TrustPilot): 3.9 stars, Great, 8,524 reviews |
*The speed of transaction claims depends on individual circumstances and may not be available for all transactions
**Details correct at time of writing – 27th January 2025
Rates: Wise uses the mid-market exchange rate, whereas CurrencyFair charges customers on average 0.53% of the amount exchanged on top of the mid-market exchange rate.
Fees: CurrencyFair has a 3 EUR fee for transfers; Wise has variable fees which are based on the destination country
Speed: CurrencyFair transfers may take a day or two to arrive while Wise payments can be instant
Service: Both providers offer multilingual service in a range of languages, online, in-app and by phone. Wise has more languages covered than CurrencyFair.
Safety: Both providers are fully licensed and regulated
Reviews: Wise scores Excellent in review ratings on Trustpilot and has significantly more listed customer reviews. In comparison, CurrencyFair scores Great.
Learn more with these guides: Wise review – or CurrencyFair review.
Pros and cons
| CurrencyFair | Wise | |
|---|---|---|
| Pros | ✅ Instant international payments with low exchange rate margins and fees ✅ Send to 150 countries ✅ Get a multi-currency account for 20+ currencies ✅ Provides account options for business customers | ✅ Mid-market exchange rates + low fees ✅ Transparent pricing ✅ Send money to 160+ countries ✅ Multi-currency accounts for personal and business customers ✅ Hold and manage 40+ currencies in Wise Account |
| Cons | ❌ Fund payments by bank transfer only ❌ No debit card available for account holders ❌ No branch or agent network ❌ Limited currency options | ❌ Online and mobile payments only – no branches ❌ No option for cash payments ❌ Transfer fees vary by destination country |
The verdict: Which is better, CurrencyFair or Wise?
Whether CurrencyFair or Wise win for you will depend on the specific services you need.
If you’re looking for an instant payment, Wise has more transparent pricing as there’s no exchange rate markup to worry about. Wise payments can also arrive faster than CurrencyFair, depending on the destination country.
And while both providers offer multi-currency accounts, the CurrencyFair account is more about holding and converting currencies, whereas the Wise Account – with its linked debit card – has more functionality. If you want to make ATM withdrawals when you travel or shop online with international retailers, Wise might be a better option for you.
About CurrencyFair and Wise
CurrencyFair was founded in Ireland in 2010, and has 150,000 customers. You can send payments in 20 currencies with CurrencyFair.
While CurrencyFair already offers business accounts to small businesses, it has also teamed up with Australian company Assembly Payments to launch Zai, its service for mid-market and enterprise level customers.
Wise was launched as TransferWise 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, accept payments and spend using a linked debit card.
With Wise you can send payments to 160+ countries, in 40+ currencies.
How do they work?
To transfer money with CurrencyFair, you’ll need to first register and verify your account. You can then make a payment online or in the CurrencyFair app:
- Set up the payment by entering the amount, the pay in currency, and the payout currency
- Enter your recipient’s details
- Choose how you’ll deposit funds to your CurrencyFair account – this is usually a bank transfer
- CurrencyFair will convert the money once it arrives and pass it on to your recipient
To transfer money with 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:
- Log into your account
- Type in how much you want to transfer, or how much you need the recipient to get
- Enter the recipient’s details – bank account number or email
- Check over the details
- Fund your payment using a card or bank transfer
- Confirm and your money will be on the move
Wise transfers are made through Wise’s network of local bank accounts, so they arrive faster 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 faster and cheaper than traditional international payments.
CurrencyFair Vs Wise fees
CurrencyFair provides the option of instant transfers and has 2 different fees:
- Exchange rate markup: This is usually around 0.53%
- Transfer fee: This is 3 EUR, or just over 3 USD, depending on the live exchange rate at the time you place your transfer
One of the fees that CurrencyFair uses is an exchange rate markup – which is a fee wrapped up in the exchange rate being offered. That’s pretty standard across providers – and CurrencyFair do highlight this in their pricing page. However, in general rate markups do make it harder to work out the true cost of your payment.
Wise fees don’t include any charges added into the exchange rates used. Instead you’ll see a couple of different transparent costs:
- Fixed fee: covering the fixed costs associated with the transaction. For major currencies this is usually in the region of 6 USD
- Variable fee: covering the cost of the currency exchange. For major currencies this is from as low as 0.57% of the transfer value
CurrencyFair Vs Wise: Which is cheaper?
Choosing an international payment specialist is almost certainly cheaper than sending money using your bank. However, as fees and rates do vary, it still pays to compare a few providers before you pick. Let’s look at how a few different payments from CurrencyFair and Wise work out.
This table looks at how much it’ll cost you to send a payment in USD to a friend in GBP or EUR:
| Amount & Currency | CurrencyFair | Wise | Which is cheaper? |
|---|---|---|---|
| USD>1000 GBP | 793.90 GBP | 793.19 GBP | CurrencyFair |
| USD>5000 GBP | 3,979.50 GBP | 3988.10 GBP | Wise |
| USD>1000 EUR | 945.50 EUR | 944.53 EUR | CurrencyFair |
| USD> 5000 EUR | 4,739.50 EUR | 4,749.30 EUR | Wise |
*Fees and rates correct at time of research – 27th January 2025
As you can see, on all our comparisons, the differences are marginal and the results are a tie – so choosing between these providers may be a question of personal preference and how fast each provider can get your money where it needs to be, rather than cost. More on the speed of each provider coming right up.
Wise Vs CurrencyFair exchange rates
When it comes to currency exchange, both providers keep things simple. Wise uses the mid-market exchange rate, with no markup.
Wise exchange rates: For sending money internationally, Wise applies transparent fees starting from 0.57%, making it a straightforward and cost-effective choice for currency conversion.
Currencyfair exchange rates: CurrencyFair, on the other hand, applies a small margin to the mid-market rate when you exchange currencies on their platform. This margin typically sits around 0.53%, but the exact percentage depends on the currency you’re converting. Additionally, they charge a flat €3 (or currency equivalent) fee when you transfer money out of your CurrencyFair account after exchanging it.
CurrencyFair Vs Wise: Which is faster?
Currencyfair transfer speed
CurrencyFair show their payment process in 2 steps –
- Send in – where you send money in pounds to fund your account
- Send out – where CurrencyFair send out the payment to your recipient
It can take 1 – 2 business days for your payment to reach CurrencyFair if you’re sending in USD – and then it can take another day or two for the payment to reach your recipient’s account.
Wise transfer speed
50%+ of Wise payments get to their destination instantly, and well over 80% 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.
Wise vs CurrencyFair international transfer limits
When it comes to transferring large amounts internationally, both Wise and CurrencyFair offer flexibility.
- Wise limits are set based on how you choose to send your money, with generous caps that make it suitable for significant transfers.
- CurrencyFair doesn’t have fixed limits, meaning you can transfer as much as you need. However, for very large transactions, they may ask for a bit more information to comply with regulations.
Both services are great choices for large transfers, but if you’re looking for complete freedom with no set limits, CurrencyFair has the slight edge.
| Wise limits | CurrencyFair limits |
|---|---|
| 1,000,000 USD for local ACH transfers 6,000,000 USD for local wire transfers 1,600,000 USD for international Swift transfers | No maximum transfer limits |
Details correct at time of writing – 24th January 2025
Sending large amount transfers
When sending large amounts internationally, both Wise and CurrencyFair provide competitive options tailored to high-value transactions. While Wise offers discounted rates for large transfers, CurrencyFair’s flexibility with no fixed limits can be a significant advantage for those sending very large sums.
Here’s a breakdown of how each provider handles high-value transfers:
Wise high amount transfers
Wise offers discounted rates for high-value transfers, making it even more affordable to move large sums of money internationally. If you send over £20,000 (or the equivalent in USD and other currencies) within a calendar month, you’ll automatically receive a discounted rate.
This discount applies when you convert between two currencies, like USD to EUR or USD to CAD, regardless of how many different currencies you’re sending to or from. However, transfers within the same currency, like USD to USD, won’t count toward the discounted rates.
The discount increases with the amount you send, making Wise a good option for regular high-value transfers.
| Transfer value (in GBP or equivalent currency) | Discount (%) |
|---|---|
| 0–20k | No discount |
| 20k–300k | 0.1 |
| 300k–500k | 0.15 |
| 500k–1m | 0.16 |
| 1m+ | 0.17 |
*£20,000 is around $24,700 on the day of research – 6th February, 2025.
Learn more about Wise large amount transfers from our guide.
Currency Fair high amount transfers
With no fixed limits on transfer amounts, CurrencyFair is another good choice for customers looking to make high-value international transfers. While they don’t have discounts for large transfers, their fees remain competitive, with a flat €3 (or equivalent) transfer-out fee and a margin of 0.53% on average added to the exchange rate.
For very large transactions, CurrencyFair may require additional documentation or details about the transfer, so if you’re planning to move a substantial amount, it’s a good idea to contact their support team for extra guidance.
Wise vs CurrencyFair: Payment methods
Payment methods can play a big role in deciding which provider works best for you. Wise and CurrencyFair both offer secure ways to fund your transfers, but the options vary considerably between the two.
Wise provides a wide range of payment methods, making it convenient for most users, while CurrencyFair keeps things simpler with a single option.
Wise payment methods:
Wise offers multiple ways to fund your transfer depending on how quickly you need the payment to be processed. Here are the available payment methods for transfers from USD, along with typical processing times:
- bank debit (ACH) – 0-4 working days
- ACH bank transfer – 0-3 working days
- wire transfer – same day or next day
- debit/credit card – 0-30 minutes
- Swift – 1-6 working days
- Wise account balance – instant
CurrencyFair payment methods:
CurrencyFair currently doesn’t support debit or credit card payments and customers can only send money to their currencyFair profile by bank transfer, limiting those looking for alternative ways to deposit their funds.
Are they regulated in the US?
Both CurrencyFair and Wise are fully licensed and regulated, and use both smart technology and dedicated service teams to keep customer money safe.
- CurrencyFair was founded in Ireland, and is regulated by the Central Bank of Ireland, the FCA in the UK, and the appropriate regulatory bodies in other countries it operates in.
- Wise is regulated by FinCEN in the US, the FCA in the UK, and other global regulatory bodies around the world.
Are they safe to send money with?
Both Wise and CurrencyFair take security seriously to give you peace of mind that your funds are protected.
Wise funds are stored in dedicated, top tier bank accounts and secure highly liquid assets, like government bonds, that are held separately from Wise’s own finances. This means that your assets are safeguarded and you can always get your money when you need it.
Wise also uses 2-step verification for extra security and has a dedicated fraud prevention team to monitor and protect your data and transfers for secure transactions at every step. Read our Wise safety article to learn more.
CurrencyFair uses Secure Socket Layer (SSL) and 256 bit encryption on their site pages to keep your personal and transaction details secure. Like Wise, customer funds are also held separately in segregated client accounts with one of the world’s largest financial institutions and also uses 2-Factor Authentication for enhanced account security.
Ease of use
| CurrencyFair | Wise | |
|---|---|---|
| Creating an account | Create an account online or in app | Create an account online or in app |
| Making a transfer | Bank transfers CurrencyFair may also allow other funding methods depending on the currency you’re using but does not support card payments | Bank transfers, card payments and Apple Pay payments |
| Ways to send money | Direct payments to your recipient’s bank account | Direct payments to your recipient’s bank or Wise account |
| Languages | Available in English, French and German, with multilingual customer support | 15 languages, plus multi-lingual support services |
| Minimum and minimum amounts | Sending limits can vary by destination country, and based on your account type | 1,000,000 USD per local ACH transfer 6,000,000 USD per local wire transfer when paying from your USD balance 1,600,000 USD per international Swift transfer |
Details correct at time of writing – 24th January 2025
Supported currencies
- CurrencyFair supports 20+ currencies on major payment routes which cover over a hundred different countries.
- Wise supports 40+ currencies, and lets you send payments to over 160 countries.
Wise vs CurrencyFair for business
Both providers offer business accounts, making international payments, managing multi-currency accounts, and receiving money from abroad simpler.
| Wise Business | CurrencyFair Business |
|---|---|
| One-time 31 USD fee to unlock all features, with no monthly or annual charges. Hold 40+ currencies and receive payments in 20+ currencies with account details. Access payment features to pay multiple suppliers, staff, or invoices easily. Integration with supported accounting tools. | Free to set up and no ongoing fees. Pay overseas invoices to suppliers and employees in 22 currencies Receive payments from over 150 countries. Integration with accounting platform Xero |
Wise Business
When you open a Wise Business Account you’ll pay a one time account opening fee of 31 USD to get full account features including account details in 20+ currencies to receive and make payments like a local.
There are no annual or monthly maintenance fees, and no minimum deposit requirement.
You can hold and exchange 40+ currencies, and spend money internationally. With account details, you can receive payments in 20+ currencies and get the mid-market exchange rate with low conversion fees from 0.57%.
The account also comes with business features to simplify your day-to-day finances.
Learn more on Wise Business Account Review.
CurrencyFair Business
CurrencyFair simplifies cross-border payments for businesses of all sizes, with dedicated services for small startups and large enterprises.
Setting up and maintaining a multi-currency account is completely free, with no monthly fees or premiums and businesses can pay suppliers, workers, and contractors in 22 currencies, avoiding hefty international banking fees.
Like their personal account, the exchange rate includes a small margin of around 0.53% on average, plus a transfer fee of 3 Euros.
The platform also allows businesses to receive payments from over 150 countries, simplifying global transactions, as well as integration with the accounting platform Xero.
Wise vs CurrencyFairy customer service
Wise offers several channels for customer support, including in-app chat, making it easy to get help when you need it. You can find the answers to most of your questions via the Wise help center, but for those who prefer to speak directly, phone support is available 24/7 for US customers at +1 888 501 4041.
If you’ve reported an issue, Wise may contact you via email, providing options to resolve the problem, so don’t forget to check your inbox for updates.
CurrencyFair provides support via email, an in-app chat, and a contact form on their website. For those who prefer phone assistance, CurrencyFair offers phone support during office hours, with dedicated lines for countries like Ireland, the UK, Australia, Singapore, and Hong Kong. You can reach their Dublin office at +353 (0) 1 526 8411, available Monday to Friday, 9am–5pm (Dublin/London time).
Wise vs CurrencyFair customer reviews
Wise customer reviews
Wise has a 4.3 Excellent rating on Trustpilot, with over 247,501 reviews. Customers frequently praise the platform’s ease of use, transparency and for making and receiving payments in multiple currencies.
“Easy to transfer money anywhere in the world with small fees. Easy to choose between several payment methods including Apple Pay, wire transfer, card payment etc.”
However, negative feedback often focuses on customer service and technical issues.
“I am an international student in the UK and everything was going fine when my account was suddenly closed. Wise customer support was not really helpful at all as I could not reach them.”
CurrencyFair customer reviews
CurrencyFair has a 3.9 Great rating on Trustpilot, based on over 8,524 reviews. Many customers appreciate how easy the platform is to use, its reliability and all round great service.
“Excellent service. Good savings to be had compared to the exchange rates offered by the banks. I’ve been using CF on and off for 12 years and it beats the banks hands down”
However, some negative feedback mention lack of transparency when it comes to the exchange rate
“You can’t see the live exchange rate before money is deposited and the exchange transaction set up which means you can’t compare it with other exchange banks.”
Conclusion: Comparing CurrencyFair and Wise
Both CurrencyFair and Wise have some interesting features which will suit different customer needs.
When it comes to international payments, Wise and CurrencyFair were similar in terms of price in our comparisons. However Wise wins on transparency, and can often offer a faster delivery speed compared to CurrencyFair. Wise also has more currency options which can be a bonus.
Finally, Wise has its international account which has more functionality than the CurrencyFair equivalent. If you want to spend while you travel, make ATM withdrawals and shop online with international retailers with no foreign transaction fees, the Wise multi-currency account is the account for you.
FAQs
Is CurrencyFair or Wise cheaper?
CurrencyFair and Wise offered similar pricing in the comparisons we ran. Wise can be more transparent in its pricing, as it offers the mid-market exchange rate with no markup, and low transfer fees which are clearly split out. Compare both to see which is better for your specific transfer.
Is CurrencyFair or Wise faster?
CurrencyFair payments are likely to take a day or two – the exact delivery time will depend on where you’re sending money to. Wise payments can arrive instantly, with most being delivered within 24 hours.
How many currencies do CurrencyFair and Wise support?
CurrencyFair supports 20+ currencies and Wise supports 40+ currencies. If you need to send money in a currency, Currencyfair currently does not support, Wise can be a good alternative to Currencyfair.
What is the difference between CurrencyFair and Wise?
Wise uses the mid-market exchange rate with transparent fees starting from 0.57%, while CurrencyFair applies a small margin to the rate (on average 0.53%) and charges a flat transfer-out fee of 3 Euros. Wise also offers more payment methods whereas CurrencyFair only offers bank transfers.
Which is better: CurrencyFair or Wise?
The provider that’s best for you will all depend on your individual needs. Wise is great for those who want transparent fees, a range of payment options, and multi-currency account features. CurrencyFair, on the other hand, is better suited for users prioritizing unlimited transfer amounts and a straightforward fee structure.
