Are you the one looking for a cheap and secure way to transfer money to UK from Australia? But you are still confused which would be the best bet, CurrencyFair or TransferWise, as both the companies are best when compared to the big banks as they charge more fees and offer low exchange rates. These companies can help you to save up to 85% more compared to bank transfers, but still one would be better than others, so let’s have a look:
Exchange rates:
Both companies have competitive exchange rates and close to existing market rates. However, many times CurrencyFair offers much better rates as you can choose your own rate, but you need to wait for customers to match you.
Transfer fees:
CurrencyFair has fixed transfer fees of €3 with 0.4% of the amount transferred. While TransferWise charges a fixed percentage of fees of the amount transferred. This might be higher when you transfer the large amount.
Transfer speed:
In most of the countries, CurrencyFair claims to provide same day transfers or transfers within 24 hours however TransferWise takes about 2-5 days to transfer money to the recipient. this shows CurrencyFair offers much faster services.
Debit and Credit cards:
TransferWise accepts all the kinds of Visa and MasterCards while CurrencyFair only accepts the cards issued by the Irish government. So, the residents of other countries could not transfer money using the debit and credit card on CurrencyFair.
So, if you want a fast transfer, you should choose CurrencyFair, but if you want to transfer with debit or credit card, you can choose TransferWise. Here we can say that both the companies are efficient in their places, you can choose the one which suits your requirements better.
