TransferWise vs. CurrencyFair: A comparison of the two new kids on the block

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In the world of money market payment services, there are many companies reporting to be “the next big thing”.

Two of the most popular are TransferWise and Currency Fair. These are also a couple of my personal favourites for sending money where it needs to go.

Each is different and has its own strengths. But which one will be right for you? Here are a few ideas to think about when deciding to use TransferWise or CurrencyFair:

Customer reviews on TrustPilot

A great starting point is to take a look at the online reviews provided for both services. TrustPilot is a great service for this and includes of 16,000 reviews for TransferWise alone.

Despite the difference between each service, taking a look a the online review will big you a general idea of the fairness of each service. For example, are there good reviews or are there bad ones?

Of the bad reviews, what are the customers complaining about? If these are small things what kind of importance will you weigh on it? Will it be a deal breaker?

Online forums

Provided that TrustPilot doesn’t work out for you, you can hit the bulletin boards and forum discussions to see what the word is. You might be able to find someone who can give you their first-hand account of what it’s like.

If you can’t find something from a simple Google search, try asking a question of its members. As the old saying goes, don’t ask, don’t get.

Contact the companies directly

Want to ask TransferWise and CurrencyFair a question? Pick up the phone! Both services have generous customer service hours and are available on landline and Skype. Pay special attention to their time zone, though, as it”s unlikely that the offer 24/7 support.

Speak with family and friends

Maybe you have a personal friend or work colleague who has used either of the services before? Make the most of the people around you and don’t be afraid to ask for their opinion.

Plus, as an added benefit, if you have a friend or family member refer you as a new customer, both of you will receive a discount for future payments. Pretty cool hey?

Why not just give it a shot?

Finally, you could, quite simply, try both the services out for yourself. I wouldn’t think you’d have to transfer large amounts either, just enough to give you an idea whether the service will be for you in the long run.

While this may not be for everyone, it will probably be the best way to get an idea of how each interface works. If you’re like me, there may be room for both services in your life, depending on the destinations you are sending money to and the amounts of each transfer.

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