TransferWise vs CurrencyFair

[Mike Strand]

In the past there has been debate about where one can get the best currency exchange over the internet. I had thought it was a toss up between CurrencyFair & TransferWise until last Friday when I need to transfer some GBP to Euro.

I would have been charged over 9.75 GBP with TranserWise at the exchange rate of 1.165 whereas CurrencyFair charged me just 3 Euro and I opted for the Market exchange where I set my requirement at 1.17 and within 30 minutes it had been snapped up & the euros are now in my CY bank.

[Wee Stumpy]

I think it can often depend on timing! I watched transferwise for a few hours on Friday and on just 2k managed to get an extra 15 quid changing euros to sterling.I do it by debit card and quite enjoy it when I get lucky! I had a quote in the morning from one currency firm for 1.172 but by hanging on for a few hours I just managed to get it with transferwise for 1.158 so even more savings for me.

Plus sending it back in installments is better for me as I don't have the hassle of the Banks wanting to know why and also my UK Bank queried one rather large payment in so I was getting it from both ends - this way they are not querying smaller payments at either end!!