Many people shop around in order to find the perfect online money transfer service for their unique needs. Sometimes, it’s easier to choose a platform when you compare two side by side.
In this post, we’re going to provide a total comparison of TransferWise and Remitbee, two of the top online money exchange platforms. We’re going to compare fees, payment methods, and transfer times. We will take a special look at TransferWise’s CAD to USD exchange rates.
TransferWise is a United Kingdom-based money transfer company that was created by an Estonian duo. The idea came to be when one partner was living in London and getting paid in euros and the other was living in Estonia and getting paid in pounds.
Both of them needed to exchange their paycheques for their local currencies, so they designed a system that would allow the two to exchange their money to get the currencies they needed without paying high fees.
They eventually rolled out TransferWise for other people with the same needs.
TransferWise charges a standard USD $5.15 fee on all transfers in addition to a unique fee for each payment method.
Here’s a brief breakdown of these extra charges:
Bank Transfer: $3.09 Wire Transfer: $5.34 Debit Card: $11.56 Credit Card: $37.44
The TransferWise team prides itself on having no hidden fees.
The current CAD to the USD exchange rate is 1 to 0.783607. With TransferWise’s rates, a user would receive USD $774.38 when somebody sends them CAD $1000.
TransferWise supports several payment methods, including bank transfer, wire transfer, debit card, and credit card.
TransferWise is one of the few online money transfer services that accept credit cards as a payment method.
TransferWise supports money exchange between users in over 66 countries, including Canada, the United States, and a variety of countries in Africa, Asia, Oceana, and Europe.
Phone: 1 (888) 908-3833 Email: firstname.lastname@example.org Address: London, England
For bank details by region, please visit the TransferWise website.
Instagram: @TransferWise Twitter: @TransferWise Facebook: @TransferWiseUS
“Transferwise is overall nice money transfer app. But for transferring money to TransferWise debit card I would expect them to not charge any extra amount.” - Ganesh, via TrustPilot
“I think that the service could be more attractive if you offer some promos, as a free transfer after a given number of sendings.” Jorge M., via TrustPilot
“It has been a smooth experience so far but try to improve on the processing time.” Kayode Ogumleye, via TrustPilot
Let’s take a look at how TransferWire and Remitbee compare.
Learn about free transfers with Remitbee
Although TransferWise is an excellent money transfer service, we believe that Remitbee is the way to go if you value speed, cost-effectiveness, consistency, and efficiency. With free transfers over 500$, and little to no fees. Remitbee is definitely the cheaper option.
Ready to make an online money transfer? Sign up for a free Remitbee account to start sending money to your friends and family all around the world.
Please note that all of the information in this post is accurate as of December 2020. Exchange rates fluctuate, so please double-check with the money transfer service for the most up to date rates.