Knightsbridge fx Vs Wise (Formerly Transferwise)

Which one is cheaper option to send money?

Background

Deciding which currency exchange company to use can be difficult. In this article, we’ll be comparing Knightsbridge fx and Transferwise - two well-known companies in the industry. Although Transferwise emphasizes its remittance services, the company also offers a multi-currency account. This allows customers to send and receive money in multiple currencies, making it ideal for users who travel or who do business in various countries - including the USA.

A KnightsbridgeFX Overview


Starting in 2009, KnightsbridgeFX has been in business for almost 11 years! The company provides various foreign exchange services. KnightsbridgeFX is a Canadian business and has been recognized as one of the country's fastest-growing companies. In 2018, the company made between 5 and 10 million CAD in revenue. The company is entirely online and has no smartphone applications, so it may not be as accessible as competitors. The company does have a call center, which is important for its currency exchange service since their transactions must be booked over the phone.

A Wise Overview

TransferWise originates in the UK and is an online international money transfer service that helps customers to send money to more than 70 countries. Transferwise usually has great exchange rates that beat banks and competitors and allows for easy transactions to bank accounts.Their multi currency account allows customers to send and receive money in many different currencies. This startup is quickly becoming a popular choice for customers sending money overseas. Transferwise also permits users to send money using their smartphone, tablet, or online through their website.

Knightsbridge fx Payment Methods

Knightsbridge fx does not accept debit or credit cards, cheques, or physical cash to fund a transfer. Customers must fund the transaction using a bank account transfer.

Wise Payment Methods

Four options are available with Wise when funding a transfer to internationally:

  • Credit card
  • Debit card
  • Bank account transfer
  • Wire transfer
  • Wise has an extremely high daily spending limit - one of the highest limits in the online money transfer industry. This limit is placed at up to $1 million per day for both business and personal accounts. For ACH transfers, the limit only goes up to $15,000 per day. The limit for debit or credit cards is $2,000 per day or $8,000 per week.

    Sending money from an account with an address in Guam, Nevada, Hawaii, or the Virgin Islands will have a transfer limit of $50,000 per day. Sending from these regions through an ACH transfer decreases the limit to $10,000 per day.

    Transferwise offers recurring transactions, through the Wise app. This allows customers to send money to other countries automatically.

    Fees

    Knightsbridge fx’s Fees

    Knightsbridge fx’s fees depend on the amount that is being sent, the country that the customer is sending money from, and the manner in which the money will be received by the beneficiary. Fees are not available without first creating an account on their website and providing personal information. You must call or email Knightsbridge for a quote in order to find out the cost.

    Transferwise’s fees

    Transferwise is very transparent with rates and fees. customers can expect to pay fees that depend on a variety of factors. These charges will be depend on:

  • The method of funding
  • The country where the transfer is being received
  • How much money is being sent
  • Different fees are for different scenarios, but overall, Transferwise remains transparent about its costs. Customers will always be able to see the total cost prior to finishing the transaction.

    Exchange Rates

    Knightsbridge fx’s rates

    Knightsbridge does not publish its rates on the internet. To view KnightsbridgeFX exchange rates, customers need to register for an account on their website. Their website claims to have rates that are up to 2% better than competitors for certain countries, however, there is no way to verify this claim without providing the company with personal information.

    Wise’s rates

    Wise’s rates are very competitive when compared with other similar services. The company uses a mid-market exchange rate. Their rates are often similar to those of banks. Wise also allows users to lock in exchange rates when sending money to certain countries.

    Depending on the destination of the transfer, it may take between 24 and 48 hours for the transaction to process. The customer’s rate is locked in starting from the day the transfer began. If the transfer is not fully funded by the end of the lock-in period, customers may be charged a mid-market rate. Though this may not necessarily be a bad thing - this rate rises and falls, so customers could end up paying more or less than expected from the initiation of the transfer.

    Security

    Knightsbridge fx’s security

    Knightsbridge fx is regulated by FINTRAC (the Financial Transactions and Reports Analysis Centre of Canada). FINTRAC supervises all Canadian money-transfer services. With Knightsbridge fx, client funds are kept in separate accounts at a Canadian financial institution. Funds are transferred by wire transfers or direct deposits - two methods that are very secure for sending money. KnightsbridgeFX is compatible with all Canadian banks, as it has transferred billions of dollars for Canadian consumers since it was founded.

    Wise’s security

    Wise is safe and secure. The service is fully licensed to operate. It is also regulated by many global watchdog agencies. These agencies monitor and track Wise to ensure they are transparent about their purpose and fees while delivering on what they promise to do (send money from one country to another) without scamming its customers.

    Ease of use

    Knightsbridge fx’s ease of use

    Due to the company’s online-only service, Knightsbridge is significantly less accessible than most online competitors. The company currently has no mobile app. To use or try any of Knightsbridge's services, customers must complete the registration process. In order to get any information on their exchange rates and book any trades, users must call their trading floor and talk with a trading floor representative.

    Wise’s ease of use

    Wise is entirely online. This allows for customers to send money from anywhere in the world and anytime during the day - as long as they have an internet connection. Transfers can be done in as little as 6 steps! Overall, Wise is easy to use and accessible to almost everyone.

    Conclusion

    Overall, Wise is a better choice due to its transparency. Knightsbridge may be more of a gamble since they keep their fees and rates well hidden on the internet - but this is not to go without noticing the fact that they claim to have good rates and low fees. Regardless of the decision that a customer decides to make, both options are safe and reliable. Customers should also consider other options when it comes to sending money internationally:

    Other Comparison

    Banks

    Banks are efficient and reliable. They have been the main source of money transfers for billions of people for many years. This option may not always be the most efficient method for travellers because customers have to use a specific bank branch to transfer and receive money. Banks also often charge higher fees than other online money transfers companies. This may significantly increase the cost of a transaction.

    Traditional Money Transfer Services

    Specialized agencies such as Western Union and Ria Money Transfer are often able to help customers transfer money with better offers than banks. These methods are usually more convenient and affordable for customers.

    These services allow customers to walk into a location with cash and send money to a recipient in another country. The recipient will then need to commute to their nearest agent store to pick up the money.

    This option is used often because many of these companies put restrictions on users regarding how they can send and receive money and the amount that can be transferred. They may impose additional fees for transfers, thus driving up the price.

    Other Online Money Transfer Services

    Using the internet as a tool to send money has opened the industry to a wider group of consumers and businesses. Online money transfer services are more efficient and convenient since customers can send money without leaving their homes. They also usually offer a wider range of payment and delivery methods with more flexibility.

    These online services often do not offer traditional storefronts. This means that they do not have high overhead costs. They do not have to pay rent or maintenance costs for buildings, nor do they have to employ thousands of people. This is relevant since lower operating cost allows these companies to have the ability to charge lower fees and offer better rates for customers - making this option the most affordable for customers around the world. While the big and well-known companies like PayPal and Western Union may not be the least expensive option, there are many start-ups and remittance services that are secure, safe, and cost less.

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