Before you start with Currencies Direct’s accolades as the leading platform for international money transfers, it would be better to pitch it against one of its significant competitors, Wise.
In recent years, individuals and businesses have enjoyed the privilege of choosing credible platforms for international money transfers. With so many different companies all claiming to be the best, selecting an online money transfer platform can be an overwhelming experience.
The best option for some companies with specific requirements would be creating a custom money transfer app with built-in features needed for business operations.
What most people tend to forget is the fact that different payment transfer platforms have their own sets of features and functions. At the end of the day, it is about choosing a platform that appeals more to the nature of transfer you are looking for.
In this article, we attempt to clear a long-standing debate between Currencies Direct Vs Wise. We discuss details about each of the platforms and end with addressing which platform is best suited to different needs and requirements.
Currencies Direct: A Brief Introduction
Currencies Direct was one of the first money transfer platforms that came out of the United Kingdom. The company was founded in the year 1996. Ever since then the company has been trying to simplify international transfers by offering its services in four major languages.
You can choose between English, French, Swedish, and Norwegian. The choice of language goes to show its primary target locations and audiences. The company maintains service centers in India and Spain and operates them on a 24×7 basis.
Currencies Direct has two major offerings-
- For Individuals
- For Businesses
It seeks to offer financial transfer services by basing in on International Currency Exchange Rates. For example, the following are some of the transfer options on Currencies Direct-
- Forward Contract allows individuals to set their own interest rates, transfer money and get the difference amount back in their accounts. It works according to fluctuations in currencies.
- Limit Order allows individuals to set a defined exchange rate and then transfer money when the rate is reached. Till that time, the money will be in your Currency Direct account.
- Stop Loss Order permits the platform to exchange the currency only if the economy of the country drops to that level. In this instance, like all of them, the individual can set their preferences.
Wise: A Brief Introduction
Wise was previously and originally started life with the name- Transfer Wise. The company was started in 2010 in London, UK. They went for a rebranding exercise quite recently. It was started by two good Estonian friends who were looking to counter the higher commissions that were charged by banks when someone would send money abroad.
Currently, Wise allows for money transfers between 80 countries. It does so either directly, or in countries where it is not present, through a holding account.
One of the major reasons for Wise’s popularity has been its focus on simplicity in money transfers. It offers a low-cost alternative that is simple, easy, and straightforward. Every time you enter a sum to deposit, it shows you the currency’s real-time value.
This has been a very popular money transfer platform that has been used for many years by professionals looking to send money back home.
There are three ways by which you can transfer money using Wise-
- Credit Card
- Debit Card
- Bank Transfer (Net Banking)
What has made Wise popular is that they are completely transparent about their charges. This transparency coupled with the low commissions has added to their popularity.
Currencies Direct Versus Wise: The Major Differences you need to know
While both the platforms, Currencies Direct Versus Wise started life off for international money transfers, they offer different services and appeals. Let us look at some of the major differences between the two-
1. Nature of Monetary Transfers-
At the core of Wise is online money transfer. If you look hard enough, the same is not the case for Currencies Direct anymore. It offers specialized Forex services to individuals and businesses.
In other words, it helps in combining a forex trading experience and getting value from speculating currency values. In other words, Currencies Direct is more of a premium service as compared to Wise.
2. Nature of Exchange Rate Calculations-
You might have gathered by now that Wise works according to a Fixed Exchange Rate. The purpose is not to benefit from fluctuations (increase or decrease) in an economy’s currency valuations.
Currencies Direct, on the other hand, has at its premise, Non-Fixed Exchange Rates. Individuals that are not looking to leverage these exchange rate fluctuations can use Wise. Businesses looking to make the most of large international transfers are best suited for CD.
3. Nature of Financial Services on Offer-
When you use Wise, the focus is solely on the platform. This means that as a money transfer platform, it looks to offer convenience, not of making money, but of sending it with the least number of charges and commissions.
Currencies Direct focuses on specific financial services like Forex Buy Forwards, Dealer Assistance, and more. This means that it is a transfer platform where you can make money by developing an understanding of how Forex works.
The Individuals and Businesses that should be using Wise and Currencies Direct
If you have been paying attention to the article, you might get a fair understanding of what we have to say in this section.
- For starters, let us get one thing out of the way. Wise is great for individuals who are looking to do no more than send money to families and friends from one country to another.
- Currencies Direct is more adept for major businesses, especially the ones in the import and export niches. A platform like Currencies Direct allows them to hedge currency changes and speculations.
- Many large-scale organizations that work in multiple countries require specialized forex trading in terms of making and receiving heavy volume payments. We are talking payments in excess of $25000. For such activities, Currencies Direct is more suited.
- While Currencies Direct is a far more attractive proposition to bigger businesses, Wise finds appeal among smaller businesses and working professionals.
The Bottom Line
With the world becoming increasingly globalized, international money transfers are rising in prominence. According to Wise’s own admission, they help move more than $5 billion in transfers every month.
Currencies Direct has not been transparent enough to state any numbers on public forums. Depending on what suits you best, you can go for either platform. Both have great support and follow the latest cybersecurity infrastructure to keep your payments safe.
If you have any other questions that our article on Currencies Direct Versus Wise has not been able to answer, please drop them in the comments below.
