A closer look at international coverage in Canadian banks
Take a look at the global coverage of some of the biggest Canadian banks, and how Wise can help with its international coverage
A closer look at Wirebarley and Wise for international transfers
Struggling to figure out the best way to send international transfers? WireBarley is a fast and easy way to send money transfers overseas - but is it your best choice? Competing against them is Wise, an international money account boasting mid-market rates, transparency, and safety. In this analysis, we’ll go over what WireBarley and Wise both offer. So, stay tuned - we're about to simplify your international money transfers.
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Wirebarley vs Wise: A closer look
| Features | Wirebarley | Wise (formerly Transferwise) |
|---|---|---|
| Send to | 451 countries | 772 countries |
| Currencies supported | 181 | 402 |
| Coverage in Canada | All provinces except Quebec.3 | All provinces. |
| Exchange rate | Rates differ between exchange rate at which they buy foreign currency and the exchange rate they provide.4 | Mid-market rate |
| Fees charged | Wirebarley claims to have low fees for transfers, but there are no public details on pricing. | Fees for sending and converting money vary by currency but start at just 0.42%. All pricing is available before initiating a transfer. |
| Transfer methods for Canadians | Interac e-Transfer |
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| Transfer Limits |
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*Availability of high amount transfers is subject to verification of customer identification.
Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information
What is the mid-market exchange rate?
The mid-market exchange rate is the fairest rate when it comes to exchanging money. Often called the ‘interbank rate,’ it’s the midpoint between the buy and sell prices of the two currencies you’re exchanging between on the global market.
Banks and money transfer services usually use this rate when they trade between themselves but rarely pass it on to their customers. Instead, they tack on their own markup to make extra money.
But why should you care so much about getting the mid-market exchange rate? The simplest answer is that you want the most bang for your buck when you make international transfers.
Wise , formerly Transferwise, uses the mid-market rate for all its currency conversions, which helps customers save money. With this, what you see is what you get – customers are shown exactly what they pay for before making any transfers, ensuring they don’t lose out on unfavourable exchange rates.
A closer look at the transfer costs of Wirebarley and Wise
Let’s try out a real-life example using Wirebarley’s and Wise’s sample calculators. For this example, we’ll be sending 2000 USD from Canada to an account in the US on January 30th 2024 at 08:00 am using Interac e-Transfer.
| Wirebarley1 | Wise | |
|---|---|---|
| Fees | 0 CAD | 17.91 CAD |
| You Pay | 2,711.90 CAD | 2702.41 CAD |
Although Wise seems to charge more fees, note that Wirebarley’s fees doesn’t include the potential Interac e-Transfer fee that could come with the transfer. Wise tacks on their own small fee and displays the e-Transfer fee. Wise might also convert less of your money after fees, but the recipient will still receive more money than through a transfer with Wirebarley.
Conclusion
Choosing between Wirebarley and Wise is a decision that depends on your unique preferences. If you’re looking for a simple money transfer service with mobile convenience and low fees, Wirebarley could be a good pick. On the other hand, Wise offers the benefits of being mobile along with transparent fees, the mid-market rate, and top-notch security, as well as extra features like a multi-currency account and a business account with batch payment capabilities and expense tracking.
Sources:
1 - Wirebarley
2 - Wise
3 - Wirebarley Help Section
4 - Wirebarley Terms and Conditions
5 - Wirebarley transfer limits
Sources verified on 16 February 2024
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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