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.

Table of contents
Wirebarley vs Wise: A closer look What is the mid-market exchange rate? A closer look at the transfer costs of Wirebarley and Wise Conclusion

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	Interac e-transfer Debit Card Credit Card Direct Debit Domestic wire transfer Bill Payment
Transfer Limits	Daily: 15,000 CAD Monthly: 30,000 CAD Yearly: 50,000 CAD5	Bank transfer:No limits* Interac: 25,000 CAD per transfer Direct debit: 9,500 CAD daily, 30,000 CAD weekly Debit/Credit card: 3,000 CAD per transfer Bill payment and wire transfer: 1.5 million CAD

^*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.

Get your Wise Account today 🚀

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Sources:

1 - Wirebarley
2 - Wise
3 - Wirebarley Help Section
4 - Wirebarley Terms and Conditions
5 - Wirebarley transfer limits

Sources verified on 16 February 2024