Compare the best ways
to transfer money overseas

Compare the best ways
to transfer money overseas

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How is it Cheaper?

Peer-to-peer exchange and other technologies, allow us to keep the cost of transferring money overseas down. When you transfer money abroad with the transfer company you select, there will be no hidden fees to pay us or the provider. Your transfer will cost you far less than if you opt to transfer funds using a bank.

No Hidden Fees

We believe in complete transparency when it comes to international bank transfers. At WireCompare, when you ask for a quote to send your money to a different country, we will provide you with information on the provider's fee, the exchange rate, and give you the final amount received for your money transfer.

Only Trusted Partners

WireCompare is the one-stop shop for you to compare the cost of transferring your money. For your peace of mind, we only partner with government regulated, well-trusted and top-rated providers. The security of your transfer is our first priority.

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We give you the freedom to choose the method of transfer that works best for you. Select the transfer method that suits you. You can choose according to the exchange rate, money transfer company, the speed of transfer, the method of payment and the transfer cost.

Exchange Rate Notifications

We monitor exchange rates in real-time and can send you an alert if you choose. Let us know which currencies and exchange rates you are interested in. When a significant change happens, we will notify you immediately.

Our Partners

We only partner with highly reputable, approved and regulated by government entities such as the FCA or the FinCEN. When you obtain a quote from WireCompare, we strive to provide you with accurate, up-to-date, real-time results.

Our partners eliminate high bank fees from foreign exchanges by matching users based on the currency they have and require. A simple, secure swap then takes place.

News

22.09.2017

Basics of peer-to-peer foreign currency exchange

Peer-to-peer foreign exchange mechanisms are rapidly gaining popularity, and it’s easy to see why. The foreign exchange market even as of 2014 had surpassed a daily trading volume of $5.5 billion.

 

In this arena, many peer-to-peer companies usually claim 75-90% savings on the typical fees associated with foreign exchange and the percentage taken from the total transaction by brokers and banks. In addition, peer-to-peer exchanges are almost always completed more quickly.

 

This is achieved by converting all international exchanges into simple domestic ones. Rather than moving currencies across borders, peer-to-peer firms allow clients to find other users matching their exchange needs and complete the transactions domestically within only a few days. Because this mechanism for foreign exchange is still gaining traction, on occasion it can difficult to find a suitable partner for exchanging less common currencies.

 

How does regulation work?

 

Building trust with clients is one of the most important aspects of developing traction for any peer-to-peer network. As a result, many such firms have taken steps toward being registered with regulatory bodies. Though this does not completely protect prospective clients, it can signal that the firm intends to deal in good faith.

 

One technique for ensuring honest dealing in foreign exchange is known as ring-fencing. This means simply that all funds belonging to clients must be segregated by the firm’s own accounts at the end of each working day, protecting clients from loss in the event that the firm falls into financial hardship.

 

How do I choose a good peer-to-peer firm?

 

It’s important to always fully understand the risks associated with peer-to-peer exchange. Having said this, there are some basic guidelines that can be followed to choose the right service for your situation.

 

A good first step is to check the regulation status with relevant agencies, and whether or not client funds are segregated from the firm’s. These are always great indicators of the trustworthiness of a firm. Another good sign is the volume of transactions being handled. Make sure that the firm deals with your specific currency. This is especially important for smaller currencies.

 

We make sure to partner only with regulated, trusted and top-rated companies.

15.06.2017

Comey firing on currency exchange

Comey firing on currency exchange

The most pressing news in US politics this week is President Trump’s firing of FBI director James Comey. The justification Trump provided for this action pointed back to Comey’s handling of the investigation into Hillary Clinton’s use of a private email server during her time in office. However, the firing has raised controversy from Democrats and Republicans alike as it has taken place during an ongoing investigation into Trump’s suspected ties with the Russian government.

The effects of this firing have been wide ranging, affecting many different nations across the globe.

Surveying global effects

Not all nations were hurt or benefited similarly or proportionally by the recent news. While the US economy is losing ground in comparison to the euro, the yen seems to be doing even worse, falling at a faster rate than the USD. Here is a quick survey of some initial results:

• As of May 10th, the ICE dollar index was at 99.44, compared to 99.39 on Tuesday.
• Euro and British pound crosses constituted the most major losses to the US dollar, as the pound gained ground, rising from $1.2977 to $1.2935 and the euro picked up from $1.0889 from $1.0872.
• The dollar gained lost ground against the ten, showing a small increase in the two days following.

Speculating on long-term effects

Many have compared the recent political controversy to the Watergate scandal of 1974. Whether this is an accurate characterization or not, we may be able to find clues to the potential lasting effects of the current circumstances in the economic aftermath of the Nixon resignation.

Like most political scandals in this country, Watergate has a profoundly negative effect on the US economy, continuing to fall lower and lower as the news continued to grow in importance. However, this trend quickly reversed itself immediately after Nixon’s resignation, in a sharp upswing that would continue for the next year. Whether the current issues surrounding James Comey’s firing will have a similar impact rests largely on the continuing importance of the news, as well as the results of the investigation into Russian ties on the part of Trump.

In the next days

The true effects of the firing are just beginning to be uncovered as the ongoing investigation into illicit presidential ties with Russia hastens. Financial speculators remark that that the ultimate impact of the Comey firing is simply to exaggerate the effects of a Trump presidency of global currency exchange. Other factors include the president’s pending nomination of a successor to Comey, as well as the continuing reaction of the media to the events.
15.06.2017

Greek Bailout and the Global Economy

Greek Bailout and the Global Economy

Many agree that Greece has taken the brunt of the impact from the Great Recession’s effects in Europe, still recoiling from the sharp economic downturn even today. With a national debt currently measured in the hundreds of thousands, speculators have theorized widely-varying effects for both the short and long term. Some predict an oncoming Grexit, while others, noting Macron’s recent win in France, believe that Greece’s prospects are looking up.

While the broad strokes of the bailout’s effects on the euro remain hazy, the immediate aftermath of a recent decision has been able to offer some clarity to investors.

Euro on the Upturn?

In reality, the Greek GDP fell by .5% year-on-year in 2017’s first quarter, as told by government statisticians. Although, what seems to be having a greater effect on the euro itself is the new resolution between Greece and its creditors to unlock the next tranche of relief money. Late Monday, shortly after the agreement, the euro rose to 1.0911 from 1.0900, trading at its highest rate in five months. It is a continuation of the general upward swing of the euro, USD, and other global currencies in the wake of the French Election.

Last week, one of Greece’s primary creditors, the IMF announced that they would need more time to agree on a debt relief plan for the ailing country. Meanwhile, Greece was still struggling to make payments on bonds which are scheduled to mature this summer. However, the recent decision to continue the EURO86bn bailout program has instilled renewed confidence in the European economy, as the likelihood of the government defaulting has dropped drastically. Greek bond prices are on the rise, and finance experts expect the upward trend to continue into the near future.

Global Effects

The effect on other global currencies has been mixed. The ICE dollar traded slightly lower at 99.119, while the central bank is set to announce its decision this Wednesday. The Yen however experienced growth, to Yen112.11 from Yen111.84 in the span of a week, while the pound reached an intraday high at $1.2913. However, it is not clear in all cases whether these turns have more to do with the Greek bailout, the French Election, or American politics.

The Greek people continue to suffer from a general unemployment rate at 23.3 percent, and a skyrocketed youth unemployment rate which just rose to over 48%. The possibility of returning to a rate of growth seen prior to the global debt crisis seems slim, at least in the foreseeable future. Greek Prime Minister Alexis Tsipras continues to rally creditors to follow through on their commitments, so that his country can begin to regain stability.