With the growth of cryptocurrencies, young people and older people have grown a keen interest in exploring the crypto ecosystem.
Wyre and Transak are the two companies in the USA and UK, respectively, that enable people to make payments and purchases of cryptocurrencies around the world on various digital wallets and crypto exchange platforms.
In this post, we will cover a few points highlighting which is more convenient to use and suitable as per your needs to simplify your process of buying cryptos and transferring from fiat to crypto and vice versa. Let’s dive in.
Wyre Vs Transak
| Wyre | Transak |
| Wyre has better connections and linkages with exchange platforms and banks around the world. | It’s been only three to four years since the launch of Transak. They are still creating mutual relationships and features for Transak with banks and exchange platforms. |
| Wyre charges a comparatively very low fee which is often not more than one per cent. | Transak charges a higher fee for transactions in different currencies, and sometimes it may even charge a fee for other options. |
| It provides support and assistance to not more than twenty-five countries. Predominantly in Mexico, Brazil, China, etc. | Transak is supported and used in more than one hundred countries and is available in more than fifty regional currencies. |
| Wyre does not charge more than two per cent for bank transfers. | It charges a fee for bank transfers. |
| Alternatives for Wayre are – MoonPay, Gemini, etc. You can even opt for Transak as its alternative. | Alternatives for Transak are – Onramper, Swapin, etc. |
| You do not need to fill out the KYC form for your transaction from fiat to crypto or vice versa. | It is mandatory to fill out the KYC form to carry out any transactions/transfers with Transak. |
| Wyre has integrated with three experts (Blockchain, Fintech, etc.) in the last nine years. | Transak has integrated with one expert (Blockchain) in the last three years. |
Wyre, which is the largest provider of crypto buyers all across the globe, has been widely used by people to buy cryptos for their fiat currency for the last nine years.
They have played a significant role for beginners who are interested in discovering the world of crypto, as the first required step is to “buy crypto with fiat currency” this requirement was met by Wayre.
Transak, which is only a two to three-year-old payment “gateway” for the exchange and transfer of fiat and crypto coins/tokens, has also played a good role in providing user-friendly facilities to buy cryptos or use a digital wallet.
If you think that both the software may sound like each other’s alternatives, then it’s wrong because the points given below will tell which company has outperformed the other.
- Wyre was launched in the year 2013 and was developed in California, USA, while Transak was released in the year 2019 and was founded by a company in London, UK. This basic information can tell us that Wyre has greater support and linkage with firms, exchange platforms, and banks than Transak, as it is an older company.
- Transak charges a fee that is higher than what Wyre charges. Transak charges around 3.5 percent for EUR and around six percent for different currencies, whereas Wyre does not even charge one percent.
- Wyre supports a handful of countries providing their full assistance to them. Wyre is roughly used by more than twenty countries, whereas Transak takes the lead here. It is used in more than a hundred and twenty countries.
- Both Wyre and Transak are not available as software in Android’s Google Play Store and Apple’s App Store.
- To transfer money, international banks charge more than five percent, whereas Wyre charges less than two percent for the same, while Transak charges a transfer fee too. Bank takes up to five to six working days to transfer the money while Wyre takes only 2-3 days for the same.
- To buy fiat for crypto or vice versa, Transak requires you to fill in KYC(Know Your Customer) details, while Wyre does not require any further documentation for transfers.
- Over the last nine years, Wyre made up to around twenty-eight million and has collaborated(worked) with three experts: Blockchain, FinTech, etc.
Transak, in the span of three years, made more than six hundred fifty thousand and has collaborated with only one expert, which is Blockchain.
Furthermore, Wyre has been bought by Fintech, which is a startup company, for around 1.5 billion, and as per the reports,
Transak and Wyre have entered into a partnership in which they will share their activities and facilitate better and improved features for their users.
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Wyre Vs Transak MetaMask
Both Wyre and Transak can be used to buy crypto on Metamask.
Wyre completes the transaction comparatively with less time than Transak which takes from one to three days to complete the transaction.
If we look into fees, then Wyre charges a cheaper fee than Transak. Both the platforms are supported in more than a hundred countries and Wyre and Transak use high-security features for buying cryptos on any digital wallet or exchange platform, they are apt for Metamask and other wallets.
Is Transak Safe On MetaMask?
Yes, Transak is completely safe on MetaMask. You don’t have to worry about your digital funds as Transak uses a “Robot Risk” engine device that detects if any malicious transactions are taking place, and immediately stops those suspicious transactions.
Sometimes purchasing through Transak on Metamask takes time do not misunderstand that Transak is taking away your funds.
Is Wyre Safe On MetaMask?
Yes, Wyre is completely safe on MetMask. To date, very few people have reported any issues with Wyre on MetaMask. Wyre uses “Bank Degree” encryption technology in its databases and servers.
In addition, Wyre has been licensed under the MSB (Money Service Business). Therefore, Wyre is a reliable and safe payment API.
MetaMask Wyre Not Working
MetaMask Wyre not working means that you are not able to carry out a transaction on Wyre.
Wyre not working on metamask is due to the reason that either your bank has declined the transaction or the authorization has failed for some technical reason.
Here’s a list of reasons why your Wyre is not working:
- If you are having inadequate funds in your bank account, your Wyre account will not be able to tr
- Every area does not support Wyre, if you are in an area where Wyre does not operate then your Wyre account will not work.
- If you are using Apple Cash Card or other cards that are not supported by Wyre then your transactions will most likely not work. You can only use Visa or MasterCard with Wyre.
- Your Wyre account connected to ‘business accounts’ will not work.
MetaMask Transak Not Working
MetaMask Transak not working means that you are not able to carry out a transaction on Transak.
Transak on MetaMask is not working for the reason that there might be some technical issue or the server is down. Or you are having a poor internet connection.
Often Transak takes twenty or more to complete the transaction, so it’s better if you wait for a max of half an hour and then try to send a ticket to Transak support if you are facing a serious issue.
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Conclusion
While Wyre and Transak work in the same area, however, they differ slightly from each other when it comes to charging a fee, country-wise coverage, additional documentation such as KYC, expert collaborators, etc.
Wyre is an apt option if you want a smooth procedure to transfer your crypto to fiat or fiat to crypto and on-ramps and off-ramps transactions without going through a lot of tasks.
Transak will likely be a good method if you want to transfer internationally, reaching many countries.
If you want to learn more about both platforms, you can visit Transak’s official website, which is https://transak.com/ and for Wyre, you can check out http://www.sendwyre.com/.
