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Acorns vs TransferWise

Acorns logo

Acorns

Software

Invest your spare change

From
On request
Rated
-
Full reviewWebsite
TransferWise logo

TransferWise

Software

The cheapest way to send money abroad

From
Free
Rated
-
Full reviewWebsite

The short version

  • Only TransferWise has a free tier, so it costs nothing to try first.
  • Each has a real cost: Acorns a flat monthly subscription regardless of balance, so $3 a month on Bronze is a heavy percentage on a small account; TransferWise wise Card only available in selected countries, excluding major markets like UK
  • They diverge on capability: Acorns covers Round-up investing, TransferWise covers International transfers.

Where they differ

Only the attributes on which Acorns and TransferWise actually diverge.

Attributes where Acorns and TransferWise differ
AttributeAcornsTransferWise
Starting priceOn requestFree
Pricing modelsubscriptionUnknown
Free tierNoYes
Founded20122011

Identical on both: platforms (Web, IOS, Android), user rating (Not yet rated), category (Unknown).

What each one covers

Drawn from each product's published feature list. An absence here means we hold no record of it - not that the product lacks it.

Only in Acorns

  • Round-up investing
  • Automated investing
  • Portfolio management
  • Recurring investments
  • Credit cards
  • Debit cards

Only in TransferWise

  • International transfers
  • Real exchange rates
  • Currency conversion
  • Multi-currency accounts

Both cover

  • Bank accounts
  • Web support
  • IOS support
  • Android support

What people use each for

The jobs each tool is most often brought in to do.

Acorns

  • Automated investing of spare change from everyday purchasesnot TransferWise
  • Retirement saving through Acorns Later IRA accountsnot TransferWise
  • Checking and high-yield savings alongside investingnot TransferWise
  • Custodial investing and debit cards for children through Acorns Earlynot TransferWise
  • Earning cashback that is invested rather than bankednot TransferWise

TransferWise

  • Budget Managementnot Acorns
  • Expense Trackingnot Acorns
  • Investment Trackingnot Acorns

Where each one falls short

Documented limitations, not opinions. Every one is a constraint you would hit in normal use.

Acorns

  • A flat monthly subscription regardless of balance, so $3 a month on Bronze is a heavy percentage on a small account
  • The emergency savings account and the 1 percent IRA match need Silver at $6 a month
  • Custom portfolios, Acorns Early for children and Money Manager are Gold tier only at $12 a month
  • There is no free tier

TransferWise

  • Wise Card only available in selected countries, excluding major markets like UK
  • Mid-market rate is still 0.33-0.5% plus spreads higher than interbank rates
  • Business accounts have additional requirements and higher minimums

Pricing, plan by plan

Acorns

On request
  • Lite$4.99/month
    • Round-up investing
    • Automated portfolio
  • Plus$9.99/month
    • All Lite features
    • Checking account
    • Dollar-based investing
  • Premier$19.99/month
    • All Plus features
    • Premium investing

TransferWise

Free
  • Personal AccountFree
    • Free account opening
    • Transfer in 40+ currencies
    • Mid-market exchange rates
  • Transfer fees$undefined/per-transfer
    • Transparent fees shown upfront
    • Average total cost 0.5-1%

Which should you pick?

Choose Acorns if

  • You need round-up investing.
  • You work on Web, IOS, Android.
  • You also want automated investing.
Acorns review

Choose TransferWise if

  • You need international transfers.
  • You want to start without paying.
  • You work on Web, iOS, Android.
  • You also want real exchange rates.
TransferWise review

Questions people ask

Is Acorns or TransferWise better?
Neither clearly leads. Acorns starts at On request and TransferWise at Free, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Acorns or TransferWise?
TransferWise has a free tier; the other does not. Paid plans start at On request for Acorns and Free for TransferWise.
Does Acorns or TransferWise run on more platforms?
Acorns runs on Web, IOS, Android. TransferWise runs on Web, iOS, Android.
Can I use TransferWise for free?
Yes. TransferWise has a free tier, so you can try it without paying. Acorns starts at On request.
What is Acorns best used for?
Acorns is most often used for automated investing of spare change from everyday purchases, retirement saving through acorns later ira accounts, checking and high-yield savings alongside investing, custodial investing and debit cards for children through acorns early. Of those, automated investing of spare change from everyday purchases and retirement saving through acorns later ira accounts are not what TransferWise is typically brought in for.
What can Acorns do that TransferWise cannot?
Acorns covers Round-up investing, Automated investing, Portfolio management, Recurring investments. TransferWise covers International transfers, Real exchange rates, Currency conversion, Multi-currency accounts. Both handle Bank accounts, Web support, IOS support, Android support.

Answered from the vendors’ own pages

TransferWise: How much does Wise charge for transfers?

Wise charges a small fee (typically 0.33% to 0.5% of transfer amount) plus shows you the mid-market exchange rate. Total costs are usually 0.5-1% compared to banks charging 3-6%.

Source
TransferWise: Can I open a Wise account for free?

Yes. Opening a Wise personal account is free with no monthly or annual fees. You only pay when you actually make a transfer.

Source
TransferWise: How many currencies does Wise support?

Wise allows you to hold and exchange money in 40+ currencies, and send payments to 160+ countries with spending available in 150+ countries.

Source
TransferWise: Does Wise offer a debit card?

Yes. Wise Multi-Currency Card is available in selected countries including Australia, Brazil, Canada, Japan, and others. It uses mid-market exchange rates and has no annual fee.

Source
TransferWise: How does Wise work without traditional banking?

Wise holds local bank accounts in each country it operates. When you send USD to EUR, Wise receives your dollars in the US and releases euros from its local European account to your recipient.

Source
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Related pages

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