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    • cha73
    • By cha73 7th Jul 17, 8:12 PM
    • 10 Posts
    • 0 Thanks
    cha73
    Hi,

    I'm new to the thread so apologies if this has been covered already.

    I need to send a few hundred pounds to Ireland, I checked with my banks and they have fees ranging from £12 to £25 so I was looking at PayPal as an option. From looking at their site, the fee would be only 0.4% as long as the account has enough funds to cover the transfer amount.

    However I'm not sure how competitive their exchange rates are, does anyone know if they are competitive? If they are competitive then Paypal would seem to be a decent option?

    EDIT: on further investigation it would seem that Paypal also has a fixed fee of €0.35 and a currency conversion fee of 2.5% (the 0.4% I mentioned above is a cross border fee). So based on this new information, these fees combined would seem to make Paypal a bad option!

    So I've been looking at Azimo, Western Union, OFX etc. Comparing with mycurrencytransfer.com Western Union & TransferWise seem competitive, does anyone here have experience of these companies - are there any hidden fees or will I get what they promise?

    Any thoughts or other suggestions welcome.

    Thanks
    Last edited by cha73; 07-07-2017 at 9:32 PM.
    • Consumerist
    • By Consumerist 7th Jul 17, 9:49 PM
    • 4,580 Posts
    • 2,256 Thanks
    Consumerist
    Any thoughts or other suggestions welcome.
    Originally posted by cha73
    We've been using Transferwise for a few months now for modest amounts to family in the euro-zone. No problems so far. A fixed fee of £2.00 for transfers under £400 and 0.5% for higher amounts. We are well pleased by comparison with what banks offer. Delivery abroad next day in most cases.

    Edit
    Exchanges at mid-market wholesale rate.
    Last edited by Consumerist; 07-07-2017 at 9:51 PM.
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • cha73
    • By cha73 7th Jul 17, 10:06 PM
    • 10 Posts
    • 0 Thanks
    cha73
    Thanks for the information Consumerist.

    Do Transferwise make the transfer directly to the recipients bank account?
    • Consumerist
    • By Consumerist 7th Jul 17, 10:11 PM
    • 4,580 Posts
    • 2,256 Thanks
    Consumerist
    . . . Do Transferwise make the transfer directly to the recipients bank account?
    Originally posted by cha73
    Yep. You may need the recipient banks SWIFT and definitely the recipient's IBAN - but you probably knew that already.
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • badger09
    • By badger09 8th Jul 17, 11:45 AM
    • 5,071 Posts
    • 4,271 Thanks
    badger09
    I've used CurrencyFair in the Eurozone and was very happy with the service & exchange rate - fee €3.

    I'm sending you a PM.
    • cha73
    • By cha73 8th Jul 17, 2:04 PM
    • 10 Posts
    • 0 Thanks
    cha73
    Ok to give an update:

    I made the transfer this morning with TransferWise, the fee was just over £3 and I added a further £3 to the sterling amount in order to bring the recipients amount of euros in line with the current conversion rate. So you could say it cost me just over £6 which is certainly better than the banks.

    Also, being a first time user, I was able to get cash back through topcashback.co.uk

    badger09 - thanks for your PM, I've sent you a reply
    Last edited by cha73; 08-07-2017 at 2:06 PM.
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