Sending Money Overseas article discussion

buglawton

MikeyHM wrote: »

Just tried to look at MoneyBookers. They are now called Skrill. Unfortunately you have to sign up to see what you could get in a foreign currency, so didn't bother

I had some problems with Azimo, who are the number one site for MSE. Firstly their default way of sending money is by using your card. You get charged by your card provider for this as though you’re taking a loan. They say this is the quickest and easiest way. Card charges can be substantial, so beware. Azimo say nothing about this.. They are not FCA regulated and it takes a couple of days for money to be transferred. I also had problems getting cashback through Topcashback(who I thoroughly dislike) as they claim I clicked through MSE. This was true though I didn’t sign up or make a transaction.

My number 1 is now TransferWise. They are FCA regulated giving a bit more piece of mind. On this occasion their exchange rate was better than Azimo and the overall sum sent was 10 Euros higher than Azimo, despite charges being higher. I’m not sure how long the money took to arrive at the recipient’s bank account, but it was certainly less than an hour. Not sure how long it takes for other currencies.

It's got to be TransferWise as confirmed by Nardge above.

Erm... are you sure?

https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000NMkXzAAL

TransferWise Ltd Status: No longer authorised (Reference number: 571669) This is a firm that can no longer provide regulated products and services, but was previously authorised by the PRA and/or FCA. This firm has requirements or restrictions placed on the financial services activities that it can operate. Requirements or restrictions can include suspensions

noh

It (TransferWise) does have FCA permissions.

https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000001EjC6SAAV

TransferWise Limited Status: Authorised Electronic Money Institution (Reference number: 900507) This is a firm that has our permission to issue electronic money (e-money) and provide payment services.
The Financial Ombudsman Service may be able to consider a dispute with this firm. Find out how to complain.
It cannot be determined if FSCS cover would apply to this firm. Please contact the firm directly to understand whether their products/services would be covered by FSCS.

londoninvestor

noh wrote: »

It (TransferWise) does have FCA permissions.

https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000001EjC6SAAV

Yes - although Azimo too is authorised by the FCA as an e-money institution.

buglawton

Transferwise is not authorised for money tranfers:

Payment services firm
Firms must be authorised or registered to provide payment services, including issuing credit cards and money transfer operations.

But is only authorised for e-payments:

Firms must be authorised or registered to issue electronic money (e-money), which includes pre-paid cards such as travel money cards and some gift cards.

noh

buglawton wrote: »

Transferwise is not authorised for money tranfers:


But is only authorised for e-payments:

TransferWise is authorised as an e-money institution. Which includes authorisation to supply payment services.

robatwork

Can someone (perhaps from Transferwise) explain their double FCA entries when there is only 1 company called Transferwise Ltd registered at Companies House?

I ask as a regular, very happy, and somewhat concerned customer.

noh

robatwork wrote: »

Can someone (perhaps from Transferwise) explain their double FCA entries when there is only 1 company called Transferwise Ltd registered at Companies House?

I ask as a regular, very happy, and somewhat concerned customer.

I will give my explanation which is that both of the authorisations listed apply to TransferWise Ltd which is now registered at
6th Floor, Tea Building, 56 Shoreditch High Street, London, England, E1 6JJ on both companies house and FCA websites.
In 2016 they were at a previous address.

The older authorisation was for payment services under PSD1. It is no longer current because, under PSD2 and PSR 2017 firms were required to re-register. They had the choice of registering as a payment services provider or an Electronic Money Institution.
The authorisation for an e-money institution also includes authorisation for payment services.

The current authorisation for Transferwise says
Current status.
Authorised Electronic Money Institution A firm that we have given permission to issue electronic money (e-money) and provide payment services.

buglawton

To know whether there is actual financial protection for your in-transit cash that's going abroad, you probably need to detail the scenario to the FCA itself and ask them.

For example in the case of insolvent Premier FX where some customers lost a large amount (one into the millions apparently). This is FCA's statement about Premier FX:
https://www.fca.org.uk/news/statements/information-customers-premier-fx-limited

Why the Financial Services Compensation Scheme (FSCS) does not apply
FSCS protection does not apply to firms authorised by the FCA to provide money remittance services under the Payment Services Regulations 2017.

buglawton

This FSCS blog is the most detailed statement I can find on protection
https://www.fscs.org.uk/about-fscs/media-centre/perspectives/2015/february/
Which would mean I'd not want to have much more than £500 in transit at a time.

johntstone1957

Although they dont charge fees they dont know which banks the money will go through and they might they told me afterwards!

There rate was 3 cents less than I could have got using my Barclaycard Platinum cashback &I was charged $56. I would have been better paying by card even with foreign company's credit card fee