Transferwise thread

benjus

I replied to the thread that was started recently about the TransferWise cheap international money transfer service (http://transferwise.com/), but the thread has since been deleted, probably because it was started by a relatively new user and someone reported it as spam.

This seems rather unfair, as the exchange rates on their website look extremely good (for converting £300 to Euros, the total amount received was only about £1.50 less than the spot exchange rate reported by Google).


It would be good to get some feedback on this service by anyone that's used it. I'm currently using VoiceCash (http://www.voicecash.com/en/money-transfer/) for small-medium transfers, but this one looks even more competitive.


Any feedback?

padders_2

I've used transferwise a couple of times to send money and the service is excellent. You get market clearing rate for FX and the fee is tiny. For spending money while in Europe I still just use a metro bank debit card which gives you the same clearing rate and no charges; but if you want to send money to a European account (I largely use it for business purposes) it's the best service on the market I've seen. We used to use moneybookers (now Skrill) but can't see myself ever using them again once Transferwise get some more currencies onboard.

innovate

Why have a dedicated thread for ONE money transfer outfit when there are dozens of such outfits?

The only logical explanation would be to promote that outfit.

There is no evidence at all that Transferwise - or any other transfer outfit, for that matter - is always superior to any of their competitors. Reality is that you have to check every time you make a transfer where you can get the best deal.

I am therefore reporting this thread to MSE Towers for a salomonic decision.

benjus

innovate wrote: »

Why have a dedicated thread for ONE money transfer outfit when there are dozens of such outfits?

The only logical explanation would be to promote that outfit.

There is no evidence at all that Transferwise - or any other transfer outfit, for that matter - is always superior to any of their competitors. Reality is that you have to check every time you make a transfer where you can get the best deal.

I am therefore reporting this thread to MSE Towers for a salomonic decision.

Seems rather excessive.

There are threads raised all the time about specific organizations, whether they be banks, FX brokers, airlines or anything else really.

As you can see I'm a long-term MSE member with no history of posting spam (and no connection to this or any other FX broker), so I was merely raising this matter as it may be of interest to users. When I came across VoiceCash (as I mentioned in my OP) I started a thread on here to ask for people's experiences, as when VoiceCash started appearing on comparison tables it was always at or near the top of the list, so I thought it was worth promoting.

I transfer money overseas quite frequently, so I'm always looking for a good deal on money transfers. I haven't used TransferWise yet so I can't comment on how it works in practice. However, the rates quoted on the website are extremely attractive (even compared to VoiceCash) and I think it deserves to be seen by a wider audience, albeit with the caveat that we don't know much about this company yet.

Checking the market is always a good idea, but you need to be aware of the market to do so. http://www.fxcompared.com/ is a useful site, but doesn't cover all providers. It's also nice to know of a provider that usually has good rates, for the times that you want to make a small, quick transfer and don't have time to scour the market.

Could we have some sanity here please and stop culling legitimate threads every time someone shouts spam?

padders_2

Agreed Benjus. I registered here in 2004; so perhaps it was some very advanced forward planning to then create spam!

I've yet to see anyone cheaper than transferwise for Euro transaction; unless they are making a loss on the transfer I don't know how it would even be possible for a company to do it cheaper.

innovate

There is a "Sending Money Overseas article discussion" thread on this Forum, as well as an "FX Brokers Feedback" one.

I maintain that the only reason for a separate thread for any one of the FX Broker is most likely that someone wants to push them. Number of posts on the MSE Forum or registration date make no difference to that.

benjus

innovate wrote: »

There is a "Sending Money Overseas article discussion" thread on this Forum, as well as an "FX Brokers Feedback" one.

I maintain that the only reason for a separate thread for any one of the FX Broker is most likely that someone wants to push them. Number of posts on the MSE Forum or registration date make no difference to that.

And I maintain that you're talking nonsense. This is a money saving site, so posting about a service that may be of use to other members (provided that it is done in a totally disinterested fashion) is a perfectly legitimate use of the site. It is true that spammers do use this site, but it's usually pretty easy to spot them.


Sticky threads are all well and good, but information gets buried in them very easily and they are a pain to navigate. If you look through all the branches on this forum you will find many threads that could have gone into sticky threads but the OP chose not to, and they often generate useful discussion.

innovate

benjus wrote: »

And I maintain that you're talking nonsense.

You are entitled to your opinion. As am I.

It is a bit bleeding obvious what your motives are if you push one single money transfer service when there are dozens of them, many providing roughly similar terms (they have to, don't they, else they go out of business sooner rather than later).

Other than your, and padders's word, there is zilch evidence that Transferwise offers anything substantially over and above what several others offer.

If you were a responsible MSEer, you would post in the already existing MSE threads (links in my earlier post), and make people aware of comparison tools such as the Top Ten International Transfer Services.

Most people wanting to transfer money internationally will be perfectly capable chosing the service that best suits their need from an unbiased list, rather than following a random recommendation of a couple of MSErs like lemmings.

baby_frogmella

innovate wrote: »

there is zilch evidence that Transferwise offers anything substantially over and above what several others offer.

Really? Can you tell me of any fx company offering inter-bank exchange rates like transferwise appears to? Even the likes of xetrade & currencyfair do NOT offer mid-market rates. As this is a money SAVING site, i welcome anybody who mentions companies such as transferwise...irrespective of whether they have made million posts or five posts. No doubt i'll be accused of promoting Transferwise now:rotfl:

innovate

You are quite right, baby frogmella, this is a money SAVING site, rather than a site where people should advertise a single service as "the best", when there is evidence that it is not.

Transferwise sometimes comes tops, other times it doesn't. For instance, if you look at what you would get today, you'd do best with transferwise for £300, but they aren't anywhere near tops if you want to transfer £20K.

I couldn't make any comparison using US or Oz dollars since transferwise don't presently support these currencies. Also, they don't support any regular payments, something many of the others do. Of course this may or may not be important to all people, but it will be to some.

The "moneysaving expert" approach would be to shop about for each transaction rather than following some random recommendation for a given provider from people who may well have vested interests in punting that provider.

baby_frogmella

You still haven't answered my question: which forex company gives you real market transfer rates?

innovate wrote: »

Transferwise sometimes comes tops, other times it doesn't. For instance, if you look at what you would get today, you'd do
best with transferwise for £300, but they aren't anywhere near tops if you want to transfer £20K.
.

Really?
According to fxcompared.com :

For sending £500 to eurozone countries, Skrull moneybrokers is at the top offering €622. Transferwise is offering €633 (after
deduction of fee).

For sending £1000 to eurozone countries, Skrull moneybrokers is at the top offering €1245. Transferwise is offering €1265

For sending £5000 to eurozone countries, World First is at the top offering €6293. Transferwise is offering €6326

For sending £10000 to eurozone countries, TOR Fx is at the top offering €12627. Transferwise is offering €12651

For sending £15000 to eurozone countries, TOR Fx is at the top offering €18941. Transferwise is offering €18977

For sending £20000 to eurozone countries, TOR Fx is at the top offering €25255. Transferwise is offering €25303

For sending £50000 to eurozone countries, TOR Fx is at the top offering €63201. Transferwise is offering €63257

For sending £100000 to eurozone countries, TOR Fx is at the top offering €126402. Transferwise is offering €126513.

The above comparisons just prove that other fx companies have a commission rate greater than 0.4-0.5% (which is what
transferwise charge as a fee separately) Of course transferwise have drawbacks such as limited reviews, only trade in Euros etc but i understand they've only just established themselves so will hopefully offer other currencies over time. But they are definitely amongst the best (if not THE best) for eurozone payments. They certainly appear to be legit as they are registered under FSA:
http://www.fsa.gov.uk/register/psdFirmRefSearch.do?firmRef=571669

(PS i work for transferwise :rotfl:)