Transferwise thread

astitchingtime

Well I am about to spend a few months in France and need to transfer money regularly from my UK bank to either my Landlord's French Bank or my French Bank and I initially checked Transferwise who at today's rate offered me a transfer of 650euros for a cost in GBP of £552 but then I came across Currencyfair and they quote me £545 with a transfer fee of 3euros making it only about £2.50 whereas Transferwise will cost 3.25 euros or £2.74. So all in all, it will either cost me £547.50 with currencyfair or £554.74 with transferwise. That is a difference of £7 which is the bank fee I would be normally charged so actually transferwise don't appear to be the cheapest at all. I have an account now with both and will check when I need to transfer money, which one will save me a few quid. Over time I could be saving or wasting £20-30 a month depending upon which one I use.

noh

astitchingtime wrote: »

Well I am about to spend a few months in France and need to transfer money regularly from my UK bank to either my Landlord's French Bank or my French Bank and I initially checked Transferwise who at today's rate offered me a transfer of 650euros for a cost in GBP of £552 but then I came across Currencyfair and they quote me £545 with a transfer fee of 3euros making it only about £2.50 whereas Transferwise will cost 3.25 euros or £2.74. So all in all, it will either cost me £547.50 with currencyfair or £554.74 with transferwise. That is a difference of £7 which is the bank fee I would be normally charged so actually transferwise don't appear to be the cheapest at all. I have an account now with both and will check when I need to transfer money, which one will save me a few quid. Over time I could be saving or wasting £20-30 a month depending upon which one I use.

Are you sure?
If I check transferwise I get £ 542.78 for 650 Euros
Currencyfair would be £544.72 total

Transferwise is £1.94 cheaper

mmr_2

The main advantage of Currencyfair over Transferwise is the ability to send a different currency than the recipient country uses.

For instance US Dollars to China which is a common way of buying good. For some weird reason Transferwise do not allow this.

saver666

Using this link gives you a free transfer in same way as an invite ... transferwise.com/u/80454

ramagates wrote: »

if anyone have an account with transferwise can you please send me an invite

MacBraveheart

I did a Google Search on Transferwise (because they are advertising everywhere and I am in desperate need of an easy and cost-efficient way to send money from the UK to the continent) and found this thread which I picked due to its location, ie site it's on. I trust you folk.

While I take the point that one hasn't got to single out any one "service provider" in this instance it helps people like myself to know that others have even used the service and it, erm, appears to be legit.



Thank you for all the information. :T

Datsyuk_13

Hi guys, there are a lot of very good, valid points on this thread, but the mentality and ideology that transferwise are unbeatable for transfers under 10k is rubbish. It's completely dependant on the currencies being traded and amount.
In addition, the "comparison sites" that have been listed in this thread are pretty sub par, mymoneyspy I wouldn't even consider a comparison site as they only seem to list 5 companies...
Fxcompared are notorious for only promoting companies that pay for listings and are far from impartial, their website also looks to be a rip off of one of my preferred comparison sites (comparemoneytransfer).

comparemoneytransfer.co.uk
sendmoneyhome.co.uk

Are two websites I regularly use and have saved me a fair amount over the years. Compare money transfer also have a pretty good app for when you're out and about as well.

Gamegal

We used to use XE till a friend told us he used Transferwise who were much better. We tried them & used a debit card & it was so simple. We've used other currency firms, Currencies Direct was another but Transferwise is our preference.

We own property in Spain so need to top up our Spanish bank a/c every few months.

If you use this link your first transfer will be free.
https://transferwise.com/u/29d10

nt78seo

I've used xe for years to do quick conversion etc. but when it comes to actually transferring money I tend to have a look on comparemoneytransfer.com first.

I have accounts with a few brokers and can usually play them against each other but comparemoneytransfer.com is a good place to start.

I've been in touch with transferwise before but they've never beaten any of the other companies.

Bolita

Is it true that the first transfer with TransferWise is free? It doesn't matter the amount you are transferring?

Bolita

Thanks Gamegal, I sent them an e-mail and this is the answer "If you sing up following the link that a friend or relative who already used TransferWise has shared with you, the first payment for an amount up to 3,000 GBP and equivalent in other currencies, will be totally free of charge.!"
I understand that you are a TransferWise user so if I use the link you have shared with me my first payment will be free.