Transferwise thread

Gamegal

We transferred another £400 in euros UK to Spain yesterday & were charged 0.5% ... £1.99 Amazing! How can we NOT use Transferwise?
We got 1.2540

TureMagnusson

I would just like to add to the discussion that I have used Transferwise on a regular basis during the last few years to send money from UK to Sweden. It works very smoothly and the end result is good. The amount ending up in the recipient's account is larger than I have seen in any other service I've used.

mushtiff

I used Transfer Wise to pay £300 for an apartment in Germany earlier this year - worked perfectly, cost a couple of quid. Seemed almost too good a service to be true, but certainly worked for me and I'll keep using it.

sauvignon

I wonder if they make their money by holding on to your payment for a while before converting and paying into the other bank account. They say it's a peer-to-peer service, so they apparently look for a "match" before converting. I'm using them for the first time and the jury is still out. They've got my money for two days now. At first I set the rate limit to 0% because I based my decision to use them on their quote a week ago which was better than competition's. Following my query I've been told this is preventing them from converting as 'the exchange rate is changing all the time'. Yes, but surely not only down. .. Still, I changed the limit to '-x% -current' to enable immediate conversion at that rate. One day later and I'm still waiting, apparently now for someone else to buy my currency. No response this time round. Having paid my bank that wouldn't accept their details for a transfer into a continental bank, the TW fee plus the wait, I'm not sure I'm better off with them even with a slightly better exchange rate.

NuFinance

I gave TransferWise a whirl, and it works very well. I make transfers from outside of the EU, and as a result I am forced to pay the SWIFT fee, which is roughly 1% of whatever I transfer, which means I pay 0.5% + 1.0% (for the SWIFT fee). Transferring through my bank, I pay 3% total, so I'm still cutting the cost in at least half.

I also save on the incoming wire transfer (15USD) when it arrives to the states when using transfer wise.

Our global banking system is truly complex, and TransferWise has done an impressive job at simplifying it for us.

jonesMUFCforever

NuFinance wrote: »

I gave TransferWise a whirl, and it works very well. I make transfers from outside of the EU, and as a result I am forced to pay the SWIFT fee, which is roughly 1% of whatever I transfer, which means I pay 0.5% + 1.0% (for the SWIFT fee). Transferring through my bank, I pay 3% total, so I'm still cutting the cost in at least half.

I also save on the incoming wire transfer (15USD) when it arrives to the states when using transfer wise.

Our global banking system is truly complex, and TransferWise has done an impressive job at simplifying it for us.

I thought most banks have a fixed fee for making International payments.

colsten

NuFinance wrote: »

Our global banking system is truly complex, and TransferWise has done an impressive job at simplifying it for us.

It's not exactly that Transferwise have invented something special. There are a good dozen of reputable specialist money transfer services. Each one of them might be offering the best deal one any given day. It pays, literally, to shop and compare when you need to transfer some money. Don't just blindly use Transferwise.

paul4545

Hi,
can anyone recommend a company similar to TransferWise but that operates under US regulations (based in US) and that supports business accounts?
Pablo

engrut

They are OK until they messes things up. Transferred money on 28 Aug over a week ago, and still not here, UK-USA, they said whoever entered my details added additional number to my account number, and that was my 13th money transfer, why details were entered manually in the first place? so waiting now for over a week, money still not here, they gave me several excuses such as holiday day which was on Monday however banks were opened following day. And responses were pretty slow as well, customer service was not impressive as it was before. If you do require money fast, wouldn't rely on them. Just requested refund and Id rather pay bank fee but I know money will be within promised time. Extremely disappointed