Sending Money From UK to European (German) Bank Account

sausage_time

colsten said:

They could be around forever, or they could go bust tomorrow. Who knows. I have used them in the past for small-ish GBP<->EUR amounts but since Starling have had a Euro account, there has been no real reason for me to use Transferwise any longer.

Agreed for EUR, but I need USD too.  I'm not aware of any low cost solution for USD that offers FSCS protection.  Anyone?

colsten

I don‘t know of any, either. But watch this space, AFAIK Starling do have plans for a USD account.

MaterialGirl*

I would also recommend Starling although I’ve used TransferWise many times without any issues and the service was always excellent.

colsten

MaterialGirl* said:

I would also recommend Starling although I’ve used TransferWise many times without any issues and the service was always excellent.

Wirecard has also been excellent until they went boom. And their demise didn't even have anything at all to do with the corona crisis.

I am not saying Transferwise is in any way similar to Wirecard. I am simply saying that if they went bust, you are likely to have lost all the money they, or their banks, held for you at the time. Some people find that risk acceptable, others do not. I have even found it acceptable myself at times in the past. The point is that people should make a conscious decision about it.

mgdavid

J_B said:

We use Currency Fair who charge a flat rate of £/€3 which may be better than Transferwise who I believe charge a %

I have also used CurrencyFair for a few years now, several transfers a year but in the hundreds, not thousands of £. As the exchange and actual IBAN transfer are done 100% under user control, your money is only with them for a matter of minutes. I see the risk of them entering a state where you lose your money as very small indeed, some might say infinitesimal.

[Deleted User]

colsten said:

dahj said:

FSCS protection would offer limited benefits if it's a one off transfer.

Doesn't Starling use the Transferwise? Western Union have been fairly competitive recently too. 

FSCS could be the difference between losing £13,000 or keeping it. 

It’s Monzo, not Starling, who are using Transferwise. Western Union , like all currency transfer services, offer no FSCS protection

FSCS isn't directly applicable to currency transfers.
The OP isn't talking about retaining funds with the institution, simply sending them.

colsten

dahj said:

colsten said:

dahj said:

FSCS protection would offer limited benefits if it's a one off transfer.

Doesn't Starling use the Transferwise? Western Union have been fairly competitive recently too. 

FSCS could be the difference between losing £13,000 or keeping it. 

It’s Monzo, not Starling, who are using Transferwise. Western Union , like all currency transfer services, offer no FSCS protection

FSCS isn't directly applicable to currency transfers.
The OP isn't talking about retaining funds with the institution, simply sending them.

Explain what happens if the firm goes bust whilst they have your money, and how come people lost millions when firms like Crown Currency and Premier FX collapsed.

Whilst it wouldn't be entirely impossible to get at least some of your money back, you absolutely do not have the same guarantee as you have with FSCS protection. Will people be able to come to you for any missing money? Would you like to help the chap who lost £464k?

[Deleted User]

So you believe that when Starling hands over the funds to Transferwise (to action the SEPA transfer) their FSCS licence still applies?

colsten

dahj said:

So you believe that when Starling hands over the funds to Transferwise (to action the SEPA transfer) their FSCS licence still applies?

Oh where to begin. What's an FSCS licence?

[Deleted User]

EEA Banking licence requiring €100,000 ( or equivalent) protection but you know that already and are just being rude.