Anyone used Transferwise to move money?
#1
BE Enthusiast
Thread Starter
Joined: Feb 2009
Location: Herts to CA for nearly 10 years and now MD
Posts: 351
Anyone used Transferwise to move money?
A friend just told me about a new company to move funds between countries. It's called Transferwise and was apparently set up by the people who built sykpe and paypal.
It's a better deal than the standard between banks transfer, but I'm not sure about the typical sites that expats on this site use.
Has anyone here used it? Thoughts?
https://transferwise.com
It's a better deal than the standard between banks transfer, but I'm not sure about the typical sites that expats on this site use.
Has anyone here used it? Thoughts?
https://transferwise.com
#2
BE Enthusiast
Thread Starter
Joined: Feb 2009
Location: Herts to CA for nearly 10 years and now MD
Posts: 351
Re: Anyone used Transferwise to move money?
I was hunting earlier to see what the limit was on the amount to transfer but couldn't see it.
I just found it, apparently it's £1 million! Shouldn't be any problem there for me then!
I just found it, apparently it's £1 million! Shouldn't be any problem there for me then!
#3
Re: Anyone used Transferwise to move money?
On their web site they claim to use the true mid rate for the exchange and add a charge of 0.5%, so it is very easy to work out a comparision.
#4
Re: Anyone used Transferwise to move money?
Current mid rate is $1.6875, they are offering $1.6790, so not the exact true mid rate.
#5
Re: Anyone used Transferwise to move money?
BTW - xe show mid rate to be $1.6876 (infinitesimal diff - unless you're x-changing that million )
OP...it sounds pretty good...(maybe?)
#6
Lost in BE Cyberspace
Joined: Jan 2008
Posts: 41,518
Re: Anyone used Transferwise to move money?
I am in the market for this service too - will be interested in any thoughts.
#7
Re: Anyone used Transferwise to move money?
But doesn't that offered amt. have their 0.5% fee factored in ...so that it's not the mid-rate (but the mid-rate - 0.5%)? Being math challenged...not going to bother to work it out
BTW - xe show mid rate to be $1.6876 (infinitesimal diff - unless you're x-changing that million )
OP...it sounds pretty good...(maybe?)
BTW - xe show mid rate to be $1.6876 (infinitesimal diff - unless you're x-changing that million )
OP...it sounds pretty good...(maybe?)
ETA: Just changed the amount and the rate stays the same, so the fee isn't in the rate.
Last edited by lansbury; May 4th 2014 at 6:51 pm.
#8
Forum Regular
Joined: Mar 2014
Location: New York, NY
Posts: 186
Re: Anyone used Transferwise to move money?
I used World First to transfer the proceeds of our flat sale this year. Very easy to register. I had a terrible time with XE and gave up in the end and anyway, the rates they provided me didn't compete with World First. Great customer service too. I was transferring a large amount so there was no fee.
#9
Re: Anyone used Transferwise to move money?
The problem with World First is they are only licensed to deal with a few States. I was using them until they lost their license to trade with Oregon residents earlier this year.
#10
Re: Anyone used Transferwise to move money?
But doesn't that offered amt. have their 0.5% fee factored in ...so that it's not the mid-rate (but the mid-rate - 0.5%)? Being math challenged...not going to bother to work it out
BTW - xe show mid rate to be $1.6876 (infinitesimal diff - unless you're x-changing that million )
OP...it sounds pretty good...(maybe?)
BTW - xe show mid rate to be $1.6876 (infinitesimal diff - unless you're x-changing that million )
OP...it sounds pretty good...(maybe?)
The way I'm reading their web site the 0.5% is a separate fee which you pay. It isn't factored into the rate. A quick rough calculation on £10,000 gives and extra $17, after allowing for the fee, from Transferwise over who I normally use.
ETA: Just changed the amount and the rate stays the same, so the fee isn't in the rate.
ETA: Just changed the amount and the rate stays the same, so the fee isn't in the rate.
Might not be a problem for people transferring income, but if you need a definite amount for some reason it could be a problem. On the other hand you could be lucky and the rate go up.
#11
BE Enthusiast
Joined: Nov 2007
Posts: 906
Re: Anyone used Transferwise to move money?
Looks good. thanks
#12
BE Forum Addict
Joined: Aug 2013
Location: Athens GA
Posts: 2,134
Re: Anyone used Transferwise to move money?
My bad just gone a little further with a proposed transfer and the fee is in the rate. But if I did a transaction today the money wouldn't be sent until Thursday at 4pm (GMT) at the rate prevailing then, with the proviso that if the rate drops by more than 3% they will wait for a better rate. You do have the option to change that % to a lower amount, but either way there is a risk of getting less than you thought, or the transaction being automatically delayed.
Might not be a problem for people transferring income, but if you need a definite amount for some reason it could be a problem. On the other hand you could be lucky and the rate go up.
Might not be a problem for people transferring income, but if you need a definite amount for some reason it could be a problem. On the other hand you could be lucky and the rate go up.
#13
Forum Regular
Joined: Mar 2014
Location: New York, NY
Posts: 186
Re: Anyone used Transferwise to move money?
#14
Forum Regular
Joined: Feb 2007
Posts: 59
Re: Anyone used Transferwise to move money?
You can always try Transfermate , they are licensed in Oregon and almost all is states plus the uk