vulcan

This might interest some of you.

Tuesday around mid day US central time I opened an account with Transferwise to do a trial transfer. About 30mins Later I sent 125 GB pounds to that account from my UK bank. A little over 2 hours later I received an email from Transferwise saying the transfer had been received. Wednesday mid day I received an email conformation of the exchange rate applied and when to expect arrival in my US account. The USDs due in my US account by the close of business Thursday, today.

Today, Thursday, at the start of business the USD is in my US account.

The exchange rate was $1.5684. I was charge a total of one GB pound by Transferwise and there were no charges made by my UK or US bank.

A few points.

Firstly check out their independent feedback most of it is good with a some negative.

The initial exchange rate given is an estimate. You are offered a fluctuation of up to 3%. A smaller fluctuation could lengthen to process. I left it at 3.

Check their commission for transfers above 300 GB pound. Check their methods/commission if going the opposite direction or with different currencies. It may differ from my experience.

Overall a really good experience.

They offer incentives to spread the word. $200 if I get 3 new customers using this link and your transfer will be free. https://transferwise.com/u/df593

Please feel free to take advantage of the free transfer but I will not be accepting any commissions because I'm not prepared to send them a copy of my passport.

Good luck

Pulaski

Thanks for the report and tips. I don't often move money internationally these days, but I will consider TW in future because xe.com isn't as competitive as it used to be.

FWIW My overall experience of "on-line reviews" is that even the best products, services, and businesses attract about 10% poor (1/5 and 2/5) reviews. I only get concerned if the poor reviews rise significantly above 10%.

lansbury

I found them good when I used them. The downside to me is that if you lock the rate by changing the amount of fluctuation allowed you wait days for the exchange to be done. OK if you don't need the money immediately. Or are prepared to accept a rate change going down, in which case it takes 2/3 days. No problem if it goes up, but you still wait 2/3 days.

In case a 3% swing doesn't sound much on £10k at today's rate it makes a difference of +/- $460.

doconthemove

try azimo imo its better as rate is comparable to TW and none of this % rate lock stuff either. also the transfer fee is lower than TW (more you transfer with TW the higher the fee but with azimo its fixed) and they are generally quicker also.

lansbury

Have you used them since you moved to the US. I took a look and at first the site says you can't send from the US so can't register. Then I found a bit that said you could send from a UK bank account but appeared to want a UK post code for an address.

doconthemove

yes have used them for UK > US transfers since moving here with a UK account etc and prefer them to TW for reasons mentioned above.

Fatboyslick

About to move money this week and will check these out.
Anyone moved directly from a HSBC account to a US bank account?
After doing some research it seemed this was more secure, the exchange rate was competitive and the one off payment was cheap

Pulaski

It's no more secure, with modern computer dealing and bank transactions it isn't possible for your money to just "disappear".

If it's £50,000+ the rate might be competitive (banks will get you a rate from their currency dealers).

The fees are what they are - modest if you're moving £50,000, but still best avoided if you can IMO.

lansbury

Emailed them and they confirm you cannot open an account with a US address. Seems they will accept any UK address someone might care to give them, I asked if I could use my sons address, and will not check it if the amounts transferred remain below £20,000 a month. Makes me wonder if that is entirely kosher with the US regulatory authorities.

Fatboyslick

I'm referring to "Registered" and "Authorised" protection of Providers where you can lose your money if the company goes bust.

lansbury

The ForX brokers I have used all have one thing in common, your money goes into a client account and not the company account. It is therefore protected in the event of the company going bust. I wouldn't use one that didn't do that.

Pulaski

I have never seen one that doesn't use a client account.

lansbury

Nor have I, but I assumed if I said they all did in my other post someone would jump in and point out the one(s) who don't.

Pulaski

Which is exactly why I said "never seen one that doesn't", rather than "they all do".

Fatboyslick

sorry to hijack the thread, but I'm in the middle of trying to transfer money using Money Corp to a Bank of America Account.
It's asking me for the IBAN but Bank of America tell me they don't have one.
I can't proceed....anyone transferred to BoA that can help me please?