Snowy560

I'm thinking to move some funds via Transferwise from the UK to Canada thanks to the recommendations on BE.

Can some kind person please reassure me that's it's okay to input data like account details from and to and that it's safe to do so. I get nervous about this type of thing. And am I correct in thinking there's some kind of verification process that I need to undergo?

Thanks!

Hurlabrick

I have transferred £GBP LOTS (enough to buy a house) thru Transferwise and use them for regular monthly transfers. You account details are quite safe. IIRC when I first set it all up they wanted scanned photo id but I cant precisely recall as it was 2 or 3 years ago. Great outfit IMHO

Aviator

We just signed up with e new FX broker and had a 6 page profile to complete. I do none of it online, complete a pdf form on the computer, print it and then send by fax. If a URL has https and a padlock, this indicates it is secure, never the less, I still don't trust this information going through online or by e-mail. All my transactions are done over the phone.

suzeandmatt

Jerseygirl

Many people on BE use them, however we choose to transfer bank to bank.

Snowy560

Yes it has a very good reputation on BE. Transferring is very easy using HSBC but I do notice the rate is not very good.

Thank you for the views and replies.

BristolUK

I use it monthly now.

I believe there was an element of ID checking when I registered - but only in terms of establishing ownership of the "from" account.

I have noticed that transactions of a certain amount or when one has a series of transfers that reach a particular amount (which will be my case soon) some further check is made. That seems to involve attaching a scan of a passport.

Of course mailing or faxing information can still be risky.

Like Amazon and other sellers, I believe one can choose to leave the details on file or not.

Atlantic Xpat

Users of transferwise - Do you incur charges from your Canadian bank when you get the payment?

BristolUK

Nope.

Hurlabrick

No, none. It isnt actually a physical transfer of money per se, they match your GBP with CAD deposits by other transferees, they pay the money directly in to your CAD bank account by direct deposit (not a 'wire transfer' hence it also works with a Tangerine account as Tangerine do not accept wire transfers - ask me how I know :-(

Edo

Another vote for Transferwise. Also if this is your first transaction with Transferwise then they will usually let go of the transaction fees but you have to call them and ask.

Snowy560

Thanks for the heads up.

Linotype

Yes, I have used Transferwise to send funds to HM Revenue this year without any problems.

glendem4

If you want to try transferwise out for FREE, I can send you a referral link. It is valid for transfers up to £500. I transfer money frequently with transferwise and can highly recommend them.

Snowy560

I completed the verification process today and was fairly soon after informed that had been completed.

I need to do a bit more than £500 but not as much as Hurlabrick!

I'll let you know if I get over my anxiety and use them!

​​​​​​