Money transfers

Old Nov 16th 2023, 4:46 pm
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Default Money transfers

I have been using Transferwise for years with success but since they are now called Wise it is impossible! Can somebody help or suggest another?
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Old Nov 16th 2023, 5:16 pm
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Default Re: Money transfers

Atlantic Money. I have used them a few times and had no problems. There are transfer limits but you can increase those the more you use them. Cheaper than Wise and Revolut for the time being but that may/will change as they all do.
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Old Nov 16th 2023, 8:49 pm
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Default Re: Money transfers

What is your problem with Wise, working well for me?

Revolut can be cheaper for smaller amounts but I now have Euro interest bearing account with Wise.
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Old Nov 16th 2023, 8:59 pm
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Default Re: Money transfers

Hadn't heard of Atlantic Money but for £1000 instant transfer they are just €0.18 better than Wise (€1.24 for slow transfer). Revolut is €3.00 better than Wise (no fees for up to £1000 a month I think)
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Old Nov 17th 2023, 2:38 am
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Default Re: Money transfers

Used Transferwise/Wise for over 9 years with no problems. Since they changed to Wise, the only difference has been that depending on the amount I'm sending, they use a OTP to my phone. most of the time there's no problem.
I believe above a certain amount - 100,000pesos to here for example, they MAY require proof of identity but so far I've not been asked for it!
Oh, transfer times are much quicker now as well - about 20 minutes to here.
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Old Nov 17th 2023, 5:38 am
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Default Re: Money transfers

I have wondered if it makes a difference who you are paying. In my case I do regular transfers from my UK bank account to my Croatia bank account, both in my name. It could be that such transactions are deemed safer than those to a different named account and therefore require less identity verification measures.
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Old Nov 17th 2023, 7:04 am
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Default Re: Money transfers

I would be careful if using Revolut, I had my account frozen twice and it is a pain to get it unfrozen so I no longer use them, too risky. Transfers I made were always to my own personal accounts. If you want to use Revolut for more than 1000 a month then it is more expensive unless you pay for a premium account which is about 8 euros/month and you have to pay for 12 months. Revolut also charge a 0.3% fee for transfers to the UK and there used to be a 30 euro limit on this fee but that has now increased to 300 euros.
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Old Nov 17th 2023, 9:34 am
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Default Re: Money transfers

Originally Posted by morro
I have been using Transferwise for years with success but since they are now called Wise it is impossible! Can somebody help or suggest another?
What problems are you having?

I've been using them for years and transferred £8k last week, was already in CGD when I checked about 5 minutes later.

I seem to remember when Transferwise became Wise, they changed their bank ref. so check you have up to date info.
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Old Nov 20th 2023, 2:31 pm
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Default Re: Money transfers

Originally Posted by morro
I have been using Transferwise for years with success but since they are now called Wise it is impossible! Can somebody help or suggest another?
In what way are you finding them "impossible". I've been with them since ~2017, and I haven't had any issues.
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Old Nov 20th 2023, 5:27 pm
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Default Re: Money transfers

Originally Posted by fidobsa
I have wondered if it makes a difference who you are paying. In my case I do regular transfers from my UK bank account to my Croatia bank account, both in my name. It could be that such transactions are deemed safer than those to a different named account and therefore require less identity verification measures.
That is very likely true, that per the terms of a money transfer company's (MTC) registration with HMRC in the UK (or with the local regultor in other EU countries) that the MTC is rquired to check names of non-customer recipients of money against published databases of sanctioned people and organizations, such as the Bank of England list and the OFAC sanctions list, which is widely used internationally despite being US-centric, as many international transfers around the world actually pass through one or more banks in New York, allowing Uncle Sam to claim jurisdiction, and/or if the MTC has any business in the US, Uncle Sam will come after the US business even if the remittance didn't come through the US business/ New York banks.
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