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TransferWise Just got even Better (IMO)

TransferWise Just got even Better (IMO)

Old Oct 13th 2019, 5:33 pm
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Default TransferWise Just got even Better (IMO)

I have been using TransferWise to move money from the UK to Spain for a while.

Just done a transaction got 1.14587€ for a pound and now their system offers to connect you to your bank without the need to leave their site. Obviously your bank's security system is still used (so it's all secure) but the entire transaction can be done within TransferWise system in a very short time and your money magically changed to Euros arrives in your Spanish bank account in under 10 seconds all for 18,69 pounds.

In my opinion, this is a fantastic system, easy to use, quick safe and fair.
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Old Oct 13th 2019, 7:27 pm
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Default Re: TransferWise Just got even Better (IMO)

I just transferred 250 euros from UK to Spain it cost me £219.90 including the transfer fee of £1.73p.
I used Transferwise. How did you manage to rack up a bill for 18,69 pounds?
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Old Oct 13th 2019, 7:36 pm
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Default Re: TransferWise Just got even Better (IMO)

It just occurred to me that you probably sent a little more than I did
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Old Oct 13th 2019, 7:37 pm
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Default Re: TransferWise Just got even Better (IMO)

The fee payable is dependent upon the transaction value. Their site says:

How we work out the cost of a transfer
How much a transfer costs depends on three things — the amount you’re sending, how you pay, and the exchange rate.
The amount you’re sending
The more money you send, the more your transfer costs. That’s because the TransferWise fee is worked out as a percentage of the amount you’re sending. The percentage varies from currency to currency, and you can check it on our pricing page. The exception to this is if you’re sending a small amount of money, in which case there’s a cheap, minimum fee.

What your fees pay for

We only ever charge you what it costs us to send your money, plus a small margin. We reinvest that back into improving TransferWise.
  • 12%Offices and running costs
  • 14%Operations and customer support teams
  • 18%Margin and growing TransferWise
  • 20%Building our products
  • 36%Banking partners and money-moving costs
We calculated this data on 2nd August 2019, and it shows the average cost of transfers across all currencies.

Owt for nout!
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Old Oct 13th 2019, 8:54 pm
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Default Re: TransferWise Just got even Better (IMO)

And it depends whether you do your transfer using a bank transfer or using your debit/credit card and the option for immediate or normal transfer time.

I've used Transferwise for several years and would recommend to everyone.

Steve
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