jackattack

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

jackattack

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!

lansbury

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.

lansbury

Current mid rate is $1.6875, they are offering $1.6790, so not the exact true mid rate.

MMcD

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?)

Sally Redux

I am in the market for this service too - will be interested in any thoughts.

lansbury

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.

IlAlfie

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.

lansbury

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.

lansbury

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.

cranston

Looks good. thanks

MidAtlantic

You have identified the key issue. I think just about all the main sites that get mentioned here fix the rate at the time you book the deal. With Transferwise the rate is at the time the transaction is made. That may be good or bad; it is definitely a risk.

IlAlfie

Ah, that's not so good. Well if they operate in your state I would recommend them.

bagspacked

You can always try Transfermate , they are licensed in Oregon and almost all is states plus the uk

lansbury

Cheers, I'll take a look at them.