Anyone used Transferwise to move money?
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 |
Re: Anyone used Transferwise to move money?
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! |
Re: Anyone used Transferwise to move money?
Originally Posted by jackattack
(Post 11245592)
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. |
Re: Anyone used Transferwise to move money?
Current mid rate is $1.6875, they are offering $1.6790, so not the exact true mid rate.
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Re: Anyone used Transferwise to move money?
Originally Posted by lansbury
(Post 11245635)
Current mid rate is $1.6875, they are offering $1.6790, so not the exact true mid rate.
BTW - xe show mid rate to be $1.6876 (infinitesimal diff - unless you're x-changing that million :lol:) OP...it sounds pretty good...(maybe?) |
Re: Anyone used Transferwise to move money?
I am in the market for this service too - will be interested in any thoughts.
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Re: Anyone used Transferwise to move money?
Originally Posted by MMcD
(Post 11245654)
But doesn't that offered amt. have their 0.5% fee factored in :confused:...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 :o
BTW - xe show mid rate to be $1.6876 (infinitesimal diff - unless you're x-changing that million :lol:) OP...it sounds pretty good...(maybe?) ETA: Just changed the amount and the rate stays the same, so the fee isn't in the rate. |
Re: Anyone used Transferwise to move money?
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.
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Re: Anyone used Transferwise to move money?
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.
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Re: Anyone used Transferwise to move money?
Originally Posted by MMcD
(Post 11245654)
But doesn't that offered amt. have their 0.5% fee factored in :confused:...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 :o
BTW - xe show mid rate to be $1.6876 (infinitesimal diff - unless you're x-changing that million :lol:) OP...it sounds pretty good...(maybe?)
Originally Posted by lansbury
(Post 11245702)
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. 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. |
Re: Anyone used Transferwise to move money?
Looks good. thanks
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Re: Anyone used Transferwise to move money?
Originally Posted by lansbury
(Post 11245863)
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. |
Re: Anyone used Transferwise to move money?
Originally Posted by lansbury
(Post 11245785)
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.
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Re: Anyone used Transferwise to move money?
You can always try Transfermate , they are licensed in Oregon and almost all is states plus the uk
Originally Posted by lansbury
(Post 11245785)
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.
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Re: Anyone used Transferwise to move money?
Originally Posted by bagspacked
(Post 11333980)
You can always try Transfermate , they are licensed in Oregon and almost all is states plus the uk
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