Go Back  British Expats > Living & Moving Abroad > USA
Reload this Page >

Anyone used Transferwise to move money?

Anyone used Transferwise to move money?

Old May 4th 2014, 4:14 pm
  #1  
BE Enthusiast
Thread Starter
 
Joined: Feb 2009
Location: Herts to CA for nearly 10 years and now MD
Posts: 351
jackattack has much to be proud ofjackattack has much to be proud ofjackattack has much to be proud ofjackattack has much to be proud ofjackattack has much to be proud ofjackattack has much to be proud ofjackattack has much to be proud ofjackattack has much to be proud ofjackattack has much to be proud ofjackattack has much to be proud ofjackattack has much to be proud of
Default 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
jackattack is offline  
Old May 4th 2014, 4:18 pm
  #2  
BE Enthusiast
Thread Starter
 
Joined: Feb 2009
Location: Herts to CA for nearly 10 years and now MD
Posts: 351
jackattack has much to be proud ofjackattack has much to be proud ofjackattack has much to be proud ofjackattack has much to be proud ofjackattack has much to be proud ofjackattack has much to be proud ofjackattack has much to be proud ofjackattack has much to be proud ofjackattack has much to be proud ofjackattack has much to be proud ofjackattack has much to be proud of
Default 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!
jackattack is offline  
Old May 4th 2014, 5:08 pm
  #3  
 
lansbury's Avatar
 
Joined: Apr 2005
Location: Milwaukie, Oregon
Posts: 9,503
lansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond repute
Default Re: Anyone used Transferwise to move money?

Originally Posted by jackattack View Post


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.
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 is offline  
Old May 4th 2014, 5:13 pm
  #4  
 
lansbury's Avatar
 
Joined: Apr 2005
Location: Milwaukie, Oregon
Posts: 9,503
lansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond repute
Default 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.
lansbury is offline  
Old May 4th 2014, 5:34 pm
  #5  
Ex Expat
 
MMcD's Avatar
 
Joined: Oct 2011
Location: "LA LA Land"
Posts: 2,249
MMcD has a reputation beyond reputeMMcD has a reputation beyond reputeMMcD has a reputation beyond reputeMMcD has a reputation beyond reputeMMcD has a reputation beyond reputeMMcD has a reputation beyond reputeMMcD has a reputation beyond reputeMMcD has a reputation beyond reputeMMcD has a reputation beyond reputeMMcD has a reputation beyond reputeMMcD has a reputation beyond repute
Default Re: Anyone used Transferwise to move money?

Originally Posted by lansbury View Post
Current mid rate is $1.6875, they are offering $1.6790, so not the exact true mid rate.
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?)
MMcD is offline  
Old May 4th 2014, 6:22 pm
  #6  
Lost in BE Cyberspace
 
Joined: Jan 2008
Posts: 41,518
Sally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond reputeSally Redux has a reputation beyond repute
Default Re: Anyone used Transferwise to move money?

I am in the market for this service too - will be interested in any thoughts.
Sally Redux is offline  
Old May 4th 2014, 6:45 pm
  #7  
 
lansbury's Avatar
 
Joined: Apr 2005
Location: Milwaukie, Oregon
Posts: 9,503
lansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond repute
Default Re: Anyone used Transferwise to move money?

Originally Posted by MMcD View Post
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?)
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.

Last edited by lansbury; May 4th 2014 at 6:51 pm.
lansbury is offline  
Old May 4th 2014, 7:30 pm
  #8  
Forum Regular
 
Joined: Mar 2014
Location: New York, NY
Posts: 186
IlAlfie has a reputation beyond reputeIlAlfie has a reputation beyond reputeIlAlfie has a reputation beyond reputeIlAlfie has a reputation beyond reputeIlAlfie has a reputation beyond reputeIlAlfie has a reputation beyond reputeIlAlfie has a reputation beyond reputeIlAlfie has a reputation beyond reputeIlAlfie has a reputation beyond reputeIlAlfie has a reputation beyond reputeIlAlfie has a reputation beyond repute
Default 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.
IlAlfie is offline  
Old May 4th 2014, 7:54 pm
  #9  
 
lansbury's Avatar
 
Joined: Apr 2005
Location: Milwaukie, Oregon
Posts: 9,503
lansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond repute
Default 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.
lansbury is offline  
Old May 4th 2014, 9:41 pm
  #10  
 
lansbury's Avatar
 
Joined: Apr 2005
Location: Milwaukie, Oregon
Posts: 9,503
lansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond repute
Default Re: Anyone used Transferwise to move money?

Originally Posted by MMcD View Post
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?)
Originally Posted by lansbury View Post
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.
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.
lansbury is offline  
Old May 4th 2014, 11:41 pm
  #11  
BE Enthusiast
 
Joined: Nov 2007
Posts: 904
cranston has a reputation beyond reputecranston has a reputation beyond reputecranston has a reputation beyond reputecranston has a reputation beyond reputecranston has a reputation beyond reputecranston has a reputation beyond reputecranston has a reputation beyond reputecranston has a reputation beyond reputecranston has a reputation beyond reputecranston has a reputation beyond reputecranston has a reputation beyond repute
Default Re: Anyone used Transferwise to move money?

Looks good. thanks
cranston is offline  
Old May 5th 2014, 11:42 am
  #12  
BE Forum Addict
 
Joined: Aug 2013
Location: Athens GA
Posts: 1,914
MidAtlantic has a reputation beyond reputeMidAtlantic has a reputation beyond reputeMidAtlantic has a reputation beyond reputeMidAtlantic has a reputation beyond reputeMidAtlantic has a reputation beyond reputeMidAtlantic has a reputation beyond reputeMidAtlantic has a reputation beyond reputeMidAtlantic has a reputation beyond reputeMidAtlantic has a reputation beyond reputeMidAtlantic has a reputation beyond reputeMidAtlantic has a reputation beyond repute
Default Re: Anyone used Transferwise to move money?

Originally Posted by lansbury View Post
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.
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.
MidAtlantic is offline  
Old May 6th 2014, 2:32 am
  #13  
Forum Regular
 
Joined: Mar 2014
Location: New York, NY
Posts: 186
IlAlfie has a reputation beyond reputeIlAlfie has a reputation beyond reputeIlAlfie has a reputation beyond reputeIlAlfie has a reputation beyond reputeIlAlfie has a reputation beyond reputeIlAlfie has a reputation beyond reputeIlAlfie has a reputation beyond reputeIlAlfie has a reputation beyond reputeIlAlfie has a reputation beyond reputeIlAlfie has a reputation beyond reputeIlAlfie has a reputation beyond repute
Default Re: Anyone used Transferwise to move money?

Originally Posted by lansbury View Post
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.
Ah, that's not so good. Well if they operate in your state I would recommend them.
IlAlfie is offline  
Old Jul 12th 2014, 2:03 am
  #14  
Forum Regular
 
Joined: Feb 2007
Posts: 59
bagspacked will become famous soon enoughbagspacked will become famous soon enough
Default 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 View Post
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.
bagspacked is offline  
Old Jul 12th 2014, 5:03 am
  #15  
 
lansbury's Avatar
 
Joined: Apr 2005
Location: Milwaukie, Oregon
Posts: 9,503
lansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond repute
Default Re: Anyone used Transferwise to move money?

Originally Posted by bagspacked View Post
You can always try Transfermate , they are licensed in Oregon and almost all is states plus the uk
Cheers, I'll take a look at them.
lansbury is offline  

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.