Transferwise, XE or other?
#16
DE-UK-NZ-IE-US... the TYP
Joined: Mar 2010
Posts: 2,872
Re: Transferwise, XE or other?
Last edited by tht; Nov 20th 2020 at 5:17 am.
#17
Forum Regular
Joined: Jul 2018
Location: California
Posts: 257
Re: Transferwise, XE or other?
#18
BE Enthusiast
Joined: Aug 2006
Location: Los Angeles Ca
Posts: 375
Re: Transferwise, XE or other?
I was an avid xe user until Transferwise exchange rates were too good to miss. XE does allow you to set limit orders which can be useful. I set an order to trade at 1.33 a while back for quite a bit of cash when rates were way down. Almost a year later I finally got the rate somewhat to my surprise and was able to take advantage of a pretty great rate which only lasted a short time. Other than that though Transferwise for sure.
#19
Just Joined
Joined: Jul 2020
Posts: 11
Re: Transferwise, XE or other?
I recently used TorFX to move mine to the US. Their rates for smaller amounts aren't great - from the research I did, the peer to peer services (such as transferwise) for smaller amounts are better. However, for £25K and above, they have much better rates. The rates for the larger amounts aren't available online, you have to call/email your account manager for the daily rate and they'll tell you what they are. You can also place a limit order and they'll automatically secure the currency for you when it hits that rate. TorFx's service was great, wouldn't hesitate to use them again and recommend them wholeheartedly.
#20
BE Forum Addict
Joined: Aug 2013
Location: Athens GA
Posts: 2,140
Re: Transferwise, XE or other?
I recently used TorFX to move mine to the US. Their rates for smaller amounts aren't great - from the research I did, the peer to peer services (such as transferwise) for smaller amounts are better. However, for £25K and above, they have much better rates. The rates for the larger amounts aren't available online, you have to call/email your account manager for the daily rate and they'll tell you what they are. You can also place a limit order and they'll automatically secure the currency for you when it hits that rate. TorFx's service was great, wouldn't hesitate to use them again and recommend them wholeheartedly.
#21
Just Joined
Joined: Jul 2020
Posts: 11
Re: Transferwise, XE or other?
I used TorFx routinely for GBP to USD when I first moved here (and before Transferwise even existed). I always found their service excellent and the ability to talk to an account manager was really useful. The only disadvantage I found was that all their transfers are wired and I got hit with significant charges at the US end. I now use Transferwise and appreciate their transfers being by ACH (because they are actually internal to the US) with no added charges.
#22
BE Forum Addict
Joined: Aug 2013
Location: Eee Bah Gum
Posts: 4,188
Re: Transferwise, XE or other?
I think the charges on the US end depend largely who you bank with and the type of account you have - so yes, worthwhile checking that too when deciding who to go with for the currency exchange. I didn't have to pay any fees on incoming transfers so TorFx worked out great for me.
Exactly. I used to choose the ACH method when transferring my $s to Transferwise until my US bank stopped charging for wire transfers. Now I choose to wire the money because I get more £s. Transferwise always gives the option to do either and shows how cheaper it is for you to send money to them rather than have them pull the money through ACH
#23
Re: Transferwise, XE or other?
Yet another vote for TransferWise. I finally signed up for an account having previously been a WorldsFirst user. The whole setup process was ridiculously easy and straightforward. The conversion rate was good and the processing charge was minimal. The money was in my US bank account when I awoke the next day. The only thing that I failed to do prior to set up was have a copy, back and front of my Virginia driving license that was required as an upload to verify my identity. I quickly snapped the two photos onto my PC and that was that.
The disappearance of WorldsFirst for US customers forced my arm towards TransferWise and I’m delighted with the outcome.
The disappearance of WorldsFirst for US customers forced my arm towards TransferWise and I’m delighted with the outcome.
#24
Lost in BE Cyberspace
Joined: Nov 2012
Location: bute
Posts: 9,740
Re: Transferwise, XE or other?
Just be careful, The seas are full of sharks and scammers !
Heads Up Scam Using Fake Transferwise Site - British Expats
Heads Up Scam Using Fake Transferwise Site - British Expats
#25
Re: Transferwise, XE or other?
Yet another vote for Transferwise. Been using them regularly for years and very easy to use. Just transferred $2000 from my US bank account to my Singaporean one and the funds had arrived and were available to spend in the time it took the confirmation web page to load.
#26
Just Joined
Joined: Jan 2021
Posts: 7
Re: Transferwise, XE or other?
Hi everyone
I've been thinking about finally ending FBAR commitments and transferring my UK based accounts to the USA.
Looking through the forums, online.etc it looks like XE.com and transferwise have been recommended in the past, do folks still rate these or are there better services out there? I'm less concerned about speed of transfers.etc moreso on admin fees and transfer rates.
TY!
I've been thinking about finally ending FBAR commitments and transferring my UK based accounts to the USA.
Looking through the forums, online.etc it looks like XE.com and transferwise have been recommended in the past, do folks still rate these or are there better services out there? I'm less concerned about speed of transfers.etc moreso on admin fees and transfer rates.
TY!
100% recommmed TransferWise!! I’ve used it for the last 5 years and the App is very easy to use, also their customer service are great at quickly resolving any issues.
#27
Re: Transferwise, XE or other?
The XE phone app now gives the send rate without doing a transaction. Comparing XE and Transferwise in real time
(11:38am 1/6/21) the XE rate is $1.3337 and TW is $1.3609 less the 0.4% fee.
(11:38am 1/6/21) the XE rate is $1.3337 and TW is $1.3609 less the 0.4% fee.
#28
Just Joined
Joined: Dec 2020
Posts: 6
Re: Transferwise, XE or other?
Agreed on Transferwise. They now also have a multi-currency "bank" account that comes with a debit card. That basically gives you the same exchange rate as for transfers, but for small point-of-sale transactions. I've found that extremely useful when travelling or moving to a new country.