Reply With QuoteWhy cant you use the bank?
I think I was charged £10 last time I did an international transfer?
I would have noticed an extra £24 charge
Registered and it looks ok,but anyone used it and is it better than the banks.
Cheers
Paul
https://transferwise.com/
Why cant you use the bank?
I think I was charged £10 last time I did an international transfer?
I would have noticed an extra £24 charge
Banks give absolutely terrible rates for currency transfers.
Have used transferwise before myself with no problems, and have seen it talked about on these forums in good terms too. Would have a search for those posts.
This is what I want to hear to have me feel confident in clicking ''SEND''.Originally Posted by anton863
It's just that I have not heard of the facility hence my question,and because as you said Banks give terrible rates as mine have !.
Cheers
Paul
Hi
I have used xe.trade for the last ten years, super efficient and no problems at all.
Compared to my banks works out cheaper, mostly because of the exchange rate applied.
BWs
F
I used Transferwise about 2 weeks ago to receive money from Finland, when I sold my Suunto Ambit on SC.
I'd never used them before and was sceptical at first, but it seems highly rated and the system worked fine. I received my funds really quickly and the buyer apparently got a very good exchange rate and low transfer fees.
I suppose it's like a better value and better performing version of Paypal, with the massive bonus that it's not Paypal.
Read this:-
http://forum.tz-uk.com/showthread.ph...t=transferwise
It seems for larger sums You may not feel as confident as using the bank for reasons of security.
Yes I agree ultimately my call....
The only thing that would worry me, would be depositing a large amount of money with them,for say a holiday home deposit.With banks your money up to a certain amount is guaranteed,but these companies don't seem to offer the same.
I've used them twice now without any problems. The first time I used and paid for their more rapid "change it now" (or whatever they call what they offer you) system. The second I waited for them to find funds for the exchange. I did not notice any time penalty.
They're not instant. Your money is taken and everything takes a day: getting the money to them, finding the exchange, then transferring it out. Their refund of the excess was quick.
My high street bank charges a lot more!
Large is relative.
My large is just over 1k,and to some maybe a small sum.
So is 1k a sum you would be prepared to risk over using the safety of your bank?.
It is all about having confidence in using this facilty tbh, and if it has been used safely and with no issues by others then that is the peace of mind I'm looking for.
"So is 1k a sum you would be prepared to risk over using the safety of your bank?."
I would...will you? That said, my largest sum to date is £500.
1k is peanuts,I'd use the bloke in the newsagents at Kings Cross Station for that
I've just used them yesterday for the first time, funnily enough. Was buying from Germany - saved about £100 on a 2k+ transaction over the rates and fee my bank would have charged. Went very smoothly - needed to call them and was very reassured by the competent-sounding person on the other end of the phone.
The amount was an eg of a sum.
The real question as I said was whether the facility is well known, used and safe,and if so I would have no worries over what the sum of money was as with my bank.If it's safe then I can do as I have always done with regards to buying watches,and that is sit in my comfy chair at home without having to visit my bank to send.
I've never heard of them and so just wanted further info before clicking ''send money''.
Best be armed with information prior than after and then too late hey.
So they seem to be ok to use by all accounts ;-)
Last edited by P9CLY; 30th October 2014 at 23:32.
I'd suggest you check again. TransferWise need the IBAN and BIC codes of your payee. As I recall they provide the account name, number and sort code of their UK account to receive your funds. That's certainly what's in my list of online payees.
Understood ;-)
Thanks
Paul
+1
I've used them before with no problems and great rates
I haven't used transferwise, but have used currencyfair a number of times (about 30k in total) and found them really good. As said above it takes time, it's normally 2-3 days between my initial transfer to them and the cash being received on the other side. I can't speak for transferwise, but currencyfair have "client accounts" meaning if they go belly up mid transfer the money is still yours and isn't used as part of the bankruptcy assets.
Had a look at the FAQ's and transferwise also have client accounts,
https://transferwise.com/support/cus...-transferwise-
I have used them twice, both times with very quick results and excellent rates. Zero problems.
Another thing to consider with bank transfers as well add the rates, is the amount of time taken. I recently transferred dollars to the US from my bank and it took five full days for funds to clear.
I use UKFOREX and found them excellent, very good exchange rate compared to the bank and low charges, money is in the account in 48 hours, they need all the recipients details-home address and bank details.
I've used them a couple of times (about 2*£500 to USD) - fuss free, great rates but not quick (takes a couple of days).
I started the other thread, embarrassingly it reads like an advert! Guess I was pleased with it at the time.
Last edited by Dazzler; 4th November 2014 at 19:17.
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