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Transferwise :Has anybody used these people ?


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I'm pretty sure they have also been discussed in the Finance section of this forum, but, yes, I used them for the first time a couple of months ago, following a friend's recommendation, and was perfectly satisfied with the service and the exchange rate given (near enough interbank rate). I'm intending to use them again in the near future.
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  • 2 weeks later...
[quote user="nectarine"]I've used them twice. Good rates, excellent customer service and you can check the progress of your transfer.[/quote]

Exactly as in your post Nectarine ....................They have me now .....set up transfer on the 11th  I was informed  by email when sent and told it would be in account by Wednesday.0900 ......Checked account today and it went in on the 12th ! ......Their  message below....

"The final rate was 1 GBP Pound Sterling = 1.2264 EUR Euro, and we charged you

£4.98 for the service. "

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[quote user="idun"]I have just compared it to currency fair and I personally would have got an extra £11 for my euros with currency fair, so I'll stick with currency fair.
[/quote]to help us put that. Into context what sort of totals are we talking about here. £100', £1000, £10000
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I tested that on a couple of thousand euros to transfer to GBP's.  I don't have any to transfer yet, but that is usually my testing amount for exchange rates. I find that that is a good amount to 'test' with.

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I don't think that the amount transferred affects the exchange rate with Transferwise, my experience is it will be as near the ECB rate as makes no difference, depending on the movements at the time that the exchange is made. I've had slightly better, slightly worse. Their fee is 0.5%, minimum £1.00, but it's the simplicity of the operation that ticks my boxes.

I've used them a dozen or more times over the past two years, usually around tax time :-( Once you have an account, which after a few transfers you have to verify with copy of your passport, the process is smart, taking less than a minute to order the transfer.

Their fast transfer service can be a facesaver if you make a booboo and need money in your bank on the same day, and it's reasonably priced.

At the moment Transferwise is showing a better £ to € rate than Currency Fair , so I don't think that you can bet on one being always better than the other.

Steve
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I have just checked the €£ rate and I would still get more with currency fair.

Naturally we all want the 'best' exchange rate and we can all check up before transferring as to what is on offer generally, taking into account that nothing is done 'instantly'.

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"The final rate was 1 GBP Pound Sterling = 1.2357 EUR Euro, and we charged you £4.98 for the service. "

Transferwise - £1000 ordered on Tuesday 14.31 UK time, and in my French bank account now, Thursday afternoon.

I think the rate is slipping back now.

Steve
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  • 2 weeks later...
I can certainly recommend Transferwise.

We used to use XE.com but we have used Transferwise several times now and gave a much better rate both times.

I have also compared with moneycorp and currencyfair and transferwise has a better rate even after the 0.5% commission.

The money was even deposited into our account abroad the same day on one occasion.

If you use the link below your first transaction is commission free.

http://transferwise.com/u/c466a

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  • 3 months later...
We use http://www.SmartCurrencyExchange.com. We have an account with them but I check others too. The service is as described for the others, very quick, very easy. We transfer £3k at a time, so there is no additional commission. As at about 10.20 this morning, smart would have gained me 19 and 21 Euros over the other two. Not huge, but I'd rather it in my pocket............
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I would (and do) recommend CurrencyFair, as it's possible to get them to do a regular automatic payment, without any need for you to do anything after initially setting up a bank standing order to them.

I find this very convenient for getting my monthly sterling pension automatically exchanged to euros and transferred into my French euro account. My experience with other transfer companies was that they weren't prepared to do this. But perhaps Transferwise will?

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