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  #41  
Old 16.02.2016, 02:18
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Re: TransferWise - Currency Transfer

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Hi Sousa, I have been using Transfer wise for quite some time. actually about 2 years now. I transfer about a couple of thousand every month to the states and a small sum to India regularly. I would say it's quite reliable and I have been getting pretty decent rates which are competitive compared to peers.

The only drawback compared to some others like Xoom(does not do CHF transfers) and World remit (usually provides a rate couple of basis points below transferwise) is that the rates are not committed when you transfer. which means that they exchange using the mid market rate on the day of transfer which is a couple of days after you initiate. Most banks do the same bit they are far less competitive.

I would say go for it. quite reliable as I have transferred sums in excess of 8000 CHF a few times. Let me know if you need a referral link which can save you fees on the first one.
thanks for your opinion.
That will be great.
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  #42  
Old 16.02.2016, 09:22
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Re: TransferWise - Currency Transfer

Has anybody used these agents for the transfer of large sums of money - like the proceeds from the sale of a house?
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  #43  
Old 16.02.2016, 14:36
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Re: TransferWise - Currency Transfer

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So... who is the most competitive ?


I use Interactive Broker to change money myself and then transfer it to the bank account. The bid-ask spread is very tiny and they charge very little commission (max 2$ per transaction)


Cheers
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  #44  
Old 16.02.2016, 15:13
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Re: TransferWise - Currency Transfer

Quick question - Can I use a postcard to pay if not an I use the option on say transferwise (not check currency fair yet) of moving money to their account via my online banking (PostFinance) do I not lose the advantage as I pay the fees on the transfer to them?
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  #45  
Old 16.02.2016, 16:20
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Re: TransferWise - Currency Transfer

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Quick question - Can I use a postcard to pay if not an I use the option on say transferwise (not check currency fair yet) of moving money to their account via my online banking (PostFinance) do I not lose the advantage as I pay the fees on the transfer to them?
I never had any issue with Transferwise and was never charged anything to send money. Currencyfair accounts are in Switzerland (sure as I transferred recently) and you should not be charged anything to move the money to their account.
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  #46  
Old 16.02.2016, 16:36
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Re: TransferWise - Currency Transfer

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Quick question - Can I use a postcard to pay if not an I use the option on say transferwise (not check currency fair yet) of moving money to their account via my online banking (PostFinance) do I not lose the advantage as I pay the fees on the transfer to them?


You'll be transferring from your own CHF account to another CHF account in Switzerland, so no charges of course.
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  #47  
Old 16.02.2016, 21:53
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Re: TransferWise - Currency Transfer

I use transferwise to send money from my US bank account to postfinance. The process is quite easy and reliable. I also found it less costly than a normal bank transfer.
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  #48  
Old 16.02.2016, 23:50
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Re: TransferWise - Currency Transfer

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I use transferwise to send money from my US bank account to postfinance. The process is quite easy and reliable. I also found it less costly than a normal bank transfer.
My bank gives dcent rates and actually only charges 4CHF regardless of the size of the transfer! Which is cheap considerng the scurity if leaving it in the banking system
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  #49  
Old 17.02.2016, 09:32
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Re: TransferWise - Currency Transfer

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My bank gives dcent rates and actually only charges 4CHF regardless of the size of the transfer! Which is cheap considerng the scurity if leaving it in the banking system
It would be nice to know which bank
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Old 17.02.2016, 09:52
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Re: TransferWise - Currency Transfer

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it would be nice to know which bank
zkb
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  #51  
Old 17.02.2016, 13:44
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Re: TransferWise - Currency Transfer

Agree. The Kantonal Bank will charge you 0nly 4 CHF but the key question is what is the exchange rate that you get. What I have seen is that the exchange rate offered is not as competitive.
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  #52  
Old 18.02.2016, 23:59
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Re: TransferWise - Currency Transfer

I'm really surprised how many people are in favor of Transferwise.

I have been searching out the latest and greatest current options, and came onto EF to get the thoughts/advise of others. In my research, I found that TW's rates might be slightly better, but the fees were pretty astronomical!

See attached. These SS's were taking within one minute of each other, so I doubt it's the currency fluctuation...

Am I missing something??
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transferwise-currency-transfer-tw-vs-cf.jpg  
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  #53  
Old 19.02.2016, 00:17
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Re: TransferWise - Currency Transfer

Found this compilation and analysis of options, which might be helpful. Note that it is on the Currency Fair website, so I imagine their results are selective, and might not include companies whose rates/fees were better than theirs

https://www.currencyfair.com/blog/mo...omparison-calc

Note that they found a similar discrepancy with Transfer Wise.
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  #54  
Old 19.02.2016, 11:00
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Re: TransferWise - Currency Transfer

If customers bother to find out how Currencyfair's marketplace works, that'll be the best possible deal ever. However it will take some time to work out the details, and it also takes time to actually get a deal done each time.

If you want things easy, but pay more in terms of fee and worse exchange rate, I´d go for Transferwise.

In general, the higher the amount the more it's worth looking into Currencyfair's marketplace.
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  #55  
Old 19.02.2016, 11:04
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Re: TransferWise - Currency Transfer

Completely agree with ChrisNeedsToKnow's post. If you are transferring bigger amounts, then it will be better to look at CF's marketplace. In fact, you might even get better rates etc. if you ask at your bank. For smaller amounts, not a big enough difference to bother.
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  #56  
Old 19.02.2016, 12:03
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Re: TransferWise - Currency Transfer

I tried on both websites only for 100kCHF into USD. and got pretty much the same amount for both (though with TW, fees were ~ 500 vs 4 for CF, difference was in the rate).

Maybe the apps/marketplace would yield better results.
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  #57  
Old 20.02.2016, 10:40
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Re: TransferWise - Currency Transfer

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I tried on both websites only for 100kCHF into USD. and got pretty much the same amount for both (though with TW, fees were ~ 500 vs 4 for CF, difference was in the rate).

Maybe the apps/marketplace would yield better results.
I'd be a bit nervous about transfering that kind of money with these online companies. It's bad enough when there's a delay using a conventional bank but at least you can do something about it. I'd be having kittens if it took more than a week with either of these two.
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Old 20.02.2016, 12:37
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Re: TransferWise - Currency Transfer

I have never before used these services but am used to negotiate with my bank on the fees for large sums. I wonder if these peer to peer services are in any way protected by having to obtain a banking license.
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  #59  
Old 20.02.2016, 12:43
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Re: TransferWise - Currency Transfer

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I'd be a bit nervous about transfering that kind of money with these online companies. It's bad enough when there's a delay using a conventional bank but at least you can do something about it. I'd be having kittens if it took more than a week with either of these two.
rates were more or less the same when i tried for 50k. so maybe you could split it into 4 lots of 25k if you are worried.
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Old 20.02.2016, 15:07
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Re: TransferWise - Currency Transfer

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I have never before used these services but am used to negotiate with my bank on the fees for large sums. I wonder if these peer to peer services are in any way protected by having to obtain a banking license.
I can understand negotiating the fee but can they give you a fixed exchange rate when there is a big time difference involved, such as to Australia?
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