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  #21  
Old 17.11.2014, 11:23
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Re: International money transfers using xe, skype, banks, or others?

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You could transfer it straight back - in this case you only lose the transfer fee.
I am still losing transfer fee, not something I would be very happy about.

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Because currencyfair, unlike any other fx-service that Iīm aware of, is a peer-to-peer service: CF doesnīt change your money, you change money directly with other users. CF merely ensures that you can do just that.

As you deal with other users, CF has to ensure the funds of both sides are immediately available. Otherwise, if one party simply decides not to transfer after engaging in a deal, someone would lose out.
The same as transferwise. Both of them are peer to peer services. But, I do agree with you that CF is better as you know which rate you are getting. As I said, it is called hawala in India and has been illegal there for years

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This also yields it pretty unlikely that you wonīt get a rate that you don't like: "Quick change" is the option to just accept the next available rate, while "Marketplace" allows you to offer your money at a rate that you like. I always use the latter (Marketplace) and regularly get rates above the mean rate!
This is what I use too.
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  #22  
Old 17.11.2014, 11:26
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Re: International money transfers using xe, skype, banks, or others?

Just used Transferwise and very happy with the service and most importantly the rate. It actually bettered the rate I was seeing on XE.com, which would never be the case if I transferred the money using UBS.
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  #23  
Old 17.11.2014, 11:32
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Re: International money transfers using xe, skype, banks, or others?

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The same as transferwise. Both of them are peer to peer services.
I fail to see how transferwise is "really" peer-to-peer. I do seem to remember that they claim so on their website, but you canīt offer your money as per CF-Marketplace, so in reality Transferwise does all deals in their own name?

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...it is called hawala in India and has been illegal there for years
I worked in India for a while, so I know what an amount of pain it is trying to get money out of the country. However, transferwise does offer transfers to India in INR?! Itīs the case for several countries, where you can send money into the country, but canīt take it out of the country. Tells you all you need to know about the government and/or considering doing business there?!
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Old 17.11.2014, 11:47
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Re: International money transfers using xe, skype, banks, or others?

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I fail to see how transferwise is "really" peer-to-peer. I do seem to remember that they claim so on their website, but you canīt offer your money as per CF-Marketplace, so in reality Transferwise does all deals in their own name?
They do offer peer to peer in the sense that the money never crosses borders - http://en.wikipedia.org/wiki/TransferWise#How_it_works. They do not allow currency trading which is the marketplace feature of currencyfair.

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I worked in India for a while, so I know what an amount of pain it is trying to get money out of the country. However, transferwise does offer transfers to India in INR?! Itīs the case for several countries, where you can send money into the country, but canīt take it out of the country. Tells you all you need to know about the government and/or considering doing business there?!
Yea I was quite surprised to see INR as one of the currencies supported. They say that they register with the RBI (Reserve bank of India), so I guess they are legal. Wonder why they don't allow money to flow out though :P
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Old 17.11.2014, 11:57
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Re: International money transfers using xe, skype, banks, or others?

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They say that they register with the RBI (Reserve bank of India), so I guess they are legal. Wonder why they don't allow money to flow out though :P
Whenever the Indian company I worked for wanted to pay my salary, they needed to register the outgoing international transfer with the central bank and justify as to why they need to swap INR into another currency.

I suspect the reason, that many Indians would change their INR into a more stable currency, if that was legal and easily possible, effectively sending the INR into free fall.

Unfortunately, itīs not the most stable currency anyway. So they think force is a means to keep it up?

In India I always used the my www.dkb.de - creditcard to withdraw INR at ATMs, no problems whatsoever. I wonder - can Indians use their Indian-issued ATM cards abroad?

Oh - going super off-topic here
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Old 07.01.2015, 11:52
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Re: International money transfers using xe, skype, banks, or others?

I think you will find that the INR is not only reasonably stable, but has been a rather good investment in the last 12m...
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Old 12.01.2015, 17:13
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Re: International money transfers using xe, skype, banks, or others?

Just completed my first CurrencyFair transfer from UK to CH via QuickTrade. Exchanged this morning and its already in my Swiss Bank Account this afternoon (all of it).

Will try MarketPlace next time.
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  #28  
Old 12.01.2015, 17:18
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Re: International money transfers using xe, skype, banks, or others?

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Currencyfair requires me to transfer money beforehand to their account. If I do not get a rate I want, it is stuck with them. Why can't I just book a transfer and transfer money later? I know currenciesdirect does that and I used them a lot before their rates went a bit down.
"De Batze ond s'Weggli" springs to mind.
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