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Old 05.09.2014, 14:39
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International money transfers using xe, skype, banks, or others?

Hi everyone,


Can anyone share their experience in terms of transferring money from your swiss bank account to another country using companies like xe, Skype (or others)?
Not sure, if choosing one or another makes a big difference (more specifically in terms of fees, exchange rate used and clarity).
Any suggestions or feedback is appreciated :-)


Thanks!
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Old 05.09.2014, 16:13
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Re: International money transfers using xe, skype, banks, or others?

No, we can't help, because you've not used the search button.

http://www.google.com/cse?sitesearch...fer&gsc.page=1
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Old 05.09.2014, 16:50
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Re: International money transfers using xe, skype, banks, or others?

I did search before I typed in this new thread. No need to judge so quickly here.
This being said, maybe I should have been more explicit to start with.


I think they are two things to be concerned about when wiring large amounts between countries:
1. Fees associated with sending and receiving the money.
2. The exchange rate used (mainly the concern here).


I just looked up Skype, xe and ubs exchange rates and it seems like UBS would offer the best rate (which I find quite surprising), plus the international wire fee is only 5 chf (surprising again), then comes Skype, then comes xe.
The differences are definitely worth investigating a bit.


All in all, I am just asking for feedback from people who may know well the subject
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Old 05.09.2014, 16:55
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Re: International money transfers using xe, skype, banks, or others?

Try searching the forum for Currency Fair or Transfer Wise - there are plenty of threads with useful info. Personally I used to use XE but the rates seem to have got significantly worse. I am now using Currency Fair.
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Old 05.09.2014, 17:00
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Re: International money transfers using xe, skype, banks, or others?

I use WU because I feel like their transfer fees are much too low
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Old 05.09.2014, 17:04
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Re: International money transfers using xe, skype, banks, or others?

Transfer wise = Skype.


So far, in order of best options, here is what I find:
1. UBS (I need to look into this a bot more, doesn't look right)
2. Skype (or transfer wise), as well as currency fair
3. xe.


Will keep looking, and possibly post findings here.
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Old 05.09.2014, 20:48
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Re: International money transfers using xe, skype, banks, or others?

I would be very, very, very surprised indeed if UBS offers a better rate than currencyfair. Just saying...
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Old 08.09.2014, 12:49
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Re: International money transfers using xe, skype, banks, or others?

Transferwise worked very well and in just a few days, it seems with popular currencies this was significantly better than UBS and the fees from the receiving bank (US ones may charge)
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Old 07.11.2014, 14:07
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Re: International money transfers using xe, skype, banks, or others?

Transferwise does NOT equal Skype: https://transferwise.com/media-and-awards

It was co-founded by an ex-director of Skype. That is all.

It's an exceptionally good platform for money transfer purposes in my experience.

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Transfer wise = Skype.


So far, in order of best options, here is what I find:
1. UBS (I need to look into this a bot more, doesn't look right)
2. Skype (or transfer wise), as well as currency fair
3. xe.


Will keep looking, and possibly post findings here.
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Old 07.11.2014, 15:59
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Re: International money transfers using xe, skype, banks, or others?

TransferWise has also worked well for me. They claim to use (and indeed seem to use) the 'mid-market' rate. If there is a delay in TransferWise receiving payment from your Swiss bank account (which is likely to be the case) then the rate will probably change during that time - could be in your favour, could be against you. You have the option to set a restriction on the % change against you before the conversion is automatically cancelled. For smaller conversions you may not care. If converting very large sums then this could make a difference which is significant to you. I like it.
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Old 07.11.2014, 16:06
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Re: International money transfers using xe, skype, banks, or others?

We've used xoom a few times because xe got to be too expensive. I'm going to look into UBS now. Thanks for the thread.
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Old 07.11.2014, 16:17
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Re: International money transfers using xe, skype, banks, or others?

Another vote for transferwise, if you are going to sign up I can give you a special link, think you get a discount on your first transfer
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Old 07.11.2014, 16:32
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Re: International money transfers using xe, skype, banks, or others?

just a note that on the off chance that you're sending funds to NZ .. and it's important what goes in the reference (eg for Student Loan repayments) then transferwise is a waste of time.

For some reason they put the name of their "partner" company as the "reference name" on any transfers into he recepient account, leading to the recepient (in this case, IRD) not being able to attribute your payment to your account.

Means I have to go with someone else just for this kinda thing.
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Old 07.11.2014, 18:52
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Re: International money transfers using xe, skype, banks, or others?

I personally went with currencyFair. After checking what company would provide the best rate with the lowest cost. And honestly, i am so far happy with them. Good website design, quite intuitive and very good customer service. So far i only did a test transfer with a small amount so I can only speak to that.
Ubs was indeed much more expensive. So was XE. In the end i think that transferwise or currencyfair is probably very similar. Hope This helps.
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Old 11.11.2014, 14:49
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Re: International money transfers using xe, skype, banks, or others?

I used wechselstube.ch first - they´re effectively offline for private customers now.

Then I tried transferwise. I didn´t like the fact that you initiate a transaction, and then get the rate transferwise deems correct at the time your money reaches them. It´s out of your control, i.e. you don´t know what you´ll get.

Last I tried currencyfair. (Wrote a review of my experience in German >>here<<). I like the 100% transparency, you know exactly what you'll get before you commit to anything.

If there are other services with the same tarnsparency out there, I wouldn´t mind trying them out - but as long as I can get rates above the mean rate with currencyfair I don´t see why I shouldn´t stick to them.
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Old 12.11.2014, 11:42
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Re: International money transfers using xe, skype, banks, or others?

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I personally went with currencyFair. After checking what company would provide the best rate with the lowest cost. And honestly, i am so far happy with them. Good website design, quite intuitive and very good customer service. So far i only did a test transfer with a small amount so I can only speak to that.
Ubs was indeed much more expensive. So was XE. In the end i think that transferwise or currencyfair is probably very similar. Hope This helps.
Can anyone tell me when using CurrencyFair if the funds are transferred as a domestic payment after CurrencyFair exchanges the money? Meaning, if I deposit CHF into CurrencyFair and exchange to USD- does CurrencyFair transfer the funds to the US bank account from a US bank account or is it a foreign transaction?

Thanks for the help!
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Old 12.11.2014, 13:47
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Re: International money transfers using xe, skype, banks, or others?

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Can anyone tell me when using CurrencyFair if the funds are transferred as a domestic payment after CurrencyFair exchanges the money? Meaning, if I deposit CHF into CurrencyFair and exchange to USD- does CurrencyFair transfer the funds to the US bank account from a US bank account or is it a foreign transaction?

Thanks for the help!
They have local accounts in each country.

For the US that is:
  • Beneficiary - CurrencyFair Ltd Client Account
  • Account No - 6550962904
  • ABA/Routing Number - ABA - 026009593
  • Bank Code - CHIPS- 959
  • SWIFT - BOFAUS3N
  • Reference - (your customer number)
  • Bank Name - Bank of America N.A.
  • Bank Address
    • 222 Broadway
    • Mailcode NY3 222 14 03
    • New York
    • 10038 New York
    • USA
I have no experience on how the transfer works though. I was always under the impression that transfers within the US and Canada are somehow complicated / not as easy and usually not free (as within Europe).
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Old 16.11.2014, 14:10
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Re: International money transfers using xe, skype, banks, or others?

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Can anyone tell me when using CurrencyFair if the funds are transferred as a domestic payment after CurrencyFair exchanges the money? Meaning, if I deposit CHF into CurrencyFair and exchange to USD- does CurrencyFair transfer the funds to the US bank account from a US bank account or is it a foreign transaction?

Thanks for the help!
They have bank accounts in each country. You will transfer locally to a CHF account in Switzerland and they will transfer to your US account from their own US account.

Funnily enough, in India, this is called hawala and is illegal.
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Old 16.11.2014, 14:12
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Re: International money transfers using xe, skype, banks, or others?

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I used wechselstube.ch first - they´re effectively offline for private customers now.

Then I tried transferwise. I didn´t like the fact that you initiate a transaction, and then get the rate transferwise deems correct at the time your money reaches them. It´s out of your control, i.e. you don´t know what you´ll get.

Last I tried currencyfair. (Wrote a review of my experience in German >>here<<). I like the 100% transparency, you know exactly what you'll get before you commit to anything.

If there are other services with the same tarnsparency out there, I wouldn´t mind trying them out - but as long as I can get rates above the mean rate with currencyfair I don´t see why I shouldn´t stick to them.
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.
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Old 17.11.2014, 11:05
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Re: International money transfers using xe, skype, banks, or others?

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...If I do not get a rate I want, it is stuck with them...
You could transfer it straight back - in this case you only lose the transfer fee.

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Why can't I just book a transfer and transfer money later?...
Because currencyfair, unlike any other fx-service that I´m aware of, is a peer-to-peer service: CF doesn´t 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.

This also yields it pretty unlikely that you won´t 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!
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