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  #21  
Old 08.01.2015, 14:36
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Re: Transferwise

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I "was" going to use Transferwise, but after I found out I would first have to transfer the money to them, then they would transfer the money to the recipient I decided not to do it.
One does wonder how else people expected it to work.
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  #22  
Old 08.01.2015, 14:54
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Re: Transferwise

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One does wonder how else people expected it to work.
People are used to booking a trade before transferring money. The wording on that sentence is damn ambiguous though
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  #23  
Old 14.01.2015, 23:52
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Re: TransferWise - Currency Transfer

After reading the recommendations here, I gave CurrencyFair a whirl and have to admit it is better than TransferWise. You have much better control over the exchange rate etc. Saying that, it is a bit more involved and does take a little more time to get to grips with.

I would say that if you plan to make a single, one off transfer, go with TransferWise. For regular transfers, take the time to get to know CurrencyFair.
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  #24  
Old 17.01.2015, 13:16
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Re: TransferWise - Currency Transfer

I used transferwise a couple of times to transfer savings from CH to Poland and I've been always happy with the service. I don't recall that I had to prove my identity of something else. There was only a condition that a sender's and a receiver's accounts have to have the same holder.
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  #25  
Old 18.01.2015, 22:15
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Re: TransferWise - Currency Transfer

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After reading the recommendations here, I gave CurrencyFair a whirl and have to admit it is better than TransferWise. You have much better control over the exchange rate etc. Saying that, it is a bit more involved and does take a little more time to get to grips with.

I would say that if you plan to make a single, one off transfer, go with TransferWise. For regular transfers, take the time to get to know CurrencyFair.
I also prefer CurrencyFair.

And it really isn't hard to use even if you want to use the "Marketplace".

Even for a single use I'm not sure I would go with Transferwise.

Ultimately as "peer to peer" services, both rely on having a number of customers in that there will then be more people "on the other side" to exchange currency pair with you when you want. It seems there are enough customers coming away from normal banks to have 2 such services (which is good as it keeps them on their toes), but if only one survives in the long run I would prefer it to be CurrencyFair.
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Old 20.01.2015, 22:02
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Re: TransferWise - Currency Transfer

Another +1 for CurrencyFair. I've transferred quite a bit of money CHFUSD (although at the rate of 2 weeks ago..... T.T) and it went well. Was super smooth and quick.
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  #27  
Old 21.01.2015, 10:01
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Re: TransferWise - Currency Transfer

So how do these differ from various ForEx sites, e.g. OzForex?
It's description is "Fast & secure international money transfers and better FX rates than your bank" - seems to me the same as the two services you are discussing here.
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  #28  
Old 21.01.2015, 10:22
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Re: TransferWise - Currency Transfer

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So how do these differ from various ForEx sites, e.g. OzForex?...
There are a lot of these websites/services out there.

I guess transferwise.com have good advertisement ("the guys who brought you Skype") and the best referral programme (you get 50 pounds for 3 friends who sign up and effect a transfer (PM me for a referral link )). Also, they´re the easiest to use (at the cost of losing control over the fx-process), which might actually make it the easiest (not best!) choice for a once-off transfer.

Currencyfair.com is the one that gives you the biggest amount of control during the process, hence users (at least me, and no I don´t work for them) are really convinced that it´s actually the best service. Their referral program isn´t worth much - each individual gets a free transfer saving ~EUR3.

I know of wechselstube.ch, as far as I know they no longer accept private customers.

Also I tried to use rationalfx.com - they gave me the hugest headache just trying to become a customer. Then the first quote for an EUR-CHF exchange was worse than postfinance. After I asked what their business model is, if my local bank gives me a better rate, they offered to have a "trader call me to discuss rates and needs". That´s when I gave up on those guys.

There are more out there, but I guess currencyfair and transferwise somehow made it to the top of the list for above reasons?
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  #29  
Old 21.01.2015, 10:26
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Re: TransferWise - Currency Transfer

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So how do these differ from various ForEx sites, e.g. OzForex?
It's description is "Fast & secure international money transfers and better FX rates than your bank" - seems to me the same as the two services you are discussing here.
The main difference is that CurrencyFair has a market place where you can ask for the rate you want and if someone else is ok with it, you will get that rate (peer to peer).
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  #30  
Old 21.01.2015, 10:33
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Re: TransferWise - Currency Transfer

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There are a lot of these websites/services out there.

I guess transferwise.com have good advertisement ("the guys who brought you Skype") and the best referral programme (you get 50 pounds for 3 friends who sign up and effect a transfer (PM me for a referral link )). Also, they´re the easiest to use (at the cost of losing control over the fx-process), which might actually make it the easiest (not best!) choice for a once-off transfer.

Currencyfair.com is the one that gives you the biggest amount of control during the process, hence users (at least me, and no I don´t work for them) are really convinced that it´s actually the best service. Their referral program isn´t worth much - each individual gets a free transfer saving ~EUR3.

I know of wechselstube.ch, as far as I know they no longer accept private customers.

Also I tried to use rationalfx.com - they gave me the hugest headache just trying to become a customer. Then the first quote for an EUR-CHF exchange was worse than postfinance. After I asked what their business model is, if my local bank gives me a better rate, they offered to have a "trader call me to discuss rates and needs". That´s when I gave up on those guys.

There are more out there, but I guess currencyfair and transferwise somehow made it to the top of the list for above reasons?
Nice summary
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  #31  
Old 21.01.2015, 11:26
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Re: TransferWise - Currency Transfer

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So... who is the most competitive ?
Interactive Brokers wins hands down every single time
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  #32  
Old 21.01.2015, 11:27
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Re: TransferWise - Currency Transfer

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Interactive Brokers wins hands down every single time
While I never used IB, I did manage to get rates ABOVE the mean rate using currencyfair´s marketplace!
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  #33  
Old 21.01.2015, 11:29
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Re: TransferWise - Currency Transfer

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Interactive Brokers wins hands down every single time
They are useful when you have a large outflow of money, right? Otherwise their maintenance charges seem quite high.
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  #34  
Old 02.02.2016, 15:35
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Re: TransferWise - Currency Transfer

There have been a few comments regarding slowness with currencyfair.

I need to make a single large transfer from CHF to USD in a month or so, for this use case would it make more sense to use transferwise or does currencyfair work fine?
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  #35  
Old 02.02.2016, 15:38
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Re: TransferWise - Currency Transfer

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There have been a few comments regarding slowness with currencyfair.

I need to make a single large transfer from CHF to USD in a month or so, for this use case would it make more sense to use transferwise or does currencyfair work fine?
Currencyfair would give you control over the exchange rate. You can monitor and go for a good rate if it comes up after you have sent them the money. Transferwise does not have that option. Depending on the size of the transfer, this might make a difference to you.

Although, on any given day, the TW exchange rate seems to be better than the CF one (in my experience).
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  #36  
Old 02.02.2016, 15:39
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Re: TransferWise - Currency Transfer

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There have been a few comments regarding slowness with currencyfair.

I need to make a single large transfer from CHF to USD in a month or so, for this use case would it make more sense to use transferwise or does currencyfair work fine?
A month ago it took a day (or maximum 2 days) with CF for me to send the USD, exchange them and receive the CHF back. They changed their USD accounts recently, so it might be different now?
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Old 02.02.2016, 15:42
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Re: TransferWise - Currency Transfer

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Currencyfair would give you control over the exchange rate. You can monitor and go for a good rate if it comes up after you have sent them the money...
Would strongly recommend Currencyfair for the same reason!

I´m sure anyone who is really interested about the details, and willing to invest a little bit into understanding the inner workings of the different consumer-FX-products, will always go for currencyfair.

Only advantage I see for Transferwise is easy of use (robbing the user of options) and Sir Richard Branson (good advertisement).
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  #38  
Old 02.02.2016, 21:25
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Re: TransferWise - Currency Transfer

There is also AFEX: https://www.afex.com/unitedkingdom/private.php

They actually have an office locally in Zurich, and are predominantly focused on business FX transactions with Small to medium sized business clients. If you have a large transaction that you want some personal advice on they could be helpful.
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Old 16.02.2016, 01:16
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Re: TransferWise - Currency Transfer

Hello.
Some opinions on this services seem quite old, what are your opinion (trust) on transferwise?
I need to send money abroad and I like to know a little more about that.
Sorry for bother you guys
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  #40  
Old 16.02.2016, 02:12
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Re: TransferWise - Currency Transfer

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.
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