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  #61  
Old 20.02.2016, 18:39
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Re: TransferWise - Currency Transfer

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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?
the Bank actually does not charge a fee but gains on the exchange rate. It is the rate you negotiate. You have to deal of course on the day. They will offer you a different rate for 50K as for 200K. Aussie dollars I have never needed but am sure that market is open 24/7
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  #62  
Old 22.02.2016, 01:21
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Re: TransferWise - Currency Transfer

Interactive Brokers only charge 3 GBP and you instantly know the rate of exchange and the transfer is instant. Therefore, it is much better than Transferwise.

Although the service of Transferwise will suffice the average user and I have also used it myself but IB is much better for professonal or frequent converters.

From all the advertisement it seems TW's marketing budget is quite but all the investors of this company should be aware that their business could easily be trumped by the use of blockchain/bitcoin technology for the future user of this service.
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  #63  
Old 22.02.2016, 12:22
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Re: TransferWise - Currency Transfer

I can also confirm that Interactive Brokers is incredibly cost effective for larger and more frequent transfers. I've been using them for years and indeed, I only get charged 2 or 3 CHF total, whether for transferring 2k, 5k, 10k etc.

There is also a minimum monthly charge though (something like 10-15 CHF), so it's probably only worthwhile if you use it frequently and/or for other investment purposes (trading shares etc.). Also bear in mind you usually have to wait about a day for the funds to clear (i.e. from when you've done the trade until you can wire the funds elsewhere).

One cool example where IB come in useful: if you're planning a big holiday to Japan for example, you can of course expect to get royally scr*wed by your bank each time you withdraw cash. After you've been to the ATM a dozen times, you could well be down a few hundred CHF in transaction costs.

(As we should all be aware of by now, transaction costs = fees + outrageously bad conversion rates)

So here's a trick: Call up your bank and ask them to open a JPY account at least a week before your trip, with no bank card, no gimmicks, just the basic account (it might cost 5CHF/month or so). Tell them you will be making a withdrawal of xxxxxxx yen on a particular date at a particular branch. A few days ahead of that date, convert funds to JPY using Interactive Brokers (at negligible cost) then the following day wire the JPY funds to your new JPY account in Switzerland. On the arranged date, go to your bank, withdraw the yen in cash and tell them you wish to close the account immediately.

The bank will charge you a foreign currency handling fee (maybe 15-20 CHF), plus most likely a whole month's usage of that account (call it 5 CHF) but that's it. You'll have saved a small fortune on fees.

You walk out of UBS or CS with a big wad of JPY cash and, most importantly, you get to stick your finger at their vampirical, duopolistic ways of doing business.

I'm not saying you should sign up to Interactive Brokers just in order to do this. It's just that once you are signed up, these are some of the things you can do - and it feels so liberating!

Have fun

Last edited by stevegeneva; 22.02.2016 at 12:23. Reason: typo
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  #64  
Old 23.02.2016, 20:09
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Re: TransferWise - Currency Transfer

Found these reviews as well, comparing several services:

http://moneytransfercomparison.com/

http://www.moneysavingexpert.com/ban...rency-exchange

http://www.moneysupermarket.com/curr...oney-transfer/
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  #65  
Old 27.02.2016, 21:04
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Re: TransferWise - Currency Transfer

Thanks, this is very helpful information!
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  #66  
Old 29.02.2016, 18:37
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Re: TransferWise - Currency Transfer

About transferwise. There is any difference between transfer ten times 1000 CHF or one time 10000 CHF. For obvious reasons I feel more comfortable do the transfer by small batches.
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  #67  
Old 29.02.2016, 23:57
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Re: TransferWise - Currency Transfer

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About transferwise. There is any difference between transfer ten times 1000 CHF or one time 10000 CHF. For obvious reasons I feel more comfortable do the transfer by small batches.
Not really as the fees is charged as a percentage.
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  #68  
Old 16.03.2016, 00:27
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Re: TransferWise - Currency Transfer

How about HIFX ?

Some reviews say that HIFX is better than transferwise if you are transfering large sum of money
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  #69  
Old 17.08.2016, 19:06
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Re: TransferWise - Currency Transfer

I second this! Actually had my deposit and rent money arrive the same day it came out of my account. Very impressed with the punctuality and price, but then I can usually rely on Martin Lewis's sound advice!

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Just wanted to share my recent experience of completing a money transfer from UK to CH.

After checking with my banks and realising how much I would lose in exchange rates, I decided to look for another option. After a bit of research (mainly through http://www.moneysavingexpert.com/) I decided to give TransferWise a go:

http://transferwise.com/

It is a peer to peer currency service with low fees and they use the mid-market rate. A reasonable explanation can be found on Money Saving Expert: (scroll down to the TransferWise section)
http://www.moneysavingexpert.com/ban...rency-exchange

You have to prove your identity by sending copies of documents (passport or ID, proof of address), but this can be done by sending a photo of the documents. Once they varify your identity they´ll send confirmation. I found the service pretty good, I received e-mail confirmation with an estimated delivery time of the money into my CH account and then confirmation once the transfer was complete.

Anyway, my experience of this service was positive and I saved hundreds of pounds compared to if I had sent the money via my bank.
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Old 17.09.2016, 11:46
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Re: TransferWise - Currency Transfer

I was using TransferWise and I'm happy with the service, support and follow up they provided but now my bank, UBS, doesn't allow you to send money with them anymore. They said is due their legal procedures and to avoid money laundering as they don't know the final destination of the money ! To me they found out that they're loosing money as not getting revenue for their high charges
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  #71  
Old 17.09.2016, 12:05
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Re: TransferWise - Currency Transfer

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I was using TransferWise and I'm happy with the service, support and follow up they provided but now my bank, UBS, doesn't allow you to send money with them anymore. They said is due their legal procedures and to avoid money laundering as they don't know the final destination of the money ! To me they found out that they're loosing money as not getting revenue for their high charges

Change bank, they have absolutely no right how to tell you how you spend your money.

Try BCV
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  #72  
Old 17.09.2016, 12:50
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Re: TransferWise - Currency Transfer

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One cool example where IB come in useful: if you're planning a big holiday to Japan for example, you can of course expect to get royally scr*wed by your bank each time you withdraw cash. After you've been to the ATM a dozen times, you could well be down a few hundred CHF in transaction costs.

So here's a trick: Call up your bank and ask them to open a JPY account at least a week before your trip, with no bank card, no gimmicks, just the basic account (it might cost 5CHF/month or so). Tell them you will be making a withdrawal of xxxxxxx yen on a particular date at a particular branch. A few days ahead of that date, convert funds to JPY using Interactive Brokers (at negligible cost) then the following day wire the JPY funds to your new JPY account in Switzerland. On the arranged date, go to your bank, withdraw the yen in cash and tell them you wish to close the account immediately.

The bank will charge you a foreign currency handling fee (maybe 15-20 CHF), plus most likely a whole month's usage of that account (call it 5 CHF) but that's it. You'll have saved a small fortune on fees.

You walk out of UBS or CS with a big wad of JPY cash and, most importantly, you get to stick your finger at their vampirical, duopolistic ways of doing business.

I'm not saying you should sign up to Interactive Brokers just in order to do this. It's just that once you are signed up, these are some of the things you can do - and it feels so liberating!

Have fun
Nice, but I prefer not to have so much cash
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  #73  
Old 17.09.2016, 14:25
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Re: TransferWise - Currency Transfer

I recently came across this website and liked their idea:

https://www.monito.com/

They compare all different services for sending X amount of money from point Y to point Z in terms of their cost and delay. Should come very handy for large enough amount of money.
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  #74  
Old 05.10.2016, 21:20
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Using TrasnferWise to move money back to UK

I am trying to transfer money back to the UK using TransferWise. Has anyone used this and what are your thoughts on rates and fees compared to doing a transfer using your bank?

Whn using TransferWise and choosing to pay by card I am requested to enter the card number, expiry date and CVC code. Problem is I have a Credit Suisse Maestro card and I do not see a CVC code. Anyone know where this is? I presume card number is 'Karten-Nr' and expiry date 'Gultig bis', is CVC code the 'NagraID'?
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