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-   -   TransferWise - Currency Transfer (https://www.englishforum.ch/finance-banking-taxation/185973-transferwise-currency-transfer.html)

Wisey 26.08.2013 20:46

TransferWise - Currency Transfer
 
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.

Bichon 26.08.2013 21:00

Re: TransferWise - Currency Transfer
 
I use www.currencyfair.com which offers the same service. Very happy with ease of use.

boelaars 22.10.2013 15:16

Re: TransferWise - Currency Transfer
 
I've used Transferwise for quite some time now, and have by now saved quite a few thousands in total by sending between the UK and NL. Very happy to see it's also available in CH!

The_Love_Doctor 22.10.2013 15:59

Re: TransferWise - Currency Transfer
 
Here we go again! :rolleyes:

For anyone else who just wants to cut through the crap.

TransferWise is peer to peer with a twist, they charge 0.5% each way or 1% spread. So though competitive it's not the best out there.

Edit: +1 to the moneysavingexpert link

ipoddle 25.10.2013 13:23

Re: TransferWise - Currency Transfer
 
So... who is the most competitive ?

joeyying 30.06.2014 15:34

TransferWise
 
Have anyone ever used TransferWise sending money to / receiving money from your home country? Is it reliable? Tks.

ximix 30.06.2014 15:46

Re: TransferWise
 
See this thread from April this year for some recommendations for the TransferWise service, amongst others: http://www.englishforum.ch/daily-lif...y-back-uk.html

ChrisNeedsToKnow 30.06.2014 16:08

Re: TransferWise
 
Quote:

Originally Posted by joeyying (Post 2188691)
Have anyone ever used TransferWise sending money to / receiving money from your home country? Is it reliable? Tks.

While I prefer currencyfair for many reasons, I also used transferwise before and, yes, they are (both) reliable.

Rigormortis 06.01.2015 14:40

Transferwise
 
Anybody got any experiences with this outfit.

Yes I did use the search function but neither Transfer wise nor Transferwise came up with anything useful.

dmarkd 06.01.2015 15:01

Re: Transferwise
 
Quote:

Originally Posted by Rigormortis (Post 2312689)
Anybody got any experiences with this outfit.

Yes I did use the search function but neither Transfer wise nor Transferwise came up with anything useful.


Yes. Recommended.

Use the google powered search for a better results list

lucy_who 06.01.2015 15:05

Re: Transferwise
 
Yes, we've used them quite a few times. Easy, cheap, quick, no problems at all.

fduvall 06.01.2015 15:10

Re: Transferwise
 
I have used them and the first time was VERY slow (made a transfer to Canada before they were officially IN Canada. Now they are, so problem solved). But Customer Service was extremely attentive and no problems since then. It is very cheap, and I highly recommend them now. Sir Richard Branson is an investor, and seems to help with their marketing a lot, so they are pretty serious.

fduvall

Macer 06.01.2015 15:37

Re: Transferwise
 
+1 for Transferwise. I have been using them regularly over the last 3/4 months without any issue. The first transfer took about 48 hours. After that, all transfers have been complete in the same day. I guess the fisrt transfer takes longer as they have to authenticate all the docs that you upload to create an account.

3Wishes 06.01.2015 17:16

Re: Transferwise
 
Contact user ChrisNeedsToKnow - he talks about Transferwise all the time.

Rigormortis 06.01.2015 17:56

Re: Transferwise
 
Thank you all for your replies. Can't complain about their charges and the exchange rate is quite remarkable.

ChrisNeedsToKnow 06.01.2015 19:25

Re: Transferwise
 
Quote:

Originally Posted by 3Wishes (Post 2312807)
Contact user ChrisNeedsToKnow - he talks about Transferwise all the time.

I personally prefer currencyfair for many reasons. But I guess transferwise is also reliable and OK, just the flexibility isn´t the same.

Hard to explain in a few words, and I posted about the differences in detail before.

Maybe just use both ways to experience the difference. Any informed user will IMHO prefer currencyfair, while transferwise obvisouly also does the trick.

Macer 07.01.2015 11:37

Re: Transferwise
 
Quote:

Originally Posted by ChrisNeedsToKnow (Post 2312883)
Maybe just use both ways to experience the difference. Any informed user will IMHO prefer currencyfair, while transferwise obvisouly also does the trick.

Thanks, I will check out CurrencyFair.

jjake 07.01.2015 23:11

Re: Transferwise
 
I've had excellent experience with World First ...

dhingraz 07.01.2015 23:28

Re: Transferwise
 
Have a very good experience its Transferwise. Used it for high value transactions to the states as well as India. Overall value adjusted for exchange rate and fee comes out to be pretty good. pM me for a referral with which both of us can benefit..😄

Guest 08.01.2015 13:34

Re: Transferwise
 
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. I did the transfer directly and it took only 2 days. With Transferwise it would have taken 5-6 days, at least for my situation. Also when I spoke with customer service they said they "might" need a snapshot of the transfer I made from my bank for security reasons. I decided not to use a middleman. However, I will check out currency fair. I never heard of this one.


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