Transfer Wise

[Jack Peterson]

 

 

The fee with TW is a fixed % of the money you send.

I shall surely investigate more when the time comes to transfer more money, but this statement raises a question:

If the exchange rate they give is 47.5 to 1 and the fee is a fixed percentage (lets say 1% for simplicity sake) then is this not the exact same thing as offering an exchange rate of 47 to 1? It seems to be merely playing with words and numbers but I will give it a fair look in the near future.

They give you the exact estimate on how much you get on their webpage and how much is charged as a fee.

 

Hmmmmm and that couldd Change at any time during the Day and certainly at Midnight Tonight, being Friday!

Just saying :unsure:

[GregZ]

The fee with TW is a fixed % of the money you send.

I shall surely investigate more when the time comes to transfer more money, but this statement raises a question:

If the exchange rate they give is 47.5 to 1 and the fee is a fixed percentage (lets say 1% for simplicity sake) then is this not the exact same thing as offering an exchange rate of 47 to 1? It seems to be merely playing with words and numbers but I will give it a fair look in the near future.

They give you the exact estimate on how much you get on their webpage and how much is charged as a fee.

Hmmmmm and that couldd Change at any time during the Day and certainly at Midnight Tonight, being Friday!

Just saying :unsure:

When you use their app you can keep checking for the change you refer to. It does keep changing throughout the day and night. When you see the rate you want execute a transfer and that rate is guaranteed if your money makes it to them within 1 business day. It does not matter what the rate does after you lock in a transfer.

Mine has always made it; no reason to take longer for an ACH transaction. Could it take longer? I suppose so, then you are subject to fluctuation in the exchange rate.

[earthdome]

 

The fee with TW is a fixed % of the money you send.

 

I shall surely investigate more when the time comes to transfer more money, but this statement raises a question:

 

If the exchange rate they give is 47.5 to 1 and the fee is a fixed percentage (lets say 1% for simplicity sake) then is this not the exact same thing as offering an exchange rate of 47 to 1?  It seems to be merely playing with words and numbers but I will give it a fair look in the near future.

 

 

Dave. I have worked the numbers. TW charges 1% with a minimum of $3 USD but gives you mid buy/sell FX rate. This rate is 1.25 pesos per USD better than say WU or Xoom. So at $300 that is 375 pesos or $7.90 USD you pay (or lose) in addition to the fee's that WU or Xoom charge. TW is more restrictive in that the transfer goes from bank to bank and takes 4-5 days but you save a great deal on the FX rate. FYI, that 1.25 peso's you lose on the FX rate is a 2.6% hidden fee.

[GregZ]

...TW is more restrictive in that the transfer goes from bank to bank and takes 4-5 days but you save a great deal on the FX rate. FYI, that 1.25 peso's you lose on the FX rate is a 2.6% hidden fee.

My transfers with TransferWise have all completed in one business day.

[Sander Martin]

The fee with TW is a fixed % of the money you send.

I shall surely investigate more when the time comes to transfer more money, but this statement raises a question:

If the exchange rate they give is 47.5 to 1 and the fee is a fixed percentage (lets say 1% for simplicity sake) then is this not the exact same thing as offering an exchange rate of 47 to 1? It seems to be merely playing with words and numbers but I will give it a fair look in the near future.

They give you the exact estimate on how much you get on their webpage and how much is charged as a fee.

Hmmmmm and that couldd Change at any time during the Day and certainly at Midnight Tonight, being Friday!

Just saying :unsure:

You can lock in a minimum rate. By default its 3%. So if the rate drops by 3% or more by the time they get your money = your money will be on hold till rate gets better. You can make the bracket smaller. I had it set to 0,5%. But if the exchange rate go up = you get more.

[gabgab]

To update my original question, just made a transfer to a BPI account, seems no fee was taken.

[mogo51]

Thank you  for the post and welcome to the forum.

[Dave Hounddriver]

48 minutes ago, Carlo said:

the advantage is still - FIRST TRANSFER with this link from a friend is Free.

Really?  Tried it and NOOOOOOOOO its not.  But you will surely make YOUR profit on it.

[Sander Martin]

Just had a baby boy so i needed some Pesos for bills and stuff.

Transfered again with Transferwise. I sent out 5000AUD to their Australian bank on sunday night. It arrived into Transferwises account monday afternoon and they sent the money onto my BDO account a few hours later. It was there by 6am today. Less than1.5days.

Now the rates. Transferwise offered me the midmarket rate of 35.67pesos per 1 AUD minus their fee. If you take the fee out it came to 35.42pesos per Aud transfered into my BDO account. Just checked SM and they were at 34.36. Almost 1.10pesos more per aud with Transferwise after all fees paid!

I'm never ever taking any more Aud or Euros here. Will just transfer with TF (unless i find something better) - its a company started by my fellow Estonian countrymen after all :D.

Care free transfer and over 5000 more pesos to spend on San Migs. Happy camper!

Edited April 19, 2016 by Sander Martin