Transferwise Anyone?

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Posted

Anyone used TransferWise? I tried them in Jun but had trouble getting the charge to go through to my checking account. I just tried with their Android app and it says it is in progress for 47.49 PHP to USD. $0.00 fee. There is a 1 week wait with this service.

Investigating further, the first transfer is free. Then it's low cost overall. Example: US $1000 for $9.95 fee BUT the exchange rate is 1 peso per dollar higher or more to what I would get at any other transfer service. So I save 1000 pesos (roughly US $21) plus gain $11 AND their fee over another transfer service. So, $16 ahead vs Xoom specifically. 

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Posted

I've used Transferwise about 9 times thus far, for a large amount of money. I have no complaints. PM me; if I refer someone I get the equivalent of GBP50 and you get GBP2,000 worth of free transfers.

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Posted
I have no complaints. PM me; if I refer someone I get the equivalent of GBP50 and you get GBP2,000 worth of free transfers.

 

Mr "F" is it that secret you can't tell all of us here.

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Posted

 

I have no complaints. PM me; if I refer someone I get the equivalent of GBP50 and you get GBP2,000 worth of free transfers.

 

Mr "F" is it that secret you can't tell all of us here.

 

 

I believe I just did! :lol:

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Posted

I have not used them, but at that exchange rate it might not be bad.

 

That is my biggest concern with Xoom.  Everyone says they only charge a $4.99 fee - which is true'ish... but the exchange rate is usually a least a peso lower than anywhere else.  So a $1,000 transfer would cost $4.99 plus losing p1,000 on the exchange... almost $20 (USD).

 

Western Union usually has a better exchange rate than Xoom, but not much.  I will have to look into TransferWise.  :tiphat:

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  • 2 weeks later...
Posted

I have not used them, but at that exchange rate it might not be bad.

That is my biggest concern with Xoom. Everyone says they only charge a $4.99 fee - which is true'ish... but the exchange rate is usually a least a peso lower than anywhere else. So a $1,000 transfer would cost $4.99 plus losing p1,000 on the exchange... almost $20 (USD).

Western Union usually has a better exchange rate than Xoom, but not much. I will have to look into TransferWise. :tiphat:

I'm agreeing with you Tim.

Just to follow up on my experience. Transfer completed at 47.49 on 16 Dec. They said by 17th; so a day ahead. For the .1% fee they charge, don't have to wait a month, and goes straight into a bank account already converted I am switching to this method of money movement.

Here's hoping the government doesn't decide it makes too much sense and must be stopped. [emoji33]

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  • 3 weeks later...
Posted (edited)

e97fc7363cb8d81da1be5510557c456c.jpg

47.81 exchange rate. Effective rate after fees is 47.34. GREAT

Thanks TransferWise.

Edit. ... This goes bank to bank, so no running around either.

Edited by GregZ
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  • 2 weeks later...
Posted

Wow. 48 PHP to the US $ is here.

First pic is TransferWise app showing offered rate. Second is xe.com current mid market rate.

36f291855954f0e6e6fb866f0fa26bc5.jpg

23af55e8740c3c8c0e44cd574e326a6d.jpg

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Posted

Dang.  I tried my FX provider (XE Trade) and they are only going to give me

post-41-0-35219800-1453732729_thumb.png

 

Thats a big difference.  I am now going to have to look into that Transferwise to see if I can get a better exchange rate for my Canadian dollar that XE Trade gives me.

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Posted
t a better exchange rate for my Canadian dollar

 

As I write this, XE Trade will give me 32.6 pesos and Transferwise will give me 33.8.  I was on the "live chat" with their customer service to get that number but they also told me that Canadian transfers have a higher service charge because of blah blah blah.  So I would have to send enough money to make it worth the switch but still:  GREAT INFO GUYS

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