 Poster: A snowHead
|
I don't usually like advertising firms on here but I recently had to transfer money to Europe a couple of times and found this company, TransferWise, extremely good value when compared to banks. I carried out quite a few comparisons and not only did they beat the other transfer companies but with the banks exchange rates and charges I reckon I saved about £60 on the deal.
I used them last year as well for putting a deposit on ski accommodation. Only takes a few minutes to do online.
This was for over £1000 going to Europe
"The final exchange rate was 1 GBP Pound Sterling = 1.2268 EUR Euro, and we charged you £5.72 for the service. We refunded £ 39.07 to your account as it took less than your deposit to convert the money."
If you recommend three people you get a bonus so I confess to a vested interest.
BUT!!! If you use this link they will give you a free transfer and knock off the small fee.
https://transferwise.com/u/6a4cb
Last edited by Poster: A snowHead on Tue 13-05-14 11:55; edited 1 time in total
|
|
|
|
|
|
Obviously A snowHead isn't a real person
Obviously A snowHead isn't a real person
|
|
bah, too late, did one from my bank 3 weeks ago that cost me £25!
|
|
|
|
|
|
Well, the person's real but it's just a made up name, see?
Well, the person's real but it's just a made up name, see?
|
kitenski, Always next time 
For small deposit sums I really begrudge paying fees. The banks definitely rip people off for the level of service provided. Just out of interest can you recall the exchange rate the bank gave you?
|
|
|
|
|
|
You need to Login to know who's really who.
You need to Login to know who's really who.
|
ScarpaTheSmoocheePoodle, online statement shows £288.58 (excluding the £25 charge) on 24th April
The bill was Euro 338.9
So would have saved £35 using your link all in  (assuming exchange rates were the same as you just got)
|
|
|
|
|
|
Anyway, snowHeads is much more fun if you do.
Anyway, snowHeads is much more fun if you do.
|
We've used them, too, and saved a significant amount. The background to their formation and their investors are interesting: https://transferwise.com/en/about
Although they're FCA (the old FSA) authorised, there's no compensation scheme if they did fail, but it appears they have good backing.
|
|
|
|
|
|
You'll need to Register first of course.
You'll need to Register first of course.
|
|
sj1608, Yup, I looked into their background too. It's good to see entrepreneurs start up to fulfill a need. For savings I'd always go for compensated banking, but I figure that a strong business is unlikely to collapse in the three days it usually takes for the transfer to go through.
|
|
|
|
|
|
|
|
|
Yes, another vote; we used them to pay our ski school for next year - no issues at all and very, very good exchange rates.
|
|
|
|
|
|
|
|
|
I use the FX Firm. Very efficient and good rates.
|
|
|
|
|
|
You'll get to see more forums and be part of the best ski club on the net.
You'll get to see more forums and be part of the best ski club on the net.
|
|
J9, Yup, they are not bad. But if you get 3 people to use them too will they bung you £50?
|
|
|
|
|
|
|
|
| ScarpaTheSmoocheePoodle wrote: |
| ... savings I'd always go for compensated banking, but I figure that a strong business is unlikely to collapse in the three days it usually takes for the transfer to go through. |
 But to determine "strong" requires more skill than many have, at least. The Equitable Life looked pretty strong, and the Northern Rock was a rock, for a while. I agree with your point, but from the general feel here I'm interested that whilst many here take insurance simply because they're stepping across the channel, they don't see financial risk in the same way, yet it all boils down to finance eventually.
Personally I'm usually more worried about the destination company going t*s-up rather than the transfer company, but they're all possible.
It's definitely worth shopping around and comparing costs/ risk, but I'd not take one website's sales "comparison" data, as that is obviously slanted. For larger sums, the charges for SWIFT from my bank account at least are significantly less than listed, with the standard VISA exchange rate. The receiving bank adds a charge of $10CDN for Canadian dollar transactions to that, which is a PITA as you can't easily define precisely how much the recipient will actually get in advance.
Other options I've used include running Euro/ US Dollar accounts, although I found that more hassle than it was worth.
|
|
|
|
|
|
snowHeads are a friendly bunch.
snowHeads are a friendly bunch.
|
| sj1608 wrote: |
We've used them, too, and saved a significant amount. The background to their formation and their investors are interesting: https://transferwise.com/en/about
Although they're FCA (the old FSA) authorised, there's no compensation scheme if they did fail, but it appears they have good backing. |
If you want proper FCA authorised with as much protection as you need try these boys.
http://www.worldfirst.com/blog/
You will see todays rates are VERY competitive. (at the bottom)
I have an interest in them as Im a Corporate Partner meaning if you come through me I get preferential rates.
PM if anybody wants a quote.
|
|
|
|
|
|
And love to help out and answer questions and of course, read each other's snow reports.
And love to help out and answer questions and of course, read each other's snow reports.
|
jafa, can you explain how the FCA protection you get with Worldfirst differs from that with Transferwise, please.
As far as I can see, they are both registered as Payment Institutions, and I don't think there is a compensation scheme under this category.
|
|
|
|
|
|
|
|
|
As they are only one of 4 or 5 both Authorised and regulated FX, as opposed to being just authorised, they offer certain protections not offered by being just authorised. If you wish to know the difference on a personal level, then I recommend you check out any company first that you wish to do FX with. Im not on here knocking any Company. Im just offering Worldfirst as a fully Authorised and REGULATED FX company that's been around for 10 years who offer competitive rates. If you were transferring say half a million pound to Europe, youd at least be happy in the knowledge that the funds are kept in a separate account and not able to accessed by anyone other than the receiving bank at your final destination.
|
|
|
|
|
|
You know it makes sense.
|
|
Will all this be necessary in Europe once the SEPA stuff really takes off? I can already transfer pretty much any amount from France to Spain for 3€50. In fact I think with my new bank it's free, but haven't deciphered their charges yet. Obviously sterling is a different currency, but the EU regs tend to ignore that sort of stuff.
|
|
|
|
|
|
Otherwise you'll just go on seeing the one name:
Otherwise you'll just go on seeing the one name:
|
|
jafa, Yup, for very large sums I would go for maximum security, probably a direct bank transfer. But for holiday type amounts I'll vote for cheap with a good record. Agree that most price comparison sites should not be trusted in isolation, as with most insurance sites they are basically averts for a small number of companies who pay to be included in the tables.
|
|
|
|
|
|
|
|
FAQ
