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TransferWise: Money Transfer at Mid Market Exchange Rate

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TransferWise: Money Transfer at Mid Market Exchange Rate
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Lauzzie on 05/03/2016 - 20:41 transferwise.com (1819 clicks)
Last edited 05/03/2016 - 20:55 by 1 other user

TransferWise gives you the real exchange rate, also known as the mid-market rate(which you can find at xe, google or yahoo finance) to convert your money.

I tried their system on my friends recommendation for the first time and got money transferred within a day.

Bonus:

Treat your friends with a free transfer up to £2,000. For every three friends who use their transfer we give you £100 as thanks for your help.

Mod: Referral links aren't allowed for L or P plate posters as per Posting Guidelines Referral Links

Referral Links

Referral: random (1406)

Referrer receives £50 for every 3 signups, who must all spend at least £200 each on qualifying payments. Referee receives a discount on their first transfer, or they receive a free physical card (Keep clicking the referral randomiser until you receive the offer you want).

Financial Foreign Exchange Money Transfer

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  • marantz on 05/03/2016 - 21:01
    +2

    heard about this before, it is cheaper than what the banks charge to transfer money overseas.
    normally i get charged $20 - $25 per overseas tranfer but this charges $7

  • [Deactivated] on 05/03/2016 - 21:04
    +2

    took me a while before I even knew what the website was for. I thought it was a money exchange sort of place, however, it's for sending money to peoples bank accounts overseas?

    just get a citibank debit and its free

    fees are quite large,

    Real exchange rate: 34.7900
    Fee (included): A$ 39.61

    • your-posse on 05/03/2016 - 21:30
      +1

      If you're sending larger amounts of money, the mid-market rate of TransferWise is definitely better than Citibank's exchange rate.

      i.e. as at 5-Mar-16, A$1 buys:
      Citi: US$0.731412
      TransferWise: US$0.7438

      • Utopian on 05/03/2016 - 23:14

        I thought citibank was 'pure'?
        No fees, market rate.

        • cpho on 05/03/2016 - 23:54

          Citibank uses the Visa rate, which already has some % added on. It's only that Citibank doesn't charge any extra on top of that

        • abh_gup on 06/03/2016 - 00:26

          I used Citibank previously for several years… until i compared the to few others… Citihave a slightly lower exchange rate offered compared to many others. However, service was smooth, the transfer was much quicker and transfers between Citi accounts anywhere around the world were completed within minutes.

        • Kenb0 on 06/03/2016 - 03:44
          +6

          @cpho:

          This is not totally correct. Citibank only uses the Visa rate when you're withdrawing cash from ATM / making a purchase with the Citibank Plus debit card.

          If you are transferring money to other overseas accounts(which is what is being discussed here), then you'll be using Citibank's forex rate. While this forex rate is better than the big 4 banks forex rate, it's not as good as the visa/MasterCard rate

    • Kenb0 on 06/03/2016 - 03:48
      +4

      If you're transferring money to other overseas accounts, then the rate that Citibank offers you is not as good as mid-market rate. It is free to make the transfer, but they'll get you on the exchange rate.

      I am a happy Citibank plus user and recommend it to all my friends, but have to know its limitations

  • chonghe on 05/03/2016 - 21:45

    The mid-market rate is a really good rate. However if transfer more the fee incurred is also proportionally go higher?

    • retiredfeline on 06/03/2016 - 00:03
      +1

      It's 0.7%. So your rate is effectively worse by that much, no matter what the amount. Should be still better than banks.

      • Its4me on 06/03/2016 - 14:35

        It's at least 0.7% for transfers involving AUD - can be more e.g. 1.5% for rubles or yuan.

        Can be less e.g 0.5% for Cable.

  • [Deactivated] on 05/03/2016 - 21:52
    +1

    Ozforex OFX. Bonus: March transfers go into a draw to win one of ten $1000 prizes. Refer a friend and both get a $50 Itunes card.
    Simple, better rate for large amounts esp.Eg 10K to GBP>£5219, £24 quid more than TW.

    Avoid banks!

    • Utopian on 05/03/2016 - 23:18

      Yep.
      Or unlimited fee free transfers deal

    • ameel on 06/03/2016 - 01:12
      +8

      It advertises 0.6742 conversion to Euro on the front page. When I sign up and login, it gives me a spot rate of 0.6642. I go back to the front page, and it's still showing 0.6742.

      Mean while TransferWise showed me a rate above 0.67 but below 0.6742 on front page. I signed up and logged in, same rate applied. After a few minutes, I tried again and I got a rate of 0.6762.

      IMO OFX is misleading and deceptive, advertising a better rate than what they actually offer.

      • [Deactivated] on 06/03/2016 - 11:37
        +1

        Interesting, thanks ameel. Just checked and can confirm the same problem. I've sent them a message because it is undoubtedly misleading. If they continue with it I won't use them again.

        • wortho on 06/03/2016 - 14:14

          Same for me when converting to UK pounds and get a lower rate after signing in. I've signed up with transferwise instead. Thanks Op. Also got a free transfer when signing up via https://www.icomparefx.com/transferwise-coupon/

        • chonghe on 10/03/2016 - 23:19

          Did you receive any reply from them?

        • [Deactivated] on 11/03/2016 - 10:24
          +1

          @chonghe: yes, they simply said it was a current rates banner to help customers. I replied saying it was misleading (especially because of its prominence - no need for it to be so big if it was only a market rate tool), that there should at least be a disclaimer, and that I wouldn't be using them again if they didn't do something. No reply. It's obviously there not just to inform.

          Could report them to the FOS and might still do so but better to take my admittedly small needs elsewhere and advise others to do the same.

        • chonghe on 11/03/2016 - 10:47

          @Possumbly:

          Thanks. I will avoid using them. Transfer wise is nice as the max you lose is 0.7% rather than the ~2-3% exchange spread of OFX

    • Its4me on 06/03/2016 - 13:38

      I usually find hifx better than ofx for larger amounts (because of the fee charged below $5k or so).

      hifx and ofx guarantee the rate before they receive your funds, currencyfair and transferwise don't.

      hifx and ofx seem to support more countries - e.g. USD payments to non USA bank accounts. hifx even allow you to specify an intermediary bank if necessary.

    • z0s0 on 07/03/2016 - 08:19

      Transferwise definitely offers a better deal than OzForex for transfers of non trivial amounts (e.g over $5K). Even the OzForex "corporate" rate (for >$100K) is worse than TransferWise's normal rate.

      Also FYI: Transferwise has told me that they will negotiate their fee for transfers over €300K, but not below that amount.

  • chonghe on 05/03/2016 - 22:09
    +2

    The free payment is up to GBP 2000 and only one time? Any way to get more free payment?

    • mini_wombat on 06/03/2016 - 17:55

      You could register a second account … ;-) … your partner, parents, kids, …

      • retiredfeline on 07/03/2016 - 11:01

        But you can only have one account per person (checked by identify document triggered by first transfer) because of financial regulations. When I was communicating with support due to some website issue, I suggested creating a new account to debug the problem, they told me this.

        • chonghe on 07/03/2016 - 11:45

          but then your partner or parents are different person :)

        • retiredfeline on 07/03/2016 - 13:38

          @chonghe: No problem there but they have to verify. So you can't use your dog. :)

  • marantz on 05/03/2016 - 23:34

    useful for those who transfer smaller amounts overseas on a regular basis to save on fees

  • onlybargains on 05/03/2016 - 23:58

    I also found https://currencyfair.com/ useful, (in fact more so than TransferWise which just didn't support my scenario). Very competitive pricing too.

    • illumination on 06/03/2016 - 02:22

      I use CurrencyFair. Pretty good.

      • Its4me on 06/03/2016 - 13:23

        Currencyfair don't commit on the rate until they receive your funds.

        When I did an exchange last month they 'lost' my transfer for over a week because they were changing one of their banking partners unbeknownst to me. In the intervening time the exchange rate moved against me by $0.05 - ouch.

        • illumination on 06/03/2016 - 13:24

          Oh damn wow.

          I never do that though. I always put the money in before committing to the rate, because it gives you the flexibility to try and "bid" for a better rate. Obviously you risk (as in your case) the exchange rate going against you though, but I just prefer the flexibility + control. If I lose I lose. My fault/decision.

        • baxter on 06/03/2016 - 16:27

          I've also used Currency Fair and they're great - 4 times so far to the UK, US, Malaysia and Norway. Excellent exchange rates and very low fees. Shame your transfer was delayed, but likewise it could have moved in your favour in the meantime and no doubt you'd be all smiles :)

          It makes sense though as you can't change your money to another currency until they actually have your money ready to go.

    • mini_wombat on 06/03/2016 - 17:56

      They are pretty ok when the exchange rate does not move. With transfer wise you can set the system up to wait until the exchange rate reaches certain level and it's locked in.

  • cminez on 06/03/2016 - 00:04

    It takes around a week to receive money. My friend had dramatic story that they didn't get the money and had to refund. Took him almost a month.

    • retiredfeline on 06/03/2016 - 00:05

      Depends on the source and destination. I started on Thu and it's scheduled to arrive Mon.

      • Its4me on 06/03/2016 - 13:27

        Last times I used TransferWise it took 2 working days to Australia, which is good: best to send on a Monday or Tuesday.

  • retiredfeline on 06/03/2016 - 00:08
    +2

    There's a useful feature of Transferwise which is Send to Email Address. You don't need to know the recipient's bank code and account. You start the transfer, they get an email notifying them to fill in a form nominating which bank and account they want the money to go to. If it isn't claimed in 5 working days, the money comes back to you. This reduces the risk of transcription error in the bank code and account.

    • teehee on 06/03/2016 - 06:45
      +1

      In that case is the rate they transfer with the one at the time you filled the form or the receiver?

      • retiredfeline on 06/03/2016 - 08:59

        At the time the transfer is done, after the recipient bank details are filled in.

  • bob19 on 06/03/2016 - 00:20

    Be aware: Fees depend on the country of destination and the currency and can be VERY HIGH!

    • bob19 on 06/03/2016 - 13:38

      Whoever gave me a negative vote, obviously was too lazy to check the fees.
      As per my above post, they vary a lot.
      For instance, to transfer A$1000 to different countries will incur a fee which varies from about A$6 to A$20.

      • seb on 28/03/2016 - 11:52

        Bob, just curious, who has lower fees? And of course, you really need to compare the total price, i.e. X money goes in (including fees), Y money comes out. I have compared with other providers and whilst for example Ozforex can have lower fees for some transactions, it has a much worse exchange rate.

        If there's a better deal around, please post it along with your negative vote. A negative vote on its own is not helpful.

        • bob19 on 28/03/2016 - 14:51

          OK. Just an example showing that even a bank or forex or paypal may be cheaper than TransferWise:
          TrasnsferWise:
          To transfer $10,000 to Ukraine will incur a fee of $196,
          $20,000 - $392, etc…

        • Utopian on 06/07/2016 - 16:05

          @bob19: "May". You've picked a large amount with an exotic currency, for sensationalism.

          OzForex doesn't even offer it. Paypal charge 4% (That's $400, by the way).

          Do you have a real example to back-up your claim?

          TransferWise openly charge a fee, while others hide it in a crappy rate (and/or charge a lower fee).

          Please help us all… show a real example.

  • teehee on 06/03/2016 - 00:22

    is this only for sending pounds? Or does it mean the equivalent AUD amount for 2000 pounds?

    • retiredfeline on 06/03/2016 - 00:37
      +1

      That's just the sample conversion. Plug in your own and see.

  • MrTweek on 06/03/2016 - 13:28
    +1

    I've been transferring between EUR and AUD through different services for quite a while and ended up switching entirely to transferwise.
    It is by far the cheapest way to transfer money between accounts.
    Mid-market rate means that their rates are better than the ones of any bank or exchange service by definition!
    Everyone else has a sell rate and a buy rate. You need to calculate the difference between these 2 to know what they actually charge you.
    Transferwise has one rate for both directions, but charges you a 0.7% fee instead.
    Makes it very transparent what they charge.

    The xe.com app has a 'currency advisor' thing, that will do the math for you and make it very easy to calculate the real costs of a transfer and compare different services.

    • Its4me on 06/03/2016 - 14:38

      Also, transferwise supports Sofort for transfers out of EUR, which none of the others I've come across do.

  • [Deactivated] on 06/03/2016 - 15:19
    +2

    Very high transfer fee.
    That's how they are making money.
    For ex, to transfer 1k AUD to India transfer fee is $6.96 where as for 10k AUD it is $69.96
    No one charges so much for transferring 10k AUD.

    When I consider the net forex rate after deducting the transfer fee, I can say there is literally no advantage with TransferWise as I'm getting the same price from others.
    Too add more, they don't lock the forex rate at the time of booking as forex rates fluctuate every second where as others lock the price even if bank transfer take 1/2 day which I witnessed with OzForex.

    • MrTweek on 07/03/2016 - 10:54

      Might be different per country, but I can definitely confirm that everyone else charges more than 0.7% for transfers to Europe.

      Fluctuating rate can indeed be a bit risky, but you can set a rate limit of 0.5%, so that's the worst that can happen. On the other hand, if the rate develops in your favour, they will give you more than initially estimated and there is no rate limit in this direction.

    • Utopian on 06/07/2016 - 16:23

      You've missed their whole business model.
      Their fee is transparent, pure exchange rate, and you get more money in the end.

      $10k
      Transferwise: 498,877.36 (Most)
      OzForex: 497,704.40
      Paypal: 481,843.20
      CurrencyFair: Not Offered

      Please advise, who offers more in the recipients bank?

  • mini_wombat on 06/03/2016 - 17:54

    I posted the deal some time ago here: https://www.ozbargain.com.au/node/164499

    I used the service a few times and it's very reliable and fast. I would never transfer big amounts (as it's still a private company and there are risks involved (who covers you when they go bankrupt while you transfer money). But the fees are so low that it makes sense to transfer even smaller amounts a few times … :-)

    They increased there fee since I first posted the deal (it is now 0.7% … which keeps it very transparent and nothing hidden) … but also allow now more transfer options (such as from AUD to other currencies).

    I can only recommend it but please check for yourself and weigh up the risk for your personal transfer. I use it for EUR/AUD and it is pretty good.

  • amsaini15 on 06/03/2016 - 18:08

    I am thinking if I leave my citibank debit card with my parents Overseas and they can withdraw from ATM when I put money in here in Aus.
    Does anybody see any problem with that?

    • Nuggets on 10/03/2016 - 11:58

      No, not really, except depending on the country signature is preferred over pin. So that might be an issue.

      • amsaini15 on 11/03/2016 - 19:56

        I will be giving them my pin to withdraw from ATM whenever they need money.

  • PipSqueakables on 06/03/2016 - 18:52
    +5

    This isn't a deal, Transferwise always had good rates. OP tried to get us to sign up using his referral link (which ultimately didn't work either)

    • dirkgonnadirk on 07/03/2016 - 14:31

      this is correct. with that said, it's a good site for those who didn't know about it.

  • bob19 on 08/03/2016 - 05:13

    Whilst the transfer to some countries is reasonable, there are some crazy examples:

    To transfer money to Unkraine wil incur the following fees:

    A$1,000 - Fee A$19.61
    A$10,000 - Fee A$196.08 !!!

    WOW!!! Where else can you find a fee of $196 for transferring $10K?

  • avitherock on 16/03/2016 - 12:17

    I just signed up to this website and then i found out about the referral program. My chatting with Online Help and she wants the name and email address of the person who can refer me. Anyone who wants to be my referee, please PM me ur Name and email address.

    • retiredfeline on 16/03/2016 - 12:19

      Will she accept a referral code? I've PMed you mine or you can get a random one from the link at the top of this deal. I'd post mine but I think that's against comment guidelines.

      • avitherock on 16/03/2016 - 12:21

        she wants name and email address of my "friend".

        • retiredfeline on 16/03/2016 - 12:23

          PM me your email address and I'll invite you.

        • avitherock on 16/03/2016 - 12:24

          @greenpossum: I have already signed up. Thats the problem. Otherwise I would have used the above random link to sign up

        • avitherock on 16/03/2016 - 12:25

          @greenpossum: Below is her reply:

          Meredith | TransferWise Support: There's no way for me to look the user up with a referral code. So sorry - I would need the name and email address

    • chonghe on 16/03/2016 - 13:26

      I have PM you.

      • avitherock on 16/03/2016 - 14:00

        Thanks..will let you know how it goes.

        • chonghe on 16/03/2016 - 14:44

          Cheers.

  • FiDad on 23/06/2016 - 10:29

    Did a transaction using a random referral link. Transaction went ahead smoothly and got myself a cracking rate, saved myself $250 compared to doing the transaction from my BANK

  • BlueSkyHarvest on 07/08/2016 - 12:11

    All worked fine. I used my free TransferWise transfer from a random link here to pay for staying at a family owned and run chateau in France.

    It was a great accommodation experience at a good value price. However, they do bookings by email and require 50% advance payment into a personal bank account. So TransferWise was a good solution to the problem. In case you are interested, the Chateau Veretz accommodation link is:
    http://www.chateaudeveretz.com/chambres.htm

  • yoyo6 on 15/10/2016 - 14:38

    I have signed up but I haven't used it yet. Their rate is better than Citibank which is what I normally use. However, Citibank to citibank is free but if I use transferwise to send money to my US account, I will be hit with a $15 fee from citibank to receive the funds. However, I worked out that if I transfer over around $2000, it will cover that fee and I will be better off.

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