Whilst I’m not one of those people who starts manically counting the shopping days until Christmas, it’s a fact that Christmas is a coming and present shopping is required! I love finding and sending personalised gifts but there are occasions when the distance and postage costs mean that sending money is a better option. And let’s face it, for grandparents and teenagers, this is often the preferred choice! In addition, with the advent of online shopping, we often need to pay for purchases in a different currency. Last year I bought my daughters handmade necklaces that came from a lady in Australia; a gift which had a lot of personal significance and I was very pleased with myself until I realised that I would need to pay in Australian dollars!
But sending money abroad is expensive. Banks charge hidden fees and the rates are never great. So what’s the best way to send money overseas or to pay for goods? The answer is TransferWise! It’s the lowest cost and fairest way to transfer money internationally; it uses peer to peer technology, has no hidden charges and therefore in some cases, makes sending money abroad up to eight times cheaper than using a bank. Which means more money for you to spend on presents…The total charge is always made completely clear and you get the best possible rate.
We’ve been using Transferwise for a long time now and can highly recommend it. It is totally secure and authorized by the UK’s Financial Conduct Authority (FCA), meaning that the business is subject to European rules (the Payment Services Directive) designed to protect customers. TransferWise have to keep customers’ funds separate from their own, demonstrate that they are financially healthy and adhere to strict anti-money laundering procedures.
It is simple and easy to use. You can install the app on your smartphone or tablet (if you don’t have a smartphone or prefer not to use apps, you can of course just use your normal browser on your computer) and make transfers in seconds from wherever you happen to be. It keeps a handy record of your activity so that you can quickly see what you sent to who and when and setting up a list of recipients is quick and easy to do.
If you want to see what it will actually cost you, simply use the ‘Send’ feature. Today, this shows me that if I send 1000€ to someone in the UK today, the guaranteed rate is 0.8939, it will cost me 4.98€ in fees, the recipient will get £889.45 and I save up to 39.67€ in comparison to today’s average bank rate. What’s not to like? It really is the easiest way to send and receive money without incurring excessive charges.
Hello James
I have also used Transferwise and think that their site is ‘user friendy’ and secure too. I have no hesitation in seconding your recommendation
@james I don’t understand your last sentence, because every transaction incurs a charge even large transactions. Having followed the link yesterday I put in 100k as an example the rate was specified but they wanted £350 to process the transaction. I phoned an FX company asking if they would match the rate and they said yes and no fees over 5k. So in effect Transferwise are £350 more expensive.
So how do you send and receive without charges using Transferwise?
I often compare the sum that I will receive using TransferWise or HiFx before moving money and the amount I will receive is always higher for TransferWise even after paying their fee than HiFx which charges no fee.
No, not for the sums I transfer. I like TransferWise because it’s straightforward and I can see exactly what I’m being offered and that price is held for 24 hours. I have gained far more by delaying a few days than I might by spending time on the phone. I never put myself in a position where I am pressed for time and have savings and investments in France that I can call on if the exchange rate is particularly dire.
I have recently found Transferwise, and have found they are by far the cheapest going. They follow the moving sterling to euro rates and once you have bought, your rate is guaranteed for 24 hours. To see what I mean click onto their site and drop in a transfer value to £1000 for example which shows their transfer rate ( by the way this doesn’t change if you only exchange a small amount!) then go to a site showing the live sterling to euro rate and you will see what I mean.They charge ontop £4.25 per £1000. If you do it before a certain time in the day you can get your money within 3 hours. Only issue is that anything over £2000 you need to do a bank transfer rather than pay by debit/credit card. Payments by credit or debit card incur a £2-£3 fee. Compared the transfer rates the other day with a leading currency firm and even with the small charges mentioned Transferwise were £100 cheaper! See Richard Branston has invested in them, but to be fair am very impressed and shocked now at the transfer rates offerred by other big currency companies.
Vanessa what I was questioning at the time was James’ comment that there were no fees when quite clearly there are. James clarified this. See above in thread. On reasonable sums the fx companies I’ve dealt with will match the euro rate that Transferwise offer without levying any fees. Less margin for them of course but good for me.
As with most things…it is good to have several options… then it is up to the individual to investigate what is on offer…ask for various quotes… and make a decision…
i’m a new convert…i was a bit worried when the transfer didn’t come in 4 hrs as they say in the emails but i’d read that migh tnot happen on this site…it came in 24hrs SO much better than 6 days and i got about €162 more and much easier. Thanks to the reviewers here
L
There are several time factors at play; there is the time the FX company receives your payment, the time the send your money, the time the money reaches your bank and the time the money appears in your account. Last time I used a TransferWise it was actually about four hours for the whole process to go through but I usually expect it to be 12-24.
