TransferWise?

never heard of them, but with this address

Unit 1.03 (c/o Albion), The Tea Building, 56 Shoreditch High Street, London E1 6JJ, United Kingdom

mmmmm
 
Estonia is a very internet savvy country. I know Transferwise as they are used by the international Estonian P2P lending site isePankur for transfers from UK residents which work well. It is a Peer to Peer exchange site like Currencyfair which I have been using for some time to send money to a euro account. Both these give far better rates than currency brokers.
 
Been using them for a year or so making regular payments to the US - a fantastic service and you will be amazed at the saving over regular bank charges. Fully recommended

John
 
Is it just me... I am am very concerned that they are not registered in the UK Financial services. This would be a big NO DO NOT USE to me.

Anyway if it is working and you are only doing small amounts it may be worth a punt-but it may all go pear shaped with BIG funds.

Good luck
 
rivonia said:
Is it just me... I am am very concerned that they are not registered in the UK Financial services. This would be a big NO DO NOT USE to me.

Anyway if it is working and you are only doing small amounts it may be worth a punt-but it may all go pear shaped with BIG funds.

Good luck
Click to expand...

Transferwise is a registered money service business. Her Majesty's Revenue and Customs certificate number 12591871.
We are fully authorised by the UK Financial Conduct Authority (FCA) as a payments institution with reference 571669.

I did not find any other info. But they seem to have some big named players backing them.

Im sure we will find out really quickly if there no good.
 
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Yippeee. You lovely forum people. What perfect timing!

I am transferring a big sum to Greece today! In fact, I phoned my bank to make the transfer and (!!fortunately!!) they have insisted on calling me back for security purposes.
According to the Transferwise web site, using them will save me over £400. Even half that would be nice!

I am nervous about putting this sum of money through a 3rd party site so i did a bit of Googling and TransferWise show up on the highly regarded MoneySavingExpert site as being FCA approved. Here is what they say about them ...

Transferwise*: Send from just £1
Low fees, good rates, arrives in up to 3 days
Transferwise
Rates: Good - they use the mid-market rate. Min transfer: £1Max transfer: £1 millionFCA: Authorised (What does this mean?)
New provider Transferwise* is a peer-to-peer currency service (click the link below for an explanation) that lets you transfer as little as £1 online for the lowest fees we've seen. The money should arrive in one to three days.

Currencies include euros, US dollars, Indian rupees, New Zealand and Australian dollars (but they'll trade around 20 in total). The exchange rate is OK, but the fees stand out - just £1 on transfers up to £200 and 0.5% above that. The exact fee will be shown when you make the transfer.

Transferwise is authorised by the Financial Conduct Authority. This means any money you send using the service is kept separate from company accounts. So just like the non peer-to-peer services, if the firm falls into difficulty, your money should be able to be returned to you. See Is my money protected? for more details.

I await the call back from my bank but this timely post is likely to have saved me enough for a new Anchor!
 
As per my post above. Been using TW for some time now - dead easy. Transfered a grand to Spain this am having set my minimum exchange rate. This is what I got after an hour:

should arrive by*Monday, 9 AM (GMT).

Got any revolutionary friends?Treat your friends with a free transfer. For every three friends who use their transfer we give you £50*as thanks for your help.*Share your unique invite link:https://transferwise.com/u/d4e86 The final rate was 1 GBP Pound Sterling = 1.1990 EUR Euro, and we charged you £2.94 for the service.

Knocks socks off other transfer mechanisms. Use my link above for a free transfer!

The "should arrive on Monday" reference seems to be worst case scenario. Money likely to be in Spanish bank tomorrow.

The peer to peer reference in the post above means, basically, that they use all of the money, including mine, in transfer process to generate the best exchange rate. So the more money in the transfer funnel then the better the rate. COOL
 
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I have used Hargreaves Lansdown (www.hl.com) a number of times and found them to be very competative and professional. For large amounts (I think over £10K) there is no commission. Rates can be set in advance. Last monday the Euro rate was 1.2040. I have not used them for low value transactions. No connection etc etc

Neil
 
I have used Currency Fair a lot, so I wanted to compare with TransferWise. Currency Fair give a worse basic rate than TW but a flat 3 euro fee, TW's fee is 0.5% (or higher). However, I never use CurrencyFair's flat rate. They have their little internal marketplace and I have always done better with that.
 
I did a (sizable) transfer with TransferWise. Although relatively easy to use, there isn't a lot of transparency. The actual rate i got was not as good as their 'advertised' rate. however, i found that this annoying misinformation is common to all transfer sites. (I tried CurrenciesDirect and Hargreaves and Lansdowne.)

So, although TransferWise is a very good rate, it may not be the best - even if their 'forecast' transfer calculations tell you so.
 
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