Money transfers

[sax4]

Thought i'd share this site to those of you who want to transfer money to your various banks overseas, or to someone overseas etc.

Just found the site today, apparently there are from "the people who brought you PPand Skype", I don't think we have to worry about our details though, PP has changed hands a lot since then

www.transferwise.com

Very cheap, saves you a fortunes compared to International Transfers

Minimum transfer is £11 in GBP, standard transfer takes 2-3 days

Enjoy!

[JamesNorth101]

Going to check this out. It could come in very handy

[rsot]

Wish they would add AUS dollars

[alim]

so does the recipient need to have an account on this site as well

[Callidus]

No they don't, just able to pay via card or bank transfer

[mercurial333]

Can you send US Dollar to US Dollar overseas? My bank account overseas is in USD.

I'm currently sending about 9k a month, and pay about 45$ per wire.

[sax4]

I should think so, give it a try, its quick to sign up. Wow $45 that's a lot for relatively small transactions

[GreenBean]

Wire transfers can be pricey.

[rsot]

Even more pricier than standard North American-acceptable bank wire fees

[Burning]

Last time I sent wire transfer both parties had to pay fees including receiving end, even though I thought it was free for the other party who was getting the money. Sent a small amount, and it ended up costing a total of $50.

[rsot]

Other party had to pay fees at his bank? Wow - overseas?

[Burning]

Originally Posted by rsot

Other party had to pay fees at his bank? Wow - overseas?

The money was for overseas, however, many companies have US bank accounts to make it easier and cost effective for customers to send money. I sent it to there USA bank account - yes, the money was sent in USD (not CAD). Right underneath the form it mentions they are not responsible for additional fees charged by the other receiving end.

[mercurial333]

Originally Posted by rsot

Other party had to pay fees at his bank? Wow - overseas?

That's normal.

[sax4]

Hopefully companies like this will shake up the banking system

[mercurial333]

Anybody tried this yet? It looks like if you want to send USD to EUR you need like a special "permission" from them as it works a bit differently.


Seems to be UK based, the company..

[Callidus]

Works perfectly, never have any problems with receiving funds from the UK to other currencies

[mercurial333]

Our USD fees are as follows:

For amounts up to 1,500 USD: there is just a flat rate fee of 15 USD
For amounts up to 4999.99 USD: it's a fee of 1% of the amount sent
For amounts over 4,999.99 USD: it's 0.7% of the amount sent

You can also find more information on SWIFT payments on our FAQ page here.

It's also important to know that although there are no further charges applied by us, your bank is likely to charge you for sending the SWIFT payment to us, and that intermediate bank/-s may also apply a charge on their end on the way from TransferWise to the recipient bank account (which in the majority of cases about 15-30 USD).

It is also a good idea to tell your bank not to convert your deposit into another currency before sending it.

You will therefore, at the moment, only be able to make significant savings with us on amounts over approximately 2,000 USD, due to the fact that we offer the mid-market rate, which will always be considerably higher than the rate the banks offer.

Not that good for USD to others..

[mynameis]

Originally Posted by sax4

Thought i'd share this site to those of you who want to transfer money to your various banks overseas, or to someone overseas etc.

Just found the site today, apparently there are from "the people who brought you PPand Skype", I don't think we have to worry about our details though, PP has changed hands a lot since then

www.transferwise.com

Very cheap, saves you a fortunes compared to International Transfers

Minimum transfer is £11 in GBP, standard transfer takes 2-3 days

Enjoy!

Does it link to your bank account through direct debit? And also what is the verfification process if you want to assign a bank account to it.?

[Callidus]

Sending in ID initially as they will ask for it at some point

[vwrestmania]

can you send money with a credit card?

[nick8898]

can it be used worldwide??