I have used it twice, quick and easy.
Thanks for your feedback everyone, good to know that the majority of you are happy with the service. I am constantly on the lookout so rest assured I'll keep you up to date with any developments.
HI, I have made two transfers now, both fast, and excellent exchange rates. Thanks James for the tip!
Not yet but next time I'm moving money to France I will. Seems to get a pretty good write-up on other forums.
My last post may have been a touch obscure for those outside of the Principality. Anyone know if they play rugby in 56 which is where we are headed.I fear the answer will be a 'non'.
Many thanks for all the comments - after last Sunday I needed something positive!
I have used them a number of times following your recommendation, Very easy to use and not expensive. As a way to move your money around they are among the best I have used. In my experience to date they have been quick and convenient with the added bonus that you can track your transaction. A good suggestion James
I used TransferWise last month and was very impressed. I sent Euros to US dollars. The bottleneck in the transaction was Banque Populaire, but once that was sorted everything went smoothly and very quickly (a few hours). Total out of pocket, €9.95. The transfer was at spot without an exchange fee.
Has anyone any experience of Foreign Currency Direct or VFX Financial ? We're on the point of buying a house in Britanny and having just completed the Compromis de Vente I'm feeling a tad frazzled.Both these forex companies have been recommended to me but by immobiliers.
Have been using them prior to your recommendation and I'm sorry but as most of my transfers are coming through in one day find it hard to believe other people are doing it quicker. Many companies say they don't charge a fee but then have a buy and sell rate making themselves a few euros on that instead. Nobody does anything for nothing at least at Transferwise I know exactly how much I am going to get.
Dick, Transferwise is a peer to peer system, that is what it is based on and why they use the mid rate and charge a tiny amount of commission. My usual amount is around 300€for which I pay about a euro commission, perfect for small transfers.
I use it every month, never had a problem transfers are getting quicker and quicker
I haven’t used transfer wise either. I have a longstanding account with Hifx (10 years or so)and I use them to transfer my teachers’ pension each month. I organize a contract annually. I won hands down with the exchange rate I fixed for 2013 but am a little down on this year’s rate. Swings and roundabouts!
Lynn, A good way is peer-to-peer transfer. If you know someone (like me) that wants to transfer some sterling to Euros - someone you trust, then you pay the person in Euros and they pay you in Sterling at a rate agreed on the day. No charges, no transfer fees, and no rip-off exchange rates.
I normally use HiFx as they are quick and don't charge a fee. Nor do Credit Agricole to receive it. The thing about all of these companies is thatyou have to balance exchange rate and transfer fees. It is no good getting a great rate and then pay high charges or vice versa. If I do an online transfer with HiFx before 10.00 am and move the money to them by Lloyds Bank online payment at the same time, I get the money in France next day.
Following your recommendation we have "moved" to transferwise and its been far cheaper to use than Currencies Direct whom we used to use. After the initial minor hassle of registering as a client its plain sailing and very quick with transferwise, I can't think why anyone would want to use a different broker. Thanks for the original recommendation.
Yes. I bought some SNCF tickets for a family member in the UK - it seems that SNCF does not accept foreign credit cards.......
I found TransferWise on the Web from a comparison site that I cannot now locate. They seemed to work out best for the relatively small amount involved and I suggested they send me the money that way. It arrived in my account very quickly. For this single experience, I rate them as very serious and professional.
On rates - to check these you really need to login to several accounts and enter the transfer details to get an exact quote as the rates will vary a bit from the published mid-market rates and change over different time intervals for each broker. I usually run a couple side by side and pick the best overall deal. In fairness it doesn't vary by more than about £5-7 on £1,000 on my brokers but it will be much more if compared with banks or most on- street or "travel money" exchanges or the Post Office. You do need to ensure that the broker you choose is fully registered with the FSA (or its successor) to ensure that your funds are protected in a separate clients account. Not the case with the infamous CCE where unpaid funds were lost as they were not held in a client's account. Rates were good if you got away with it though but it was a Ponzi.
Thanks for the info Michael.
I too also use a UK registered Credit Card (with Nationwide) that allows me to make purchases over here in France commission free and at the market rate of exchange, although it doesn't allow me to withdrawal cash from ATMs for free.
I use HSBC global banking though not moved any money for a while as living off house proceeds :(
As other half is now working in UK again I will be interested to see what the difference is on my next transfer probably next quarter as I have noticed the HSBC rate seems to have got further away from the XE rate.
Hi Matthew
Why not just open an account and try it. I transfer €500-3000 quite regularly and pay no fees for France. XE do charge for Cyprus but WF don’t. For purchases I use my clarity card and pay in Sterling from UK. XE chart rate is “middle market” but they also offer a very clever “Bid” service in which you set a bid at a chosen rate for a set time. As soon as, or if, the rate hits you choice, even for a few seconds, you get the deal. In fairness the gains aren’t great unless large sums are involved and you have to forecast a rise in rates to win but it is more fun.
As my old research boss used to tell me - “If you want to know the answer do the experiment”
Hi Michael,
I'd be happy to hear what fees you do (or don't pay) on your transfers. I currently pay £5 per £1000 transferred which I must say is hardly breaking the bank. As far as rates go TW provide the live market Exchange rate at the time of the transfer. I follow the exchange rates closely using www.xe.com and can say that I get the rate that is published on here without fail (minus the £5 of course)... If you can save me the £5 without any additional hassel then I'd be all ears but as James has said on many occasions, for the majority of us making regular transfers of £1-2K this is a more than suitable service. Thanks