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Post by chang on Sept 17, 2023 19:06:32 GMT
Has anyone used one of these? www.top10moneytransfer.com/send-money-online-uk-hi/They appear to be no- or low-fee and, more importantly, do not apply a giant markup to the interbank exchange rate. Has anyone used Torfx (4.9), XE (4.3), Wise (4.2), or Currencies Direct (4.9)? (Numbers in parenthesis are TrustPilot scores.) Those seem to be the best ones for larger transfers. TIA for any experience or feedback. |
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Post by newtecher on Sept 17, 2023 20:47:47 GMT
I have not used any of these, but I have used Revolut to send a few thousand bucks from US to Germany. No fees and competitive exchange rates. The app is funny in that it requires you take a picture of yourself every once in awhile, so not for fans of privacy. The recipient needs to create a Revolut account as well to avoid fees.
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Post by yogibearbull on Sept 17, 2023 21:42:19 GMT
I use xe for quotes but haven't used its money transfer service. I have heard of Wise. I think Norbert may have mentioned it. For transfers to India, I use local bank ICICI services. |
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Post by FD1000 on Sept 17, 2023 21:54:29 GMT
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Post by nibble on Sept 17, 2023 22:22:35 GMT
Hi… I’ve been using Wise for more than a year. I cannot speak to security issues/support re large transfers, although I have seen much posted about that. However, I do maintain homes in both the US and Canada, so my need for currency exchange is ongoing, and not insignificant. Previously, I used Knightsbridge Foreign Exchange for attractive USD-CAD currency exchange rates; I haven’t done ‘bank to bank’ for many years. With Wise, I basically have immediate access to the converted funds. Simply put, my banking life is now a lot easier. I also use Wise for international travel. I spent a couple months in Indonesia last year; I was able to create an IDR currency bucket, and populate it in preparation for that trip whenever rates looked good. I’m currently filling a Euro bucket for an upcoming trip. I have a Wise debit card…smart little thing, it knows what currency bucket I need to use when I am on the road. So I am a fan of Wise although, as I said earlier, I cannot speak to very large scale transfers. I did take a look at the website just posted by FD1000. I was surprised to see a small blue box in the upper left-hand corner that said “formerly TransferWise.” That is the former name of Wise; curious as to why it’s referenced on this website. |
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Post by yogibearbull on Sept 17, 2023 22:38:30 GMT
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Post by nibble on Sept 17, 2023 23:04:01 GMT
Yes, I am aware of the TransferWise to Wise name change; that’s well documented on their site. However, what I am confused about is the blue box with the wording “Formerly TransferWise” at the top left of the site called MoverFocus posted by FD1000. That company did pass muster on ScamAdvisor, but I’d want to know a little more about them other than what is posted on their website.
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Post by kathiel on Sept 20, 2023 17:22:47 GMT
I have used xe and was happy with it.
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Post by Norbert on Sept 20, 2023 23:38:19 GMT
Am also a happy Wise customer. I use the debit card for foreign travel to pay for things using the local currency, thus avoiding bank fees. It's easy to add funds using any major currency; no fees.
As pointed out above, one can load up funds in a particular currency when desired; or, set a target exchange rate and delay any conversion until the target rate is hit. Transparent fees of about 0.41%+ apply at the moment of conversion.
Some small interest is paid on currency balances.
Have not used Wise for very large currency conversions, but understand that the % fee is lower when over $100K.
Look at "Currencies Direct" for single large transfers. They might offer a better FX rate than Wise's mid-market rate, and will apparently not charge a fee.
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Post by chang on Sept 21, 2023 9:45:33 GMT
I opened an account with Torfx. They give you a personal broker who will search for the best rate and do the transfers. I mean a real flesh and blood human being.
Currencies Direct and one or two others also popped up in my search, but you have to open an account in order to get quotes, and that would mean a lot of work to open up 3 accounts just to run a comparison exercise. I decided to throw a dart and just go with it. I think any of the top 3 picks will be very close.
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Post by anitya on Sept 21, 2023 18:06:18 GMT
chang, I have not converted currency in a while. But I have heard some folks using www1.oanda.com.
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mani
Lieutenant
Posts: 56
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Post by mani on Sept 21, 2023 22:08:03 GMT
I'll add one for Wise. I used to use Xoom before (paypal) and wise is much much better cost wise. Used it a dozen times in the last 3 years.
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