TransferWise

Matthew from FlyNeleth

I have to admit I was skeptical about this service, but I did some research and determined it was legitimate. I compared the rates to USForex, Xoom, and XE, and Transferwise was the best. I looked over the site thoroughly and decided to use it. I sent dollars to Norway using a direct debit and it took 4 days. You just put in your bank info the the recipient's bank info. I got the rate that they said it would be, even though the knorer gained 2% in those 4 days. I used a referral link that gives you your first transaction (up to $4500) free and so I paid no fees at all. I am quite satisfied with it.

Kathleen Emerson

I'm very dissatisfied. I wanted to send the payment via direct debit, but apparently you can't send direct debits to Transferwise from Bank of America (which is a bit ridiculous, what with Bank of America being so ubiquitous). So I had to pay $3 to make a transfer from BoA. It wasn't made clear to me that I wouldn't be getting the rate available at the time I set up the payment, but would get the rate at the time my money arrived. If this had been made clear to me, since I'm very risk averse, I never would have made the transfer. For example, on the right hand side of this very screen it says "Amount: 2,000.93 GPB" which is not what you'd give me if the money arrived right now - this is deeply misleading and I do feel I have been deceived by Transferwise. I'm a poor student and although this debacle has only cost me $6, I wasted a lot of time calling my bank and calling Transferwise, and I'm very frugal so $6 is really non-trivial to me, when I'm using this service in the first place to save every penny. I will not be recommending Transferwise to my friends - quite the contrary.

Peter

I can certainly recommend Transferwise. We used to use XE.com but we have used Transferwise several times now and gave a much better rate both times. I have also compared with moneycorp and currencyfair and transferwise has a better rate even after the 0.5% commission. The money was even deposited into our account abroad the same day on one occasion. No registration was needed or ID documentation to send to the company and you can transfer from your bank account or simply pay with your debit card up to £3000 as we did, a lot more simple that any other method we have used in the past.