Which currency transfer company? - Page 2

jimtaylor wrote on Wed Jun 3, 2020 4:14pm:

I agree with Ray and Kim.

Transferwise has worked well for me, quickly, and with the net money to my account being higher than the majority of the competition.

Neil999 wrote on Thu Jun 4, 2020 7:55am:

Hi Pat.

Transferwise are as good as the previous  posters have said, but if you did want to explore an alternative, you could look at www.smartcurrencyexchange.com I used them when I purchased my property and found them to be excellent. Just something to consider.

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Hope it all works out for you

Neil

tebo53 wrote on Thu Jun 4, 2020 9:54am:

Hi Pat,

Transferwise without a doubt.

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I've been using Transferwise for about 7 years and never had any problems. I've tried a couple of other transfer companies in between for comparison but they did not match Transferwise. 

Steve 

UKHandyMan4Hire wrote on Thu Jun 4, 2020 12:04pm:

@Pat44 - Unlike the other posters, I have not used Transferwise but they clearly come highly recommended.

I have also been recommended Revolut which appears to operate in a similar way. What I would point out is that Transferwise ARE regulated by the FCA, which gives you a little more comfort that your money is safe. I don't believe Revolut is....

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All that said, you have not indicated how much you are looking to transfer?

You may be wondering about Transferwise v a Broker, if you are looking at moving a large amount of money across, say from the sale of a property, so I have just done some calculations.

What I get is an exchange rate which is 15 pips being the live market rate, refreshed every 10 seconds. There is a difference between mid-market rates (such as XE.com that most currency exchanges on the street use) and live rates, such as that which Transferwise is also using.

For example, if you were transferring say £ 100,000 with Transferwise (current rate = 1.12064) you would receive €111,650.60 

With a broker, running 15 pips behind the live market rate, you would receive (1.12064-0.0015= 1.11914) you would receive €111,914

That means you would be €264 better off with a broker. 

For smaller amounts, I have quickly calculated that a broker would gain you around 20€ per transaction.

In summary, Transferwise get a big thumbs up from respected forum members but it will be down to you to work out whether those small amounts add up enough for you to contact a broker?

Hope it helps

(rate calculations were from last nights rate... I forgot to post!)

Kimmy11 wrote on Thu Jun 4, 2020 1:54pm:

Hi Pat,

I've just checked online, because a friend uses TorFX who HandyMan has recommended and I came across this very useful, independent review.  Coincidentally, it includes a comparison between TorFX and Transferwise, and I think clearly explains which company to use in which situation:

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https://www.jobaroo.com/torfx-review

Good to see, also, that TorFX is regulated in the UK - not all the .FX companies are.

Best wishes,

Kim

UKHandyMan4Hire wrote on Thu Jun 4, 2020 1:17pm:

I use Global Reach and TorFX. 

You should note that the variance from the live exchange rate will vary for the amount you wish to transfer. Higher amounts attract closer rates.

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Be sure to speak to your broker about it, but 15 pips behind live rate is fairly average for £1,000 - £30,000

Personally, if you are not transferring al to, based on the other posts, I would use Transferwise as it does appear to be super easy.

Hope it helps

Pat44 wrote on Thu Jun 4, 2020 5:53pm:

Thanks for that. Do you know if you can register for both Transferwise and TorFX? We are cash buyers and hope to purchase a villa to move to permanently,  so would be transfering a large amount for that and TorFx would seem good for that. For smaller amounts we then could use Transferwise. W...

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...ould it cause problems to be with both or are we better just choosing one?