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you also have to compare the rate not just the charges.
Posted: Sun May 16, 2021 9:23pm
Legendary helpful member
Nicksunlover wrote on Sun May 16, 2021 8:30pm:
Ok....I'm buying a place in Spain in late June. TransferWise or Wise as it's called now quoted me £275 to transfer 85,000 GBP to a Spanish bank. A place in the sun currency arm, when I phoned them quoted me 50 euros. So, that's who I am gonna use.
But what is the exchange rate that each offered? The fee alone does not make a meaningful comparison.
Nicksunlover wrote on Sun May 16, 2021 8:32pm:
Phone them, give them a try.
Can you give us their exchange rate and Wise's at the time you undertook your comparison?
Posted: Sun May 16, 2021 9:31pm
Kimmy11 wrote on Sun May 16, 2021 9:23pm:
But what is the exchange rate that each offered? The fee alone does not make a meaningful comparison.
When I chatted to them. They said no fees. The pound was worth 1.15 euros. The rate they said was 1.49 euros to the pound. As I said best to call them.
Nicksunlover wrote on Sun May 16, 2021 9:31pm:
When I chatted to them. They said no fees. The pound was worth 1.15 euros. The rate they said was 1.49 euros to the pound. As I said best to call them.
You said there was a 50 Euro fee.
If the pound was at 1.15 and they offered 1.49 they sound like a bunch of fruit cakes 😂
Maybe I will get in touch for my next transfer!
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Posted: Sun May 16, 2021 9:39pm
Portet wrote on Sun May 16, 2021 9:36pm:
You said there was a 50 Euro fee.
If the pound was at 1.15 and they offered 1.49 they sound like a bunch of fruit cakes 😂
Read more...
Maybe I will get in touch for my next transfer!
No I didn't say a 50 euro fee. I said that is what their charge was. Call them is what I said.
Nicksunlover wrote on Sun May 16, 2021 9:39pm:
No I didn't say a 50 euro fee. I said that is what their charge was. Call them is what I said.
When is a charge not a fee.
Anyway it's irrelevant and it is the effective exchange rate taking into consideration all other costs that is important.
No way would they have offered you 1.49 unless it was at least 5 years ago.
Posted: Sun May 16, 2021 9:47pm
No my mistake 1.149
Sorry
Posted: Sun May 16, 2021 9:59pm
Legendary helpful member
I've just done a comparison of your 'A Place in the Sun' quote with 'Wise':
APITS - £84,703.34 transferred at 1.14900, less their fee = Eu 97,274.14 to recipient
Wise - £84,703.34 transferred at 1.16063, less their fee = Eu 98,309.24 to recipient
I know which one I'd go with.....!
Kimmy11 wrote on Sun May 16, 2021 9:59pm:
I've just done a comparison of your 'A Place in the Sun' quote with 'Wise':
APITS - £84,703.34 transferred at 1.14900, less their fee = Eu 97,274.14 to recipient
Read more...
Wise - £84,703.34 transferred at 1.16063, less their fee = Eu 98,309.24 to recipient
I know which one I'd go with.....!
Me too. That’s why I said I couldn’t find any better than Wise!
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