issue how to save with money transfers ?

[extremedox101]

i use card with usd currency to topup my transferwise boardless account but tw accept euro by default , so i pay 4% currency conversion plus 2-3 euro and 1.5% fees to send funds to local bank in addition i don't get usd or euro in my bank account because tw not allow it to my country .

is there better same currency worldwide transfer service with card load option ? not just EU.

 

[Clip]

Try Revolut

 

[extremedox101]

thanks , revolut open for EU clients .‌ also i don't have appetite to open account with fintech from that part in europe‍ .

 

[DGTLOTC]

May I ask why you turn down revolut ?

you basically should look for an‌ FX broker - what country are you in where ya won’t allow you to receive‍ funds in ??

 

[extremedox101]

yes you are correct , i'm looking⁠ for fx broker . do you know worldwide alternative with fair fees that support card⁤ load ? it's fine to receive funds but tw swap them for local currency .⁣ bottom line i prefer to get same currency from bank not local currency .

i'm looking for solid EMI or broker .

 

[DGTLOTC]

most should have zero fees and just charge a mark up in the exchange rate‌ etc

what currencies do you need supported on the card load as most only do‍ GBP and EUR?

 

[extremedox101]

thanks , i'm not sure if you⁠ read my question i mentioned in opening post "USD". tw support eur/gbp .

why they⁤ do this ?

 

[DGTLOTC]

In general USD is a nightmare for providers these days and they shy away from‌ it.

my bad regarding the USD

 

[extremedox101]

i need to think out of box . any workaround /tips to waive the 4%‌ fx?

 

[DGTLOTC]

It’s still incredibly high fees you’re paying - it’s probably due to the acquirer taking‌ a big chunk on the acquiring fees - can you fund the sell side of‍ the fx deal with a bank transfer ? That will really cut your fees down⁠ drastically - where are you based ? I see you say not until the EU⁤ but are you in a very high risk jurisdiction or something like that ?

 

[DGTLOTC]

What I’m asking is if you’re a particularly difficult case and that’s why the fees‌ are so high for you ?
Are you moving large sums around ?

 

[daxbr]

Problem is you take cash advance from the card. Transfer from⁢ USD bank account and there should be no fees if you elect to hold it︀ in USD at TW.

 

[extremedox101]

not particularly high , not big sums just 4 digits . the⁠ problem tw want to save and give me cheap currency in exchange , which i⁤ don't like and many emi has been doing it for long time in my country⁣ case , even when it's possible to send gbp/eur . they prefer local . i'm⁢ in process to get eur card to cut the currency exchange fee but it taking︀ long .

 

[extremedox101]

thanks

 

[James2774]

so sending usd to TW euro costs 4%.
Can you not open TW borderless account‌ to receive in USD? It’s an option afaik for everyone.

buying BTC in one currency‍ and cashing out to another is much cheaper than 4% as well if your banks⁠ and country support it.
If not finding an exchanger to partner with the same as⁤ someone suggested to do with a forex broker.

 

[speedster]

How do⁣ you get to 4%? All the tw transactions I've seen have been significantly cheaper

 

[DGTLOTC]

I second that in regards to what speedster has said....4% ? 0.4% would be more‌ accurate

 

[James2774]

I was just repeating what the OP has stated,‍ i think he is mistaken however.
On TW website the conversion fee from $100 USD⁠ is $0.45, so 0.45%, hes off by a decimal I think.
Anyway TW has borderless⁤ accounts no need to receive in Euro. Just have to change account settings. And BTC⁣ is the cheapest way to send/convert if thats not available.

 

[SaintVince]

Where do⁣ you buy btc at those rates?

 

[James2774]

Thats why‌ i preface with "if your bank or country supports it"
Coinbase is cheap. Cashapp. Binance‍ is cheaper than coinbase even I think.
If youre using a P2P platform like localbtc⁠ or something then it gets expensive of course.
Yesterday I bought 2k on cashapp for⁤ $26 so 1.3%. Pretty sure coinbase is cheaper.