Whats your thoughts about Transferwise now?
- Thread starter Spinat
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Wouldn't surprise me. Like Revoult does they will probably just tell you something like "Make sure you have available an alternative card as we are experiencing problems" 😕.
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Is there any way to get the DE SWIFT EUR details for a new account? I made a new Transferwise account, and have been unable to receive SWIFT transfer in EUR via the BE details. My client may pay me in USD but he is outside the list of allowed countries for USD transfer. This issue is really annoying as markets are getting pummeled right now and I need the money.
Contact TW support, they will forward you a document with their swift details to pass on to the sending bank.
Glad to hear that so many have such a good experience with TransferWise. We need more of such services and less of the more shady ones without to mention names.
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It seems Transferwise works with relatively big transfers, too.
A lot in Finnish news lately about the state (government organization responsible for stockpiling certain goods) buying masks from UK company owned by Finnish business man, transfer of nearly 5 million euro (one time it seems) to a BE Transferwise account.
Details about the transfer here (in Finnish - try translator):
https://www.oikeus.pro/blogi/tiina-jylha
The second supplier, company registered in Estonia, belonging to Finnish citizens, got their transfer (again from the same state agency) frozen by Estonian bank Luminor as it felt suspicious. News in Estonian:
https://arileht.delfi.ee/news/uudis...ma-vaheline-tehing-kahtlustaratav?id=89512165
So - based on this "case" - Transferwise can actually work better with big amounts than regular, real bank.
Some background for the story itself in English:
https://yle.fi/uutiset/osasto/news/...lice_over_botched_10m-euro_ppe_deals/11305754
A lot in Finnish news lately about the state (government organization responsible for stockpiling certain goods) buying masks from UK company owned by Finnish business man, transfer of nearly 5 million euro (one time it seems) to a BE Transferwise account.
Details about the transfer here (in Finnish - try translator):
https://www.oikeus.pro/blogi/tiina-jylha
The second supplier, company registered in Estonia, belonging to Finnish citizens, got their transfer (again from the same state agency) frozen by Estonian bank Luminor as it felt suspicious. News in Estonian:
https://arileht.delfi.ee/news/uudis...ma-vaheline-tehing-kahtlustaratav?id=89512165
So - based on this "case" - Transferwise can actually work better with big amounts than regular, real bank.
Some background for the story itself in English:
https://yle.fi/uutiset/osasto/news/...lice_over_botched_10m-euro_ppe_deals/11305754
I have used TW for 3 years, multiple currencies hundreds of payments, large and small with minimal problems; the minimal problems only arose through not carefully reading their instructions/restrictions which can be a little strange. Only one payment ever rejected - I sent a transfer to a Mauritius bank who would not accept a transfer from TW and sent it back! Excellent and friendly customer service and the usual occasional request for additional AML information. Very good FX rates and low fees. Highly recommended.
The high value transfers are interesting, I mean incoming EUR and outgoing EUR within SEPA that's not something that is going to bring profits to TW, right? Their main source of earning is foreign exchange.
I personally find TW very expensive when it comes to FX rates fees transfers. Their charges, although obviously better than banks, are still very high. You can really negotiate close to mid market rates with companies like Moneycorp and they have no fees for sending payments anywhere in the world.
I personally find TW very expensive when it comes to FX rates fees transfers. Their charges, although obviously better than banks, are still very high. You can really negotiate close to mid market rates with companies like Moneycorp and they have no fees for sending payments anywhere in the world.
You may be right about the FX rates but generally my clients and suppliers are happy and I don't have the time to waste on negotiating FX rates for them (I would rarely get the benefit of improved FX rates)! As you say they make little on same currency transfers but my business is a good mix so I guess it makes them money overall
As I see it, the benefit of free SEPA transfers comes from customers having balance on borderless account and later using it either with debit card or tranferring outside SEPA area. So when the money is already on Transferwise system, customers are more likely to use TW to spend the money later on.
Well just don't forget they probably pay negative interest rates on EUR cash balances, so it is not their business to keep large EUR deposits.
Never experienced that, not to mention that EMIs as well as Banks can experience various 'technical issues', including issues with debit or credit cards.
Hi
Have just opened an account with TW for my UK LLP. Any concern to have if I start receiving large amounts from my clients typically located in Africa (Mauritius, Madagascar, Tanzania, Rwanda among others).?Talking about USD50-100k inwards.
Running an food trading business
Have just opened an account with TW for my UK LLP. Any concern to have if I start receiving large amounts from my clients typically located in Africa (Mauritius, Madagascar, Tanzania, Rwanda among others).?Talking about USD50-100k inwards.
Running an food trading business
Have had my account with TW for about 1 year no problems with any transactions, all working smooth.
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