Transferwise

[Wee Stumpy]

Well I did my first transaction with Transferwise on Monday and very pleased with how easy it was! I did not have to provide proof of identity or anything, I could pay by credit/debit card, I could specify the exact amount of Sterling needed to be received ( they charged me a small deposit for this in case rates changed dramatically and the deposit was refunded to me in full the next day) The person who I was sending the money to received it on Wednesday - could not have asked for a better service.

[Admin]

Hi Shelagh perhaps mention we have several thousand Cyprus residents on CL who may like to use a service like that, tell them we are very reasonable to advertise with, helps us keep CL running.

Thanks

[Happy in Cyprus]

Though I have no experience of other transfer providers - so can't compare - can only say that my experience of Transferwise is also first class. I use them several times each month. They're fast, efficient and inexpensive, though with Richard Branson and other successful entrepreneurs as the founding fathers, it was inevitable that the operation would work well. User interface is nice, clean and user-friendly. Often-times the money arrives the next day. https://transferwise.com/?utm_source=google&utm_medium=cpc&utm_campaign=EN_EUR_Search_Brand&matchtype=e&network=g&device=c&devicemodel=&creative=56091362817&keyword=transferwise&placement=&adposition=1t1

We send money from our business too...and this required them to have sight of the Companies House documents to start with, but after that sending funds using a business debit card is easy, subject to a pre-defined daily limit.

Just wish we could send funds in the same currency in the same way.

[BigDutch#2]

Also use them, easy and hassle free, and costs are clear AND competitive rate. Last transfer(s) I made I was unable to my debit card (Bank of Cyprus), so i had to make a transfer to their Euro account in Latvia (I think) which added an unexpected (small) cost, did you transfer out from Cyprus always with debit card ?

[Happy in Cyprus]

Hi Geoff, most transfers are made from our business account to private individuals overseas and for that I use our business Electron card. I was a bit surprised recently when I tried to send a larger than usual amount and the transction was declined by Hellenic. I was puzzled by this as I knew that there was sufficient funds in the account. However, a quick call to Hellenic the next day established that there was a €1,000 per day limit using an Electron card. So over the next few days I sent a series of smaller transactions and everything then went through OK. I need to investigate the alternative way (with Transferwise) of sending funds from our business account, but you know how it is, you continue to do things the way you always have

[Wee Stumpy]

Jim I though they did advertise on here as sure that it was a banner advert on here that I got the details from!

Big Dutch - I used my Alpha Bank Debit card and it went through fine although it was for a relatively small amount of 330 sterling.

[Pickles]

I always use Currency Solutions without any problems!

[Admin]

Like many others on CL I use Currency Fair, cheap and very reliable service .. a great service, and no neither advertise on CL..

Shelagh you may have got the details from another member but they have never advertised on CL....so maybe ask? it may help us run CL for a few more years....

I see it this way members recommend a service from a company and free of charge, you may know CL is not free to run, we feel it fair that we do ask recommended companies that we do offer a very reasonable service that would get plenty of viewings, as they do. Times are hard for all business's, CL is not a business but funded from our own pockets.

cheers

[KathyL]

I have also used them and the service has always been first class.

[Wee Stumpy]

Currency Solutions, Currency Fair etc etc I am sure that they are all good but why I told you about Transferwise was because it to me seemed the very simplest to use AND I could use my credit/Debit card which I don't think you can with many of the others. This is very convenient for me and it means that they get the money immediately rather than waiting for a Bank transfer although of course there is the Bank transfer on the other end.


Morning not wishing to keep bringing this back to the top, I agree sounds good and why I asked maybe you should see if they wish to advertise on CL....please

[Rav4man]

Used Transferwise for the first time last night around midnight. The money was in my UK bank account this morning. That was quick!

[Roy and Yvonne]

used Transferwise for over a year now it's quick , reliable and cheaper

[Jim]

Last week transferred 5K sterling for a large purchase, used as always Currency Fair, the charge £3, was yours cheaper or faster? and in my bank next day! less than 20 hours. Sorted after one email!!!!

They are NOT sponsors of CL unfortunately.

https://www.currencyfair.com/

[KathyL]

One thing for sure is don't use a UK bank. We transferred a relatively large amount for a house purchase using Transferwise and saved literally thousands compared with what our UK bank wanted to charge.

[KathyL]

Not just a UK bank...it's any bank....

I am sure your right - I just don't have experience of transferring funds using banks outside the UK.

[June]

Can I ask please?... If I wanted to book accommodation in Paphos (one where you pay a small deposit and the balance when you arrive) could I theoretically use such a company to xfer payment from my account to their's or can you only xfer to a Cyprus bank in your own name?
I wouldn't be coming out till Nov and the exchange rate is so good at the mo.
The accommodation accepts wire xfers.
Thanks x

[KathyL]

I am pretty certain you can transfer to any account as long as you have the IBAN account number.

[June]

Thanks Kathy

[Roy and Yvonne]

I Am not getting in to my dad is bigger then your dad , i have had money in the bank within 8 hrs
. JUST GET A QUOTE


My Dad's in heaven!! Jim (admin)

[uptown girl]

Thanks Jim, your so solid )


Yes solid. Big fat and solid maybe... Jim...

[Wee Stumpy]

I cannot believe that I posted on here a few weeks ago such a glowing review of transferwise - well my opinion of them now has changed dramatically!!
Two days ago I ordered a payment of about €1800 to GBP to a Guy's bank account in England to pay for a holiday. I paid by Debit card - the very same card that I had used for my initial transaction - this way , as they state, the money is received by them immediately. They sent me an e mail to state that the money was received and they were converting it prior to sending to my intended recipient ( same as my previous deal)

This is where it is now stuck some two days later and still not even converted never mind sent out! I e mailed them yesterday and got a very unsatisfactory response in broken english. I rang them today and asked to speak to a manager which was refused. They say it is subject to a random security check which may take another day( never mind the 48 hour guarantee. It also staes that when these security checks are randomly applied then they have to request more verification information from me but they have not done this!!

I am so angry and will never use them again!!

[KathyL]

You could try putting a message on their Facebook page. That will get noticed. Strange as they are usually so good.

[Happy in Cyprus]

I must have processed nearly 30 transcations without glitch, using Transferwise. All except the one time where I did not realise there was a €1,000 transaction limit using a particular debit card.

Kathy's suggestion is a good idea, as they will not wish to see adverse comments on their Facebook page.

[Wee Stumpy]

Yes I think I will put on facebook -thanks for the suggestion. Yes Lloyd I originally tried to use my Hellenic card and they said there was a problem and to ring the no on the back of the card but I did not bother and just changed to my Alpha card which had been used before and it went through fine. I did get a call from the manager at Alpha as I had spent this plus drawn some out plus paid insurance on the same day so he was making sure it was genuine expenditure by me which I think is good service by Alpha bank.

[Wee Stumpy]

I have posted on Facebook and have just had 2 e mails - i apologising and saying the payment should go out later today - the other saying that they needed more proof of my identity - a bill showing my address ( which they had last time), a copy of my passport( never previously requested) and the reason for the transfer ( which I had already put on the request!! )

It seems as though they really do not know what they are doing and I am really angry!

[KathyL]

I would send both emails to [email protected] and bluntly ask them if the left hand knows that the right hand exists.

[Wee Stumpy]

Well I am happy to say that finally my payment has been sent - will see how long it now takes to get to the recipient and also how longs it takes for me to get my deposit back.

It seems to me that maybe they have grown a bit too fast and that not all their employees are fully trained yet.

I have to say that I got a very good rate and was charged €9 so not bad but they do guarantee conversion within 48 hours and they failed badly on this.

[KathyL]

Shelagh - I had a slight delay on one of my transfers earlier in the year (computer hitch) and I asked for the fee back and got it promptly and an additional 10%.

[Wee Stumpy]

You must have better persuasive powers than me Kathy - I tried very hard but I did get a free transfer next time and that was it!

[Wee Stumpy]

Well I was asked to do a review on transferwise and I believe that the one I did was fair and honest and I did receive an apology from them.

Imagine my surprise therefore when I received a strange envelope in the post this morning. It was yellow and appeared to have something soft inside - actually it reminded me of when I worked in the civil service and we had a similar strange package that we had to get the bomb squad to and evacuate the building!! On that occasion if I remember correctly it was a cake that some satisfied pensioner had sent to us!
On this occasion I do believe it was a very squashed and melted nougat bar with a Sorry note from Transferwise.
Note to Transferwise - do not send these to hot countries!!!