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While I use TransferWise for getting paid by clients in other countries, I rely on http://currencyfair.com http://currencyfair.com for my own money movements.

While I use TransferWise for getting paid by clients in other countries, I rely on http://currencyfair.com http://currencyfair.com for my own money movements. The typical "catch" in most FX services is a hidden 2.5% - 5% fee in the exchange rate itself. You might be offered free, better rates than your bank! and will still be paying 2%. The likes of CF or TW have got this fee down to well under 1%, although TF certainly give every impression of skimming off the rate for amounts under $1,000. (at least, that's the impression the rate on their website calculator gives; I've only used larger transfer than that, and can't say anything from experience)

hackerboos 11y ago
The problem with CurrencyFair is that you are still left paying the wire fee in a lot of jurisdictions. Sometimes this fee is larger than local banks. In Canada for example I can wire money for $13.50 CAD ($9.50 US) up to $2500 CAD to almost anywhere in the world. CurrencyFair wrongly estimates Canadian bank fees at $35.00 CAD. They also only have bank accounts in certain jurisdictions. For example they ask customers in Canada to wire money to their bank in New York rather than say by Interac which would cost Canadian a lot customers nothing. I also find it strange they ignore what I would have thought was the largest market for remittance. Namely India and the Philippines. They also don't support the US because of the state licensing mess that the US requires for money transfer services [1]. [1] - https://www.paypal.com/webapps/mpp/licenses https://www.paypal.com/webapps/mpp/licenses
- mootothemax 11y ago
  >They also don't support the US because of the state licensing mess that the US requires for money transfer services. It's been a while since I last accepted a payment from a US client - maybe a year? - into CF's US account, and I didn't have any issues then. Do you know how recently this changed?
  - hackerboos 11y ago
    I think that's allowed. My impression is that you as the end receiver are not allowed to be in the US. >I live in the US can I still use you? >Unfortunately at this time we are not licensed to receive business from United States residents. We do hope this will change in the future but for now we are unable to provide a timeline as to when this might happen.

hackerboos 11y ago

The problem with CurrencyFair is that you are still left paying the wire fee in a lot of jurisdictions. Sometimes this fee is larger than local banks. In Canada for example I can wire money for $13.50 CAD ($9.50 US) up to $2500 CAD to almost anywhere in the world. CurrencyFair wrongly estimates Canadian bank fees at $35.00 CAD. They also only have bank accounts in certain jurisdictions. For example they ask customers in Canada to wire money to their bank in New York rather than say by Interac which would cost Canadian a lot customers nothing. I also find it strange they ignore what I would have thought was the largest market for remittance. Namely India and the Philippines. They also don't support the US because of the state licensing mess that the US requires for money transfer services [1]. [1] - https://www.paypal.com/webapps/mpp/licenses https://www.paypal.com/webapps/mpp/licenses

mootothemax 11y ago
>They also don't support the US because of the state licensing mess that the US requires for money transfer services. It's been a while since I last accepted a payment from a US client - maybe a year? - into CF's US account, and I didn't have any issues then. Do you know how recently this changed?
- hackerboos 11y ago
  I think that's allowed. My impression is that you as the end receiver are not allowed to be in the US. >I live in the US can I still use you? >Unfortunately at this time we are not licensed to receive business from United States residents. We do hope this will change in the future but for now we are unable to provide a timeline as to when this might happen.