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transferwise is a pretty cheap option for sending money between different countries.

by chx 10y ago

briandear 10y ago
World First and any number of money transfer companies. I am not sure why there seems to be a constant mention of Transferwise on HN. They are not even close to the only companies doing what they do. It almost feels like they monitor HN to find an opportunity to recommend it. I don't have anything against them but it is odd how they are the only company that seems to get mentioned in stories like these.
- maccard 10y ago
  I'm not affiliated with them but in my experience, they're cheap, convenient and reliable. Unlike say PayPal, or Western Union or moneygram. I don't know of any other companies that do the same but I'll look into world first.
- roywiggins 10y ago
  They have a reputation for being cheaper, I think. Don't know if it's justified still, but I think they were noticably better at one time.
- chx 10y ago
  They might but I am just a customer here. I have an account with VBCE Online, an FX company and yet I use Transferwise most of the time because it's cheaper thanks to the use of the middle rate. This, as far as I am aware, is pretty unique. Care to show me another such service? I ran the numbers https://www.reddit.com/r/hungary/comments/4kcp28/what_is_the_best_way_to_transfer_money_from_an_us/d3ep77m/ https://www.reddit.com/r/hungary/comments/4kcp28/what_is_the... here. They are pretty clear on what it costs to send money, I spent a few seconds clicking around on World First and couldn't find the information that Transferwise has on the very opening page: if you send 1000 CAD then the receiver gets... The only thing I found on World First was "The interbank rate [...] is not our offered rate or an indication of price. Call us to find out more." Why would anyone need to call ? It's a horribly inefficient way to use my time. Also it's really, really easy to use here in Canada where they make you log into your ebank with your credentials -- horrible security? well, that's what sofort does too -- and that's it. I never have used a simpler setup. In other ways it is simple: when wiring money into Hungary I do not even need to bother with IBAN, local bank account numbers just work. That's how everyone banks there so no problems for the receiver to get hold of the magic numbers -- or for me to convert theirs. So why we shouldn't recommend a system that is both ridiculously easy to use and cheaper than any alternatives at the same time? Yes, pick two out of easy, cheap and fast applies as in Transferwise is slower -- but it usually takes less than a week and SWIFT also takes a few business days and so I never really had a problem or complaint with the speed. If I had any complaints I wish it had a feature where you entered how much money the receiver gets and it calculates how much should you send.

transferwise is a pretty cheap option for sending money between different countries.

by chx 10y ago

transferwise is a pretty cheap option for sending money between different countries.

World First and any number of money transfer companies. I am not sure why there seems to be a constant mention of Transferwise on HN. They are not even close to the only companies doing what they do. It almost feels like they monitor HN to find an opportunity to recommend it. I don't have anything against them but it is odd how they are the only company that seems to get mentioned in stories like these.

maccard 10y ago
I'm not affiliated with them but in my experience, they're cheap, convenient and reliable. Unlike say PayPal, or Western Union or moneygram. I don't know of any other companies that do the same but I'll look into world first.
roywiggins 10y ago
They have a reputation for being cheaper, I think. Don't know if it's justified still, but I think they were noticably better at one time.
chx 10y ago
They might but I am just a customer here. I have an account with VBCE Online, an FX company and yet I use Transferwise most of the time because it's cheaper thanks to the use of the middle rate. This, as far as I am aware, is pretty unique. Care to show me another such service? I ran the numbers https://www.reddit.com/r/hungary/comments/4kcp28/what_is_the_best_way_to_transfer_money_from_an_us/d3ep77m/ https://www.reddit.com/r/hungary/comments/4kcp28/what_is_the... here. They are pretty clear on what it costs to send money, I spent a few seconds clicking around on World First and couldn't find the information that Transferwise has on the very opening page: if you send 1000 CAD then the receiver gets... The only thing I found on World First was "The interbank rate [...] is not our offered rate or an indication of price. Call us to find out more." Why would anyone need to call ? It's a horribly inefficient way to use my time. Also it's really, really easy to use here in Canada where they make you log into your ebank with your credentials -- horrible security? well, that's what sofort does too -- and that's it. I never have used a simpler setup. In other ways it is simple: when wiring money into Hungary I do not even need to bother with IBAN, local bank account numbers just work. That's how everyone banks there so no problems for the receiver to get hold of the magic numbers -- or for me to convert theirs. So why we shouldn't recommend a system that is both ridiculously easy to use and cheaper than any alternatives at the same time? Yes, pick two out of easy, cheap and fast applies as in Transferwise is slower -- but it usually takes less than a week and SWIFT also takes a few business days and so I never really had a problem or complaint with the speed. If I had any complaints I wish it had a feature where you entered how much money the receiver gets and it calculates how much should you send.