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Transferwise must not be happy about this. I use them for all my payments outside of the eurozone and it saves a boatload of money.
by himlion 8y ago
Transferwise must not be happy about this. I use them for all my payments outside of the eurozone and it saves a boatload of money.
- xiphias2 8y agoTransferwise is maybe the real reason why this law is created. It gives bad reputation to the banking system.
- jotm 8y agoSEPA solved the high fees that were common before... in some countries :/
- riffraff 8y agoBanks still apply cutthroat conversion rates, the law only stops extra commissions. TransferWise still offers a very useful product even after this.
- digianarchist 8y agoTransferwise just hiked fees the other day.
- Ayesh 8y agoI've recently started to use them for my freelance income as well (I'm not in the EU), and it's amazing how much I was paying for regular SWIFT transfers. I don't know if there's any relationship to this news, but TransferWise is putting their fees slightly up next month.
- jotm 8y agoThey're probably not going to lose sleep over it - their borderless account gives you accounts in any currency, you get the transfers very fast and can just withdraw to a cash machine, or transfer to your local bank account. I love it so far. Plus still the best outside EU. The first time I saw TW I thought they were a scam with those fees for EU-non EU payments. SWIFT and even Western Union were a ripoff.
- fauigerzigerk 8y agoTransferwise would only suffer if banks were to offer significantly better FX conversion spreads. My UK bank (Lloyds) charges 16 times as much as Transferwise for EUR/GBP (5% vs 0.3%) plus higher fees on top of that. Currencyfair is another good option by the way.