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I'm very happy with TransferWise' low fees, but their 'borderless' account is unfortunately no substitute for a real account in the native currency in a lot of
by xmodem 6y ago
I'm very happy with TransferWise' low fees, but their 'borderless' account is unfortunately no substitute for a real account in the native currency in a lot of cases.
- hiq 6y agoThe deal breaker for me is the fee for bank transfers, something I've never paid for before.
- f430 6y agohow much is Dwolla in comparison? their ACH fees does seem a little more expensive
- Anderkent 6y agoWhere do you live? Bank wires are pretty expensive everywhere I've seen. (local bank transfers like ACH are free on TW too)
- wildfire 6y agoIn the UK, EU and Australia - probably a few other places too - fees to transfer fund between do not exist (unless you are a business).
- fastball 6y agoThere is no fee to send money from your TransferWise Borderless UK account to another UK bank account.
- Caligatio 6y agoThere is, it's just really small: 34p or something. EDIT: 32p - https://transferwise.com/gb/pricing/borderless-send?source=GBP&target=GBP&payInMethod=BALANCE https://transferwise.com/gb/pricing/borderless-send?source=G...
- deleted 6y ago[deleted]
- kiwijamo 6y agoThere's a few for ATM withdrawals over 300 a month. Whereas all banks in New Zealand don't charge any fees for this on most if not all account types.
- kiwijamo 6y agoNew Zealand too.
- Anderkent 6y agoI guess this is something that might have changed - but I definitely recall being charged for making transfers from Poland to the UK, and same very recently for Switzerland <-> UK transfers. In both, rather insidiously, the outgoing bank cannot tell me what the final fee will be, and I only find out what was charged when less money appears in the recipient account than what I sent.
- hiq 6y agoEU / Switzerland, so I've never experienced this. I thought it was due to SEPA preventing such fees, but that doesn't seem to be the case if I read this section correctly: https://en.wikipedia.org/wiki/Single_Euro_Payments_Area#Charges https://en.wikipedia.org/wiki/Single_Euro_Payments_Area#Char.... I guess healthy competition just killed these fees. I apparently have to pay €0.28 per transfer in EUR with Transferwise. There are competitors (both in CHF and in EUR) that do this for free. I do something like 8 transfers per month, so that's 8*0.28*12 = €26.88 per year, for no added value. Not convincing.
- mbeex 6y ago> The deal breaker for me is the fee for bank transfers, something I've never paid for before. You are too young :-). This also might change. German banks start again to take monthly fees for accounts, so why not for single transactions. This said, I have to deal with accounts in NZ and Europe. Fees as well as speed for transfers between them is a whole other world when using TW compared to classic banking. These kind of costs have exist forever, SEPA conditions are the exception, not the rule, internationally. TransferWises multi-currency account is a nice part of the package. I learned here today, this can be done even cheaper by using a Forex broker like IB, but I don't need this on a daily basis.
- panarky 6y agoWhat are the limitations?
- jen20 6y agoOne in the US is that you cannot use a borderless account for ACH transactions initiated by the counterparty (despite it presenting the details that make it look like you can).
- Gaelan 6y agoThat means no paychecks, right?
- f430 6y agohave you looked at Currency Cloud?
- dkjaudyeqooe 6y agoIf you're saying that people can't transfer money into your account via ACH, then that's not true. Being paid by a client is a specific use they describe.
- jen20 6y agoThe opposite is what I am describing. I.e I cannot (read: could not last time I tried it, about 2 years ago) pay rent using TransferWise, upon entering the routing code and account number.
- rahimnathwani 6y agoI'm curious to know how you verified this. The help text in the app is explicit that "There's no fee to receive ACH payments, or any other kind of payment that uses your ACH routing number." I remember the app used to show two sets of US bank details, and that the routing number for receiving wire transfers was different from the one used for receiving ACH transfers. But that seems no longer to be the case.
- Gladdyu 6y agoI'm not sure whether their fees are really that low. For transfers between your own accounts, for anything over very small amounts, I found that their 0.35% variable fee is pretty large compared to adding the funds to a brokerage account and then doing the conversion there (ie. IB charges 0.002% on currency trades, with a min of $2), and transferring back out into the desired currency.
- arcticbull 6y agoYeah, you're definitely paying a premium for them handling smaller quantities, end-to-end, in one easy tool. IBKR requires knowledge of Forex trading, but is hands down the cheapest and fastest solution - for those that are able to work it. To be fair, that describes basically all of IBKR. It's still mind-blowing to think IBKR charges $20 per million, when the airport Travelex will charge you $20 per hundred lol.
- owenversteeg 6y agoWell, for starters most transfers I and my friends have had to make are not to our own accounts. There's also the time issue - I have an IB account, and love it, but most of the time I'm using Transferwise because I'm in a different country and paying someone, or because I need to move money between my own accounts quickly. Transferwise is literally instant for about half the transfers they do, which is incredible. Meanwhile with IBKR I'm usually out at least three business days for any USD funds to show up in IBKR, plus whatever time to wait on the foreign currency side. Then there's also the UI - sometimes I need someone else to transfer the money, or IBKR's login system is locking me out, etc etc, and in those cases Transferwise always wins. Or if I'm transferring under 25k and I need to do it outside of market hours - in that case my transaction is an odd lot at IBKR, getting me (oftentimes) bad rates, and I might as well use Transferwise. Don't get me wrong, I like IBKR and I do use it, but Transferwise is definitely more useful 90% of the time.
- tcpekin 6y agoCould you explain how this works, or point me in the right direction on what to read? I'm interested in not using Transferwise as much if this is better.
- dkjaudyeqooe 6y agoYou're probably right, but that's not the point. It's a free/cheap multi currency account with local bank details in 6+ countries, which give you 90% of the functionality you want, namely the ability to hold and transfer cash. If you need more functionality you get a local bank account.