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The deal breaker for me is the fee for bank transfers, something I've never paid for before.
by hiq 6y ago
The 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.