3 ms·

Where do you live? Bank wires are pretty expensive everywhere I've seen. (local bank transfers like ACH are free on TW too)

wildfire 6y ago
In 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 ago
  There is no fee to send money from your TransferWise Borderless UK account to another UK bank account.
  - Caligatio 6y ago
    There 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 ago
    There'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 ago
  New Zealand too.
- Anderkent 6y ago
  I 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 ago
EU / 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.

wildfire 6y ago

In 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 ago
There is no fee to send money from your TransferWise Borderless UK account to another UK bank account.
- Caligatio 6y ago
  There 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 ago
  There'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 ago
New Zealand too.
Anderkent 6y ago
I 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 ago

EU / 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.