- 09/04/2015 at 5:15 pm #4328
Hi, does anyone know how competitive Transferwise are for money transfers and what their service is like?09/04/2015 at 5:25 pm #4332
Hi William and thanks for the question about Transferwise.
In our experience and from looking into what other make of their money transfer business in general, they look to be quite sharp! I believe that Transferwise foreign exchange margin rates are typically 0.5 percent on transactions which make them very competitive. For money transfer commission fees, they do charge, but the fees are minimal. Money transfers usually arrive next day for euro, other popular European currencies and the US dollar.
For smaller transactions of under £5000 they’d be ideal as a currency transfer alternative to the brokers mentioned within our website. For larger transactions – typically over £5000 then due to the way their business is modelled, you’be be better off by using a private FX broker in my opinion. For a list of the top brokers we recommend, please see here: https://www.eurotransfer.co.uk/currency-brokers/ – I hope this is of some help.