TransferWise

johnytwentyten

Hi, buying a car in UK, need to transfer £8k to bank in England, is it worth using TransferWise?

Tried asking AIB what my full charge would be but couldn't give an answer, transferwise seems to give you the full info upfront,

Thanks in advance for any replies

Director Of Finance

Yes it's fine. Just make sure the account is verified first, as transfers of over 1000 euro will not be sent otherwise.

SwordofLight

Sorry to drag up an old thread, wondering if you had any luck using Transferwise?
Trying to choose between paying a dealer in the UK €3000 via debit card transaction using a point of sale device, transferring directly into his account with BOI, or using Transferwise.
Whatever is quickest, cheapest. Any ideas?

johnytwentyten

SwordofLight wrote: »

Sorry to drag up an old thread, wondering if you had any luck using Transferwise?
Trying to choose between paying a dealer in the UK €3000 via debit card transaction using a point of sale device, transferring directly into his account with BOI, or using Transferwise.
Whatever is quickest, cheapest. Any ideas?

I used TransferWise, struggling to remember everything now but I was very happy with it, as far as I can remember transfer was all sorted in an hour or two, and saved money as well, I wouldn't have any problem using them again, sorry for lack of info

johnytwentyten

johnytwentyten wrote: »

I used TransferWise, struggling to remember everything now but I was very happy with it, as far as I can remember transfer was all sorted in an hour or two, and saved money as well, I wouldn't have any problem using them again, sorry for lack of info

Still had log in for TransferWise, checked it there, I sent 8960 euro and was charged 45 euro by them, says I paid into it on the 5th of the month and it was cleared into the receiver account on the 6th

Transferwise https://imgur.com/gallery/1IcvXTI

SwordofLight

johnytwentyten wrote: »

Still had log in for TransferWise, checked it there, I sent 8960 euro and was charged 45 euro by them, says I paid into it on the 5th of the month and it was cleared into the receiver account on the 6th

Transferwise https://imgur.com/gallery/1IcvXTI

Thanks a lot for that. You got a good rate too.
So one advantage is speed as in takes one day?

Not sure if I understand these things- bank gives you a lower currency conversion rate meaning less at the other end, and charges commission usually a maximum of 12.50 with boi.
So I'm presuming in your case the money was saved through getting a better currency conversion rate?
I've had a quote on XE.com which used to be HiFx, which is a little bit better than Transferwise - I really dont know what the difference is between all of these places.
Also they all seem to warn that the receiving bank may add a charge... does that ever happen!?

Gooser14

SwordofLight wrote:

Sorry to drag up an old thread, wondering if you had any luck using Transferwise? Trying to choose between paying a dealer in the UK €3000 via debit card transaction using a point of sale device, transferring directly into his account with BOI, or using Transferwise. Whatever is quickest, cheapest. Any ideas?

You might want to consider Revolut as a means of exchanging & transferring funds to a UK account.

Henry Ford III

Had a good experience with Transfermate.

Decent rates and a STG£ transfer done in 15 mins.

revoke12

Hi all,

just wondering some information on transfermate transferwise etc.

I bought a car and have deposit paid, Will be paying the rest via transfer.

Are the above easy to use? Do you add your bank account to the transferwise account or send the money to a transferwise account and transfer it over then to the receipt how does it exactly work? Thanks

Quackster

As Gooser14 mentioned, Revolut is the best (fastest and cheapest) option for this as the transfer would be almost instantaneous, you get the exact interbank rate and the only charge is 0.5% FX fee on the balance over £5,000 converted. (So up to £5k is completely free, £10k costs £25 etc).