Compare TransferWise versus World Remit

[Dave Hounddriver]

On 7/15/2016 at 7:50 AM, florin1106 said:

I have done some number crunching to figure out the plus and minus of TransferWise versus World Remit.

Anyone with updates on Transferwise?  I plan to give them a try later this month.  I have been planning to give them a try for a long time now but I only just got my Canadian bank account set up to authorize Transferwise to take money (at least I think it will work now).  So I am mainly concerned if Transferwise have upped their costs or if there is any negative feedback in recent weeks?

[florin1106]

11 hours ago, Dave Hounddriver said:

Anyone with updates on Transferwise?  I plan to give them a try later this month.  I have been planning to give them a try for a long time now but I only just got my Canadian bank account set up to authorize Transferwise to take money (at least I think it will work now).  So I am mainly concerned if Transferwise have upped their costs or if there is any negative feedback in recent weeks?

Hi Dave...

 

I am using this TransferWise without any problems whatsoever..

 

They have a better rate than World Remit ( not by much) and their Fee is also lower than World Remit..

For example for $1,000.00 CAD TW charges $11.86 and WR is charging $14.99 of course all in Canadian Dollars.

Example: 5 minutes ago rate: for $1,000.00 with TW you get $35,869.18 Pesos and with WR you get 35,779.00 Pesos . In both transactions the FEES are INCLUDED !

 

With TransferWise it takes approximately 3-4 days the money to arrive in your Philippine Bank Account.

If it happens to be a weekend, then it will take about 5 days..

I transfer my pension from my Royal Bank to Metro Bank here.

 

In the past I used the International Wire Transfer from Royal Bank to Metro Bank but their Rate was lousy or horrendous..TransferWise do not use Cash Transfer but only Bank to Bank. 

Your first Transaction is Free and if you do not mind you can enter my ID Number so I can get some discount. It is

 

Hope it helps Dave.

Chuck

 

I also used World Remit many times ( you get your money in CASH in 10 minutes ) but this is for another topic..

[sonjack2847]

If I use transferwise instead of world remit I would save approx 5uk pounds on a 1000 pounds transfer. I might give them a try next time I transfer.

[jpbago]

On 11/7/2016 at 7:07 PM, florin1106 said:

In the past I used the International Wire Transfer from Royal Bank to Metro Bank but their Rate was lousy or horrendous.

If you send Cdn dollars to a Philippine bank, the rate is poor but if you send Philippine pesos from a Canadian bank to a Philippine bank, you get the mid market Forex minus 10 centavos. The cost to send $10,000 Cdn is $30 Cdn.

Right now, with TW, the Forex is 36.38 but TW gives you 35.94. The cost to send $10,000 Cdn with TW is $118.58 Cdn.

[Dave Hounddriver]

On 11/7/2016 at 11:44 AM, Dave Hounddriver said:

Anyone with updates on Transferwise?  I plan to give them a try later this month

So I gave these Transferwise people a try.  I have been bringing money over to the Philippines for a decade now and have not found a perfect way to do it.  This service has its ups and downs.

I used Transferwise 3 times since I posted that "I plan to give them a try".  They always take about a week to get the money from my Canadian bank to my Philippine bank which is not unreasonable but longer than using some other methods.  The exchange rate was reasonable on the first two attempts but there is a flaw in the system that cost me some money this time.

When I "completed" the transaction online I was quoted 57K pesos to the recipient BUT when exchanging Canadian to Pesos it is not a guaranteed rate until the final completion day.  As "luck" would have it the took a couple extra days to complete, the rate went down and I got 55K peso.  4% difference from the quoted amount is quite "unlucky" and would have been extremely irritating if the amount was larger.

It seems that the fee structure for Transferwise is not affected by volume so it seems that a person could send (for example) 55K pesos a month for the same fee as sending 165K every 3 months.  That gives better averaging on the exchange rate so I may start doing it that way from now on.  We shall see.

Anyone else with updates on the system they use?

[earthdome]

On 3/6/2017 at 0:45 PM, Dave Hounddriver said:

Anyone else with updates on the system they use?

We have been using remitly to transfer from the US. No fees if you link in your home country bank so they can do an ETF and deposit direct into a philippine bank. The FX rate is a few centavos better than WU. Transfer usually takes 4 business days. You get the FX rate at the time you initiate the transfer so you won't be affected by FX rate changes during the transfer.

[Sander Martin]

On 6 March 2017 at 8:45 PM, Dave Hounddriver said:

So I gave these Transferwise people a try.  I have been bringing money over to the Philippines for a decade now and have not found a perfect way to do it.  This service has its ups and downs.

I used Transferwise 3 times since I posted that "I plan to give them a try".  They always take about a week to get the money from my Canadian bank to my Philippine bank which is not unreasonable but longer than using some other methods.  The exchange rate was reasonable on the first two attempts but there is a flaw in the system that cost me some money this time.

When I "completed" the transaction online I was quoted 57K pesos to the recipient BUT when exchanging Canadian to Pesos it is not a guaranteed rate until the final completion day.  As "luck" would have it the took a couple extra days to complete, the rate went down and I got 55K peso.  4% difference from the quoted amount is quite "unlucky" and would have been extremely irritating if the amount was larger.

It seems that the fee structure for Transferwise is not affected by volume so it seems that a person could send (for example) 55K pesos a month for the same fee as sending 165K every 3 months.  That gives better averaging on the exchange rate so I may start doing it that way from now on.  We shall see.

Anyone else with updates on the system they use?

They let you choose a max % drop on the rate. If the rate drops more then your okey with by the time of the transfer, then they will return your money. I had mine set at 1%.

[Dave Hounddriver]

On 3/7/2017 at 2:45 AM, Dave Hounddriver said:

When I "completed" the transaction online I was quoted 57K pesos to the recipient BUT when exchanging Canadian to Pesos it is not a guaranteed rate until the final completion day.  As "luck" would have it the took a couple extra days to complete, the rate went down and I got 55K peso.  4% difference from the quoted amount is quite "unlucky" and would have been extremely irritating if the amount was larger.

So I may as well continue with the updates on this way of transferring money.  My recent attempt was the same result, in that the actual amount paid out was about 2,000 pesos less than the original quote AND the amount they deducted in fees was $10 more than originally quoted so the system has flaws.

So I went back to my old XETrade account and got a quote for the same amount.  Turns out that even with the flaws, Transferwise still paid out 2,000 pesos more that XETrade would have paid me.  On my budget that's enough to go to the girly bar er I mean a nice dinner.

[RBM]

Have you guys checked out orbit remit last week I transferred from NZ, was in my RP bank following am. Rate appears good, fee is $5.

[StayAtHomeDad]

Has anyone that uses World Remit done so with US ACH? If so, do you know if you can set it up without a US address? Thanks