How long does Transferwise usually take?

[Dave Hounddriver]

4 hours ago, JeSsDaDdY said:

Update

Looks like you had a similar experience to mine. I have to do that every 30 days when I send my monthly budget over.  However, seeing as how there are so many others with differing stories it just shows how everyone's experience will vary. 

Now that I am used to it, the waiting does not bother me.  If it does then I fund the transfer with my bank card and it comes faster.

 

[TimL]

On 11/17/2018 at 11:19 AM, JeSsDaDdY said:

Update. The two Transferwise deposits I initiated early Tuesday morning both showed up in their respective Phils accounts early Friday evening (Phils time). So, it took a little over three days total. Strange thing, though, is Transferwise is still showing the deposts in the Phils accounts as pending and not final yet. Guess that it all just takes a while to update. It seems that the money was deducted from my CU account and deposited in the Phils accounts all on the same day in short order.

For what it’s worth, the first transfer I made after creating and setting up the account, took the longest. 

[StayAtHomeDad]

6 hours ago, TimL said:

For what it’s worth, the first transfer I made after creating and setting up the account, took the longest. 

Yeah, I think you're right. The second transfer was much faster than the first. Only like a day and a half? Has anyone tried using their Borderless account to store funds?

[Jack Peterson]

 Do any of you realise just how much they are earning on 1 or 2 day held money Interest, For me, I would sooner pay the extra on WU but have the money for me to get whatever I need ASAP 

[gabgab]

12 hours ago, JeSsDaDdY said:

Has anyone tried using their Borderless account to store funds?

Yes, if you do that then conversion seems immediate so they can't play around with the timing of the exchange rate. You can also use the funds with their debit card (if you have it). You can then make a transfer at any later time for a fixed fee. It actually all ends up cheaper than doing their 'classic' transfer.

Edited November 19, 2018 by jimdones

[StayAtHomeDad]

8 minutes ago, jimdones said:

Yes, if you do that then conversion seems immediate so they can't play around with the timing of the exchange rate. You can also use the funds with their debit card (if you have it). You can then make a transfer at any later time for a fixed fee. It actually all ends up cheaper than doing their 'classic' transfer.

Thanks for the info. That's what I gathered by looking at it, but it's good to hear from someone actually using it. So, if I add US Dollars to my borderless account, I guess I need to convert to Pesos before transferring to a local Phils bank. Or, can they do a conversion straight from the US Dollar account in TW?

[gabgab]

Transfer your origin currency into the borderless account and there convert to pesos, and then send the pesos (or just use them directly with the TW debit card).

By the way, the source currency determines how much fee you will pay when converting to pesos, and USD isn't the most favorable - if you transfer in Euros or GBP, you pay less fee (0.5%) when converting to pesos. For USD it's 0.75%. So if you do happen to have EUR or GBP, transfer them in instead of the USD.

Edited November 20, 2018 by jimdones

[StayAtHomeDad]

1 minute ago, jimdones said:

By the way, the source currency determines how much fee you will pay when converting to pesos, and USD isn't the most favorable - if you transfer in Euros or GBP, you pay less fee (0.5%) when converting to pesos. For USD it's 0.75%. So if you do happen to have EUR or GBP, transfer them in instead of the USD.

Good to know, thanks. Unfortunately, EUR and GBP are not options for this Yank. Still, I guess 0.75% is not too bad in the grand scheme of things.

[OnMyWay]

I'm new to Transferwise.  Seems like a good deal.

It appears that you can transfer about 9000 USD to peso.  If you go higher than p480,000, it says call CS.  Has anyone tried a larger transfer?

Can you transfer dollars into your borderless account and leave it there for an extended time?  E.g., pick a future exchange rate instead of the one they guaranteed?  Useful if the rate is on an uptrend.

[gabgab]

You can only exchange at the rate they offer at the moment of the exchange. You can keep your money there in the borderless account for an extended period but I wouldn't recommend it. It's not a bank, don't trust them blindly. Use them for what they're good for and nothing more.

By the way, if you convert your pesos back to USD it's another 1% fee. So if anyone considers a lot of back and forth.. it's not going to be cheap.

Edited November 20, 2018 by jimdones