Singapore Expats Forum

Transfer Wise - anyone used this before?

Discuss the different banking options, rates, offers and perks.
Post Reply
User avatar
the lynx
Governor
Governor
Posts: 5274
Joined: Thu, 09 Dec 2010 6:29 pm
Location: Location: Location: Location: Location: Location: Location: Location: Location: Location: Location:

Transfer Wise - anyone used this before?

Post by the lynx » Tue, 09 Dec 2014 3:33 pm

I figured that I should start a new thread here about funds transfer.

Has anyone used Transfer Wise to transfer funds? A friend introduced this company when I was looking for transfer services between Australia and UK. I'm looking at few thousands of AUD. It says that banks charge around 5% per transfer in hidden fees and Transfer Wise only charges 0.5%. And first transfer through this link is free.

http://goo.gl/xQaRZu

I have no experience honestly, so I'm hoping to see if there is any bank-savvy regulars (JR8, Aster, BillyB) who can advise. Is there a catch here? Or should I go for the regular bank route instead?

Thanks.

User avatar
x9200
Moderator
Moderator
Posts: 9409
Joined: Mon, 07 Sep 2009 4:06 pm
Location: Singapore

Re: Transfer Wise - anyone used this before?

Post by x9200 » Tue, 09 Dec 2014 7:32 pm

I don't know this one but there are many fx UK based companies doing this type of job for "free". They earn mostly (i think) on the exchange rates with no extra fees, more-over absorbing bank transfer fees and still offer far much better actual transfer raters than any bank via TT.

I used Currency Solutions to transfer some nice chunk of money from UK to SG few months ago and everything went smooth and as planned.

There are some sites like:
https://www.fxcompared.com/money-transf ... ref=filter" onclick="window.open(this.href);return false;

that will give you some comparison with the rates and more details.

User avatar
Wd40
Director
Director
Posts: 3975
Joined: Tue, 04 Dec 2012 10:53 am
Location: SIndiapore

Re: Transfer Wise - anyone used this before?

Post by Wd40 » Tue, 09 Dec 2014 8:34 pm

5% is massive exaggeration. Here are the fees:
https://www.dbs.com.sg/personal/deposit ... -transfers" onclick="window.open(this.href);return false;

They make the money on the exchange rate, which is like 1-2%. You can see the exchange rate table here:

http://www.dbs.com.sg/personal/rates-on ... hange.page" onclick="window.open(this.href);return false;

EDIT: did some excel calculations. DBS rate is 1.1042 and spot rate on xe.com is 1.093. So the commission is like 1%. For an amount of $10,000, it is like $150 with all fees.

User avatar
JR8
Immortal
Immortal
Posts: 16514
Joined: Wed, 24 Mar 2010 12:43 pm
Location: K. Puki Manis

Re: Transfer Wise - anyone used this before?

Post by JR8 » Tue, 09 Dec 2014 10:27 pm

Lynx, have you have asked this simultaneously in two topics...? FWIW I replied in the other one!
'Do it or do not do it: You will regret both' - Kierkegaard

User avatar
maneo
Reporter
Reporter
Posts: 750
Joined: Sat, 15 Mar 2008 2:46 pm
Location: Tropical cosmopolitan island

Re: Transfer Wise - anyone used this before?

Post by maneo » Wed, 10 Dec 2014 12:24 am

Yes, she did.
Wd40 wrote:5% is massive exaggeration. Here are the fees:
https://www.dbs.com.sg/personal/deposit ... -transfers" onclick="window.open(this.href);return false;

They make the money on the exchange rate, which is like 1-2%. You can see the exchange rate table here:

http://www.dbs.com.sg/personal/rates-on ... hange.page" onclick="window.open(this.href);return false;

EDIT: did some excel calculations. DBS rate is 1.1042 and spot rate on xe.com is 1.093. So the commission is like 1%. For an amount of $10,000, it is like $150 with all fees.
Agree.
As stated in the other discussion, in almost 20 of my most recent transfers through DBS and SCB, the typical sender's transfer fee was less than 0.4%, but this did vary.
I normally don't pay the beneficiary's fee (for the transfer agent), but this is typically just 0.25%.

What I saw as the cost for the currency exchange (vs. the spot rate) had typically been about 1.6%.
Even money changers take their cut, though not as much as the banks.
For modest transfer amounts, the convenience may be worth the extra cost.

Post Reply


  • Similar Topics
    Replies
    Views
    Last post

Return to “Credit Card & Banking in Singapore”

Who is online

Users browsing this forum: No registered users and 1 guest