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Discussion Starter · #1 ·
Hello everyone or Bonjour.

So I've got a few wins on the board. Bank account and phone account TICK.

I wish to transfer some money into my new account. The exchange rate offered by my Australian bank in pretty poor. I was thinking of trying Transferwise and setting up an account with them. The exchange rate is better.

Does anyone have any experience to share with transferring money from Australia or using Transferwise.

Thanks kindly

Ash
 

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Not from Australia, but from the US. I've been using Transferwise for some months now to transfer my monthly pension fund withdrawals. (There are some complicated reasons for how and why I have things set up like this.)

I've had no problems whatsoever with the service. Once or twice, when there has been a delay in the transfer for some reason, they have been great about giving me a freebie for the next transfer, even when the delay is only for a day or two. (My transfers are not time critical.)

The exchange rates are good - and the cost to make the transfer are much lower than what your banks will charge you (both your bank in Australia to make the transfer plus the "acceptance" charge your bank in France will take on a foreign transfer).
Cheers,
Bev
 

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I haven't used them yet, but I just got their app and put in $1000 to transfer just to see what it said and the cost was $9.90 fee and they use actual exchange rates, which is not something the banks necessarily use.

Just do a mock test to see what your bank would charge for a set amount, and then check with Transferwise and see which is cheaper.

KJ
 

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Discussion Starter · #4 ·
I've just transferred some money via Transferwise and the advantage was an extra 30 euro in my pocket. So I think, I'll be using it moving forward. So far so good
 

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My OH and I have been using TransferWise for around 2 or 3 years ... don't remember exactly how long but pretty much as soon as it started. We've moved GBP to EUR in France, and GBP to New Zealand. No problems at all and if anything it seems to be getting better: the last time I sent money to NZ my son received the confirmation from TransferWise saying the money had arrived before he read my email that it was on its way.

It was certainly the best in terms of charges and exchange rate: I don't know if there are now similar (better) services, but I'm very happy to stick with them.

Suggest you send a smallish amount at first to get the hang of the system before sending larger amounts.
 

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Thanks everyone, I actually needed this right now and just used it. When did this start? It would have helped a lot back in 2015 when I learned after the fact that my main bank wouldn't transfer money without me there in person. (I was like...but ...I'm in another country, lol!)
 

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I think they started a couple years ago - possibly in 2015, so it was touch and go whether you could have used them back then. They do have a Facebook site that explains how things work and how they came up with the idea.
Cheers,
Bev
 

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I'll have to see how Transferwise compares with Charles Schwab. Schwab offers wire transfers of any amount (I think that's right) for a flat fee of $25 at the current exchange rate.

Wish I had a French bank acct to transfer funds to. Now 7 weeks since starting process with BNP. Last told we should receive everything in the mail any day now. Here's hoping...
 

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Bev, since you are using Transferwise from the US to France, how does this show up on your US bank account statement? I don't want my US bank to know I am living in France for fear they might close my account. Thanks.
 

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I'll have to see how Transferwise compares with Charles Schwab. Schwab offers wire transfers of any amount (I think that's right) for a flat fee of $25 at the current exchange rate.

Wish I had a French bank acct to transfer funds to. Now 7 weeks since starting process with BNP. Last told we should receive everything in the mail any day now. Here's hoping...
I have Charles Schwab too. Allegedly this Transfirewise thing is going to take 12 hours whereas Schwab (doing the online transfer) took...what....seven days last time I did it? five? And it was $25 whereas this was $6.99. It seems too good to be true. We'll see if it actually works...
 

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I have Charles Schwab too. Allegedly this Transfirewise thing is going to take 12 hours whereas Schwab (doing the online transfer) took...what....seven days last time I did it? five? And it was $25 whereas this was $6.99. It seems too good to be true. We'll see if it actually works...
I believe the cost is amount driven with TransferWise, so using KJ's example above for $1000 at $9.90 providing it's linear then $5000 would be almost $50 vs $25 for Schwab. I know it takes some time with Schwab but if you're not in a hurry it might be a better option.
 

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Bev, since you are using Transferwise from the US to France, how does this show up on your US bank account statement? I don't want my US bank to know I am living in France for fear they might close my account. Thanks.
That's the beauty of the thing. It shows up on your US bank account as a "payment" taken from your account (a local payment). It also shows up on your French (or other) bank account as a local transfer in (like a SEPA payment into your account). You can put whatever label you want on it for your own purposes.
Cheers,
Bev
 

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I believe the cost is amount driven with TransferWise, so using KJ's example above for $1000 at $9.90 providing it's linear then $5000 would be almost $50 vs $25 for Schwab. I know it takes some time with Schwab but if you're not in a hurry it might be a better option.
The fee is about 1% on transfers from or to the US. I think it varies if you're using a different combination of countries (due to local banking rules or something). And yes, it's really good for smaller amounts - plus you can make payments to third parties, too. It doesn't have to be between two bank accounts that you "own."

I've had transfers completed the next business day - in fact most of the time that seems to be the case.
Cheers,
Bev
 

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Discussion Starter · #14 ·
I've just set up a Transferwise account now also. It's all pretty easy so far. I've done my first transfer to my french account. It hasn't cleared yet, but they did say Monday. It was a better exchange than my Australian bank.
 

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Yeah, I always seem to set up the transfers on a Friday or late Thursday. And then there is the little "thing" about French banks being (mostly) closed on Mondays. Sometimes I think the transfer gets there on Monday as scheduled, but it won't show up on your account until Tuesday because the bank is closed on Mondays. Oh well - Life in France.
Cheers,
Bev
 

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Forgot to ask. Is there a bank fee for the bank receiving the transfer, since banks are now charging for everything?
No - because all the bank sees is a standard SEPA payment (from within the EU) - and the banks are NOT allowed to charge for receiving a SEPA payment.
Cheers,
Bev
 

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bhamham, good point. When it's a bigger transfer I'll compare the rates then. For this instance, I saved about $15, but in other instances, I would probably save using Charles Schwab.
 

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