Transferwise details questions.

[Jip99]

14 minutes ago, BritManToo said:

Reference number isn't vital (being an old fool I messed it up)

But you've already given them your home bank details, and if they get money from there, they know where to put it.

 

 

Yes, I would agree with that.

 

I put the membership in the reference section of the online payment instruction on my first payment and it has stuch ?

[CharlieH]

Just a word of caution to those who have or are considering leaving money with an FX company.

 

"The company was licensed only to transfer clients' money, but many were encouraged to leave their cash with it in the hope they would benefit from a rise in currency exchange rates."

 

https://news.sky.com/story/police-investigate-after-britons-lose-holiday-home-cash-in-10m-company-collapse-11492763

 

I am not suggesting or implying anything about any specific company. Purely a note for caution and information.

[jackdd]

33 minutes ago, CharlieH said:

Just a word of caution to those who have or are considering leaving money with an FX company.

 

"The company was licensed only to transfer clients' money, but many were encouraged to leave their cash with it in the hope they would benefit from a rise in currency exchange rates." 

 

https://news.sky.com/story/police-investigate-after-britons-lose-holiday-home-cash-in-10m-company-collapse-11492763

 

I am not suggesting or implying anything about any specific company. Purely a note for caution and information.

I don't know how it works for all currencies, but if you have a Transferwise borderless account in Euro it's actually a bank account at a licensed German bank, and an USD account is actually a bank account at a licensed US bank, so the respective country's protection laws regarding bank accounts should apply

Edited September 8, 2018 by jackdd

[Jip99]

5 hours ago, CharlieH said:

Just a word of caution to those who have or are considering leaving money with an FX company.

 

"The company was licensed only to transfer clients' money, but many were encouraged to leave their cash with it in the hope they would benefit from a rise in currency exchange rates."

 

https://news.sky.com/story/police-investigate-after-britons-lose-holiday-home-cash-in-10m-company-collapse-11492763

 

I am not suggesting or implying anything about any specific company. Purely a note for caution and information.

 

 

Charlie, just by mentioning it you have introduced a ‘fear factor’..... perhaps the anti-Brexit crowd could employ you! ?

 

Min8mal research would show you that jackdd’s comments are spot on.....TW accounts are covered by the UK’s Financial Services Protection Scheme ..

 

It is, of course, sensible to advise people to check that (wherever they deposit their money) they are protected.

Edited September 8, 2018 by Jip99

[Pib]

In terms of is your money you keep on account with Transferwise "insured" by the govt?  The answer is No. 

 

Transferwise does have to follow various govt regulations under their license as a money transfer service but your money is not guaranteed/insured up to a certain amount as in a bank.  Below from Transferwise webpage.

 

https://transferwise.com/help/article/2811590/borderless-account/how-is-this-different-than-a-bank-account

 

[Moonlover]

I have a quick follow up on this topic for those who have pensions to transfer.

 

I currently have my Armed Forces pension paid directly into Krungrsi and I've just done a 'dummy run' to compare the alternative of using TW instead.

 

My pension was paid out last Friday and I did a dummy transfer, on that day, with TW and found that I would have received 29,350 THB and would have arrived the following day.

 

Instead, I had to wait 4 days for my pension to arrive and when it did I received only 28,800 THB.

 

It's a 'no brainer'. Why wait to get less? A letter will be on its way to the Paymaster today.

[steve73]

11 minutes ago, Moonlover said:

I have a quick follow up on this topic for those who have pensions to transfer.

........ (snip)

To be sure you should do a dummy transfer on the day your money actually arrived, since much of this difference could have been due to a falling exchange rate over those 4 days.

Had the exchange rate been increasing, you may have ended up with a little more.

But if you compare the TW Fx (incl fees) to a bank transfer (published rate + any applicable receiving fee) at the same time,  then TW usually comes in around 2-3% higher for a transfer of that size.  

[billd766]

I started to set up a TransferWise borderless account on Friday 14th September and completed it yesterday Monday 17th. The biggest problem was the photo of me holding my passport. My pc camera is not that good.

 

Their helpline is great and after I had taken the photo I sent it off with a scanned copy of my passport details page. I had an email 10 hours later confirming that the details were good and the account will be approved.

 

Today the KBank forex rate was 42.475 and TW forex was 42.88378. A difference of 40.8 satang per GBP.

 

I will wait until the next pension payment and change after that. The same will apply to my RAF and company pensions

[steve73]

48 minutes ago, billd766 said:

(snip)

 

I will wait until the next pension payment and change after that. The same will apply to my RAF and company pensions

 

bill, if you are planning to transfer a number of smaller payments, you will find it cheaper to consolidate them into a single payment first, either in your own UK bank, or a TW international account, rather than instructing your pension provider to make the payments and transfers themselves.  This also allows YOU to choose the best time/rate to transfer.

 

Agree - their helpline/customer support is very good.

Edited September 18, 2018 by steve73

[billd766]

1 hour ago, steve73 said:

 

bill, if you are planning to transfer a number of smaller payments, you will find it cheaper to consolidate them into a single payment first, either in your own UK bank, or a TW international account, rather than instructing your pension provider to make the payments and transfers themselves.  This also allows YOU to choose the best time/rate to transfer.

 

Agree - their helpline/customer support is very good.

 

Thank you for your kind advice. My RAF pension is paid on the 15th and my company pension of the 20th monthly so I get 12 monthly payments on each.

 

My state pension however is paid every 4 weeks so I get 13 payments per year.

 

Once it is up and running I think that I will end transferring the 2 monthly payments as one and the state pension as another.

[Moonlover]

4 hours ago, steve73 said:

To be sure you should do a dummy transfer on the day your money actually arrived, since much of this difference could have been due to a falling exchange rate over those 4 days.

Had the exchange rate been increasing, you may have ended up with a little more.

But if you compare the TW Fx (incl fees) to a bank transfer (published rate + any applicable receiving fee) at the same time,  then TW usually comes in around 2-3% higher for a transfer of that size.  

Thanks for the tip. I hadn't thought of that one. ? But I've done it just now and it comes in at about 50 THB more. There is a very slight increase in the exchange rate, but the differential between the TW method and Direct Deposit from UK is very apparent.