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TransferWise

Good service, excellent rate, but needed to wait 24h until my transfer was matched....

I had used Transferwise once before after finding them on Google to make a direct payment of 80 Euros to a company in Germany. I was amazed at how quickly it all happened. This week I needed to transfer £6000 into Euros to send to France. I had always used Post Office International Payments up to now, as it was a "trusted name" but thought I would compare them with Transferwise to see the difference. Even taking into account Transferwise's commission, there was 100 EUR more using Transferwise. I took the plunge, started the transfer process off. I have to admit I was feeling tvery twitchy because of the sum involved, and when I explained how it works to my partner she did start to panic somewhat as she had never heard of them or the way it works. I didn't receive an email to confirm that TW had received my deposit, I had to keep checking on the website for that. WHat kind of made me worry was how long it took for my trabsfer to be matched. 16.7% had been matched after an hour or 2, but there was no further activity until almost 24 hours later when the rest was matched. Once it had been matched, the money was in my French bank account the next day! I guess I would say if you need a larger sum of money transferred as a mater of urgency, you may need to use a broker because you have no way of knowing how long it will take to get matched with TW. But it does work, and I will definitely use them next time! I also am not 100% sure what it means if they are regulated by HMRC and the FSA - I don't believe it means there is any form of deposit protection for your money. So if TW were to suddenly fold, would your money be safe? I don't know. But hats off to you, you saved me a lot of money and I will use you again!

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Jeremy
Reviewer
United States

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