TransferWise Referral - Free forex transfer

[davidj]

For those wanting cheap (or free for referrals) transfers to overseas bank accounts, TransferWise is worth looking at. Really low fees, and it appears to have one of the better exchange rates in the market (close to mid market with small spreads)

Click here:
Transfer Money Online | Send Money Abroad with TransferWise

Those that signup get 1 fee-free transfer (Your first transfer of up to £500 is free).

TransferWise is ASIC regulated.

The ACCC said there were cheaper alternatives on the market, but they were struggling to take market share off the big banks.

"For a transfer of $1,000 to US dollars, TransferWise charged its customers 0.45 per cent of the amount that is converted, plus AU$1.50. This would amount to a total price of around $6," the regulator calculated.

Foreign exchange stings when sending or spending money overseas

If 4 members take up this offer, I receive $50 towards my next transfer.

Take up this offer here:
Transfer Money Online | Send Money Abroad with TransferWise

 

[SeatBackForward]

For those wanting cheap (or free for referrals) transfers to overseas bank accounts, TransferWise is worth looking at. Really low fees, and it appears to have one of the better exchange rates in the market (close to mid market with small spreads)

Click here:
Transfer Money Online | Send Money Abroad with TransferWise

Those that signup get 1 fee-free transfer (Your first transfer of up to £500 is free).

TransferWise is ASIC regulated.



Foreign exchange stings when sending or spending money overseas

If 4 members take up this offer, I receive $50 towards my next transfer.

Take up this offer here:
Transfer Money Online | Send Money Abroad with TransferWise

I use them for my business in fact, and they let you have bank details in the UK, US and Germany for deposits if you receive money in those regions.

 

[daft009]

I've been using transferwise personally for a few months now.
however have just started using them for my business as well.
I used it to send payments and even receive customer payments. They let me open my own dedicated US$ & Euro bank accounts which is awesome!

Transfer Money Online | Send Money Abroad with TransferWise is my link. If 3 people use my link I get $90 towards my next transfer so it would be much appreciated.

 

[daft009]

so I just tried a transfer via these guys and used a CC... no points

 

[thatsthatmattressman]

Do you not get a nasty cash advance fee if you use credit card?

so I just tried a transfer via these guys and used a CC... no points

 

[daft009]

Do you not get a nasty cash advance fee if you use credit card?

luckily not on the card I used. not sure how other cards would fair.
i guess it still bought me ~50 days of interest free terms for a very small surcharge.

 

[Fifa]

Thanks for your post @daft009. I have signed up via your link.

I recently made a direct booking at a ski lodge in Japan for a group that requires a deposit. Payments via credit card and Paypal incur a 3.5% surcharge and TransferWise was the lodge's suggestion.

TransferWise rate: 62,280yen = AU$821.87
XE rate: 62,280 = AU$821.74

(If I didn't take advantage of the free transfer offer the fee would have been $9.21 which is very reasonable)

 

[DeKa]

A little bit of advice for TransferWise users.

Earlier this year, TransferWise started to mandate their US virtual bank account must receive funds by Wire with a name “TransferWise FBO <your name>”. This is frustrating because a lot of sources funds may originate from in the US will only send to your name.

FBO stands for For the Benefit Of.

However, TransferWise will still currently accept funds by ACH without the FBO requirement, so check if your funding source in the US can send by ACH.

Use my referral link to get a free transfer.

 

[daft009]

yeah i had to stop using the incoming USD account for this FBO reason.
No such issues with my Euro incoming account which is more important for me

 

[VPS]

A little bit of advice for TransferWise users.

Earlier this year, TransferWise started to mandate their US virtual bank account must receive funds by Wire with a name “TransferWise FBO <your name>”. This is frustrating because a lot of sources funds may originate from in the US will only send to your name.

FBO stands for For the Benefit Of.

However, TransferWise will still currently accept funds by ACH without the FBO requirement, so check if your funding source in the US can send by ACH.

Use my referral link to get a free transfer.

Sorry - what is ACH

 

[DeKa]

Sorry - what is ACH

The closest equivalent the USA has to our “BSB and Account Number”

Most transfers between financial institutions in the USA seem to use Wire (with a Wire Routing number and account number for a fee of around $20). It’s this type which requires account names to match exactly when using TransferWise.

 

[DeKa]

Further to this, TransferWise seem to have just launched their Debit MasterCard in Australia. You need to have opened an account, verified your ID and had at least some funds through the account to be able to order a Debit MasterCard.

Think of it like a Qantas Cash card where you can load money into specific currencies, but without the rip off rates.

Use my referral link to get a free transfer.

 

[VPS]

Further to this, TransferWise seem to have just launched their Debit MasterCard in Australia. You need to have opened an account, verified your ID and had at least some funds through the account to be able to order a Debit MasterCard.

Think of it like a Qantas Cash card where you can load money into specific currencies, but without the rip off rates.

Use my referral link to get a free transfer.

Wow that is great news - been waiting for that - thanks

 

[daft009]

I logged into my account and it says not yet available in Australia

 

[Danger]

On the surface, it looks like Transfer Wise offers exceptional value. About 30 hours ago I looked at AUD1000 to USD and it gave a rate of 0.7022 with a little over AUD6 in fees. That seemed perfectly acceptable. Is there something I'm missing?

 

[oz_mark]

I logged into my account and it says not yet available in Australia

It's being tested, and not rolled out to everyone yet.

 

[VPS]

On the surface, it looks like Transfer Wise offers exceptional value. About 30 hours ago I looked at AUD1000 to USD and it gave a rate of 0.7022 with a little over AUD6 in fees. That seemed perfectly acceptable. Is there something I'm missing?

I've been very happy with Transferwise and will continue to use them

 

[daft009]

On the surface, it looks like Transfer Wise offers exceptional value. About 30 hours ago I looked at AUD1000 to USD and it gave a rate of 0.7022 with a little over AUD6 in fees. That seemed perfectly acceptable. Is there something I'm missing?

for the casual user the fees cannot be beat!
if you are doing regular high volume for the popular currencies a traditional forex company might work our slightly cheaper

 

[VPS]

I logged into my account and it says not yet available in Australia

I just tried and got the same message but I have just opened a borderless account with them so I might just see if that works.

 

[Danger]

I'm looking closer into this and I'd appreciate advice as to whether or not I've got the following right. Figures are sadly not my strong point.

In the attached screenshot, AUD1000 will buy me USD705.60. This includes all fees and charges so the recipient gets USD705.60. That's at an exchange rate of 0.705950 and due to the referral bonus from davidj, the fee is only AUD0.50. However, taking that out, the fee would be AUD6.56. If I take this into account, the exchange rate becomes 0.7010 (i.e. 705.60/1006.56). Have I got this right?