TransferWise

I have recently discovered TransferWise and used it successfully. It is a cross-border payment system that charges only 1/2% instead of PayPal's 4%. I think the key is they do direct deposits without charging a fee to change currency. PayPal acts as if they must change currency and charge a fee for it. They make money changing Canadian dollars into US dollars when a Canadian person pays an American and make money changing US dollars into Canadian dollars when a US person pays a Canadian. But there is no need to actually change currency for each transaction. TransferWise keeps the Canadian dollars and uses them to pay some other Canadian and keeps the US dollars and uses them to pay some other American, while using the nominal exchange rate (which you don't get with PayPal) both ways.

If you buy coins from some country you don't live in, consider using TransferWise.

 

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Thanks very much for the tip @Valentinian I would rather put that 3.5% towards another coin.

 

Seems like a brilliant idea -- I hope they succeed!

 

I don't use those yet, but when I do thanks!

 

+1

I also used this service recently with a Canadian customer, and it worked out perfectly.

 

3 cheers for Transferwise! And thanks to both @Valentinian and @John Anthony for being willing to try it out.

 

Glad to hear your experience. PayPal is a real screw and banks aren't much better.

 

I've also used Transferwise for a number of transaction from England (£) to Europe (€) and found they had the best exchange rate and lower fees. Recommended.

 

Does this only work for cash payments? Is payment by TransferWise approved by any of the European houses on Sixbid and biddr?

 

Good questions and I would also like the answers if anyone knows.

 

I use both Sixbid and biddr but payment is direct to the auction house for lots won. After getting an estimate (usually the actual cost) of total cost from Transferwise you put the auction house bank details as per the invoice into Transferwise (simpler than my bank as they don't ask for bank address and related details but only the Iban) and Transferwise takes the money from your bank and pays the auction house the normally the next day.

 

As per @Deltoo's explanation, I have paid a number of European auction houses with Transferwise, and haven't had any refuse to use the service. They get paid by domestic bank transfer, so there are no fees for them... which usually means they also remove any bank transfer fee that they normally charge international customers.

 

Clarification: Transferwise only takes the money from your bank account when you log into that bank account through their system. They don't save any of your bank information.

You can also transfer by using a debit card or even a credit card, but the fees are a bit higher.

 

I have used them once and the transfer went well. The transfer was small, but the seller held fast that I use a wire transfer. I had sent one to the seller from my bank with relatively big $$ charges. I did not want that again, so I used my credit card with Transferwise. I did not want to send my bank info to yet another company. I may set up a coin buying account that is not connected to my household account.
I am sure to try them again.
The dollars were modest, but the piece was sizable, 300+ grams of aes rude -

 

Interesting. I just went through an exercise with PayPal trying to pay Roma for my aureus. The credit card company shut me down several times because the total was over $5k US.

Good thing those first tries failed, because I saw the currency conversion rate that PayPal was using. It was 4% higher than what I was seeing for actual exchange rates on-line. To be clear, this is not the 3.5% fee that Roma charges for PayPal/Credit Card use. This was a currency exchange rate that had a 4% skew to it (In PayPals favor)

If you dont know already (I forgot), there is a currency conversion link you can click, before you complete your transaction through PayPal. It gives you the option of using your credit cards currency exchange rate. USE IT. They dont make it obvious..................for a good reason, they are ripping you off.

I saved a couple hundred dollars by clicking that button. I'm not sure how this affects the seller but I have to imagine they get their full due.

btw I stopped using bank transfers because my bank was hitting me for a currency conversion rate also.

Regards

M

 

When I wrote the OP I had used TransferWise to get money from Canada (I am in the US). Recently, for the first time, I used it to pay. I got a book from Sweden and it worked great. There was a delay while setting it up to authorize them to take money from the account I designated.

I love TransferWise.

 

I just set up an account with them, but haven't used it yet. I'll let everyone know how it works when I do use it.

 

I wonder if Roma and other firms would be happy to take payment in dollars at about the nominal conversion rate. They must occasionally buy in dollars. The buyer gets charged a big currency-conversion fee and then there is another fee later when they have to convert that money to buy in dollars. They should have a bank in the US and change currency much less.

Has anyone asked Roma or other European firms about paying in dollars?

Maybe we don't need to know. If they accept TransferWise, the problem is solved.

 

I woud love a way to pay ANY of these dealers using a method that does not require a credit card (fee)/ or traditional bank transfer (fee) / or inflated exchange rates (i.e. a fee)

If the dealers start advertising that they accept that form of payment (TW), then I will consider it. However, I imagine you do lose any fraud protection that comes with using a credit card. That could be an issue with some transactions.

 

I just checked the cost of sending 1000 Euros to Germany at Bank of America tonight it would cost $1241.00. TransferWise would be $1176.68. That's significant. BofA is screwing me for an exchange rate of $1.206/Euro plus $35 wire fee. Transferwise is $1.165/Euro and a $9.90 fee.

Next time I'm going to try TransferWise. I hate banks.