For you international buyers, how do you like to send funds?

Discussion in 'World Coins' started by Stork, Apr 17, 2021.


Wise or XE? For you international buyers, how do you like to send funds?

  1. Wise (formerly Transferwise)

    7 vote(s)

    0 vote(s)
  3. Bank Wire/transfer

    0 vote(s)
  4. PayPal

    19 vote(s)
  5. Credit Card

    4 vote(s)
  6. Other intermediary (please post)

    1 vote(s)
Multiple votes are allowed.
  1. Stork

    Stork I deliver Supporter

    I'm guessing this is a better forum, more likely to find the international buyers :D.

    My entertainment this weekend (other than bidding in a Japanese auction...will post newps on arrival :D), is figuring out a better way to pay. A friend mentioned, and I'd been aware of Transferwise (now known as Wise). I'm curious about people's experiences, satisfaction with interface--web or app, or any concerns. Good news or bad.

    Personally, for lower cost things (if available) I'd been defaulting to PayPal-- in all it's easy, familiar, already set up, costly, annoying glory. I've done a credit card directly a few times too but nowadays if they take credit cards, they usually take PP too. Once one gets to a certain price point though, these fees are pretty egregious.

    For other things I've done a few international wires. More work, fees that work to my advantage over a certain price point, no idea what currency conversion I'm getting before sending, and generally just annoying. I mean, an ACTUAL phone call???

    In any case, I'm trying to set up a poll. If it works great and feel free to comment on preferences. If not, oh well. Comment anyway. Assuming anyone wants to. It should be a private poll.
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  3. tartanhill

    tartanhill Well-Known Member

    I have been using Wise from when it was Transferwise and have found it to be easy to use, to have a reasonable cost, to provide a good exchange rate for foreign currencies, and to be fairly quick with their transfer.
    Stork likes this.
  4. Mac McDonald

    Mac McDonald Well-Known Member

    Well, I haven't purchased enough from foreign sources to become well-acquainted or savvy with foreign exchange rates, etc. Other than something that's the best of secure/reliable, I'd want it to automatically convert and tell me how much in US Dollars it's going to cost...not approximately. That, or a fixed, not-to-exceed amount to be deducted by/from my bank, and anything plus/minus of that amount is borne by the seller. I've had a couple sellers agree to that, but not many. At that time, eBay wouldn't even allow the transaction because it wasn't in US Dollars. Sellers said they didn't know, either, and wouldn't until the transaction was completed because theirs fluctuates so much. We would agree on a dollar equivalent but by the time the transaction is processed through my bank, it's a different dollar amount...surprise! No surprises. That said, am done with anything of foreign sources/sellers.
  5. Chris B

    Chris B Supporter! Supporter

    When it is offered, Paypal is my method of choice. After that, bank wire, but I haven't had to do it much.
    Stork likes this.
  6. Sullykerry2

    Sullykerry2 Humble Collector Willing to Learn

    If buying from a Japanese dealer Transferwise (now Wise) is usually quite good. HOWEVER, problems arise on the other side namely the bank receiving the funds. One has to type in EXACTLY what is requested. The Japanese banks are real sticklers. (I use to work for an American bank in Tokyo and I often wondered if this exactness was a way to prevent the barbarians from doing business in Japan). Good luck at the auction Stork.
    Stork likes this.
  7. Mister T

    Mister T Member

    PayPal - it's usually the lowest common denominator.
    I've used credit card too but I normally buy from smaller sellers who don't offer credit card.
    Stork likes this.
  8. talerman

    talerman Supporter! Supporter

    For smaller sums. TransferWise / Wise cheaper than PayPal and has worked very smoothly on the 3 times I have now used it. For large sums my bank, which charges me $ 30 for a repetitive wire, is clearly cheaper and gives me a better exchange rate.
    Stork likes this.
  9. Stork

    Stork I deliver Supporter

    Nothing spectacular but a couple half sens in date I 'needed', and I was able to score a couple more porcelains. Will post pictures.

    I'm at that point where the Paypal 3% surcharge is onerous (especially as things are only leaving by FedEx), but dealing with my credit union by phone...well I'm still trying to enter the 21st century!

    Sounds like, barring PayPal, from here and the same question asked elsewhere, I will give Wise a try. It seems my shopping/bidding keeps taking me further afield so it makes sense. And PP surcharges are just too much.

    I get that. Living overseas got me a little more used to the idea of converting on the fly when in person. And when putting in amounts I input the yen (or euros) and my credit union would give me the precise exchange rate and what would be withdrawn...and I pay as quickly as possible to avoid fluctuations. But the number would be a mystery until I talked to them. Similar with paypal, input the amount they are to get and see just how bad the exchange rate is :D.

    Wise (and XE) seem like more user friendly and/or less expensive.

    Thanks for the input!!
    Chris B likes this.
  10. tibor

    tibor Well-Known Member

    Being the very ignorant old man that I am, I've never heard of
    Wise or I always use PayPal. There are two European
    dealers who do not accept PayPal. One of them Is a combination
    of a Heritage, Mecum, and Sotheby's. In this day and time I cannot
    imagine an auction house not accepting PayPal. I will have to figure
    out how wire transfers work. Do Wise and XE offer any type of
    insurance as PayPal?
  11. Stork

    Stork I deliver Supporter

    None at all.

    Basically it's a way of doing a wire transfer with all the implicit trust that would require. But using an easier interface and lower (and more transparent) costs. Paypal has something called Xoom for international transfers which is kind of the same idea, but isn't much of a bargain.

    I'm only using it in lieu of where I would do a wire transfer--which would be a well known auction house or possibly a dealer if they were someone super reliable. Really it's for auctions.

    As for wire transfers go to your bank/credit union's web page and look for the instructions. Basically they take the bank information (and the auction houses provide it) including all the codes, and at least for mine, I verbally give them the amounts and the auction house's account information. Confirm several times and then they do a direct transfer from your account to theirs. Lots of double checking to make sure no errors. Fees are involved and currency exchange rates.

    Deciding which is more cost effective between PayPal and the wire generally depends on how much I'm spending. 3% paypal vs. flat fees, and whatever rate they are using. If I'm spendy it's the wire, which doesn't happen often. But finding a better option is what I'm after. Wise seems like a viable option. Cheaper and easier than literally phoning up my credit union and making a 20 minute phone call.
    tibor likes this.
  12. Mkman123

    Mkman123 Well-Known Member

    Used transferwise several times now and love it. Will continue to use them from now on, easy, fast, and cheap!
    Stork likes this.
  13. Stork

    Stork I deliver Supporter

    I've signed up and am awaiting my Auction World invoice. Hoping to post some new stuff soon after this barren collecting year. A couple half sens and a couple porcelain/pottery/clay coins. Finally adding a white one to the mix!

    In any case, am excited to try (Transfer) Wise. Lots of good comments here and on the other site I posted the question. This time the paypal fees would exceed the wire fees, so Wise will be an even better bargain. Makes up for the need to use FedEx to get stuff out of Japan these days. Though FedEx does feed into my desire to get things fast. I've used the regular post on the lower invoices, but am not unhappy in this case to pay the extra.
  14. mrbadexample

    mrbadexample Well-Known Member

    Since Brexit I find it is no longer affordable to buy lower price coins from outside the UK. Shipping and import charges kill it. :(
  15. PaulTudor

    PaulTudor Well-Known Member

    Transferwise always, PayPal are awfull !
    Stork likes this.
  16. Jaelus

    Jaelus The Hungarian Antiquarian Supporter

    I've used Transferwise before, but any bank wire from the US abroad is a hassle.

    I prefer to use PayPal, and then I specify to be billed in foreign currency and on the transaction I check off that my credit card should handle the currency exchange (PayPal's currency exchange fees are a solid rip off).

    Several years back though I found a broker in Budapest that I started using for all my international transactions. While I pay a percentage fee on each transaction, I also save a great deal on other fees and shipping. They have also been able to inspect lots for me in person and save me from making some mistakes, and are also able to locate and purchase coins for me that are not listed online or for which international shipping is not offered. For anyone that makes a lot of international purchases or bids on international auctions, I highly recommend using a broker to do so.
    Stork likes this.
  17. Stork

    Stork I deliver Supporter

    Well I tried with Transferwise/Wise...the auction house actually had them on a drop down menu. Unfortunately some of the details were wrong, and I think I got all the correct info (bank number and the correct style of characters--katakana only, none of the kanji or latin letters), but I sent an email to them to look over my 'recipient information' just to be sure. I could have reverted to SWIFT transaction, but then I'd need to add another 5000 yen...and my invoice was thus out of date. This is an adventure. And still cheaper than the 4.4% paypal fee (and the bad rates).
  18. dltsrq

    dltsrq Grumpy Old Man

    If the rules are followed, PayPal offers excellent protection for both buyer and seller. Well worth the cost, in my opinion. The key, of course, is "if the rules are followed"...
    Stork likes this.
  19. Stork

    Stork I deliver Supporter

    Paypal does have a few advantages but 4.4% (at the place I'm buying from now) is a bit steep. If I can't get Transferwise to work, I'll probably just wire after all. It's just a pain as I selected that option for my invoice and now I've hit a roadblock. Waiting on a customer support email from Transferwise.

    I would not wire to just any random seller though. This is a well established auction house I've purchased from before. I am not worried about the honesty of the transaction...just speed and fees. Paypal certainly remains a viable candidate to use!
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