International money transfer - TransferWise is a truly amazing slick deal - especially transfers into the US
On a recent international money transfer I saved a lot and only paid a fraction of what I normally pay in fees.
I wanted to transfer USD 400 from my account in Denmark to a bank in the US. I have an account in a major US Bank Chase and a account in a small bank called GO Bank.
My Danish bank would do the transfer to Chase for a fee of DKK 50 (USD 7.40) but Chase would deduct an incoming international wire fee of USD 15 so I found this very expensive. If I wanted to transfer to Go Bank the Danish bank would charge another fee of DKK 120 (USD 17.75) because GO Bank does not use swift (international wire transfer). I considered transferring with PayPal but they charge a small fee plus 4% and I would get a bad currency exchange rate on my card.
So I looked for an alternative and found it.
There is a company called TransferWise and they offered to transfer for the money for 0.5% minimum DKK 10 (USD 1.48) and they offer mid-market rate exchange rate.
I gave it a try and I was not disappointed but amazed how cheap they transferred the money, how little it cost and the speed of it.
I initiated a transfer late Sunday evening Danish time and it was deposited into my American bank account Tuesday.
The total cost was DKK 13.55 (USD 2). They deposited the transfer as a direct deposit so there was no incoming international wire fee. They converted the exchange using mid-market rate exchange rate so I saved a little here too.
It was very easy using TranserWise so due to the above mentioned I believe this is truly an amazing deal.
I have researched them on the internet and everybody speaks highly of them and they get good reviews.