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International money transfer - TransferWise is a truly amazing slick deal - especially transfers into the US

wacher 125 30 November 6, 2015 at 08:03 AM in Finance (3)
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I seached the forums for TransferWise and found no hits which is a surprise to me as I believe this in an truly amazing slick deal.

On a recent international money transfer I saved a lot and only paid a fraction of what I normally pay in fees.

The story:

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.

Linky:

https://transferwise.com

2 Comments

1

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#2
Its not the only one, you can use western union (app),Ria, xoom transfer. All have varying rates. Always compare exchange rates of all of these and promotional offers too. Simply using one is an insult to your savingsSmilie
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#3
First transfer on transfer wise seemed like good deal, but because of additional fees on next ones, I switched to western union. Good rate compared to xoom.
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