Show HN: World’s first £3 flat fee (0% FX markup) money transfer service

Post by easytiger » Fri, Mar 11, 2022, 10:05 AM UTC

mcjiggerlog wrote: post #72

wdaareg wrote: post #31

Earlier quoted context omitted.

We sure aren't! We're tired of seeing traditional players hiding fees in the rate - and we're not about it. Our rate is the interbank rate directly from the world's biggest exchanges. Customers really are paying just £3 to move any amount all the way up to £1 million.

Right this second it reports that transferring 10,000 GBP would give you 12,000.71 EUR vs the 11,949.73 EUR you would get by using Wise, which is probably the best known competitor. Seems pretty good to me!

Right now on revolut GBP:EUR £10000 buys $11912.07. This service is promisng €12,000.71

Post by fsniper » Sat, Mar 12, 2022, 7:32 PM UTC

wdaareg wrote: post #211

fsniper wrote: post #147

Do you plan on having transfers without exchanging currencies? I have 2 country presence and have Euro accounts on both countries. Ireland/Turkey. Also will you be adding more countries?

I would be interested to learn more about why you're unable to transfer money directly between those two accounts!

I can do it through a Swift transfer. It is costly, as there can be multiple banks in between and each bank applies their own "un advertised" fees. Also it can't be tracked. It's like throwing money to a worm hole. It can arrive at the destination in a few working days or not. No view into what happens in the worm hole. So swift transfers are unpredictable.

There is Revolut, which can do this free or low cost, but lately this service seems to be akin to swift transfers and can be fee deducted by interim banks. Our circle has been using Revolut for similar transfers up until some of us fee deducted by huge amounts.

So this leaves us with Transferwise. And Transferwise only does exchange transfers across borders.

This is not really something we are happy with because there are exchange taxes applied in Turkey to move it into the Euro account back.

Re: Show HN: World’s first £3 flat fee (0% FX markup) money transfer service

Re: Show HN: World’s first £3 flat fee (0% FX markup) money transfer service