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Sorry, a bit cranky today. It very much looks like you are just hiding the markup on your fx rate, and not even letting people figure it out by showing your bid/ask.
Earlier quoted context omitted.
Great question! We hold rates for customers for up to an hour and customers can only hold one rate at a time, so the risk is minimal - but we do price that risk into our business model.
So I can shuffle $1M between £ and $, costing £6/hour, and earning guaranteed money whenever the rate moves by more than 0.00003 in a half hour period? Sounds open to abuse!
If you are majorly adversely selecting their liquidity provider, they will just shut you off.
It’s not an exchange.
Their overall risk to an individual account is a few 100, and very few accounts will try to do this.
> Please note that you may only send funds to the country of the national currency. For example, you may only send US dollars to the United States
This seems fairly restrictive. I send USD to Colombia, for example, to pay my staff. The Colombian banks then convert that to COP on arrival. Is there any particular reason why this limitation is in place? Makes it significantly less useful than, say, Worldfirst.
I'm not sure how this is 'the world's first fixed fee money transfer product'? Wise guarantees a rate for 2h (which swings both ways so isn't really a markup IMO) - are you claiming to offer closer to spot pricing?
Can you transfer TO the UK? Specifically from Spain and Qatar? I'm literally about to send a huge amount of money home, and it boils me up how much even the reputable money transfer companies take from you on the exchange. It seems scandalous how much money they take for something which is surely, almost entirely automated.
Example on the home page costs £3, arrives Friday (it's currently 9am Wed). Slightly beats Wise (£3.69) - but they estimate 4 hours. I'm not sure how this is 'the world's first fixed fee money transfer product'? Wise guarantees a rate for 2h (which swings both ways so isn't really a markup IMO) - are you claiming to offer closer to spot pricing?
Is there any limitations on transferring to companies? Or is it just to personal accounts? > Please note that you may only send funds to the country of the national currency. For example, you may only send US dollars to the United States This seems fairly restrictive. I send USD to Colombia, for example, to pay my staff. The Colombian banks then convert that to COP on arrival. Is there any particular reason why this…
Our outbound payments are all domestic bank transfers, so if your Colombian bank can receive a USD ACH payment by routing and account number it should work.
But I'm guessing your USD to Colombia is delivered by international SWIFT wire? The cost of a SWIFT wire is orders of magnitude higher than a domestic bank transfer, and we wouldn't be able to support that in our fixed fee.