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Hello all. I used transferwise in November to move money to Japan. The exchange rate applied was the actual fucking exchange rate. I paid Transferwsise a couple of quid. Worth every fucking penny. Worth swearing. Use Transferwise.
What's the foremost authority for realtime ForEx rates?
I regularly move money between Euros and Pounds Sterling, sometimes into Australian dollars too. These are typically not large monetary amounts, maybe up to a few thousand Euros, but often just a couple of hundred.
I haven't specifically counted, but I gueas I've made around 25 transfers with Transferwise. Compared to using banks directly, and even other "traditional" Forex services over the last 16 years, Transferwise is fast and very low friction.
I did have to verify my identity once my transfered totals had exceeded £15k, but that has been the only delay. They just do a very, very good job.
Hmmm I heard these guys make less than $10million a year in revenue. Possibly the lowest revenue to valuation ever?
As the embedded video alludes, it's not that revolutionary an idea to pool transactions and use local resources to fulfill more cheaply if possible. That said, the world is full of wildly successful companies that just executed well on not very revolutionary ideas, and they provide real value that was largely absent before they grew to prominence. Sometimes it's not about doing something new, it's about doing it well…
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Out of curiosity, what sort of (non-personality) mistakes did you see?
I've seen: 1) Incorrect ordering of output "Buzz Fizz" 2) Printing only Fizz or Buzz for 15. 3) Starting at a number different to 1 (say 0) 4) Off by one error at the end (going to 99, instead of 100) 5) Forgetting to print out the number when neither Fizz nor Buzz is output (first output is Fizz for 3) 6) Always printing out the number. (3 Fizz) and that's the people who can code at all. Then you get people who can'…
It made realize that I've made all of these mistakes on tasks similar in complexity of Fizzbuzz. I write a lot of scripts in different languages some of them quite domain specific.
Why do I make mistakes? Most of time the mistakes stem from the fact that I do not have to get it right the first time and I may have misread the specifications. As Hemingway said: "The first draft of anything is always shit"
So take 1000 applicants who can code but are in a stressful situation and I would not be shocked that there would be 50 mistakes on something so seemingly trivial.
Surprised to not see any mention here of legal and regulatory risk. One of the reasons moving money between countries is hard and expensive is that it is often done by people either trying to avoid tax liabilities, and/or by people involved in illegal activities and as a result governments are understandably keen to tie transfer agents up in rules regulations and liabilities. Ask HSBC...
I was given extra checks to make before my first transfer, since I was paying into an unusual type of account.
As the embedded video alludes, it's not that revolutionary an idea to pool transactions and use local resources to fulfill more cheaply if possible. That said, the world is full of wildly successful companies that just executed well on not very revolutionary ideas, and they provide real value that was largely absent before they grew to prominence. Sometimes it's not about doing something new, it's about doing it well…
Or, in the case of international money transfer: They see through the existing system and just openly do what most banks have been doing all the time behind the scenes, passing most of the savings to the customer. The only problem I see with this specific business model: As soon as enough people use it, this method of transfer will be the norm and all the big banks will offer it too, thereby invalidating the justific…
Imagine a company built around some service for expatriates in Britain closed their series A and their series B was happening sometime around/after Brexit. I guess that would be down round territory?
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What's the foremost authority for realtime ForEx rates?
Don't know about foremost, but I always use xe.com
I transfer my entire salary from USD to EUR every year so I definitely want to get the best rate.
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WorldFirst does. There are plenty of competitors in the space that do a great job at this.
Can you elaborate on the other competitors? Thanks