Would it be safe to use this if you're transferring a very large amount of money, for example to buy a house in a foreign country? Anyone have experiences (good or bad) with large transfers they'd like to share?
Yes, I did that and it worked fine.
TransferWise changes name to Wise
41–50 of 230 posts
Re: TransferWise changes name to Wise
#42Would it be safe to use this if you're transferring a very large amount of money, for example to buy a house in a foreign country? Anyone have experiences (good or bad) with large transfers they'd like to share?
I'd look at other options like OFX, they end up being cheaper for large transfers and are geared towards the kind of transfer you mention.
+1 of OFX. I use TransferWise a lot for cross border treasury management, but used OFX when moving $large_sum USD->EUR to buy a flat in the EU because they offered a better conversion rate.
Re: TransferWise changes name to Wise
#43Just wanted to say that I absolutely love the UX/UI of transferwise, every time I need to do a transfer I am honestly enjoying the process, well done.
Re: TransferWise changes name to Wise
#44Earlier quoted context omitted.
The deal breaker for me is the fee for bank transfers, something I've never paid for before.
Where do you live? Bank wires are pretty expensive everywhere I've seen. (local bank transfers like ACH are free on TW too)
In the UK, EU and Australia - probably a few other places too - fees to transfer fund between do not exist (unless you are a business).
Re: TransferWise changes name to Wise
#45Earlier quoted context omitted.
Why do you say they get away with it? TW for sure reports to my country's financial intelligence agency (AUSTRAC). I get paid in foreign currency via TW and it's pretty amazing.
What do you mean "for sure"? They claim they don't - https://transferwise.com/help/articles/2932394/how-does-tax-...
In order to operate in Australia, you must report transactions over a certain threshold.
See: https://www.austrac.gov.au/business/how-comply-guidance-and-...
I have it good authority [1], that quite a few local Australian banks report when the threshold is 1000 or more.
For international transfers any amount must be reported:
https://www.austrac.gov.au/business/how-comply-guidance-and-...
[1]: My father works there.
Re: TransferWise changes name to Wise
#46Earlier quoted context omitted.
Where do you live? Bank wires are pretty expensive everywhere I've seen. (local bank transfers like ACH are free on TW too)
In the UK, EU and Australia - probably a few other places too - fees to transfer fund between do not exist (unless you are a business).
There is no fee to send money from your TransferWise Borderless UK account to another UK bank account.
Re: TransferWise changes name to Wise
#47Would it be safe to use this if you're transferring a very large amount of money, for example to buy a house in a foreign country? Anyone have experiences (good or bad) with large transfers they'd like to share?
I have used it to pay a large foreign tax bill, so not quite a house. If the amount is GBP£30000 (might have changed now), you can arrange a longer pay-in time (normally it is 24 hours) and they will let you have the cash sit in your account for up to a week and then find the right rate.
Later: Appears they have lowered the threshold to £20000 now (see https://transferwise.com/help/articles/2961856/tips-for-gett...)
Re: TransferWise changes name to Wise
#48I love TransferWise, use it all the time. Honestly, pretty surprised by this rebrand, I don't get why they did it.
Re: TransferWise changes name to Wise
#49Earlier quoted context omitted.
What do you mean "for sure"? They claim they don't - https://transferwise.com/help/articles/2932394/how-does-tax-...
In order to operate in Australia, you must report transactions over a certain threshold. See: https://www.austrac.gov.au/business/how-comply-guidance-and-... I have it good authority [1], that quite a few local Australian banks report when the threshold is 1000 or more. For international transfers any amount must be reported: https://www.austrac.gov.au/business/how-comply-guidance-and-... [1]: My father works there.
If you get their eftpos card and never wire remaining balance to aussie then it can remain untaxed?
Plus you're not doing international wire - they transfer from their local account (not 100% sure how it's accounted tho).
Re: TransferWise changes name to Wise
#50The logo is very bad. Different angles for different letters? It's comically bad. (is it flatter S supposed to remind you of bank wires) ?
Also, top Google search is this: https://www.wise.us/
Unbelievably bad rebrand, shockingly so
Naming collisions is such an ugly state of affairs