Is Transferwise ok?

[OMGVape]

Does anyone send CNY or USD to China in large quantities (£20-30k) using Transferwise?

Any issues with it ?

 

[billybob99]

Send several times that (USD to Sweden tho) - never had any issues with them, service is spot on.

Been using for many years now.

 

[getitstraight]

It os strange that you limit your audience just to those that send 20-30k usd or cny to China.

They are legit if that is the question.
They are just middle man so the money will reach the account ok.

TransferGO os also a good alternative.

 

[Red Wood]

Does anyone send CNY or USD to China in large quantities (£20-30k) using Transferwise?

Any issues with it ?

Yes absolutely brilliant firm. We have used them for years to pay manufacturers in Europe (euro) and China (USD). Even had a problem with a fraudulent payment they helped to resolve. We don't use them for small transfers either, volume is high enough that we were selected to be part of their testing pool when they launched their USD service to China.

 

[Mister B]

Plus 1 for TransferWise, we send a not inconsiderable amount each year to China, and are very pleased with the service.

 

[OMGVape]

@Mister B do you send USD or CNY?

 

[dotcomdude]

I've sent USD, EUR and INR many times with Transferwise over the last 5 or 6 years - and received USD and GBP. Always worked out fine for me.

 

[Mister B]

@Mister B do you send USD or CNY?

We only send USDs to China, as it's the designated currency of purchase. In addition to this we use Transferwise to receive payments from the US and EU. The only small issue we had was trying to send USDs to Pakistan which as yet, is not a country supported on Transferwise.

Mister B

 

[getitstraight]

Just curious why some of you guys specifically use them for big payments?
General sentiment is to use them for smaller payments (to save on bank transfer fees).
For big payments, bank transfer cost is not significant, so less point to use middleman (unless crucial to save half day or a day since they are usually faster)

 

[OMGVape]

Just curious why some of you guys specifically use them for big payments?
General sentiment is to use them for smaller payments (to save on bank transfer fees).
For big payments, bank transfer cost is not significant, so less point to use middleman (unless crucial to save half day or a day since they are usually faster)

it’s not just fees, it’s exchange rate. My bank, compared to Transferwise today, I’d save USD350 on a transaction I need to make soon.

 

[Red Wood]

Just curious why some of you guys specifically use them for big payments?
General sentiment is to use them for smaller payments (to save on bank transfer fees).
For big payments, bank transfer cost is not significant, so less point to use middleman (unless crucial to save half day or a day since they are usually faster)

Almost spot Forex rate and even when combined with their flat % fee it is so much more competitive than all of the major banks. We've had calls with everyone from Barclays to Western Union commercial division and they all said they can't get close. Most of them followed up with, make the most of it whilst you can as we can't see how their business model makes sense. Yet here we are a good few years down the line...

 

[Helpneededfast]

We have used Transferwise for 18 months and had over 150K in the Transferwise account, however having paid 2 new supplies through TW NOT card, the suppliers did not provide the service, when we went back to Transferwsie to do a charge back they say they are not a bank and cannot provide this service. Even though their parnter bank DOES! This is a clear case of if you do not know your supplier well, DO NOT USE TRANSFERWISE.

We transfered the balance to another US account and closed TW.

 

[RCoombes]

We have used Transferwise for 18 months and had over 150K in the Transferwise account, however having paid 2 new supplies through TW NOT card, the suppliers did not provide the service, when we went back to Transferwsie to do a charge back they say they are not a bank and cannot provide this service. Even though their parnter bank DOES! This is a clear case of if you do not know your supplier well, DO NOT USE TRANSFERWISE.

We transfered the balance to another US account and closed TW.

Sorry to hear you've had that issue, I'd had issues with N26 but Transferwise have been great for me so far. Sadly most of these new FinTech start ups do not have full banking licences (even if a partner does) so they cannot offer the same level of protection as a traditional bank.

I'd always advise to run checks and make the initial payment via the most secure method until trust has been built.

But otherwise, TransferWise is great, however they are not able to provide the same level of security as paying via CreditCard with a traditional bank.

 

[Darren_Ssc]

Long story short: I had a transferwise account with 2fa log-in. My phone was stolen so I couldn't log-in. Contacted them via support.....end of story, never got access to that account again.

Yes, fool me, but that wouldn't happen with a traditional bank. There is a reason why they are cheap.

 

[lesliedocherty]

We used them for many years with no issues, generally great service.

 

[Solly]

Another vote for Transferwise, we send money to Turkey, normally same day. Never had a problem.

 

[OMGVape]

Used them twice now. Saved close to £900 compared to Lloyds.

 

[Paul Kelly ICHYB]

the suppliers did not provide the service, when we went back to Transferwsie to do a charge back they say they are not a bank

Which bank would be able to get your money back if you do a bank/Swift/etc payment?

 

[jcm2020]

Excellent service from TW. We pay our suppliers in India and elsewhere and they get their money within seconds. However, we have the USD account and for some reason USA based customers struggle to wire transfer into the USD account. Would like to hear from anyone with experience of domestic USA to USA payment into a TW account.

 

[gpietersz]

However, we have the USD account and for some reason USA based customers struggle to wire transfer into the USD account. Would like to hear from anyone with experience of domestic USA to USA payment into a TW account.

Transfers have taken a few days, but other than that no problems.

 

[Red Wood]

Transfers have taken a few days, but other than that no problems.

Yup same with USD to China. Takes a few days but always arrived