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pongster
·I agree. Paypal is the worst. Till i find a better way, been using bank wires for now. Will check transferwise and revolut.
Best money transfer methods?
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rcs914
·So one thing I've not seen mentioned is buyer protections. I assume that with Transferwise and all these others being mentioned, there is utterly no protection at all - much like any other wire transfer, correct? I mean at least with Paypal G&S there is some form of protection for both parties, correct? At a rather large price, considering you have the 3% cost as well as the exchange rates. Could add a couple hundred dollars or more depending on the transaction.
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Scarecrow Boat
·One transfer service used by many that I just can't stand is Venmo
Yikes. I would think there would be some privacy law preventing this...crazy!
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Syrte
·
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simonsays
·So one thing I've not seen mentioned is buyer protections. I assume that with Transferwise and all these others being mentioned, there is utterly no protection at all - much like any other wire transfer, correct? I mean at least with Paypal G&S there is some form of protection for both parties, correct? At a rather large price, considering you have the 3% cost as well as the exchange rates. Could add a couple hundred dollars or more depending on the transaction.
Escrow.com is an alternative to PayPal with protection. Funds are held until the buyer indicates they are happy with the goods received.
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Tubber
·No I did not. I tried to, but no one at Transferwise would address the issue with me. So, I just thought "never again".
But then, all of these positive comments make me wonder if my experience was just an anomoly.
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Syrte
·Thank you so much everyone for the feedback on this subject. Does anyone know whether a Transferwise transfer can go through during the week end?
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NT931
·Thank you so much everyone for the feedback on this subject. Does anyone know whether a Transferwise transfer can go through during the week end?
For the UK - the answer is yes. I've sent on a Friday night my time, and the money is in by Sat (about 12h later).
For all I know though, since I'm 8h ahead of the UK, the processing on the UK side is done by humans on Fri afternoon UK time. I haven't tried sending on Sat and checking to see if the money's in by Sun.
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Syrte
·I just did a test transfer of 50 euros.
It was instant- took 3 seconds from France to the UK, paying with a Visa debit card and transferring direct into the recipients bank account.
A member here told me privately the exchange rate may be higher during the week end. I’ve been taking comparative screen grabs to be able to make a very specific comparison. Will do the rest of the transfer Monday and will report on my findings.
It was instant- took 3 seconds from France to the UK, paying with a Visa debit card and transferring direct into the recipients bank account.
A member here told me privately the exchange rate may be higher during the week end. I’ve been taking comparative screen grabs to be able to make a very specific comparison. Will do the rest of the transfer Monday and will report on my findings.
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kov
·It just works 👍
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Tubber
·I just did a test transfer of 50 euros.
It was instant- took 3 seconds from France to the UK, paying with a Visa debit card and transferring direct into the recipients bank account.
A member here told me privately the exchange rate may be higher during the week end. I’ve been taking comparative screen grabs to be able to make a very specific comparison. Will do the rest of the transfer Monday and will report on my findings.
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Enzo
·Revolut transfers at the weekend are also higher...this is due to markets being generally closed at the w/e, so fixed markups are applied to protect against market fluctuations, rather than receiving the interbank rate without any markup. Hope this helps.
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SkunkPrince
·Something you may not know is that Visa and MasterCard surcharge 1% for international transactions and your bank may surcharge as well because it’s easy profit. So factor that into your calculations. I used to work in the industry on the issuing side.
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Evitzee
·Something you may not know is that Visa and MasterCard surcharge 1% for international transactions and your bank may surcharge as well because it’s easy profit. So factor that into your calculations. I used to work in the industry on the issuing side.
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kboyle
·zelle
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Syrte
·This is all giving me a headache.😵💫
Thanks everyone for the input. I guess I’ll see how much it ends up being on my Visa statement.
Thanks everyone for the input. I guess I’ll see how much it ends up being on my Visa statement.
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SkunkPrince
·This practice varies among cards, some charge a transaction fee, some don't. I have two AMEX cards, one has no foreign exchange fees, the other has a 2.7% fee. I have a couple of Visa/MC cards that charge a fee (normally 1%), and I have a couple that don't charge a fee. It's all built into their card structure, anyone who travels overseas or buys from foreign sources should acquaint themselves with these fees.
I want to point out that VIsa and MasterCard do not charge YOU the 1% fee, they charge it to the issuing bank. The issuing bank either passes on the 1% or they surcharge a greater amount.
I have no knowledge of other card associations.
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Gruesome
·+1 (or rather -1) on Venmo only being free if you forego any protection, i.e. send to 'family & friends', or whatever they call it.
In the early days of ebay, I once used escrow.com for a larger transaction; it was better integrated before ebay bought PayPal. Now of course they have sold it again, so maybe escrow services will become more popular again.
In the early days of ebay, I once used escrow.com for a larger transaction; it was better integrated before ebay bought PayPal. Now of course they have sold it again, so maybe escrow services will become more popular again.
