Transferwise

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Steve1912

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Is anyone using this money transfer service? I'm looking at opening a multi currency account to receive payments and Transferwise has been suggested. I work freelance for a company who currently pay their UK operators in GBP from the Netherlands. They have been refunding the international transfer fee when paying earnings, but gave 3 months notice in July that they can no longer continue to do this. They advised that to avoid standing the fee myself, I would need to switch to a Euro account. When they pay me in Euros, I'm assuming there will be a conversion fee, if I then transfer the money to the UK bank account where all my bills are paid. Is this correct and if so will the conversion fee be less than the £7 international transfer fee there currently is. They usually pay me around £150 per month.
 

Danilene

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Hi, I transfer monies to my 'foreign' bank account 3-4 times a year. I have used Travelex, Transfergo, Western Union, and HiFx (which changed names recently).
Travelex were a bit of a hassle to set up. I had to have a phone conversation with an 'account manager', who sounded like he was from India (not sure whether he was based in the UK or not). I think they're the ones who call you on your mobile to confirm the transfer afterwards, I find that really irritating as there is a bad phone signal where I live, and I don't particularly like making 'financial' phone calls during my lunchbreak at work, or in a cafe, or in a railway station or an airport!
Western Union is the platform I find the easiest to use.
I have been keeping a spreadsheet for several years, where I compare how much I'd get in euros with each provider before making a purchase, and at times Western Union have paid more, at other times Travelex or HiFx have paid more. I still used Transfergo once, as I could get cashback.
With cashback sites, usually, you only get cashback on your first money transfer, when you register as a new client. You don't get usually get cashback on future transfers, except sometimes if you are paying over a certain amount. I generally transfer £300/£400 at a time, to pay bills, so I am not a 'good' client and don't get offers!
I have been badgering PayPal as currently they do not offer people the option to nominate a bank account in your name in more than one country... except if you are American. They told me I would be able to nominate my foreign bank account if it was registered at an address in that country (it is registered at my address in the UK, I can't afford to have a holiday home overseas!). Circle (I got an account with them when I joined Prolific surveys) won't do 'foreign' bank accounts either.
 

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