Thank you for your input bubak but the question was for a currency with "Exchange rate (Not guaranteed)". Do you have any real experience with a case like this?bubak wrote: ↑ Right now, it says that for 1000 CAD you will get 621.75 EUR. The CAD amount is fixed once you go ahead with the transfer but the foreign currency amount can change with rate fluctuations. So you start the transfer and it gives you instructions about the bill payment for $1000. After a few days, you get about 621.75 EUR, but it could be a little less or a little more depending on how the rate fluctuates over the next few days.
If you need an exact amount of foreign currency, I think you can do that with their borderless account, but that's new and I have never used it.
International Money Transfer - TransferWise
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- Oct 15th, 2023 10:07 pm
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- SCORE+10
- andrew4321
- Deal Addict
- Sep 19, 2009
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- CanadaDealSeeker
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- Jan 28, 2010
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your source amount remains as is, and that is what you pay. in your example, you're sending 1000CAD to whatever currency. you would pay 1000CAD fixed.andrew4321 wrote: ↑ Thank you for your answer CanadaDealSeeker. I watched this video https://transferwise.com/help/article/1 ... a-transfer and I am still confused. The sequence of steps, as I understand it, is like this:
- I start with no funds with transferwise
- enter the transfer on transferwise.com. Let's assume it is 1000CAD and "Exchange rate (Not guaranteed)"
- I can put a "rate limit", let's say 1% - is this limit from mid-market rate when the order is placed?
- transferwise waits for me to do the bill payment - you said it takes 2 business days for my money to reach transferwise
- transferwise does the exchange and deposits the exchanged amount into the recipient account.
My question is how would I know how much to do the bill payment for? Since "Exchange rate (Not guaranteed)" the rate will be certainty different than what I see on the screen when I place the order. I think they say somewhere on their website something about 1% markup for CAD-USD exchange, for smaller currencies I am certain that is more than that 1%. They have If I just transfer 1000CAD as I placed the order for, most-likely the transaction will never be completed as the transaction was estimated at mid-market rate. And BTW, how long does it take to get money sent as bill payment back if they cannot complete the order, any fees?
once they receive your 1000CAD, they exchange it at your step 5 based on the rate at that point of time (and stops if rate goes below your set limit) and send that money to recipient.
I don't know what markup you're referring here. As far as i know, they dont charge any markup and their rates are mid-market. They do charge fee, which is shown upfront at the time you initiate the process. Fee is dependent upon the amount of transfer plus the currencies involved.
For 1% limit, do read their FAQ on rate limit as setting the lower rate limit could cause in delays as rates fluctuate often.
- andrew4321
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- Sep 19, 2009
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So, for my example I can see "11.86 CAD Our fee" and an "Exchange rate (Not guaranteed)". The rate is indeed mid-market but according to the T&C, it can be 3% higher, although I can set a variance limit between 0.5% and 3%. That means that the worst case scenario is a 4.2% (11.86 / 1000 = 1.2% plus 3%) fee while the best case would be 1.7% fee. The issue is that, as you mention it, if I set a lower than 3% limit, the order might not execute.CanadaDealSeeker wrote: ↑ your source amount remains as is, and that is what you pay. in your example, you're sending 1000CAD to whatever currency. you would pay 1000CAD fixed.
once they receive your 1000CAD, they exchange it at your step 5 based on the rate at that point of time (and stops if rate goes below your set limit) and send that money to recipient.
I don't know what markup you're referring here. As far as i know, they dont charge any markup and their rates are mid-market. They do charge fee, which is shown upfront at the time you initiate the process. Fee is dependent upon the amount of transfer plus the currencies involved.
For 1% limit, do read their FAQ on rate limit as setting the lower rate limit could cause in delays as rates fluctuate often.
I cannot imagine any reason for them to actually charge me a fee lower than 4.2% once they have my money and I already acknowledged upfront that I accepted they T&C which implies the 4.2% fee.
My question was after they have my $1000, if they only offer me the 4.2% option, how do I get my money back?
- bubak
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- Jul 15, 2009
- 3611 posts
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The 3% is not a fee. The fee is only the $11.86 that they quoted you. The 3% is the maximum allowed rate fluctuation. They charge you the actual rate at the time they get your money and do the conversion. If the rate changes in your favour, they will even give you more than they originally said they would. If you think that if it the rate went up by 3% you would want your money back, then set a lower limit at the amount that the rate can go up before you want to cancel the transaction.andrew4321 wrote: ↑ So, for my example I can see "11.86 CAD Our fee" and an "Exchange rate (Not guaranteed)". The rate is indeed mid-market but according to the T&C, it can be 3% higher, although I can set a variance limit between 0.5% and 3%. That means that the worst case scenario is a 4.2% (11.86 / 1000 = 1.2% plus 3%) fee while the best case would be 1.7% fee. The issue is that, as you mention it, if I set a lower than 3% limit, the order might not execute.
I cannot imagine any reason for them to actually charge me a fee lower than 4.2% once they have my money and I already acknowledged upfront that I accepted they T&C which implies the 4.2% fee.
My question was after they have my $1000, if they only offer me the 4.2% option, how do I get my money back?
Yes, I have done this converting to currencies without a guaranteed rate.
- BiegeToyota
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Lol, what a hell
- martydxb
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Sorry to bump the thread, but has anyone use Transferwise recently to transfer/fund them with their Rogers WE MC? Wondering if this will end up being a cash advance or a 'purchase'?
- martydxb
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- Isshoukenmei
- Jr. Member
- Dec 20, 2015
- 169 posts
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- Vancouver, BC
Hi! I was just wondering if anybody has use Transferwise to send money to a European bank?
I've never sent money overseas before but I'm currently looking into studying abroad. I have to send money to both my university and dorm by "bank transfer" (exact words on their sites).
They've both provided their bank info (IBAN/BIC/address) and requested for a bank transfer of a specific amount (euros) net of fees. All of my currency is in Canadian dollars.
Once I pay Transferwise (with their total fees upfront), should I expect the banks in Belgium to be charging a fee for receiving the transfer? Or would there be no additional fees because the transfer is going to be "domestic" through Transferwise?
I just want to be extra careful because my cousin had sent money through HSBC to Japan and even though the teller told her that she wouldn't have to pay anything for her transfer, the bank in Japan charged the recipient a fee for receiving the money, but maybe it's because it was considered an international transfer?
If anybody can clarify, I would really appreciate it!
I've never sent money overseas before but I'm currently looking into studying abroad. I have to send money to both my university and dorm by "bank transfer" (exact words on their sites).
They've both provided their bank info (IBAN/BIC/address) and requested for a bank transfer of a specific amount (euros) net of fees. All of my currency is in Canadian dollars.
Once I pay Transferwise (with their total fees upfront), should I expect the banks in Belgium to be charging a fee for receiving the transfer? Or would there be no additional fees because the transfer is going to be "domestic" through Transferwise?
I just want to be extra careful because my cousin had sent money through HSBC to Japan and even though the teller told her that she wouldn't have to pay anything for her transfer, the bank in Japan charged the recipient a fee for receiving the money, but maybe it's because it was considered an international transfer?
If anybody can clarify, I would really appreciate it!
- Guest929389348
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- Dec 16, 2017
- 2542 posts
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@Isshoukenmei TW is a huge huge service in Europe. TW's method is direct deposit (mostly) and they do provide IBAN.
It's hard to say whether or not receipient would be dinged a fee. my experience w/ Canada to USA no fee on the US side.
For your case on Japan thing, Canadian side only knows it until it leaves Canada. bank charges on incoming WIRE TRANSFER is normal and subject to each bank's policy.
P/S: what kind of fee that you're so concerned and you have to use TW?
It's hard to say whether or not receipient would be dinged a fee. my experience w/ Canada to USA no fee on the US side.
For your case on Japan thing, Canadian side only knows it until it leaves Canada. bank charges on incoming WIRE TRANSFER is normal and subject to each bank's policy.
P/S: what kind of fee that you're so concerned and you have to use TW?
Give me a J. I'm a maniac and an African expert.
- Isshoukenmei
- Jr. Member
- Dec 20, 2015
- 169 posts
- 74 upvotes
- Vancouver, BC
Thanks for the reply! I don't have to use TW but I just heard good things about it.dekvitaly wrote: ↑ @Isshoukenmei TW is a huge huge service in Europe. TW's method is direct deposit (mostly) and they do provide IBAN.
It's hard to say whether or not receipient would be dinged a fee. my experience w/ Canada to USA no fee on the US side.
For your case on Japan thing, Canadian side only knows it until it leaves Canada. bank charges on incoming WIRE TRANSFER is normal and subject to each bank's policy.
P/S: what kind of fee that you're so concerned and you have to use TW?
In addition to sending tuition and dorm deposits, I need to send exactly 200 euros by bank transfer for my Belgium student visa application and I'm just trying to find the best way to do so without encountering any surprise fees. The person whom I'm dealing with at the embassy isn't very helpful at all and I'm just worried there will be a charge on their end, which may end up with something like 190 euros showing up in their account...
- S5
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- Oct 4, 2009
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Generally speaking there are no fees at European banks for receiving SEPA transfers. Even sending these is typically free. Never heard of a European bank charging to receive TW SEPA transfers, OP you should be fine.
I’m assuming the issue here is OP does not yet have a European bank account. These things will get much easier once that is established.
I’m assuming the issue here is OP does not yet have a European bank account. These things will get much easier once that is established.
Wealthsimple Premium
- Exp315
- Deal Addict
- Jul 3, 2017
- 3859 posts
- 2814 upvotes
Transferwise is reliable, but you have another issue:
The default method of transferring money internationally, supported by the banks and most organizations, is international wire transfer. That's not the same mechanism as the domestic transfers used by Transferwise, even though the money ends up in the same place. The recipient will not be notified of the deposit in the same way. While you can probably figure out how to translate the wire transfer information you have been given to the bank account information that Transferwise requires, there is no guarantee that the receiving organization will properly recognize your transfer by a method different than what they specified. Unfortunately large organizations, and those that deal with students in particular, tend to be arrogant and unhelpful when it comes to providing information or supporting alternatives. They tend to mandate that you follow their method exactly, because you have no choice.
Most receiving banks do charge a fee for receiving a wire transfer. In fact in some cases the transfer may go through intermediate banks, and they may all charge a fee along the way. Welcome to the traditional world of international banking, expected to arrive in the 19th century any year now.
So I wouldn't risk using a Transferwise transfer for your purpose until I got a specific response from the receiving organization that they will recognize a local money transfer from Transferwise and be able to connect it to you as your payment.
The default method of transferring money internationally, supported by the banks and most organizations, is international wire transfer. That's not the same mechanism as the domestic transfers used by Transferwise, even though the money ends up in the same place. The recipient will not be notified of the deposit in the same way. While you can probably figure out how to translate the wire transfer information you have been given to the bank account information that Transferwise requires, there is no guarantee that the receiving organization will properly recognize your transfer by a method different than what they specified. Unfortunately large organizations, and those that deal with students in particular, tend to be arrogant and unhelpful when it comes to providing information or supporting alternatives. They tend to mandate that you follow their method exactly, because you have no choice.
Most receiving banks do charge a fee for receiving a wire transfer. In fact in some cases the transfer may go through intermediate banks, and they may all charge a fee along the way. Welcome to the traditional world of international banking, expected to arrive in the 19th century any year now.
So I wouldn't risk using a Transferwise transfer for your purpose until I got a specific response from the receiving organization that they will recognize a local money transfer from Transferwise and be able to connect it to you as your payment.
- woesermarley
- Jr. Member
- Jan 2, 2009
- 163 posts
- 48 upvotes
- Ontario
I have used Transferwise recently to send money to US account, and the receiving bank didn't charge me any fee as it is considered a domestic transfer for them. I assume the same applies to European banks as well. One of the reason why I chose Transferwise over other wire transfer service is there are no surprises once you pay Transferwise for the transfer. I also recommend using Bill payment from your Canadian Bank to pay Transferwise since it's free. Hope this helps.Isshoukenmei wrote: ↑ Hi! I was just wondering if anybody has use Transferwise to send money to a European bank?
I've never sent money overseas before but I'm currently looking into studying abroad. I have to send money to both my university and dorm by "bank transfer" (exact words on their sites).
They've both provided their bank info (IBAN/BIC/address) and requested for a bank transfer of a specific amount (euros) net of fees. All of my currency is in Canadian dollars.
Once I pay Transferwise (with their total fees upfront), should I expect the banks in Belgium to be charging a fee for receiving the transfer? Or would there be no additional fees because the transfer is going to be "domestic" through Transferwise?
I just want to be extra careful because my cousin had sent money through HSBC to Japan and even though the teller told her that she wouldn't have to pay anything for her transfer, the bank in Japan charged the recipient a fee for receiving the money, but maybe it's because it was considered an international transfer?
If anybody can clarify, I would really appreciate it!
- Limited7
- Member
- Oct 12, 2016
- 314 posts
- 81 upvotes
Another positive vote for Transferwise.
- martydxb
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- Apr 2, 2010
- 4015 posts
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Were you able to use CTFS to pay Transferwise? That would be great if it works, when I tried today, I cant find it as a payee.woesermarley wrote: ↑ I have used Transferwise recently to send money to US account, and the receiving bank didn't charge me any fee as it is considered a domestic transfer for them. I assume the same applies to European banks as well. One of the reason why I chose Transferwise over other wire transfer service is there are no surprises once you pay Transferwise for the transfer. I also recommend using Bill payment from your Canadian Bank to pay Transferwise since it's free. Hope this helps.
- Exp315
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- Jul 3, 2017
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I think payment to Transferwise via bill payment is only available from a couple of Canadian banks, and it's not free.woesermarley wrote: ↑ I have used Transferwise recently to send money to US account, and the receiving bank didn't charge me any fee as it is considered a domestic transfer for them. I assume the same applies to European banks as well. One of the reason why I chose Transferwise over other wire transfer service is there are no surprises once you pay Transferwise for the transfer. I also recommend using Bill payment from your Canadian Bank to pay Transferwise since it's free. Hope this helps.
- Guest929389348
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- Dec 16, 2017
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it's free to "push" money in using Bill Pay.
If pull from TW (Direct Debit) there's a fee.
you can do it through PayTM LOL. Various other banks like Tangerine has TW biller
Give me a J. I'm a maniac and an African expert.
- martydxb
- Deal Addict
- Apr 2, 2010
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- Guest929389348
- Deal Addict
- Dec 16, 2017
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- CND Brain & Hear…
oh wow. I thought I saw something TW on PayTM.
The fee is too high paying w/ Credit Card, not worth it.
Do you use TW to send money to yourself in the US?
I use Knightbridge (ask for price matching Everforex) and pay it with CTFS.
Give me a J. I'm a maniac and an African expert.
- martydxb
- Deal Addict
- Apr 2, 2010
- 4015 posts
- 4406 upvotes
- GTA
Its used for international money transfer, not a transfer for myself to USA.
Thanks for the Knightbridge tip.