Personal Finance

International Money Transfer - TransferWise

  • Last Updated:
  • Jan 15th, 2019 8:33 pm
Deal Addict
Apr 2, 2010
1415 posts
618 upvotes
GTA
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'?
Deal Addict
Apr 2, 2010
1415 posts
618 upvotes
GTA
martydxb wrote:
Oct 1st, 2018 5:12 pm
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'?
My attempt got flagged as a cash advance.
Reporting this data point in case it helps anyone.
Jr. Member
Dec 20, 2015
110 posts
14 upvotes
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!
Deal Addict
Dec 16, 2017
1746 posts
676 upvotes
Raincouver
@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?
CAN/USA Cross Border Banking

Netflix? Bill me in Turkish Lira, Watch Me around the world.
Jr. Member
Dec 20, 2015
110 posts
14 upvotes
Vancouver, BC
dekvitaly wrote:
Jan 10th, 2019 12:36 am
@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?
Thanks for the reply! I don't have to use TW but I just heard good things about it.

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...
Deal Addict
Oct 4, 2009
2200 posts
929 upvotes
Montreal
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.
Deal Addict
Jul 3, 2017
3397 posts
2294 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.
Jr. Member
Jan 2, 2009
124 posts
27 upvotes
Ontario
Isshoukenmei wrote:
Jan 10th, 2019 12:00 am
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 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.
Deal Addict
Apr 2, 2010
1415 posts
618 upvotes
GTA
woesermarley wrote:
Jan 10th, 2019 11:38 am
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.
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.
Deal Addict
Jul 3, 2017
3397 posts
2294 upvotes
woesermarley wrote:
Jan 10th, 2019 11:38 am
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.
I think payment to Transferwise via bill payment is only available from a couple of Canadian banks, and it's not free.
Deal Addict
Dec 16, 2017
1746 posts
676 upvotes
Raincouver
Exp315 wrote:
Jan 10th, 2019 1:32 pm
I think payment to Transferwise via bill payment is only available from a couple of Canadian banks, and it's not free.
it's free to "push" money in using Bill Pay.
If pull from TW (Direct Debit) there's a fee.
martydxb wrote:
Jan 10th, 2019 12:42 pm
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.
you can do it through PayTM LOL. Various other banks like Tangerine has TW biller
CAN/USA Cross Border Banking

Netflix? Bill me in Turkish Lira, Watch Me around the world.
Deal Addict
Apr 2, 2010
1415 posts
618 upvotes
GTA
dekvitaly wrote:
Jan 10th, 2019 1:42 pm
...you can do it through PayTM LOL. ...
I just tried it and cant find it as a payee, even if it does load, were you able to use your CC to pay for Transferwise?
Deal Addict
Dec 16, 2017
1746 posts
676 upvotes
Raincouver
martydxb wrote:
Jan 10th, 2019 2:59 pm
I just tried it and cant find it as a payee, even if it does load, were you able to use your CC to pay for Transferwise?
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.
CAN/USA Cross Border Banking

Netflix? Bill me in Turkish Lira, Watch Me around the world.
Deal Addict
Apr 2, 2010
1415 posts
618 upvotes
GTA
dekvitaly wrote:
Jan 10th, 2019 3:03 pm
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.
Its used for international money transfer, not a transfer for myself to USA.
Thanks for the Knightbridge tip.

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