Personal Finance

Best international money transfer website? I.E transferwise, XE, OANDA

  • Last Updated:
  • Dec 21st, 2016 9:09 am
[OP]
Jr. Member
User avatar
Aug 19, 2010
151 posts
76 upvotes
Calgary, AB

Best international money transfer website? I.E transferwise, XE, OANDA

Hi guys,
I did a wire transfer once with BMO and they charged something ludicrous like $60 after the exchange rate, not to mention the fees on the receiving end.

I have since been using XE for money transfers. I hear transferwise is more seamless and easy to use? Anyone have experience with it? What do you use and why?
20 replies
Newbie
Oct 24, 2006
3 posts
1 upvote
From Canada, I have only used Canadian Forex which has no fee and Canadian local bank account - easy transfer. The rate is OK, not the best but overall experience was very good.
Deal Addict
User avatar
Sep 19, 2014
1155 posts
97 upvotes
I've been using Tranzfers for awhile. Not sure if their rates are the best but I like that they give you a free transfer on your birthday month.
Newbie
Aug 8, 2016
12 posts
3 upvotes
I was actually also going to make a thread like this. Please can anybody tell me their experience at XE?
Newbie
Feb 1, 2013
11 posts
19 upvotes
Vancouver, BC
For anything less than $3000 I would strongly recommend Trasferwise. Spot rate + very small fee. Anything above $3000, Interactive Brokers is the first choice.

My experience with XE is they are convenient but never give the best exchange rate.
Jr. Member
Dec 20, 2015
127 posts
33 upvotes
Toronto, Ontario
I have good experience with ZenBanx . I usually send $$ to US and My wife's family in India. You can maintain different curreny accounts...and they charge 5$ flat fee and good exchange rate.
Last edited by mskbot on Aug 18th, 2016 9:17 am, edited 1 time in total.
Newbie
Mar 4, 2014
78 posts
30 upvotes
Vancouver
ynyxchen1985 wrote: For anything less than $3000 I would strongly recommend Trasferwise. Spot rate + very small fee. Anything above $3000, Interactive Brokers is the first choice.

My experience with XE is they are convenient but never give the best exchange rate.
This would be my go to choice as well
[OP]
Jr. Member
User avatar
Aug 19, 2010
151 posts
76 upvotes
Calgary, AB
Thanks for the advice guys
Deal Addict
Jul 24, 2011
1099 posts
236 upvotes
I use XE, no the best rate, but EFT to US have no fee, so if you do a lot of small transactions like me, its the best.
Koodo client 10G / $60 Month.
Tangerine client.
Member
Jan 30, 2010
233 posts
35 upvotes
Toronto
You should use Bitcoin instead, if the person can withdraw at a Bitcoin ATM...
Newbie
Aug 8, 2016
12 posts
3 upvotes
Vinotintazo wrote: I use XE, no the best rate, but EFT to US have no fee, so if you do a lot of small transactions like me, its the best.
How are you giving them the cAD?
Jr. Member
Aug 19, 2016
165 posts
78 upvotes
VBCE is another one.

I have also used CanadianForex and have good experience. Never used VBCE but others recommended it, and one time I looked and its rate was SLIGHTLY better than CanadaForex. I stuck with CanadaForex because I had used them a few times, already had the account open, and I'm lazy. But you might check them both out.

Have never used transferwise or XE. My understanding is those two are better for smaller transfers, VBCE/CanadaForex are better for larger or regularly scheduled transfers.
Newbie
Jan 25, 2010
43 posts
16 upvotes
Southern Ontario
it depends on which country you are sending to. To US and small amount (<$1k), I use xe.com because ACH/EFT is free for sender and recipient. For US and higher amount, I compare rates from xe.com and WorldRemit (also free ACH/EFT for sender and recipient but transfer fee $3.99) and go with whichever one with best rate+fee, xe.com rate is not always the best.

For outside US, WorldRemit tend to be better with lower fee compare to xe.com USD$15 wire fee and recipient also get charge for wire fee. I used CanadianForex and it's comparable with xe.com.

WorldRemit uses Interac payment so the limit could be lower than xe.com and CanadianForex Bill Pay method. WorldRemit has cash pickup method (no fee recepient) and works well for me.
CanadianForex only uses wire transfer so there is always be cost to sender and recipient.
Deal Addict
Jul 24, 2011
1099 posts
236 upvotes
johnjohn6 wrote:
Vinotintazo wrote: I use XE, no the best rate, but EFT to US have no fee, so if you do a lot of small transactions like me, its the best.
How are you giving them the cAD?
they have a few options.

they can debit your CAD cheq from a canadian bank, you also can pay them like a bill payment (like you pay your Utilities/Phone via online/mobile banking). Iprefer bill of pay, is faster.
Koodo client 10G / $60 Month.
Tangerine client.
Newbie
User avatar
Oct 1, 2007
50 posts
9 upvotes
St. Thomas, ON
For those of you interested, XE.com will be changing from their current payments provider, Custom House over to HiFX, between 28 October and 30 October 2016. It seems that HiFX is part of the Euronet Worldwide organization, as is XE.com.

Here is the link to their information page about the migration.
What the large print giveth, the small print taketh away. - Anonymous
Newbie
Dec 15, 2016
1 posts
2 upvotes
I've been using XE.com successfully for a few years now and it was a great service for smaller transfers (I send money to a US account monthly to pay my US credit cards, etc.). Since the change over I have used them once and it was not good. They always gave you the "fee free" option of doing electronic transfer (EFT). It took longer but I was never in a hurry. The money was debited from my CAD account and deposited a few days later in my US account.
This last transaction they took 5 days to perform but in the end they did a "Wire Transfer" which I was then charged a fee from the receiving bank so not only was their exchange rate a little worse than Transferwise but with the additional fees for the wire transfer instead of an EFT I would have been better off paying Transferwise their $3.00 fee.

If XE.com can no longer do EFT and insist on using the expensive Wire Transfer method then they will no longer be a good choice for those of us that do many smaller transfers.

One thing I am uncomfortable with (and the reason I haven't done a transfer with TransferWise) is that they want me to give them all the details of my online banking including my password. That is the kind of information I ONLY enter on the actual bank's website.
Deal Addict
Feb 29, 2012
2654 posts
1459 upvotes
Richmond
Transferwise has been promising a more secure scheme in Canada for a while now, but so far they haven't come up with anything new. They're still the best deal to transfer money to some countries, but I would only use them with an isolated secondary bank account that normally contains no funds. No way would I hand over my banking password for any primary account.
Newbie
Dec 20, 2010
10 posts
1 upvote
So for sending to Europe, there is nothing on par with Transferwise?

I've been relatively satisfied with their service so far. Their site seems more user friendly and less costly than their competitors.

But now, out of the blue, they're asking for notarized verification of ID, which is costly and inconvenient when I need a transfer done today.
Deal Addict
Feb 29, 2012
2654 posts
1459 upvotes
Richmond
Transferwise required a notarized verification of your ID? That's a shame - I hoped they would somehow avoid the more pointless and redundant bureaucracy that plagues other transfer methods.

Their online documentation is extremely vague on this point. In one place they say that every customer requires verification of ID "at some point". Then they say that an uploaded scan of a driver's licence would be sufficient - nothing about requiring it to be notarized. In other places they say that a bank transfer from your account in your name is sufficient ID. But then they also say that additional ID is required between some countries and currencies. Clear as mud.

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