World-First & TransferWise

[cpuer]

Been searching for an cost effective service to transfer money to EU. Found Transfer-wise first and used it. It was hassle free(except the MAS mandated requirement of personal ID verification) and with better rates than using a Bank. But today found World-First, and found it to be even more cost effective than Transferwise, especially when you send larger amount of money. Though it has a min S$2000 transfer. Anyone used both or World-First to comment?

http://moneytransfercomparison.com/worlds-first/
http://moneytransfercomparison.com/transferwise/

Moderator:Move me to the correct forum if I am at the wrong place, thanks!

 

[Perisher]

Correct place to ask but nothing to add since I don't do such transfer. Interested to know the options too.

 

[testerjp]

Got any feedback?

Worldfirst really look cheaper

 

[limster]

Got any feedback?

Worldfirst really look cheaper

Places such as Worldfirst publish attractive rates but these rates are applicable only for very large amounts. For smaller amounts, the rate not as good, but possibly still better than banks. So DYODD first on the actual rate for the amount you are transferring.

 

[testerjp]

I read on another thread.

One Worldfirst, the rates that you see on the front page is different from the rates you see after you login.

Is it the same for Transferwise?

How much savings if say send EUR50000 / USD50000 compare to the local banks.

Anyone with accounts can help test it out?

 

[wealth_farmer]

I've never used worldfirst but I've used Transferwise plenty of times. I'm not affiliated with them but I'm a huge fan as they've saved me a lot of money. And I'm quite sensitive and aware of spot rates when I transfer. If the choice is between Transferwise and local banks, there is no competition. The only troublesome thing with TW in Singapore is that you have to physically go down to their office in Raffles Place and get verified initially before you can activate your account. I think it's an MAS requirement; I opened that account when I was overseas and there was no such requirement. But imo it's worth the effort for the savings, especially 50k EUR.

The only thing that comes close to TW is that I've started using Interactive Brokers to buy overseas stock recently and they are very competitive on FX too. However of course you must have an IB account first.

 

[testerjp]

I've opened both worldfirst and transferwise.

For approximately $50k of funds, and compare to OCBC telegraphic transfer.

Worldfirst save me about 400+
Transferwise about 300+

So Worldfirst is indeed cheaper.

I haven't use transferwise yet, but I've got a problem with worldfirst.
Worldfirst has this requirement saying they need an invoice from the recipient on the first transfer to confirm identity.

It's a last minute requirement requested by a call at last min.
After I booked the trade, transferred the money then they tell me.
Lucky I do have an invoice else i would be fugged.

Can those people who had used transferwise, confirm if they have such requirement to have invoice to confirm identity?
Registration on transferwise is also much easier.

Customer service on Worldfirst is better though; you can get a reply in a day. Transferwise takes longer, looks like their CSO are not located in SG.

 

[opt1m4l]

<snip>
Can those people who had used transferwise, confirm if they have such requirement to have invoice to confirm identity?
Registration on transferwise is also much easier.

Back when identity verification had to be done in person for TW, there was no need for an invoice. I do recall transfers from DBS might have had some special requirements though, where you had to take a screenshot of the 'transfer completed' page.

However, I can no longer find that page so that requirement might have since been removed.

Strange that you find rates on WF better - for me I found TW rates better, though I'm transferring to AUD. Pays to shop around!

P.S. if you're opening a TW account, do use this referral link to nab a discount on your first transfer (and yes, I get some credit too) - https://transferwise.com/u/58aca7

 

[testerjp]

No I'm not talking about providing a screenshot to confirm payment.

Is worldfirst requested for an invoice to do transfer.
And that's a last min request after I've booked the trade and paid.

Imagine that I don't have any invoice and it's just transferring money to someone. I might have to pay some penalty as can't transfer.

 

[wealth_farmer]

Yours was a third party payment? That is, receiving bank account is not in your name? If so, I can understand why they ask for this step. Plus your 50k is not a small amount. Anti-money laundering and counter terrorist financing regulations at work here. It's a good thing.

No I'm not talking about providing a screenshot to confirm payment.

Is worldfirst requested for an invoice to do transfer.
And that's a last min request after I've booked the trade and paid.

Imagine that I don't have any invoice and it's just transferring money to someone. I might have to pay some penalty as can't transfer.

 

[foozgarden]

i used TW. and i feel it is more transparent that WF.
you know the mid mkt rate easily. and their cut is published.

WF u still need to log on , and the rates vary dep on how much u transfer.
also, you have a attached RM to asisst you, so i guess makes you feel more atas? haha..

DYODD.

 

[testerjp]

Yours was a third party payment? That is, receiving bank account is not in your name? If so, I can understand why they ask for this step. Plus your 50k is not a small amount. Anti-money laundering and counter terrorist financing regulations at work here. It's a good thing.

I pay to an agent to do purchase.
If tt don't need any invoice, I don't see the reason why they need.

Transfeewise says normally don't need. Very vague.
May go with them, I've few hundred k to my agent.

 

[poorguy]

anyone tried using credit card on transferwise?? i need to trasnfer around 2k monthly

 

[poorguy]

WorldRemit anyone use before??

 

[BBCWatcher]

TransferWise Borderless Account

If you have a small business (for example) and need to invoice and receive payments in major foreign currencies, TransferWise has a very interesting offer called the "TransferWise Borderless Account."

When you sign up for a free Borderless Account you get "virtual," unique bank account numbers in four countries: the United States (U.S. dollars), the United Kingdom (British Pounds), the Eurozone (euro), and Australia (Australian dollars). You can then give those account details to somebody paying you. They transfer the money to your virtual bank account number, and the funds land in your TransferWise account. You can then convert them at the spot currency exchange rate plus 0.5% to Singapore dollars. And then you can withdraw those Singapore dollars (which may represent multiple payments) to your Singapore bank account for a fixed fee of S$1.80. (Out of an abundance of caution you may wish to withdraw funds to a bank in Singapore that does not charge for incoming international wires, just in case TransferWise is not using domestic GIRO or FAST. Many banks in Singapore do not charge for incoming international wires.)

TransferWise says they'll introduce a linked debit card soon, so that'd be another way to withdraw funds when available. In the meantime, it's still a good deal if you're trying to receive funds in any of those four currencies/countries (or from the Eurozone in the case of the euro). You can also avoid converting funds (and the 0.5% charge) and simply pay a small charge to send funds to another bank account in those four currency-countries/zones.

Not bad, really.

 

[jtdcjtdc]

transferwise ID verification needs something with signature

 

[assiak71]

Any solutions that use Ripple or Stellar blockchain technologies?

 

[vegavega25]

FYI, I was expecting some payments in USD from an individual person in the US, and I thought of getting it in USD first and then potentially spending it in USD at a future date or convert to SGD down the road at some point. I also thought it'd be cheaper to do this overall. It turns that in my case the TransferWise borderless account is utterly useless. Transferwise touts its so-called Borderless account as a US bank account for all practical purposes complete with the ABA routing number to which in theory someone in the US should be able to wire funds.

Now the US doesn't have systems as convenient and free as PayLah or PayNow although some are trying with systems like Zelle etc. But my partners in the US were unable to input the Transferwise account details that I provided them into their own bank for a domestic wire (with a cost) or even link it as an external account.

Turns out that the Transferwise account is a prepaid account that brands itself as a regular checking account, which in theory and for all practical purposes it is not. So Bank of America and Chase both refused to even accept Transferwise as a legitimate recipient of funds.

That was the end of that.

 

[BBCWatcher]

So Bank of America and Chase both refused to even accept Transferwise as a legitimate recipient of funds.

Maybe, but the typical problem with Bank of America (in particular) is they have such ridiculously low ACH limits for all institutions. Chase requires a domestic wire transfer ($30) and won't work at all with ACH to Transferwise.

You happened to pick two terrible banks for these purposes, even if they are big.

 

[revhappy]

Vegavega25, did you consider asking them to directly wire it to your interactive brokers USD account with Citibank Singapore? It think it is possible to have 3rd party incoming transfers into IBKR account.

Edit: No 3rd party deposits are not accepted:
https://ibkr.info/node/63