World-First & TransferWise

[whizzard]

I recently did EUR10K with WorldFirst. They charged me 40 bp off the inter-bank mid-rate.

It was cheaper than banks but, for this amount, are you guys getting much tighter?

I paid to my own DBS Multiplier account.

Will be looking to collect some GBP for my son’s education requirements.

 

[vegavega25]

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.

TransferWise purports to have a US routing number for incoming domestic wires as well. I have no choice in which banks my partners in the US bank with. I tried this morning with my own Capital One bank account, and it didn't work either.

 

[kram62]

Seems to me that this is a problem caused by the American banking system rather than transferwise's fault.

Been using tw easily between. Europe banks (SEPA transfer standard) and Singapore (FAST) and everything has been so smooth and fast (and cheap)

 

[BBCWatcher]

I tried this morning with my own Capital One bank account, and it didn't work either.

Is there some issue if they simply credit your Capital One account?

 

[quxton]

Instarem charges SGD25 for EUR10K, essentially 25bp and mid market rate. Can be used for local FX conversion within Singapore bank accts too.

I recently did EUR10K with WorldFirst. They charged me 40 bp off the inter-bank mid-rate.

It was cheaper than banks but, for this amount, are you guys getting much tighter?

I paid to my own DBS Multiplier account.

Will be looking to collect some GBP for my son’s education requirements.

 

[vegavega25]

Is there some issue if they simply credit your Capital One account?

That is what happened, and I was trying myself to route the funds into TW. I could always spend the money in USD and that's probably what I'll end up doing, but was trying see if TW helps in converting all or some of it into SGD in a low-cost way. In any case, it didn't work for me.

 

[vegavega25]

Seems to me that this is a problem caused by the American banking system rather than transferwise's fault.

Been using tw easily between. Europe banks (SEPA transfer standard) and Singapore (FAST) and everything has been so smooth and fast (and cheap)

Good to know. And I have learnt in the last few years that US banks are technologically significantly inferior to those in SE Asia.

 

[testerjp]

Heard of this new platform call Revolut?
http://fintechnews.sg/12833/remittance/revolut-singapore/

Anyone can summarise how it works and how is it better or worse?

 

[BBCWatcher]

And I have learnt in the last few years that US banks are technologically significantly inferior to those in SE Asia.

I really don’t share that view. ACH <> banks.

 

[BBCWatcher]

I could always spend the money in USD and that's probably what I'll end up doing, but was trying see if TW helps in converting all or some of it into SGD in a low-cost way.

All of Capital One’s credit cards have no foreign transaction fees, most of them have no annual fees, and (for example) their Quicksilver card has a flat, unlimited, no nonsense 1.5% rebate, which means you’ll surely come out ahead on the currency conversion (the pure card network rate) if you pay for your goods and services here in Singapore (and elsewhere) using that card.

Any issues with that approach, or have I missed something?

 

[vegavega25]

All of Capital One’s credit cards have no foreign transaction fees, most of them have no annual fees, and (for example) their Quicksilver card has a flat, unlimited, no nonsense 1.5% rebate, which means you’ll surely come out ahead on the currency conversion (the pure card network rate) if you pay for your goods and services here in Singapore (and elsewhere) using that card.

Any issues with that approach, or have I missed something?

I don't have a Capital One credit card. But yes, the plan is to now use one of the other no foreign transaction fee cards for spends here in SG and draw down on those dollars.

 

[ai.Python]

only have experience in sending money using transferwise. it is efficient and the rates are definitely better than tt

sign up and we both benefit
https://transferwise.com/a/waic102
Sent from the jungle using GAGT

 

[atlam42]

I've tried to use Transferwise and was given a bank transfer instruction through DBS. Do I just do a normal FAST transfer to the DBS account and put in the reference number given?

I opened the account online. Is it necessary to check the ID in person at Transferwise office now?

Thank you.

 

[theking_smen]

Didn't when to their office for any verification... Only ask for my bills for address verification...

Sent from OnePlus 3T using GAGT

 

[Hafi]

I opened the account online. Is it necessary to check the ID in person at Transferwise office now?

used to but dont need now cos they engaged a 3rd party verification service to do KYC online without you having to visit their office now.

 

[princessreiko]

Which is the best way to pay tuition fee abroad?

I looked at Transfer wise but need transaction fee, although still better than bank.

World first doesn't publish their rates?
Must I register in order to see the rates?

I wanna register but their T&C before registration is so long and it put me off.

Can someone please advise which is the best method to pay for my uni fees?

Not limited to these 2 remittance companies, other suggestions would be good too.

TIA.

 

[testerjp]

Quite hard to say which is cheaper. They are quite close. Price difference after office hours or weekends, can be quite different.

I used world first more but the difference won't be great.

 

[pclow59]

Which is the best way to pay tuition fee abroad?

I looked at Transfer wise but need transaction fee, although still better than bank.

World first doesn't publish their rates?
Must I register in order to see the rates?

I wanna register but their T&C before registration is so long and it put me off.

Can someone please advise which is the best method to pay for my uni fees?

Not limited to these 2 remittance companies, other suggestions would be good too.

TIA.

I have used World First for my children's overseas study tuition fee. Their rate depends on the amount you transferred, the larger the amount, the better rate. I can only compare with the bank as I have not done any transaction with Transfer wise.

 

[ai.Python]

I've tried to use Transferwise and was given a bank transfer instruction through DBS. Do I just do a normal FAST transfer to the DBS account and put in the reference number given?

I opened the account online. Is it necessary to check the ID in person at Transferwise office now?

Thank you.

sorry a bit late, yes just do fast transfer and I don't remember needing any verification

Sent from the jungle using GAGT

 

[lbs890213]

i did a citibank credit card payment for transferwise, and it was failed, then i checked with citibank , citibank agetn told me transferwise is pontential fraud merchant , totally banned