TransferWise: Banking and currency exchange

Anfooshi

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Jul 1, 2019
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So I have been researching over the last year on ways to transfer money to the USA and stumbled upon TransferWise. Although, we cannot transfer USD from Indonesia, we can transfer EUROs then convert the currency to USD.

Benefits for USD: You get an ACH, ABA, and Swift code. The app is very functional and support answers questions within 4 days. If you use other currencies you also are able to get ACH and Swift versions of that country. Also the transfer rates are the real mid range FOREX rates and the fees seem rather low. If you want a debit card and have an address in England they can ship it to you.

I have not made a transfer but I have created an account and added multiple currencies.
 

jstar

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There's quite some experience here with that system, look at this thread for instance:

 

William King

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I have friends who happily use & reccomend transferwise; however, I have not yet tried.
 

Bad_azz

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I use it, & love it, it is much more competitive than PayPal.
The system they use is logical and effective.
From what I understand the user sends to T/W this goes into their banking system in the sender's country, they then send funds from a bank in the recipient's country to the recipient's bank.

It isn't complicated to use, even my aging parents are able to use it and they are not particularly computer savvy.
All it needs is a recipient bank acct number and email address.
PayPal has the advantage of being almost instant.
Transferwise, whilst sometimes processing within minutes can sometimes take a little longer, sometimes a day or two (or so they tell you, yet I haven't ever had to wait more than a few hours).
As mentioned the other negative, as of date of writing they do not send FROM Indonesia... which is a pain.
However, I don't envisage myself going back to using PayPal any time soon.
 

Anfooshi

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Actually, the loophole is to send from Indonesia but in Euro not dollars. I confirmed this with their support rep.
 

jstar

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it is much more competitive than PayPal
There is something that Paypal offers which is rather unique though; the possibility to warrant and refund the money if the products did not arrive or if there are other issues.

Now that means that it becomes rather safe for someone to send money to a person unknown if you want to buy something online. So if you deal via the FB/Instagram/OLX/CraigsList/.... of the world and you want to offer your customers some peace of mind, that is a great feature.

For that the 'seller' needs to create an 'invoice'. I put that between quotes since there are no rules for that, like VAT/GST (number), Company tax ID or proof of registration, etc. etc.

I would be very interested in alternatives, also offering an insurance for products sent, which don't charge as much as PayPal and have better exchange rates.
 
Last edited:

gemima

Active Member
Joined
Jul 25, 2016
Messages
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So I have been researching over the last year on ways to transfer money to the USA and stumbled upon TransferWise. Although, we cannot transfer USD from Indonesia, we can transfer EUROs then convert the currency to USD.

Benefits for USD: You get an ACH, ABA, and Swift code. The app is very functional and support answers questions within 4 days. If you use other currencies you also are able to get ACH and Swift versions of that country. Also the transfer rates are the real mid range FOREX rates and the fees seem rather low. If you want a debit card and have an address in England they can ship it to you.

I have not made a transfer but I have created an account and added multiple currencies.
Very interesting - can you transfer from an Indonesian bank account into Transferwise easily?
 

Anfooshi

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Jul 1, 2019
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Very interesting - can you transfer from an Indonesian bank account into Transferwise easily?
Yeah, as long as you are transferring Euros to transferwise then convert to any other currency through them. But incoming must be in euros
 

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