What are good money transfer services and how did you transfer your money when you relocated?
Posted by ColdChizzle@reddit | expats | View on Reddit | 58 comments
I'm planning on moving to the UK in September and I need a reliable and well trusted transfer company to use.
I already have an account with Wise but I've never used it because I didn't have a reason to but now I think I'll have to but not sure how good they are either.
Also I want to know how did you guys transfer your money when you moved? Did you transfer all your money using one method/ company or did you separate your money and transfered it in different ways?
MintyVapes@reddit
I'm contemplating a similar move and wondering the same thing.
TECHNETCONNECT@reddit
Free transferš, I use Wise to send money abroad. Really easy and a lot cheaper than the bank! Give it a try with a fee-free transfer of up to 500 EUR.
https://wise.com/invite/mic/princep3
southfar2@reddit
All I've tried have had significant problems. I can second the issues with PayPal. For example, when I moved to the US, I updated my phone number, but it would keep reverting to my old number and attempt to send confirmation SMS to an old number I didn't have access to anymore. Unrelated (probably, because it happened much later), my PayPal account was blocked for "suspicious activity", even though I hadn't used it in awhile at all. I've made some abortive attempts at recovering the account, or making a new one, but eventually just said fuck it.
Western Union has been semi-okay, but it periodically does not work for no apparent reason at all ("7777 [R1953]") that nobody is able to explain or do anything about. This can be catastrophic if it happens at an inopportune time and you rely on it to send yourself money for travel expenses.
I've been bouncing around different apps (Remitly, Wise, MoneyGram), all of which occasionally spazz around. Clearly, they all have some functional equivalent of epilepsy.
What has been most reliable for me has been crypto. It asks no questions and it's fast (I use Binance and Coinbase). The only problem is to re-liquify it, so you might need a local friend to do that for you, if you don't have a local bank account.
If you found anything else that works remotely reliably, please let me know.
gremlinguy@reddit
I used Transferwise (now Wise) but would not recommend it. Once when my bank erroneously sent a paper check (Wise explicitly says no checks) it took me months to get everything sorted. Wise was awful about it, even though they cashed the check.
Remitly is the best for international transfers. Works like Wise but is better.
Revolut makes a great reloadable debit card that allows you to spend internationally with no currency change fee.
djazzie@reddit
Iāve been using Wise but am getting spammed with ads for Remitly. What makes it better?
gremlinguy@reddit
It may well not be better for your individual case. It is slightly more limited than Wise, or at least used to be (I think it had a $10,000 daily limit and services 50 countries) but generally is faster and cheaper. Also the customer service is lightyears ahead of Wise. Maybe I am biased because I have a friend who works for Remitly who turned me onto it, but the company itself is also strangely ethical and treats its employees awesome, so I actually like supporting it as well.
djazzie@reddit
Oh thatās cool. How do their fees compare?
realitisfun@reddit
My personal experience comparing how much I'd get as a recipient if I transfer identical amounts using Wise vs Remitly is that
Wise mentions a higher exchange rate but has fees included and Remitly has lower exchange rates ( even for the slower 3-5 business days option). When I compare both, Remitly does slightly better most of the time and Wise does better sometimes. I usually compare the two and go with one option
gremlinguy@reddit
Well, Wise charges a flat commission fee, something like $4.50 more or less, and Remitly doesn't charge at all. That's on international transfers, anyway
Round-Sky-7482@reddit
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Surfer_020@reddit
I am using LemFi app. Exchange Rate is great than any app I used in past( including Remitly, WU, Pandaremit, Wise, WorldRemit etc etc)
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boxesofcats@reddit
Interactive brokers is good too.
Smart-Simple9938@reddit
You'll get flagged if you use them to convert currencies and then immediately withdraw the money. They're expecting you to convert the money to buy shares issued in the target currency. Either that or let the money just sit for a few months before withdrawing it. They're a brokerage, not a money exchange service. But if you are changing money to invest, they're fantastic.
alu_@reddit
This is what I used. I have heard if you try to more then 10K or other very large amounts you can get flagged, but I don't know for sure
boxesofcats@reddit
Youāll likely get flagged the first time but you then just have to show proof of the account ownership. No problem since then and Iāve transferred enough to buy a car and house in my new country of residence.
alu_@reddit
That's good news. Planning on doing this next year for a house
ukiyo3k@reddit
Everyone is so stupid. PayPal has a service for this called Xoom which is low fee and lighting fast. I sent myself $500 in 3 minutes for a fee of $1.
Canilickyourfeet@reddit
No.
GiorgioTheGeek@reddit
Clearly you are the stupid one u/ukiyo3k. International transfers with Xoom are much more expensive than other services if you compare currency exchange rates they offer.
ColdChizzle@reddit (OP)
I guess a lot people don't know about Xoom or have the fear of their money being frozen.
Vauzet@reddit
don't use xoom. exchange rate is bad and costs you way more than just $1ā¦
datdaddy@reddit
And what are their exchange rates like?
ukiyo3k@reddit
Like a Rhinestone Cowboy
ExcitementAwkward489@reddit
No matter what, Please stay AWAY from REMITLY, I sent $10K from the US to Manila and the lost it, I had to repeatedly contact customer service, they never gave me an update and never helped me. Had to explain my case to customer service over and over every single time, horrible customer service! Your money is NOT safe nor secure! Please use other more reputable companies like Moneygram, Xoom, Wise, etc. Check out all the complaints from all the other users as well!
Thomas_KT@reddit
I think you could have been flagged by the US gov. They have an eye on all transactions 5 digits or larger from what I've seen
janataremit@reddit
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Educational_Sun3547@reddit
100 percent I'd use remitly. Have been using it for a few years to send various amounts of money from Australia to Vietnam $50- $5000 and never once had an issue and it goes through within minutes. Fees are much lower than PayPal too. If you use my link you'll also get $15 discount on your first transfer. Happy transfering š
Sign up for Remitly using my referral link to get $15 off on your first money transfer of $100 or more.
ā Guaranteed on-time delivery or they'll refund your fees. ā Excellent exchange rates, low fees, and no hidden fees. ā Get real-time transfer updates on their app.
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https://remit.ly/x8dvtio1
Street-Stick@reddit
Lol 2months and it's now only 10$ off...Ā Ā
Vauzet@reddit
Revolut for daily spending but I do not trust them with savings etc. I don't use their exchange option though as they just raised prices + integrated a markup on the rate. I move EUR to GBP account with Atlantic Money instead.
ColdChizzle@reddit (OP)
What's the most you'd recommend having on a Revolut account based on your experience?
Vauzet@reddit
what i need for daily life: food/grocery/social life, so not too much. bigger bills like rent I pay directly with Atlantic. Money Wise and Revolut (and everyone else) take both percentage fees on every exchange. Means the fees grow with your transfer size.
rexerat@reddit
This sounds like a Wise sales pitch. If you have any problems with Wise, you are up shit creek. Great when they work, but you had better hope you dont ever have a problem
Vauzet@reddit
Well, quite the opposite to be frank
lawfulkitten1@reddit
so I lived in the UK for almost 2 years and never got a real UK bank account, because my salary was being paid in US$ into a US bank account. I just used Revolut but only deposited small amounts at a time (maybe 200 GBP at most). basically I kept enough in the account at all times to cover direct deposit payments that were coming up in the next month or so, i.e. utilities, and for rent I would just manually transfer (though Wise) my rent payment to my landlord each month. everything else I paid using my no fx fee US credit card.
ColdChizzle@reddit (OP)
So you're saying Wise and Revolut are 2 great options.
tsurutatdk@reddit
Wise and Revolut are good alternatives. Tap is also a great option, but it will always depend on your preferences. It offers both virtual and physical debit cards. The choice is yours, so make sure to research about it.
ColdChizzle@reddit (OP)
I've made a Wise and Revolut Account. I see they both have virtual cards.
So far I've made 2 Wise bank transfers and all were received. Didn't do any transfers with Revolut as yet.
tsurutatdk@reddit
Why not give it a shot? And speaking of Tap Fintech that I mentioned earlier, have you given it a try? I've also come across Eway, although I haven't personally used it; they're a major player in the Australian market. What about Amex?
ColdChizzle@reddit (OP)
Haven't used Tap or any of the others you've just mentioned. By the time you replied I've already used Wise and Revolut but I'll try the others.
tsurutatdk@reddit
No problem at all, since there are numerous alternatives to explore. I'm personally opting for a fully regulated company to ensure a smooth path ahead š.
No-Bookkeeper-4150@reddit
I use Pangea.Ā Their transfer fee is lower than Xoom/PayPal and they give you a lower promotional rate on your first transfer.Ā
Use this promo code to get a $25 bonus on your first transfer:Ā Ā MLTN4223
timmotion@reddit
might be old, but new way of sending money is S1lkpay,
Proper-Rope1107@reddit
By my side I used GCA Pay, I found them on LinkedIn @GoldCavern Associates, I usually use to transfer money from Dubai to China and from Dubai to Tanzania most of the times. It also fast, usually 3 to 5 minutes transaction already done, low fees... actually I even stopped using WISE and World Remmit after knowing these guys.
Browny7373@reddit
I would definitely recommend Wise, they have the very best exchange rates and fees. You can get a free card from them as well if you use my sign up linkĀ https://wise.com/invite/ihpc/jakeb912
Striking_Car_6202@reddit
I use arbonum, very fast and profitable because of the small commission.
tommylw@reddit
I've used Wise and Revolut. Personally prefer Revolut more for the free conversions (up to $1000 per month during weekday market hours) and free transfers to other Revolut users. Feel free to check it out!
Wanderlust________@reddit
When I relocated, I found Wise to be straightforward and cost-effective. The convenience of transferring money directly to a local bank account in the destination country made the process seamless. I transferred the bulk of my funds through Wise, and it was hassle-free.
ehmickie@reddit
Wise is a wise choice. No pun. I transfer money between US and Canada and before I do, I compare between Wise, XE, Currencies Direct, PayPal and Xoom. Yes I have accounts for each for the sake of using the best one for the moment I make a transfer. Wise beats them all hands down ALL THE TIME saving me about $11 with a more powerful conversion. PayPal is the worst. Wise is also very fast with transfer.
Laughing_Fenneko@reddit
i use transferwise. never had any issues with them
Evil_Producer@reddit
What is the difference between wise and transferwise? Can you send me the link for transferwise?
katlaki@reddit
They are the same. Renamed to wise.
elevenblade@reddit
Iāve been using Wise for about 7-8 years now, no problems with it and it has been much less expensive than using banks. I make at least one transfer per month and have transferred enough for a down payment on an apartment and to buy an automobile, for example.
RexManning1@reddit
Same. Been using Wise for years. Even transferred cash for home construction through Wise.
ColdChizzle@reddit (OP)
Thank you guys so much for the responses. I really do appreciate them. I'm glad I got a lot of information about Wise because I never used it before so now I have an understanding but I'll go through the rest, sign up and see how it goes.
Own-Struggle-8664@reddit
Here are some suggestions for reliable money transfer services when relocating internationally:
Wise (formerly TransferWise) - As you mentioned, Wise is a very popular and reputable option. They offer competitive exchange rates and low fees. I've heard good things about their service.
CurrencyFair - Another well-regarded peer-to-peer currency exchange. Similar to Wise in offering good rates and customer service.
XE Money Transfer - A large international money transfer provider. Best for large sums of money since their fees are percentage-based.
PayPal - While not dedicated to international transfers, PayPal is very convenient and widely accepted. Fees are on the higher side though.
Bank wires - An option if you already have accounts with a large international bank like Citi, HSBC, etc. Wires guarantee receipt but fees tend to be higher.
As for how I personally transferred funds when relocating, I used a combination of Wise and a bank wire. I sent over the majority (around 80%) through Wise for better exchange rates. Then wire transferred the remainder just to diversify in case of any issues.
In your situation, I'd feel comfortable transferring the bulk of funds through Wise given their reputation. But you could also wire a smaller amount through your existing bank just for security. The most important things are buying your currency at the best rate and using a reputable service.
hellequinbull@reddit
Remitly
fluffypsychedelia@reddit
All I can say is do not use PayPal. When I moved to Australia, I transferred money from my U.S. bank account to an Australian PayPal account.
They locked my PayPal account and wouldnāt unlock it even with proof of passport. I had to prove I had a job which took two months for them to unlock my PayPal account. Had to live off of my housemates for money in the meantime.
Think Iām a bit scarred from that experience!
AutoModerator@reddit
Based on keywords in your post, it looks like you might be asking for help transferring money between countries. The popular choice is Wise. They offer very good rates and have been used by members of the community to transfer large amounts (in excess of $100K USD). Please do your own research to see if this is a good choice for you.
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