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Who has experience with a competition to Paypal, named "transferwise"?
YQQ
Posts: 3,338 ✭✭✭✭✭
I hope someone can say something about this company which seems to operate worldwide.
Any comments, good or bad, are much appreciated.
Thank you everybody.. 
Today is the first day of the rest of my life
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Used probably 6 or 7 times to send money to UK. Cheaper than an international wire transfer through my bank. Works fine.
I use it all the time with a business supplier in Hungary. It's not really a competitor with Paypal as far as taking payments in USD, it's designed to facilitate transfers between countries that require a currency conversion. If that's what you're using it for though then it works quite well.
I used it once for international transfer. No problem.
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I have used it several times to do some business with a friend in Canada. It works well enough and the fees are dirt cheap relative to Paypal. I am not sure about their buyer protection policies, though, so caveat emptor!
"It's like God, Family, Country, except Sticker, Plastic, Coin."
This sounds less like a PayPal competitor and more like a bank-to-bank transfer. If so, you have no transaction guarantees/insurance or the ability to file a chargeback.
Agree. Does appear to be a bank-to-bank wire transfer for those banks with associated with this service to escape some transfer fees.
A chargeback appears possible if a CC is used and (as similar to PP) it’s between the buyer and seller.
A thought, if using a CC then this would be considered a cash withdrawal from CC with all the associated fees from the CC issuer. Or, if a tangible product is involved then this would not apply.
https://transferwise.com/help/15/paying-for-your-transfer/2556723/paying-by-card
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You'd be crazy to use this service with a credit card - their fees our higher than PayPal
on monday last I did sign up with TW and started payment procedures to pay for goods (about USD 2100) in Europe.
After all paperwork was done, the money was withdrawn within minutes from my bank.
then I received an email detailing the transaction and telling me that it would take 4 days plus to complete.
They also requested a confirmation of my email. how stupid as they used it.
a day later I received another transaction timeline and a request for a confirmation of my address in form of two statements of either a utility bill and or a bank statement or a credit card statement not older than 30 days.
so I sent what they wanted with balances and acct numbers blanked out.
again I recieved a email telling me they have it and everything is now ok and will proceed. this was yesterday, wednesday.
A few hours later another email arrived now requesting a color copy of a Government issued ID....as it is the law they wrote, so they would be sure that my identity is correct. Today is Thursday and nothing has happened as I will not send them a color copy of my GOV issued ID. I may as well also send them all my passwords....
I am very curious: have any of you had the same or a similar experience with TransferWise?
There are many similar companies. XE.com to name one. They all make you jump through hoops upon the initial registration. Anti-money laundering regulations and all of that. It does sound like TW is perhaps a bit more disorganised than others. You may wish to try XE.com. They're one of the big boys and, based on the recent experience of a friend, the sign up was not horribly painful.
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