Hello Monzo, TransferWise here! [Discussion]

Financial Chat Fintech Q&A's
22

Sorry, maybe my question wasn’t clear. But when I try to make a transfer, it gives me this error message.

“Sorry, TransferWise can only pay out to UnionPay cards owned by Chinese residents.”

23

You’re right, sorry I misunderstood you.
You can only send money to a UnionPay card that was opened with a local passport, this isn’t going to change for the moment.

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24

In simple terms for simple people (like myself) I use a prepaid holiday post office travel card for holiday spends.

Is there an advantage to using TransferWise and putting my money into there instead rather than a pre paid travel card?

25

The prepaid one? Don’t they charge around 2% comission, plus a fee to close the account (or another fee to leave it open for more than 12 months)?

Transferwise, Monzo, Starling are all better options here, as are multiple other cards…

If you already have Monzo, then you really shouldn’t use the Post Office one anymore, as I cannot think of a single use case where the post office one is cheaper. By all means, look into Transferwise, or others, but unless I’m misunderstanding something, the post office one is a pretty bad deal nowadays…

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26

I’m not too sure to be honest. I give them say 20 quid and they just change it to dollars

27

Yeah, I would look into it. Transferwise would most definitely be better value for money than the post office travel card. And for occasional travel I think (but that’s my opinion) monzo is better than both.

Post office travel card kind of made sense in the olden days, where your bank would charge you a fortune for usage abroad, but nowadays there are so many better options, and monzo is definitely one of them.

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28

Definitely not getting a good price doing that…

Now, back to TransferWise. Do you know why contact transactions fail at Finsbury Park ticket machines yet? I reported it. Will this be (or has this been) fixed?

30

Hey Sebastian! I’m Sheena (from TransferWise)

I’ve had a look at the Royal mail page about their prepaid travel card and can’t see any information regarding their exchange rates. Best to check those before choosing any product.

Sadly, I cannot find any information clearly outlined on their website, so you may need to get in touch with them.

Quite often, services that say that there are no fees on your withdrawals or exchange have hidden them in their exchange rate.

31

Hey Allie, when did you get a decline at Finsbury park? Was it recently? If you can maybe give me a little more information, I can look in to it for you.

We have no issues that should be affecting your contactless payment, but it might be worth checking your contactless spending limit hasn’t been reached

@-removed- our processor is Carta. Hope that answers your question. But if you have been running in to any particular issues with other processors. you could let us know what those are so we could perhaps help put your mind at ease?

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33

Amazing! I was beginning to think there was only GPS! (count me in on getting a card as soon as it’s offered.)

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35

Sad to hear they haven’t been fabulous. Hopefully you’ll love our new card. have you filled in the form that Sam posted above? If not, you can register here and we’ll let you know as soon as you can order your card:
https://transferwise.typeform.com/to/DSD2WV

Handy hint: If you make sure that you have opened your borderless account and have activated at least one currency, we’ll be able to invite you a little sooner!

@nanos be sure to fill in the form above :smiley:

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36

I’ve just gone through the registration for a Borderless Account…

Wow…

Possibly the best experience of opening any Fintech account I’ve had yet.

Made even better by adding Euros and Pounds in the blink of an eye.

Very impressive.

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37

Hi @sheena, it was around a month ago. It’s worth noting that, as I said in my post, it is contact transactions that failed - contactless works fine.

38

Hey Sam,

any idea on waiting times on these? ive just signed up :slight_smile:
Cheers!
Christian

39

I echo Lordfortoroy above, an idea on the waiting time would be good.
I think it would really suit how I do business and would love to give one a go.

Alex

40

I signed up the day before yesterday, and got my invite yesterday :wink:

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41

I got my invite in a week or so after activating two currencies (GBP & EUR) on my Borderless account.

42

Some advice please?

Hoping this isn’t a dopey question, what’s the difference between this account (which I now have) and my Revolut account?

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43

This is my personal opinion:

  • different fees / exchange rates make Transferwise slightly more expensive in (almost) all use cases [edit: as @podgib pointed out, that’s actually not really true]
  • Transferwise are available on PC, Revolut on mobile only.
  • My experience with Revolut has been bad. They seem very unreliable, while I never had issues with transferwise.
  • Personally, I happily pay the small extra fees to transferwise, as I feel more confident in their capabilities, especially for larger transfers.
  • importantly: YMMV!
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