Transferwise supports AED but only to spend if you had previously converted some other currency to AED. There is however no way to top up/transfer AED into transferwise
So what is the benefit of Transferwise?
The major benefit is having local account details for NZD, AUD, USD, GBP and EUR. You are able to load up in those currencies and then you can convert from those currencies to pretty much any other currency in the world, which you can then spend from. You can also convert money back from say AED to all other currencies, you just cannot directly add AED to transferwise
Perfect - thanks very much for helping explain. Do you know if they have plans to introduce AED soon?
Also, trying to work out the difference between Transferwise anx Revolut?
Also it mentions âReal Exchange Rateâ as a benefit. What is this?
Banks and other providers often add a markup to their exchange rate while advertising low fees, which means you could be paying huge hidden charges. TransferWise transparently displays its fee upfront and deducts it before conversion. No nasty surprises. TransferWise then uses the mid-market rate, independently provided by Reuters without any markup.
New currencies are coming soon to TransferWise.
Want to be first to know?
Enter a few details below and youâll receive an email when thereâs good news.
Got an email the other day saying âThe new fee to convert GBP to EUR is 0.34%â
Also with the Borderless Account you can now have a local account in the UK, US, Euro (DE), Australia and New Zealand
Crikey!
Nice addition to the borderless account is that TransferWise has finally joined the Apple Pay bandwagon!
I just had my Transferwise Borderless Canadian Account deactivated because of a 15 pound transfer I sent from Transferwise to my Monzo account in UK. I appealed it, and now itâs been 6 days waiting for them to reactivate or not,while they hold my money hostage. Iâve contacted customer service many times and they say that itâs a different team that looks after it and thereâs nothing they can do. I thought Revolut was bad, but I must say, Transferwise seems to be worse. It seems that both Revolut and Transferwise are putting in these flawed anti money laundering/anti fraud algorithms that are forcing us to suffer while they freeze our accounts and force us to upload bank statements, pics of us holding our identity papers etc.
I wouldnât say their customer service is great. They arenât helpful at all if your account gets deactivated as thatâs a different team that takes their own sweet time. Plus I compared their foreign transfer fees, much more expensive than Revolut, and either more expensive or same price as XE.com depending on amount of money involved. Transferwise has kept increasing prices and at the same time reduced their service due to their overzealous fraud algorithm so that they have no longer remained relevant. They are less expensive than using a high street bank, and as a backup to Revolut, but thatâs about it.
And the Borderless ( multi-currency ) account is useless since you donât want to leave money sitting in there as it earns no interest and is held hostage if they freeze your account. You may as well just send money on a one time basis without using a Borderless Account.
This topic was automatically closed 180 days after the last reply. New replies are no longer allowed.
TransferWise has changed its name to Wise
(donât know if this should be be merged into the auto-closed TransferWise thread; would need a coral crew or moderator to do that)
Managed (eventually) to reopen the topic and merge the posts
To me this is a sort of pointless rebrand that looks better but doesnât help.
If you say to someone, on here, or wherever⌠âYou can use transferwise to move your international paymentsâ
Go to Google. Type in Transferwise, that will be the first result.
Go to Google. Type in Wise. You arenât getting them. (You do today, as itâs a top new story )
Itâs not tough to type âWise transfersâ and youâll probably still get the same result. Transferwise tells you all you need to know. Wise doesnât.
I agree, I think the name is too vague to be useful â I never really like brands that just try and turn a word into their brand name. But the worst offender here is that âSâ in the logo. It looks really out of place
Wise words.
I wonder if this is them trying to position themselves more as a bank account than something you just use for transfers
I havenât read the articles so it probably says that in themâŚ