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 ‘Real Exchange Rate’ 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.
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Got an email the other day saying “The new fee to convert GBP to EUR is 0.34%”
Also with the Borderless Account you can now have a local account in the UK, US, Euro (DE), Australia and New Zealand
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 it’s been 6 days waiting for them to reactivate or not,while they hold my money hostage. I’ve contacted customer service many times and they say that it’s a different team that looks after it and there’s 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 wouldn’t say their customer service is great. They aren’t helpful at all if your account gets deactivated as that’s 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 that’s about it.
And the Borderless ( multi-currency ) account is useless since you don’t 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.
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TransferWise has changed its name to Wise
(don’t 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 doesn’t help.
If you say to someone, on here, or wherever… “You can use transferwise to move your international payments”
Go to Google. Type in Transferwise, that will be the first result.
Go to Google. Type in Wise. You aren’t getting them. (You do today, as it’s a top new story )
It’s not tough to type “Wise transfers” and you’ll probably still get the same result. Transferwise tells you all you need to know. Wise doesn’t.
I agree, I think the name is too vague to be useful – I never really like brands that just try and turn a word into their brand name. But the worst offender here is that ‘S’ in the logo. It looks really out of place
I wonder if this is them trying to position themselves more as a bank account than something you just use for transfers
I haven’t read the articles so it probably says that in them…