Anybody using the service TransferWise to pay for UK orders/transactions?

Briando

Anybody using the service TransferWise to pay for UK orders/transactions? If so how do you find the service?

They seem to be a bit cheaper than using my bank, so considering setting up an account.

scurnane

Briando wrote: »

Anybody using the service TransferWise to pay for UK orders/transactions? If so how do you find the service?

They seem to be a bit cheaper than using my bank, so considering setting up an account.

Yes I used them to buy a car privately in NI earlier in the year. I found them very good to deal with. Can't remember the price difference but they were cheaper than my bank at the time

pedroeibar1

Are they regulated, by whom, where?

scurnane

pedroeibar1 wrote: »

Are they regulated, by whom, where?

All that info is on their website afaik

pedroeibar1

Transferwise (TF) is an approved ‘Payment Institution’ and as such its services are not covered by the UK's Financial Services Compensation Scheme. So, unlike with a bank, you stand to lose your cash should anything go wrong with them.
I’m not saying there is anything wrong with TF; it’s a model that has been around for years (albeit less sophisticated and more ‘bucketshop’) but before depositing with any brokerage it is important that individuals go out and do their research and are comfortable with the risk/reward ratio.

scurnane

Yea I just used them to pay sterling into a uk bank account on the day after I lodged the money into the TF account. Going by the post above, it may have a higher risk to have funds with them over long periods of time

mneylon

CurrencyFair are also worth looking at

urbanjim1

I use Transferwise all the time, as move money back to a UK bank account.
I've had really good experiences with them, and have found that the money gets there quicker than they advise, and it's at a reasonable FX rate.