Monday, March 09, 2015

Transferwise .... Yeh uhm thanks.....cancelling my account right now.

WOW was just about to transfer some money to Australia to pay some bills and have been seeing a ton of advertisements for TransferWise so thought I would use them this time instead of USForex as it worked out to be $80 better rate even after their $190 fee.......ooops that's until I went to book it and found out its not a real time midmarket buy/sell transaction and even though they charge the $190 upfront fee don't actually guarantee the rate and it can allow a 3% variance downwards (of course all of this stuff is hidden deep in the FAQ's and or once you've set up your account and ready to click send), they also say that your money is "held" in the transaction matching process for 2 days (I'm only assuming this is in additional to the 24 hours for TT in and out at the other end....).

Basically what they are doing is waiting until someone transfers the money the other way and "matching funds" yeh uhm ok but what happens if the rate changes between now and then ....oh that's the risk you take, yeh uhm and what happens if you cant find anyone to match your funds in the 48 hours within the 3% rate you book the transfer at....well we process what we can and then refund the rest.......

Yeh uhm thanks.....cancelling my account right now and going back to USForex.

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