TransferWise alternative to save on FX conversion fees

Evidence Alpha

Building Trust
Entrepreneur
Hi,

For some reason I ignore, TransferWise desactived my account and won’t explain why when I appealed for my case. Also, I’m struggling to get a refund of my balance for now.

I learned about the free “debit/credit card to any bank account top up” service of Skrill, so that part of TW was not interesting me anymore anyway.

Now, I’d like to find a service which exchange currencies at mid market rates or very close, to not give up hidden fees to banks...
(Note, it should service Andorra, which is outside the UE and EEA)

Thanks in advance for your time.
 

darkster

Trusted Member
Business Angel
Mentor Group
Commercial Service
are your documents real and have you asked them to transfer the money to another account of yours?
 

Evidence Alpha

Building Trust
Entrepreneur
Surely, I provided them with all guenine documents requested to process with the refund they offered. Waiting patiently : I’m told their team is overbusy... the support of EMIs never been over-reactive (usually 3 days for TW). PaySera is even worse (sometimes a week), waiting for a bug fix since 6 weeks
 

Evidence Alpha

Building Trust
Entrepreneur
bunq or N26 both use TW for non SEPA transfers. Are there other entities teaming up similarly servicing non EEA customers ?
 

Admin

Forum Moderator
Staff member
Surely, I provided them with all guenine documents requested to process with the refund they offered. Waiting patiently : I’m told their team is overbusy... the support of EMIs never been over-reactive (usually 3 days for TW). PaySera is even worse (sometimes a week), waiting for a bug fix since 6 weeks
For how long have you been waiting for the refund?
 

xzars

Building Trust
Entrepreneur
WorldFirst and Revolut are the best innovative players for FX, but service access is limited. Santander bank offers unlimited mid-market rate for their Select customers, but their risk tolerance is low after they were fined for bad AML controls; also the minimum balance of 75K pounds or currency equivalent applies.

With Revolut, after you breach 50K top-up (in my case, but likely everyone's), they will automatically lock your account and block incoming payments for source of funds checks which can cause major issues if you receive payments daily. It's best to ask their support if you can do source of funds checks upfront to avoid that hassle later down the road.
 

Evidence Alpha

Building Trust
Entrepreneur
For how long have you been waiting for the refund?
Only 8 days of plain and simple communication blackout (only the support tells me that my query is queued to their busy schedule, unreachable competent service, while they were reactive initially)
 

Evidence Alpha

Building Trust
Entrepreneur
@xzars thanks for the comments

Will check WorldFirst
Revolut ceased to service Andorra some time ago
I’d rather avoid picky banks from experience. I have selected BBVA as my spanish pro account of choice, but haven’t checked their conversion rates yet...
 

ohassanabd

New Member
Only 8 days of plain and simple communication blackout (only the support tells me that my query is queued to their busy schedule, unreachable competent service, while they were reactive initially)
I had such issue with transferwise as well and this is what I got as a response after writing a lengthy email of annoyance over not being reactive.
" With regards to the funds on your Borderless account, we are still carrying out further due diligence with relevance to these funds as today its 42 days since account closure while the stated time-frame to complete the checks is 60 days.

With that said, your account and the funds in it are completely secure. Once this standard procedure is complete, we will be in a position to give you a clear response regarding account and the funds in it. "

:(
 

darkster

Trusted Member
Business Angel
Mentor Group
Commercial Service
It is the same shit all over all EMI's .. don't believe them, it is a way to delay funds to gain interest on them or even just to freeze them for ever.
 

Evidence Alpha

Building Trust
Entrepreneur
I’m more worried because a week before the desactivation, I initiated an outbound transfer. That money never arrived to the destination recipient. Now, even if this event happened before my account blocking, not overlaping, they won’t handle me a proof document that this money was sent properly. So I cannot claim a research on my side. That’s a pity, especially if this begins to last a couple of weeks.

Did other people fail to get their funds back with TW after the investigation period ?
 

Evidence Alpha

Building Trust
Entrepreneur
@xzars Unfortunately, WorldFirst does not conduct business with Andorra

Any other currency broker recommandations to replace TransferWise please ?
 

Evidence Alpha

Building Trust
Entrepreneur
Unfortunately, it seems like most if not all currency brokers, like WorldFirst, CurrencyFair and the likes, are closed to Andorra

I think I’m gonna use InteractiveBrokers for currency conversions. At 0.2% trading fees + free (1st withdrawal if the month) then $10 for withdrawal, it should beat TransferWise
 

Evidence Alpha

Building Trust
Entrepreneur
I was able to open at OFX (minimum transfer >150) and CurrencyTransfer (minimum transfer >5000) currency brokers.
Also LYNX Broker, which is a white label of InteractiveBrokers without inactivity fees (if balance maintained above 1000) with slightly higher fees: 0.005% min 5

After some calculus, below 1000, OFX is recommended (aside TransferWise), then above, LYNX Broker is always better (always beats TW)
Bye bye TW without sorrow
 

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