You don't need to be an 'investor' to invest in Singletrack: 6 days left: 95% of target - Find out more
Anyone used Currencies Direct, TransferWise or a similar service for this purpose? Trying to see if I can use this because it will save £50-60. I'm not 100% clear what happens on the receiver's end, and if they need to do anything to claim their payment. Some seem to use a payment link, others seem to deposit the money into the destination using a bank account in the relevant country.
I'm hoping someone's already tried this and wouldn't mind sharing their experience of it. Thanks!
I've used Transferwise in the past and they are excellent. The receiver will just see the money in their account, so no need for them to claim it. You can add a reference so that they know it's from you. To get your first transfer free you can use https://transferwise.com/u/ae8922. Once you have signed up you'll get a link too and will earn £50 for every 3 people you refer.
Cheers for the link and for the info!
Did you use it specifically to pay for a bike? Which retailer if I may ask please?
I didn't use it to buy a bike but forum member Dark Side did I believe.
Let's see how this pans out then.
I've used currencyfair.com and they are excellent. Their approach is to facilitate peer to peer exchange, so there is no spread between buying and selling rates, just a 0.3% (I think) commission and £3 fee for the transfer to the foreign bank. You transfer money to your currencyfair account from your bank (free), then either post a request for the currency you want, with an asking price, or you can accept other people's offers, then transfer the currency to receiver's bank.
Btw if you go through Quidco or similar you get a decent bit of cash back also.
I use currencyfair too. No commission at all, just a 3 euro fee per transaction. If you are not in a hurry you can usually get the daily spot exchange rate.
Works out at a saving of about £40 for every £1000 you transfer compared to traditional methods involving the banks
Used TransferWise and set the rate I'd accept at 1.26 Euro to GBP. The link bitasuite posted gave me a free transfer as well, so let's see how this goes.
Have you bought a German bike.....?
I'm certainly trying to!