As above.
Is there a better alternative to Wise, before I start jumping through multiple account opening & verification hoops?
I'm contemplating monthly transfers between UK and Canada, and banks at both end would charge to send or receive regular bank-to-bank transfers. If this was a one-off, I'd probably tolerate such charges but not monthly....
I understand "Wise" isn't regulated like a bank but the risk is tolerable.
Also, can anyone who's opened a Wise account (or any of their competitors) comments on how much hoop jumping do you have to do? (Even if Wise is easy, I imagine the source and recipient banks will be a pain in the arse to deal with ...)
In have a wise account. No hassle to transfer, just works.
I have a Nigerian money broker friend...
I use it monthly to transfer money from Spain back to my UK accounts. Works perfect.
I heard that Revolut had lower fees but then when I got a quote for a transfer it was actually more expensive, so I've just stuck with Wise.
Use it to transfer money to Spain. It just works. Think they had an increase in fees recently but still very reasonable compared to others. Transfers are just like transfering here from bank tobank. Takes seconds.
I think there is a referal code as well if you need one?
I've used Wise for years and it's no hassle at all.
I’m contemplating monthly transfers between UK and Canada, and banks at both end would charge to send or receive regular bank-to-bank transfers. If this was a one-off, I’d probably tolerate such charges but not monthly….
I understand “Wise” isn’t regulated like a bank but the risk is tolerable.
Can only add another recommendation to this. Particularly because the Canadian banking system is such that a) they don't use IBAN, b) you have to go into a branch to make a transfer and c) they don't recognise Revolut as a recipient for transfers.
Wise gives you local bank account details for your CAD account; it even accepts Interac e-payments in Canada (because there's no other way to get money into it from a personal bank account). Excellent all round
wise here too.
Online transfer from Barclays to Wise's uk account is literally immediate, payment into my Canadian RBC account happens by next working day.
I don't recall any challenges, hoops or difficulty setting anything up.
