Today, we invite Jeanne, a french expat who wants to share her last experience in money transfer with you. She is french, so please excuse her for her english 😉 Enjoy!
The understanding of hidden fees & the discover
Some weeks ago, after I transferred money for the third time since I arrived in my new country, I took a look in the detailed fees of my transfer. I never do that, I don’t know why I did it, but it was crazy. I realized I paid 50€ more than the flat fees announced by my banker on the phone.
This was me at this moment.
I wanted to drown myself. I tried to understand and I realized I never received what I was expecting. I was calculating my money transfer based on the real exchange rate, but in reality, bank applies its own one!
So I went to Google to get more informations, and I discovered a whole new world: I was robbed by my bank. I heard about another way to send money abroad, it’s called Transferwise, and I’d like to talk to you about it.
Before to use Transferwise, I wanted to know more, so I read the Trustpilot feedbacks from users and the Transferwise review on the Moneytis website. It looked like a perfect solution to me.
Transferwise is against bank and try to make the world a better life. As every startup you will tell me, but at least, they attack a new market, which suffer from a lack of transparency, so I was totally in to use it.
So I went to their website and was totally convinced after 2 minutes. Richard Brunson himself put money in TransferWise, it has been created by the Paypal’s makers, and everyone seemed very happy with it.
So I start my money transfer, I fill the fields on the homepage, I sign up and finally, they can’t do a money transfer for my currency route because they don’t cover it yet!
It was too beautiful to be true. Back to the beginning.
To conclude, for me it’s a no, because they can’t do it, but you can try. Transferwise seems to be a really good solution if you do money transfer on a covered currency route.