TransferWise

[Dairyfarmer]

Anyone using a TransferWise account in Pounds? Have you used it once in the UK?

I'm moving to the UK mid year. All my savings and retirement is already off shore and doing well with Stanlib. I have a dormant bank account in the UK that I will be reactivating when I get back over there. It has a few hundred Pounds in it. I also have a job to go to when I get there.

I'm getting money together for the first 3 month's rent, utilities, council tax and groceries so that I don't need to draw from my savings. Money due to me when I finish working here and the sale of my car and firearms will end up in my SA bank account and then into my Stanlib. There will also be 2 year's of SARS refunds due to me.

I have a friend in the UK that sends money to his mother in SA. I have come to an agreement that I will deposit money here into his mom's account and they will hold Pounds there. Saves a lot in exchange fees. We just use that day's exchange rate. I have opened a TransferWise account that he puts the Pounds into. Just before I leave SA I'll order my debit card for delivery in UK. So when I land in UK I'll have about 4000 Pounds available.

 

[Pho3nix]

Just open your own TransferWise account and put money there now.
When you get to the UK you'll withdraw your funds and they'll be there in 5 minutes.

No need to include people's moms etc.

 

[Dairyfarmer]

Just open your own TransferWise account and put money there now.
When you get to the UK you'll withdraw your funds and they'll be there in 5 minutes.

No need to include people's moms etc.

No friend is in UK, I'm still in SA ATM. I put Rands into his mom's account from SA bank account. He puts Pounds into my TransferWise account. We use that day's exchange rate.

i.e. today he put 1000 Pounds in my TransferWise account and I put R20400 into his mom's account.

I'm wanting to know what experience people have had using their TransferWise account in the UK.

 

[Pho3nix]

No friend is in UK, I'm still in SA ATM. I put Rands into his mom's account from SA bank account. He puts Pounds into my TransferWise account.

Just buy pounds from your SA account and deposit to TransferWise using your CC or Debit card.

 

[Dairyfarmer]

Just buy pounds from your SA account and deposit to TransferWise using your CC or Debit card.

GBP500 pounds costs GBP501.50 (R10225) on debit card plus SA bank's cross border fee. I know my YouTube R110 costs an extra R2.19.

My way GBP500 costs me R10200

 

[Pho3nix]

Alright, that makes a lot more sense.

 

[uzimarz]

Hi guys sorry for hijacking this thread, apologies in advance

A newbie to transferwise, have set up my TW account and had a client pay into it ,followed by filling in a "reporting form".

Was there anything to be filled in by the sender as well? Money is still pending beyond the suggested arrival date

Not sure what the process is

 

[capetown0012]

Hi guys sorry for hijacking this thread, apologies in advance

A newbie to transferwise, have set up my TW account and had a client pay into it ,followed by filling in a "reporting form".

Was there anything to be filled in by the sender as well? Money is still pending beyond the suggested arrival date

Not sure what the process is

Contact your banks Forex department - the payment will be sitting there. (Sometimes they take days to contact you, depending on the bank). It seems like recently (past 2 months), the money gets stuck instead of clearing directly, which is pretty annoying. That's my experience anyways. (With Capitec / FNB)

 

[uzimarz]

Contact your banks Forex department - the payment will be sitting there. (Sometimes they take days to contact you, depending on the bank). It seems like recently (past 2 months), the money gets stuck instead of clearing directly, which is pretty annoying. That's my experience anyways. (With Capitec / FNB)

Thank you for the reply, banking with Capitec as well, will contact them today.

 

[RedViking]

So I have tried to receive money this last week and the transfers keep getting cancelled. Turns out the bank account number I used for the almost past 2 years changed, but they didn't bother to inform me.

So if you find that your transfers are being canceled or the person sending you money says it is getting cancelled and you don't get an email, check that the bank account details didn't change.