Paphos People

Just wanted to advise - if it is of interest to anyone.

Several times I have seen TransferWise advertised in various places. On monday I decided to give it a try. The XE rate at the time was €1.234 to the pound. It was done on line and really simple, I paid by internet banking but you can also pay by VISA. The final rate given was 1 GBP Pound Sterling = 1.2344 EUR Euro, and they charged £1.04 for the service. They said the money would be in my BoC account on Wednesday morning at 9am and it was.

I thought I was getting a good deal previously with my transfer agent, but this is by far the best. It might be worth your while checking it out : http://www.transferwise.com
Jo

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You never get a second chance to make a first impression

This sounds a very good deal!
Do you know what the Interbank Rate was at the time of your transaction, for comparison?

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I'll be back!

I have used this service 10 times now and every time it has been flawless, cheaper than most and also fast.

On a transfer last week I got a rate of 1.234 versus the bank rate of 1.212

Richard Branson has recently invested in this company so this is also a good sign

Just out of curiosity, I started a transfer with HSBC at the same time, the rate they offered was 1.189 + a £4 fee, needless to say I then cancelled the HSBC transfer.

As Steve says RB has just invested in this business, so there must be a good idea here. All I can say is google it and judge for yourself.

Jo

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You never get a second chance to make a first impression

Amazing!
Are you sure?
This would be the first time I'd heard of a money exchange actually paying more than the Interbank Rate.
Forgive my scepticism, but how exactly do they then make a profit on the transaction?

Could it be the 0.5% charge they make on transfers over £200 - at £5 for every £1,000 transferred?

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I'll be back!

Not sure about Steve's rate, but the rate I got 1.234, was the interbank rate at the time.

Don't know how they make their profit other than the small % charge, and even that is far less than the banks, so far I am happy, but I guess everyone finds their own 'best deal.

Jo

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You never get a second chance to make a first impression

While we are on the subject, I'd like to clarify - are all Cyprus banks charge you for the transaction of transfer money from foreign bank to Cyprus ?

I'm badly surprised when Hellenic bank did that to me; e15 per transaction - it's just ridiculous to charge you for money added to your account !

If you use the 'better' money transfer specialists, this is 'managed' on your behalf as part of the process & you don't/won't incur any charges.

I remember closing a bank account here (it was established in preparation for a house purchase, but not used),because they tried to charge me a monthly fee, despite the fact that there had been no transactions through the account or statements provided. There was only some CY£12 in the account, which the bank decided was due in charges & then asked for an additional CY£3 - no prizes for guessing my response ( a clue, it contained the word 'off')!

The problem with 'bankers' is the spelling of their name, the 'b' should be replaced by a 'w' for accuracy of representation.

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I'll be back!

I have never had any charge from my Alpha Bank account when transferring money in

That's interesting because I have always paid a fee when transferring money from UK to Alpha Bank which varies on the amount paid in. Recently I have transferred approx €6500 and the fee is €2.

I have used TransferWise for about 6 months now. They do do incredible rates.

Alpha Bank have always charge me for inward transfers as well. Usually €2


Incidently the rate at the moment is €1.26 to £1

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Age improves with good wine

Re TransferWise, I got €1.26 on today's transfer, the harbour today were only offering €1.23


Re banks charging for transferring in from UK. I am with BoC, no charge other than €2.50 each month, when I realized that was a statement fee, I cancelled paper statements and just use my internet banking. Now no charges.


Jo

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You never get a second chance to make a first impression

Regarding Hellenic, I have Moneycorp transfer money into my account every month and there is no fee from Hellenic. I believe the reason why some get a fee and others don't is down to the transfer method used. A quick word with your transfer company should sort it out.

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Only two things are infinite, the universe and human stupidity, and I'm not sure about the former. - Albert Einstein

I very rarely transfer money to Cyprus, but had to do it recently and used TransferWise on the basis of this thread. Got a rate of 1.25, when the going offer elsewhere was 1.24 and was really pleased with the ease of transfer and helpfulness of the Customer Service people. Very quick too, none of the usual hanging about while the money earns interest in another bank account. Hellenic didn't charge me for the transfer either.

Lesley

I do agree Lesley, brilliant isn't it, and so simple.

Jo

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You never get a second chance to make a first impression

Think I will stick with ' Currency Fair ' great rates, charge of € 3 no matter what amount you transfer and no Bank charges either end and very helpful

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Time wounds all Heels