Author Topic: TransferWise  (Read 9220 times)

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Re: TransferWise
« Reply #20 on: August 10, 2020, 12:54:25 PM »
I need to pay various vendors in Israel and have looked into TransferWise, as it seemed to be exactly what I needed. The problem I ran into is that they seemed to insist on all kinds of personal info in order to set up an account, and given that I work for a large instituition in which nobody in the finance dept. wanted to give their own personal info, we couldnt get the account set up. Anyone know of a workaround on this, or a similar reputable service that will let us set up a business account (for multiple transfers of USD to Israeli bank accounts-into ILS- of approx. $500-$1000 each every month)? Thanks!

VFEXGS.com will let you set up a business account. At larger amounts they're very competitive. At smaller amounts they might still be competitive compared to transferwise or similar but still the markup is significantly higher than if you were to transfer over $100,000 or over $250,000.

I don't think any legitimate financial institution will allow anything without personal IDs etc. No-one is taking the risk of dealing with the US Federal government over a few dollars they can make from you. They have to make sure there is no money laundering, etc. They have to make sure they're in compliance with FATCA and CRS.
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Offline zow

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Re: TransferWise
« Reply #21 on: August 10, 2020, 09:09:12 PM »
Thanks, everyone, for the answers and experience!

Offline iambarry

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Re: TransferWise
« Reply #22 on: August 17, 2020, 05:00:16 AM »
I use it also.  It works great.  I've had no problems with their service, and their fees are much lower than the other services I've tried.  I'm using it to transfer from USD to ILS, they give you the interbank rate, and add fees of a little over .8% (.8% plus $10.94 fee, plus ACH fee).

That being said, I just got a Revolut card   ( referal link: https://revolut.com/referral/barry8ofh ).

Revolut has free and paid plans.  For ~$100/year you get unlimited currency exchange transfers at the interbank rate.  On paper, Revolut is even better than Transferwise.  However intermediaries may charge fees for IBAN transfers.  I did one test USD to 100ILS transfer.  I ended up receiving 80ILS in my bank.  I'm not sure if that's a 20ILS intermediary fee (~ $5), or a 20% fee.  I'm happy with 20ILS, but 20% would be a deal breaker.  I'll try a larger amount on Revolut once my daily transfer limits are increased.
Looks to be ~20ILS fixed fee.  I exchanged $1028.16 for 3,500ILS on Friday, transferring to my Mizrachi Tefachot account.   3,481.11 ILS arrived today.  Revolut seems to be the lowest cost option.  I prefer the ease of use of Transferwise's web interface, but Revolut's phone app works and is much cheaper.

Offline vaksler

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Re: TransferWise
« Reply #23 on: August 21, 2020, 01:15:19 PM »
Interesting.  Bank Hapoalim wouldn't let me transfer ILS out of Israel with my personal bank account.  Also I didn't know Barclays had ILS multi currency accounts.  Good to know.
its not Barclay bank direct,  you cant just go in and open a ils account
when you open a account @ VFEX Global Services www.vfexgs.com they have a partnership with Barclay to fund 38 different currency's

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Re: TransferWise
« Reply #24 on: February 24, 2021, 05:23:58 PM »

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Re: TransferWise
« Reply #25 on: May 24, 2021, 07:25:17 AM »
I'm looking for a cheap / reliable way to send USD to someone in the US.

Besides my ILS account, I also have a USD account in Israel - any idea if it's cheaper to send $ through the bank since there is no change fees? I couldnt get a straight answer online.

Thanks

Offline AsherO

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Re: TransferWise
« Reply #26 on: May 24, 2021, 08:07:37 AM »
I'm looking for a cheap / reliable way to send USD to someone in the US.

Besides my ILS account, I also have a USD account in Israel - any idea if it's cheaper to send $ through the bank since there is no change fees? I couldnt get a straight answer online.

Thanks

If the funds are for your child, look into getting them a credit card on the USD account. If there are no foreign transaction fees (that isn’t a given) then they could swipe it in the US.
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Re: TransferWise
« Reply #27 on: May 24, 2021, 08:10:03 AM »
If the funds are for your child, look into getting them a credit card on the USD account. If there are no foreign transaction fees (that isn’t a given) then they could swipe it in the US.
Thanks.
It's for people I need to pay - so basically a currency transfer

Offline AsherO

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Re: TransferWise
« Reply #28 on: May 24, 2021, 08:11:49 AM »
Thanks.
It's for people I need to pay - so basically a currency transfer

Can the USD-account do checks? As The bank if they have any ACH capabilities?
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Re: TransferWise
« Reply #29 on: May 24, 2021, 08:17:22 AM »
Can the USD-account do checks? As The bank if they have any ACH capabilities?
I'll ask.
On Leumi's website I see options for SHA/OUR/BEN, any of this relevant?

Offline iambarry

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Re: TransferWise
« Reply #30 on: May 24, 2021, 08:27:26 AM »
Besides my ILS account, I also have a USD account in Israel - any idea if it's cheaper to send $ through the bank since there is no change fees? I couldnt get a straight answer online.
You can ask the bank for today's exchange rate.  They will give you one rate to buy dollars, selling shekels.  They will give you a different rate for buying shekels and selling dollars.  They make their money on this spread, and it is typically much higher to pay the bank's spread than to pay a fee.  Still, you are better off than I am with my Israeli bank account in that my bank charges both the spread and a fee.

Wise's transfer is free of fees, and uses the midpoint rate - same rate for buying or selling shekels.

Offline AsherO

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Re: TransferWise
« Reply #31 on: May 24, 2021, 08:37:17 AM »
I'll ask.
On Leumi's website I see options for SHA/OUR/BEN, any of this relevant?

No idea what those are. I know Leumi has branches in NYC, can they do Leumi Israel > Leumi NY transfers for free?
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Re: TransferWise
« Reply #32 on: May 24, 2021, 08:47:46 AM »
No idea what those are. I know Leumi has branches in NYC, can they do Leumi Israel > Leumi NY transfers for free?
Doesn't work like that unfortunately.

Wise's transfer is free of fees, and uses the midpoint rate - same rate for buying or selling shekels.
Wise doesnt allow sending ILS to USD - unless I'm doing something wrong

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Re: TransferWise
« Reply #33 on: May 24, 2021, 08:48:38 AM »
If you have usd in an account you should be able to transfer usd without a charge.
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Re: TransferWise
« Reply #34 on: May 24, 2021, 08:52:16 AM »
If you have usd in an account you should be able to transfer usd without a charge.
Thanks

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Re: TransferWise
« Reply #35 on: May 24, 2021, 09:01:30 AM »
I'll ask.
On Leumi's website I see options for SHA/OUR/BEN, any of this relevant?
SHA/OUR/BEN refers to who pays for the wire transfer fees.

I have looked high and low and can tell you that based on my findings all Israeli banks charge rather hefty fees (relatively) on international transfers (outgoing or incoming). Depending on what you are trying to do (sounds like you want to pay various payees), sizes of transfers and frequency, there might be different solutions that might work best for you.

Also, are you looking for the best rate on currency conversion, or lowest fees on the transfer?
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Re: TransferWise
« Reply #36 on: May 24, 2021, 09:29:38 AM »
SHA/OUR/BEN refers to who pays for the wire transfer fees.

I have looked high and low and can tell you that based on my findings all Israeli banks charge rather hefty fees (relatively) on international transfers (outgoing or incoming). Depending on what you are trying to do (sounds like you want to pay various payees), sizes of transfers and frequency, there might be different solutions that might work best for you.

Also, are you looking for the best rate on currency conversion, or lowest fees on the transfer?
Correct - seeking to pay a few payees from time to time, and looking for least overall cost (whether it's conversion spreads or fees)

Offline iambarry

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Re: TransferWise
« Reply #37 on: May 24, 2021, 09:42:21 AM »
I've been using Revolut lately.  I have their premium plan for $100/year.  It includes unlimited transfers without a fee.  They give you the interbank currency exchange rate.

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I would guess they are loosing money on the transfers since they charge no fees and don't make money on the spread.  It'll be good until they run out of funding and change their terms.

Note: you need a US mobile smart phone and a US address.  Its not available in Israel yet, although you can use it from here without a problem once you are signed up.
« Last Edit: June 13, 2021, 07:54:39 AM by AsherO »

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Re: TransferWise
« Reply #38 on: May 24, 2021, 10:59:46 AM »

Note: you need a US mobile smart phone and a US address.  Its not available in Israel yet, although you can use it from here without a problem once you are signed up.
I don't have that. But thx  :)

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Re: TransferWise
« Reply #39 on: May 24, 2021, 11:30:44 AM »
I don't have that. But thx  :)

Your biggest cost (ignoring currency conversion spreads) is going to be the wire fees. Unless you can personally negotiate better rates with your Israeli banker, those will be relatively high. There are some workarounds, but they might involve additional steps and setting up additional accounts.

I have no experience with Clearshift, but theoretically you would save on transfers. IINM the charge a flat 0.50% on the conversion (subject to a minimum).

For best service and great flexibility I highly recommend VFEXGS.com. It's run by a heimishe yungerman (who uses a UK based fintech platform). The larger the volume you do, the better you will do on the conversion fees. I find the platform very convenient for transfers and payments in various currencies and to various destinations (when I needed, Ukraine was not one of them, but that might have changed since).

For cheapest cost of conversion and live market rates (I.e. lowest spread, as you're converting based on live forex market) Interactive Brokers cannot be beat. Also on transfers into and out of Interactive Brokers those will be domestic transfers so fees will be minimal, but you can only transfer to/from accounts titled in the same name, so not practical for payments (but if you have your own account in the destination country from which you can make the payments, that could work).

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