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PennyTransfer with No Transfer Fees until 31 December + 1 Free VoIP Call

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PennyTransfer with No Transfer Fees until 31 December + 1 Free VoIP Call
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scotty on 16/11/2009 - 10:55 pennytel.com (842 clicks)

Got this in email from PennyTel:

http://upload.ozbargain.com/2009/11/15/2783_pennytel-no-tran…

From 15th November to 31st December we're waiving the transfer fee for all PennyTransfers and we're still giving you FREE calls to tell them that the money is on the way.

Take advantage of the most competitive exchange rates available, don't delay!

From PennyTel's page:

PennyTransfer is a safe, reliable and the easy way to transfer money to anyone around the world for only $8AUD per transaction irrespective of the amount transferred. You'll also get free credit on your phone account, further reducing the cost of your calls.

So you save $8/transaction if you want to send money overseas.

Referral Links

Referral: random (1)

$10 credit to referrer and referee.

Financial

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Pennytel Mobile
Pennytel Mobile

closed Comments

  • y12345678 on 16/11/2009 - 11:08

    They can not transfer in AU$. still a good deal though

    • POWERevolution on 16/11/2009 - 12:34

      They can not transfer in AU$

      FAIL!!!

    • anthony on 17/11/2009 - 12:18

      And why wouuld they want to?

      It isnt hard to send money to other people here using your own bank account.
      Plus people could use it to get infinite free calls

  • FloatingPoint on 16/11/2009 - 11:30

    They have a pretty good exchange rate compared to other competitors and no fees make it even better, but make sure you compare them all before taking the deal.

  • y12345678 on 16/11/2009 - 11:38

    I think the exchange rate is just OK.

  • mawinmawin on 16/11/2009 - 12:23

    Exchange rate is okay, but free calls/8$ saving makes it attractive

  • spal on 16/11/2009 - 13:45
    +1

    I have never used them for the transfers. I have been using their VOIP for last couple of years. Great service and rates. No major issues.

    With IMT, the banks charge much higher transfer fees and the exchange rates offered by them are not good.

    I read up little bit on the details of the offer. It say that we could transfer money using our credit card. The charge shows up as a service. So you get your normal interest free days on purchases and the reward points too.

    With all of these put in as a package, it is a great deal.

    However, to excercise caution, anyone could try with a smaller amount to see how the system works. As it is free, multiple transfers wouldn't hurt.

    If anyone uses their IMT service, could you please post your comments here.

    Thanks.

    • Saturday on 16/11/2009 - 14:50

      It say that we could transfer money using our credit card. The charge shows up as a service.

      This sounds attractive. Thanks for pointing that out spal:-)

      Mod edit - fixed quote syntax.

      • Blinda on 16/11/2009 - 16:41
        +1

        Credit Card transactions for Penny Transfer attracts 2.5% Credit Card Processing Fee

        • spal on 16/11/2009 - 21:02

          I was not aware of it. They don't charge any credit card fees for VOIP payments.

          Thanks for bringing it to my attention.

          With big banks, there is more than 10% difference between the buy rate and the sell rate. XE shows the live average mid market rate, which is average of the buy and the sell rates. So you would not find any bank offering at the XE rates. Because, XE rates are neither for the buyer nor for the seller, they are average of the too. But they are a good guidance of the rates.

          • mohan76 on 16/11/2009 - 23:13

            @spal: They do charge 50 cent flat fee for credit card payment for voip

            • spal on 17/11/2009 - 07:46

              @mohan76: Mohan, I am not charged any fees for the credit card payments. I usually call India and US. I pay 2 cent per minute to India and 8 cents a call to US. That is all is debited from my account. I am an earlier plan though which is called Untimed. I also get a DID number. Now I understand they charge $5 for this plan a month. So it is really pay as you go for me. They debit $10 from my credit card and automatically top up every time the balance goes below $5. And no other charges.

              • CrocDundee on 17/11/2009 - 10:44

                @spal: I am on that same plan to and very happy with it :) No charges for it to direct debit my credit card and tops up the exact amount of $10 every time it falls below $5..

                That usually last me 3 months. lol

    • mawinmawin on 16/11/2009 - 19:16

      minimum amount is 100$

  • samehada on 16/11/2009 - 16:55

    their exchange rate is not good enough, that is where they recoup part of the fee. Actually most of Australian Banks have crap exchange rate. The worst one is CBA, ANZ. NAB got quite OK rate. The best exchange rate is with HSBC and 2nd best is Citibank.

    If Pennytel can remit fund in AUD then it is really a bargain, but I doubt that will happen.

    If you just transfer small amount of money then its good to use them since the fee is far more than what you benefit from exchange rate, but if you need to transfer large amount (few thousands) then the fee is nothing compare to what you lose from their exchange rate.

    • eug on 16/11/2009 - 19:28

      According to their site, their current USD exchange rate is 0.92. Xe.net today shows 0.93. Does it get much better than that?

      • samehada on 17/11/2009 - 00:39

        I don't know why HSBC do this, but right after business hour (5pm) they changed the rate on their website to some ridiculous rate. If you want to check HSBC rate, you need to check during business hour (10am-4.30pm). If you don't believe me, check back HSBC website tmr morning and compare with PT rate and you can tell how crap PT rate is.

        Let say the difference b/w PT and HSBC rate is only 50pips(the 3rd digit after decimal points), with 10,000 you already lost 10000 x 0.005 = $50. So the fee you save with PT is nothing compare to your loss in exchange rate. And the rate difference b/w PT and HSBC is sometimes more than 50pips.

        • anthony on 17/11/2009 - 12:21

          only 50pips(the 3rd digit after decimal points)

          Last time i checked currency is valued to 4 decimal places.

          One pip is the fourth decimal place.

          • samehada on 17/11/2009 - 12:27

            @anthony: yep, 1 pips is the 4th decimal digit, that's why I said 50 pips is the difference in the 3rd decimal digit and 50 pips difference is a lot. Usually the difference from PT and HSBC is more than 50pips.

            • anthony on 17/11/2009 - 17:08

              @samehada: Sorry, i completley missed the 0 after the 5

              I have no idea how seeing i even quoted it!

  • foxxo on 16/11/2009 - 20:45

    I have used pennytransfer a few times. I couldnt find a better rate, even including the $8 transfer fee! HSBC currently show 0.92, which equals pennytransfer but HSBC wont show the associated fees..
    The only problem with pennytransfer is the time it takes.. its not instant and usually takes about 4 days. But they send an sms to both you and the recipient to confirm the money is being transferred, then another when the transfer is complete.

    • spal on 16/11/2009 - 21:08

      Probably due to two reasons I am guessing, one they would not act until they have the money, and two they go through Westpac, so it would add to the process.

      May I ask, did you pay using credit card or debit card, what was the fees charged, and did you have to go through the verification process.

      • foxxo on 17/11/2009 - 10:01

        I use direct debit and had to be verified first time, but I also pay for their voip service. The only fee was $8 which this promotion is skipping, there was no fee at the receiving bank end and no fee at my bank.

  • bohn on 17/11/2009 - 11:56

    I use www.ozforex.com.au for transferring funds overseas..

    They are great. And have great rates.

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