Not only $0 transfer fees, but also impressive exchange rates. TrustPilot also rates this website quite highly.
Just created an account to see what the exchange is like. Even with the $0 fees, as the exchange rate XE uses is a lot worse than the market rate, you end up ahead with transferwise.
Thanks for recommending. I’m seeing the rates are better with Transferwise. Well noted. Cheers.
Always look at multiple providers. As was pointed out below, XE is better for AUD to INR, but Transferwise appears better for AUD to USD. Another option is TorFx, which is supposed to be better for higher amounts.
XE is great for certain currency pairs, including those with CAD.
Why reason to use transferwise when you can place an order directly on the market with a fx brokerage like interactive brokers? I imagine the rates have to be near optimal when bypassing the middleman.
Thanks, I was just thinking of comparing with Transferwise…currently they have the best rates.
I agree. Transferwise is much more competitive, OP I suggest you to try TransferWise instead. First transfer is fee free
XE tranfer has no fees but exchange rate is worse. (altho still way better than robbers at Travellex)
When comparing AUD to INR conversion
Transferwise- 1000 AUD = 52,185.57 INR
XE.COM - 1000AUD = 5255.47 INR
I believe it differs from currency to currency. I believe the trick is to use a comparison site.
Any recommendations on that ?
On this deal @Toasty recommended Monito as a comparison site.
Based on the INR46,000+ difference, I'll stick with Transferwise.
Oops…. Looks like the wine worked yesterday 😀 I missed a digit. Luckily didn't do any money transfers yesterday 😀
It's actually more in XE.com
Transferwise- 1000 AUD = 52185.57 INR
XE.COM - 1000AUD = 52537.4 INR
I think you are missing a digit on the XE example but I get the idea.
Can't see rates without creating account?
No one really charges any fees these days, its all about the exchange rates and XE is good
Singx is way cheaper than Xe
I have been using XE for years and they have never charged a fee. Is this really a deal?
Same.I don't think this is anything beyond their normal business practice.
Before using any of these services in anger you should do a trial transfer. What most of them say in the small print is that they are not responsible for fees deducted by intermediary banks.
It depends on the destination and the banks involved but I had $60 USD deducted in fees by an intermediary bank on a $300 USD transfer via Transferwise.
The small differences in exchange rate meant nothing compared to this.
I have had many other transfers work with TW without this issue but once is enough.
Check the T&C with xe and they probably have the same disclaimer.
I'm using AUDSmart now for this exact reason.
Thanks OP. Created an account and can confirm transfer fee is FREE :) I'd say the rate is better than moneygram from my experience.
You might want to check monito.com for rate comparison & also check Transferwise. On some occasions their rates are attractive. Good luck
You can also use the compare sites
Last time I sent AUD to EUR a month ago worldfirst.com was the best, no charges and a good rate, fast delivery as well.
Also had bad experience transferring Yen to Japan as receiving bank charged Yen 4000 or approx A$55 as fee on A$300 transfer. TransferWise refunded money after an attempt to transfer failed apparently due to account detail issue whereas same info with Xe worked perfectly and seamlessly. Xe have always been zero cost. Exchange rates vary day to day, company to company currency to currency.