Money Transfer Speed - TransferWise

[MLA]

Just thought I'd mention, yesterday we transferred some Money to Fuerte from our UK bank using TransferWise. Seven seconds after I had pressed send, from my online Banking app, I had a message from TransferWise saying the Money was in my bank. I checked, and yes it was there. I remember just a few years ago, it used to take days for Money to reach our Spanish account. How things have changed!

[Can the Man]

MLA I take it that’s transferring sterling to a euro account using a service that’s very good. Do they charge much for the service ?

I transferred Money from my account at home in Ireland to my bank in Caleta, it took 2 days only.

[windermeregolfer]

I used TransferWise over a UK Holiday weekend in May and it was in our Caleta account the same day.

CTM it depends on what you call a charge TransferWise and OFX (formally UK Forex) give you an exchange rate that includes the fee and I have found they are both very competitive.

[MLA]

Morning Can

Yes, Sterling to Euro

500.00 GBP minus £2.10 fee

497.90 GBP  @ exchange rate of  1 GBP = 1.11514 EUR

Total received:
555.23 EUR

[Johnrgby]

I have used Transferwise for nearly 4 years, longest it has ever taken is 3 hours, normally within the hour, and occasionally less than a minute.

[Cotillo_Tom]

I'm another fan of Transferwise.  Good reliable speedy service with reasonable exchange rates and very low charges. (yes, you can the better, say 0.001 extra, but always check out the charges first!!).

Tom.

[Sam]

We're using Revolut and everything is instant too. It looks like even the banks realised that millennials aren't going to stick around if it takes longer than a couple of seconds.

One of the reasons why we closed our Sabadell bank account and do all our Banking in Fuerteventura, using the Revolut app. Lightning fast, no fees for the basic account.

[Spitfire58]

I have also used Revolut for all our cash/card transactions for the last couple of years & found it to be good. However, the last couple of trips I noticed all (or at least any I came across) bank machines are now charging for cash withdrawals. So this time I am trying a transfer (via TransferWise) to our Spanish account (Caixiabank) for cash withdrawals (will actually use Caixiabank machines so hopefully no charges) & Revolut for all card transactions (I still like the easy transfers from U.K. account on the App). Does anyone know if it is possible to set up DD’s on the Revolut card to pay Spanish charges (IBI etc) ??

[Sam]

... bank machines are now charging for cash withdrawals...

How big issue it actually is? We usually carry some Euros on us but most of the times using Revolut to pay.

... Does anyone know if it is possible to set up DD’s on the Revolut card to pay Spanish charges (IBI etc) ??

It is possible in euro zone since last year. BUT! We've tried to set Direct Debit at the tourist office / Ayuntamiento de Antigua in Caleta and the gentleman said they can't set the payment from a "REVO" account in their system but it'll be possible once they set up the new system. That was back in April. Not sure if something has changed but I wouldn't count on it. Let's give them another year or two 🤔😂

Standing orders to pay the maintenance worked a treat. Also, getting a notification and email with every single payment going out is a big bonus to keep on top of our Fuerte finances.

[Archer]

Sent some euros using Transferwise at 3pm. Still says 'in progress' and that it will happen in 3 days.
Why does mine take so long? Are there different options?