Money Transfer Speed - TransferWise

[Cotillo_Tom]

Hi Archer. It could be how you are funding your transfer. I use direct bank transfers. Transferring from my current account to Transferwise, I usually get an email from Transferwise confirming they have received the money while I'm still on line to my UK bank. Before I can log on to my Spanish bank, I've had another email from Transferwise confirming the money has arrived here, and when I log on, sure enough,  it has. 

In all, probably less than two minutes. 

You need to contact Transferwise and ask them where is the log-jam. 

Tom.

[Archer]

Thanks Tom & John. I use Debit Card and the money shows instantly, but of course my UK bank doesn't account for the withdrawal instantly!

I took it up with Transferwise but not surprisingly they said they'd get back to me in 2 days.

I just prefer to use a quicker way to fund my Spanish account. Starling is instant, and I could use the ATM to draw cash and then pay it in, but requires a trip to Puerto and the bank close at 2pm.

[Will]

I just prefer to use a quicker way to fund my Spanish account. Starling is instant, and I could use the ATM to draw cash and then pay it in, but requires a trip to Puerto and the bank close at 2pm.

If the bank ATM allows deposits you can do it at the ATM even if the bank is closed.

[Cotillo_Tom]

Hi again, 

If you have on line Banking in the UK, I suggest you try a bank transfer to Transferwise (that's how I do it).  All UK banks are now using the Faster Payments system, so your money moves in a split second. 

Have three tabs open on your web browser, UK bank, Transferwise and Spanish bank, then try your transfer - you will struggle to move from one tab to another to watch the money move !

Tom.

[GeoffFuerte]

Has anyone used this service to transfer funds Fuerte to UK. TransferWise confirm it’s can be done but I just wonder if the Spanish Bank will somehow find a way to charge for sending the funds to Travelwise ?

[Cotillo_Tom]

Hi Geoff,  I've made, probably, 10 to 12 transfers by Transferwise and I've not paid a single penny or cent to either British bank or the Spanish bank. 

I'm aware of three other people who use Transferwise,  and likewise, they haven't paid any bank charges. 

Tom.

[Archer]

Yes, we also sent funds back after our apartment sale. No probs or additional charges.
We just split it into smaller amounts between 2 transfer co's for safety.

[Johnrgby]

Yes, we also sent funds back after our apartment sale. No probs or additional charges.
We just split it into smaller amounts between 2 transfer co's for safety.

Not only for safety I transferred money back after my property purchase and triggered a mountain of paperwork, from my bank in the UK and HMRC explaining where the cash had come from, the fact that it had come out of the same account 2 months before apparently does not matter.

[Spitfire58]

Yes, we also sent funds back after our apartment sale. No probs or additional charges.
We just split it into smaller amounts between 2 transfer co's for safety.

Not only for safety I transferred money back after my property purchase and triggered a mountain of paperwork, from my bank in the UK and HMRC explaining where the cash had come from, the fact that it had come out of the same account 2 months before apparently does not matter.

Morning John,
Laughable isn’t it, when you get questioned about what you are doing with what was obviously your own money.
You would think they had more pressing things to watch out for !!

[Archer]

Transferwise delay. Update from Transferwise: "I would like to inform you that it usually takes 0-2 working days for us to process the payments" and "in rare cases it may take a bit longer". They confirm they had received my cleared funds on 31 Jan, so looks like they are holding onto the money, sometimes. 

Beginning to sound like the good old days of the British Banking 'clearance system' excuse!