International fund transfers on the cheap....

[maz_r]

Hi folks,

Just used TransferWise to pay a supplier in New Zealand - it was moderately painless and much cheaper than PayPal or using the bank. Might be good to know for Group Buys etc? And the first transfer currently has no fees....

[Blatant Plug Warning]
If you use my link for your first transfer, I get a small commission.....

[/Warning]

[GeoffSmith]

Too late - used it for a couple of holidays this year already.

Excellent rates and usually quicker than they say the transfer is going to be.

[lotos]

I've heard of that a few years ago, glad they're still around as the concept makes sense to save money - except that it requires other people transferring money to keep the system alive. Say you do a transfer from UK to New Zealand. For their business model to make sense, someone else in the UK has to be receiving a transfer, and yet a fourth party in New Zealand must be initiating a transfer. Because they save money because the UK money stays in the UK, and the New Zealand money stays there as well.

I assume they've just got gobs of money in each country being stored for the transfers until it 'takes off'.