Low Cost Money Trannsfer

[kesterj]

Hi all,

Seeing the thread on buying property and transferring dosho for this, I thought to mention this start-up - called Transferwise.

transferwise.com/

I do not know if they do Croatia yet, they are building up their network. (If they do, it is probably £ or € to euros). But they surely will be soon enough.

I have not used them, but I interviewed the boss, in London, in February. (so I can promise you they have an office!) He (an Estonian) and his friend were shocked to find how much the banks took off them when they transferred money home (like €50 plus in a €1,000 transaction) so they set up a system whereby they paid into each others accounts to save the transfer.

Then they decided to expand the system to the public.

That is Transferwise. Their take is minimal, and they always show you upfront what you pay and what the receiver abroad will get. I forget the details, but it is a ridiculously small sum.

If you are suspicious, and don't want to risk a whole tonne of dosho, try a small transfer - say €100 - and check it works.

I swear, as once winner and last year's runner-up in the Visit Croatia Football Tipster Competition, that I have no commercial or financial interests in Transferwise whatsoever.

kesterj

[fidobsa]

Hi Kester,

I just looked at their list of currencies and it does not include Kuna. Do you know anyone who definitely does deal in Kuna?
My funds are in HUF and the house I'm buying is priced in Euro but I have to pay for it in Kuna, based on the prevailing Euro to Kuna rate on the date of transfer.....nightmare!

[fidobsa]

Thanks january, I have now registered with them so I will see what happens.

[kesterj]

Mar 19, 2014 19:22:12 GMT 1 fidobsa said:

Hi Kester,

I just looked at their list of currencies and it does not include Kuna. Do you know anyone who definitely does deal in Kuna?
My funds are in HUF and the house I'm buying is priced in Euro but I have to pay for it in Kuna, based on the prevailing Euro to Kuna rate on the date of transfer.....nightmare!

You converted your funds to HUF ? Oh gosh, that WAS a bad move, may I suggest - but you know that now, don't you?

Whatever you do, I think you shoud not not convert to euro and then Kuna - try to go straight from HUF to Kuna, or you will lose twice on the conversion rate - which would mean a hit of around 5% - straight into the bank's pocket.

Perhaps best to work with a bank that has branches in HU and HR - that could include OTP, but they are awful for charges. I know. If you are transferring a large sum, it really is worth shopping around. Even a 1.0% diffeence in rates on €10,000 is €100 saved. but watch for the fixed fees. sneaky bassids, some banks.

[fidobsa]

It seemed like a good idea at the time, as CIB were paying 7.5% interest. I have actually now negotiated a fixed price in Kuna with the seller so that simplifies matters somewhat. I replied to a post by member january but it has since been removed. I have opened an account with Currency Solutions and am now waiting for them to contact me.