JansenSensei
Epic Member
This is not entirely on topic for this thread but I've been meaning to share this for a while now and not entirely sure where to share this info. This seems like the most relevant section...
First, the link: https://transferwise.com/
Now the sales pitch
Basically, when you read their website you are going to say "Yeah, right. Too good to be true. I call bull****" which is why I am here as a happy customer of theirs to tell you "This is soooo legit! Too good to be true and yet exactly what they claim it is!"
Open up a "balance" in whatever currency you want and then keep your money in your account over there and spend from it like you would from any bank account. More importantly, if you are receiving money in EUR, GBP, NZD or AUD (legal restrictions between RSA and other countries limit your receiving to these currencies only) then you actually get your own personal swift code and personal banking details that you can give away to your clients or setup on websites etc and use it like you would any other bank account to receive your money into...
AND NOW FOR THE GOOD STUFF!!!
1. Transfer your money directly from that account to your local bank account. Receive your money in HOURS, not days
2. Skip PayPal entirely and thus no more 1.5% fee to FNB for the transaction
3. You do NOT receive the exchange rate FNB offers you, you get the exchange rate XE.com shows you !!!
Take a moment to let that sink in... you are getting more money per $ due to you getting the XE.com rate, not the FNB rate!!! This was the part I found hard to believe and yet, it was absolutely true!
4. Their fees are insanely low !!!!
Two months ago I received a payment in EUR from a client in France. He paid the money into my PP account and PP immediately took a $75 cross border fee. After that I had to sell my USD @ the FNB rate and loose pennies for every $ and for that privilege of giving them my money I was still charged a 1.5% fee by FNB as well. All and all, the XE.com value of the money the client paid and the USD value of the money I received meant that I had lost nearly $200 going from client -> PP -> FNB.
So last month I used TransferWise and the TOTAL fees for everything from the client's bank account to my FNB bank account was $31. That was it! The client paid me the same but I received over $150 more just by skipping PayPal and not paying the FNB exchange rates!
Unfortunately, though (as I said, due to country specific laws) you are able to CONVERT your balances to anything you want including USD and then spend it however you want like you would from any normal bank account... but as someone with a South African address you are NOT allowed to RECEIVE money in USD. It's a bit of a drag but if you work mostly in EUR, GBP, NZD and AUD then you absolutely have to check out this place, guys! Truly awesome!
They even offer a debit card for you to access your finds through directly... but of course, it's not available in South Africa "yet" (as all those companies like to say ) Maybe one day but for now we are limited to spending the money online or doing bank transfers @ super low fees and receiving our money within hours... I say it's a sweet deal but I leave it up to you to decide!
NOTE: In the spirit of full disclosure, the above link includes me as a referral. You can always opt to NOT use me as a referral but I would be grateful if you do. Thanks.
And now, why are you still reading MY measly post for? Go view that page instead and see for yourself why I was so excited when I found I could open up a GPB and EUR bank account in seconds without all the hassle of having to fly over there to do so in person or without having to make a minimum deposit or hold a minimum balance etc!
Like I said... it all sounded too good to be true... and yet, then the money appeared in FNB and I was smiling... a Cheshire Cat size smile!
First, the link: https://transferwise.com/
Now the sales pitch
Basically, when you read their website you are going to say "Yeah, right. Too good to be true. I call bull****" which is why I am here as a happy customer of theirs to tell you "This is soooo legit! Too good to be true and yet exactly what they claim it is!"
Open up a "balance" in whatever currency you want and then keep your money in your account over there and spend from it like you would from any bank account. More importantly, if you are receiving money in EUR, GBP, NZD or AUD (legal restrictions between RSA and other countries limit your receiving to these currencies only) then you actually get your own personal swift code and personal banking details that you can give away to your clients or setup on websites etc and use it like you would any other bank account to receive your money into...
AND NOW FOR THE GOOD STUFF!!!
1. Transfer your money directly from that account to your local bank account. Receive your money in HOURS, not days
2. Skip PayPal entirely and thus no more 1.5% fee to FNB for the transaction
3. You do NOT receive the exchange rate FNB offers you, you get the exchange rate XE.com shows you !!!
Take a moment to let that sink in... you are getting more money per $ due to you getting the XE.com rate, not the FNB rate!!! This was the part I found hard to believe and yet, it was absolutely true!
4. Their fees are insanely low !!!!
Two months ago I received a payment in EUR from a client in France. He paid the money into my PP account and PP immediately took a $75 cross border fee. After that I had to sell my USD @ the FNB rate and loose pennies for every $ and for that privilege of giving them my money I was still charged a 1.5% fee by FNB as well. All and all, the XE.com value of the money the client paid and the USD value of the money I received meant that I had lost nearly $200 going from client -> PP -> FNB.
So last month I used TransferWise and the TOTAL fees for everything from the client's bank account to my FNB bank account was $31. That was it! The client paid me the same but I received over $150 more just by skipping PayPal and not paying the FNB exchange rates!
Unfortunately, though (as I said, due to country specific laws) you are able to CONVERT your balances to anything you want including USD and then spend it however you want like you would from any normal bank account... but as someone with a South African address you are NOT allowed to RECEIVE money in USD. It's a bit of a drag but if you work mostly in EUR, GBP, NZD and AUD then you absolutely have to check out this place, guys! Truly awesome!
They even offer a debit card for you to access your finds through directly... but of course, it's not available in South Africa "yet" (as all those companies like to say
) Maybe one day but for now we are limited to spending the money online or doing bank transfers @ super low fees and receiving our money within hours... I say it's a sweet deal but I leave it up to you to decide! NOTE: In the spirit of full disclosure, the above link includes me as a referral. You can always opt to NOT use me as a referral but I would be grateful if you do.
Thanks.And now, why are you still reading MY measly post for? Go view that page instead and see for yourself why I was so excited when I found I could open up a GPB and EUR bank account in seconds without all the hassle of having to fly over there to do so in person or without having to make a minimum deposit or hold a minimum balance etc!
Like I said... it all sounded too good to be true... and yet, then the money appeared in FNB and I was smiling... a Cheshire Cat size smile!
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