Best alternative to Currency Fair

Brendan Burgess

Founder
Messages
54,684
I have found Currencyfair brilliant to use but the shine has gone off them recently. If I want to pay someone $1,000 I have to first set up a transfer. They tell me the amount of euro - say €900. I transfer in €900 and they pay out the then equivalent of €900 which might be more or less than $1,000 which confused the recipient and seems slipshod.

I don't trust Revolut for large amounts. If anything goes wrong, it's too draining to resolve.

What about Wise?
 
Well I have just wasted time with Wise.

I set up the transfer.
I went through all the selfie and document stuff.

Then they asked me to transfer the dollars from my own account.

If I had a dollar account, I could have done that myself????

Brendan
 
I went back to Currency Fair to do the payment as I wanted to do it today.

It gave me an option for a 48 hour guarantee on the exchange rate which I think is new.

So I assume that means that the recipient will get the exact money in dollars

Brendan
 
time to plan said:
I use Wise all the time and it works good for me.
Click to expand...

With CurrencyFair...
I set up a payment in dollars to the recipient.
It then told me how much euro to transfer in.
I transferred that in.

With Wise
I set up the transfer in dollars.
Then it asked me to send them dollars?

I presume I did something wrong?

Brendan
 
I would say you have. You need to select the currency you want to send in (EUR) and then the currency you want the recipient to get paid in (USD). You can either choose to send an exact amount such as €1000 in the attached image, or you can select the exact amount you want the recipient to receive in USD and it will tell you how much to pay.
 

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I will look at it again for the next transaction.

I had something like that but could only put in the amount they wanted me to send. Not what the recipient would get.

Then I tried something else.

At one stage, there seemed to be an option for a debit card payment, which would have been great.

Brendan
 
User error is my bet
 
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