Transferwise

[wedinnorthcyprus]

Do any of you use Transferwise and if so could you explain to me how this actually works

[JoandJelly]

Yes I do. You sign up and get a sort code and account number and you can then order a card. There is an App to download onto your phone. You transfer sterling from your normal bank account onto the card. You can then exchange the sterling (in any quantity) to approx 50 other currencies. You choose the currency and are told the rate and the cost of the exchange. You are given the spot rate which is usually better than the rate given by the exchange bureau. To change £100 into TL costs 61p currently. That is the only charge. You could in theory have cash on the card in all of those currencies at once. You then use the card as you would a debit card anywhere that accepts Mastercard. You can only spend what is actually on the card so no "credit". You can leave the cash in sterling and accept the rate of exchange at the point of sale. When you make a purchase you immediately receive confirmation to your phone and it advises you of your new balance. You can also withdraw the equivalent of £200 with no charge from Transferwise from an ATM in a rolling 30 day period. Over that amount is charged at 2%. If you withdraw Lira you do not get charged locally so it is great if you just need a bit of cash. You cand send and receive payments as you would with a normal bank account. I am told you can transfer Lira to a local bank account with a minimal charge but I haven't done that yet.

[mrsgee]

I use it if I want to transfer sterling from my bank account in UK to my TL account here. I don't take the money from ATM's any more due to the ridiculous charges they have started making. So, yes, there is a charge and the amount depends on how you do the transfer. You can transfer with your credit or debit card, or direct from your bank account. For 1,000 sterling I was quoted 7.50 if direct from bank account, and 10.50 if using credit or debit. The rate is very good, better than the change offices, slightly. It is so easy and the money is transferred very quickly, you will be told what time to expect the money to arrive in your chosen bank account. Have a look on their webpage, it is very easy and convenient and you don't need a card necessarily, I transfer to my Turkish Bank account and just use my normal debit card for purchases.

[Mr Chinnery]

Mrsgee When you transfer from TransferWise I presume it ask for an IBAN number, the Turkbank account has a UBAN number.
What details do you enter into Transferwise for them to be able to transfer the money.
Also does the money go via Turkey or is it paid direct to kktc Turkbank.

[mrsgee]

Mrsgee When you transfer from TransferWise I presume it ask for an IBAN number, the Turkbank account has a UBAN number.
What details do you enter into Transferwise for them to be able to transfer the money.
Also does the money go via Turkey or is it paid direct to kktc Turkbank.

Mr Chinnery, I had to get the IBAN number from Garanti which is my bank here. It is paid direct. The first transfer took about a day, but the second one 3.5 hours, once you commence the process it will tell you, what the charge is, what the rate is, which is guaranteed at that point, and what time to expect your money into your account. Once you have entered all the info, it is so simple to do another transfer. so, you enter the details for example of your credit card or debit card at UK bank, then you enter the details of where you want it transferred to, IBAN number, then all the details are kept, so if you want to do another transfer you just go into your password protected account, and arrange the transfer. Honestly, very easy, and they are regulated by the FCA in UK, and other governing bodies in whatever country they are operating in. I daresay there may be other, better or similar methods of transferring money, but this suits me just fine. have a look on their webpage.

[Mr Chinnery]

Mrsgee Thank you for that info. I will need to get IBAN number although I’m not sure that will be forthcoming as my account has a UBAN number which means money is sent via Turkey and therefore charges are added at this end (TRNC)

[wedinnorthcyprus]

Thanks so much i have got the account although card is in the UK but will download the app and give it a try.

[stellasstar1]

can you use this way to transfer money from an account in North Cyprus to an account in England

[mrsgee]

I think so, but have a look in their web page. It’s easy to navigate and find out about all you need to know.