I'm a long time user of Revolut and Transferwise. Their apps are really advanced and seeing exact costs of all FX transactions down to the penny is a huge convenience.
Originally Posted by
eqeqeqx
So the question becomes: is the percentage fee Wise adds to the transfer smaller or bigger than the percentage fee banks add to exchange rate? I am not sure about really large amounts, but for the smaller amount I've compared Wise's percentage fee is lower than the banks percentage fee.
For large amounts, nothing beats the security and pricing of a "traditional" bank transfer. I've had to do this many times, eg for sums required to buy property. Bank beats Revolut beats Transferwise. But for small every day purchases and transactions, Revolut/Transferwise is much more convenient.
Originally Posted by
invisible
One more thing to add - DO NOT use any company/service if they are not registered in the country from where you will be sending money and don’t have a physical office there.
For this (and other) reasons stay away like from hell from Revolut and InstaRem. There are more than enough horror stories on Reddit, especially for Revolut.
These stories are almost always lacking detail and context. Reddit is skewed towards younger crowd with ...er...less secure profiles, so it would not surprise that their anonymous accounts report being entangled in situations that doesn't pass KYC muster. Revolut and the like hold various financial charters and licenses, and so are not fly-by-night operations.