Wise/Transferwise still good value/safe to use?
 

I need to transfer a significant amount of money (CAD => SGD) on a one-time basis. Have been a recipient of funds from Transferwise in the past. Is it still o.k./safe to use?

I've no idea - never heard of them. But, if you don't mind me offering a sense check, for what you describe as a significant sum of money, is it really sensible to consider using a company about which you're asking strangers on the internet if it's safe?

Was recommended here in the past but just haven't heard much lately. Regulated (by money laundering authorities) in Canada. It's the FX fee savings that is attractive over normal channels.

I have been using Transfewise since 2016 but with their current fees I would not consider them competitive. The same for Revolut.

I still use them all the time for transferring money from Australia to Canada. I also have a business account I used to pay offshore contractors for quite some time. I don't think there is any reason not to trust it that I have heard.

I use Wise a lot, both for my company as in my private life.

The other day, I had to move money from my European bank account to my American bank. Since most banks rip you off with FX, I used wise. After I transferred money into my wise, they were asking a million questions where the money is coming from. Whatever you submit (official tax filings, invoices, bylaws), it's not enough and they want more. So they won't release the money to you until they are satisfied.

All these documents have to be emailed and there is no transfer portal.
Wise has good rates, but be aware of their KYC practices.

I use them at least once per month and have done for a few years. For my transactions they offer the best exchange rate and fees combination and I would have no hesitation in recommending them. As you mention "a significant amount" I would always shop around, but Wise is still OK and safe to use.

Same i have been using them for years for business for cad, euro and pound deposits and paying oversea contractors. Never had a problem

I use Wise regularly. Never had a single problem.

Wise was never advantageous for large transfers, because its fee is percentage based. SWIFT charges a flat fee.

Been using Wise for a few years.
no issue to report for amount ~ 10,000€

I, too, would be interested in the documents required to release (I assume) larger amounts.

same for SWIFT: do we know the flat fee applied?

thanks

https://wise.com/us/blog/wise-vs-int...bank-transfers

International bank (SWIFT) charges : Varies: often ranges from 10 USD - 35 USD
Wise charges 0.5%- 2.5%

But Wise calculates fx rates using “mid-market” quote, no mark-up added.

would you recommend any other fintech app?
is MoneyCorp a viable alternative?

what amount did you transfer? Over 50k€?