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Post by stanley on Apr 15, 2016 14:37:14 GMT
Thanks wiseclerk,
As a keen P2P/B investor I've been following you/your site for a while, and I find it to be a valuable source of information.
Sadly, currencyfair are the same as Transferwise, in that they say "You cannot choose the same from/to currencies." when I specify GBP as the sending and receiving currency.
Further up in this thread I saw that someone had (I believe) suggested to Twino that they have a UK based operation, such that the problems associated with this situation could be solved. As yet I have had no response from Twino.
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Post by stanley on Apr 15, 2016 14:50:56 GMT
Indeed,
nancelot and then webbski9 were in communication with Twino about this issue (via this forum) but they (Twino) seem to not understand or missed the point that if, as a new or more limited investor, you want to transfer a smaller sum, i.e. 1,000GBP, it's likely to cost 20GBP to 25GBP to make a transfer from a UK bank, as the currency sites, transferwise et al, do not cater for a 'no exchange' currency transfer.
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Post by wiseclerk on Apr 15, 2016 15:45:18 GMT
Thanks wiseclerk, As a keen P2P/B investor I've been following you/your site for a while, and I find it to be a valuable source of information. Sadly, currencyfair are the same as Transferwise, in that they say "You cannot choose the same from/to currencies." when I specify GBP as the sending and receiving currency. Further up in this thread I saw that someone had (I believe) suggested to Twino that they have a UK based operation, such that the problems associated with this situation could be solved. As yet I have had no response from Twino. Hm, I think you are looking at the wrong features there. After login. I can choose >Deposit >Deposit only. That allows me to deposit £ without a converting the deposited money to a different currency. Provided there is money ion the account I can transfer it then to a named £ account which can be different from the one I used to pay in. Note that this is independent from conducting an [forex] >Exchange which is why I suggested it in the first place. P.S.: And since you do like my site use the link to Currencyfair on my site here: www.p2p-banking.com/p2p-lending-services-open-to-international-non-resident-investors/ when you register. I get a referral fee and you get a free trade*. Thx. *correct at time of posting / may change in future
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Post by gusgorilla on Apr 16, 2016 0:29:45 GMT
Not sure if it fits in this special situation: Currencyfair? You could pay in £ and payout the £ to a different account. Check if it works in this situation. Will cost you fee of £2.50 Has anybody tried to do this yet? £2.50 to transfer to twino is much better than my bank, the halifax. Does anybody know whether a withdrawal from twino to a british bank, the halifax in my case, incurs a fee also?
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Post by Deleted on Apr 18, 2016 11:44:48 GMT
Thanks wiseclerk, As a keen P2P/B investor I've been following you/your site for a while, and I find it to be a valuable source of information. Sadly, currencyfair are the same as Transferwise, in that they say "You cannot choose the same from/to currencies." when I specify GBP as the sending and receiving currency. Further up in this thread I saw that someone had (I believe) suggested to Twino that they have a UK based operation, such that the problems associated with this situation could be solved. As yet I have had no response from Twino. Hm, I think you are looking at the wrong features there. After login. I can choose >Deposit >Deposit only. That allows me to deposit £ without a converting the deposited money to a different currency. Provided there is money ion the account I can transfer it then to a named £ account which can be different from the one I used to pay in. Note that this is independent from conducting an [forex] >Exchange which is why I suggested it in the first place. P.S.: And since you do like my site use the link to Currencyfair on my site here: www.p2p-banking.com/p2p-lending-services-open-to-international-non-resident-investors/ when you register. I get a referral fee and you get a free trade*. Thx. *correct at time of posting / may change in future Hey wiseclerk it is not allowed/possible to use CurrencyFair to that transaction. Following is response from CurrencyFair.
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JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,317 
Likes: 893
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Post by JamesFrance on Apr 18, 2016 13:29:21 GMT
Maybe you could change it back again. If you use their market you might even gain on the deal if you time it carefully.
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Post by stanley on Apr 18, 2016 16:10:51 GMT
Dear All,
In line with wiseclerk's comments (thank you) regarding currencyfair, I checked Transferwise to see if there's a similar option to 'deposit' GBP and then move the money somewhere else without any currency conversion. Sadly, there is not. My investigation (and that of others) points to this facility also being unavailable through currencyfair.
Therefore, it would appear, that even though Twinos (Mintos also I believe) allow us to deposit GBP, there is, when depositing smaller amounts (e.g. one or two thousand) a significant cost, in percentage terms, levied by the UK based bank for moving the funds. This leaves me with the conclusion that presently the only way to benefit from the favourable returns from Twinos/Mintos when using GBP, one has to commit fairly significant sums, i.e. 10k+.
Comments greatly appreciated.
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Post by Radek on Apr 18, 2016 17:14:16 GMT
Consider valuto.com/en/pricing/ - they allow sending of money using same currency, but seems to be more expensive than CF or TW, but still cheaper than banks. R. |
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Post by stanley on Apr 18, 2016 18:22:24 GMT
Thanks Radek,
I'll email Valuto and see what they say.
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Post by yoica on Apr 19, 2016 6:41:38 GMT
Another options might be Revolut.com. I've only used it for currency exchanges, but I believe they allow for same currency transfers as well. |
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Post by littleinvestor on Apr 19, 2016 9:13:24 GMT
westernunion is also cheap for money transfers for small amounts, it should not cost more than 5 dollar/euro/.. for 1k ?
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Rob
Posts: 138
Likes: 36
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Post by Rob on Apr 20, 2016 8:11:54 GMT
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Post by Deleted on Apr 20, 2016 13:01:04 GMT
Rob Did you try it before? I called First Direct (part of HSBC group) and they said it;s £4 fee to send to europe up to £50K, but it has to be sent in € (and thus let bank make the conversion)
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Rob
Posts: 138
Likes: 36
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Post by Rob on Apr 20, 2016 13:40:43 GMT
Rob Did you try it before? I called First Direct (part of HSBC group) and they said it;s £4 fee to send to europe up to £50K, but it has to be sent in € (and thus let bank make the conversion) No, I haven't tried this - I've never needed to send £s to a non-UK bank (I live in France). But the HSBC website doesn't say it has to be converted to local currency if done online. See "How much will it cost?" at the bottom of this page: www.hsbc.co.uk/1/2/international-money-transfer/details
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Rob
Posts: 138
Likes: 36
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Post by Rob on Apr 23, 2016 10:12:55 GMT
@nancelot Have a look at paysera.com; they are a bit like paypal, but you get an IBAN like a bank account so it could be tied to your Twino account.
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