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Post by stanley on Apr 26, 2016 15:17:09 GMT
Dear All (including, but not limited to yoica, radek, littleinvestor, Rob, nancelot),
Thanks again for your continued efforts to find a solution to this issue.
I've sent an email to valueto, paysera and Revolut and will update this thread when I get a response.
Cheerful wink,
Stan
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Post by stanley on Apr 26, 2016 17:14:45 GMT
Here's the response (well,the guts of it) I got from paysera:
Yes, we offer transfer services. At first you have to make transfer from UK bank to Paysera account and after that you could make transfer from Paysera account to Latvia in GBP currency. If you will make transfer from Paysera account to Latvia bank account GBP currency it will cost 3,25 EUR.
I have also confirmed (via chat) that paysera has a UK bank account, so a 'local' transfer can be made.
However, although I haven't tried it, I can't see them being keen on providing a portal through which you move GBP from the UK to Latvia (or wherever) for free*.
* it looks like there might be a nominal charge, but it seems too good to be true.
I suppose the pudding proof will only come if I take the plunge.
I'll keep you all informed.
My lunch calls.
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Post by loanstar on May 1, 2016 17:03:47 GMT
Like everyone else I have been looking for a solution to sending/transferring GBP to TWINO. I see that Paypal charge 0.5% for cross boarder transactions. www.paypal.com/uk/webapps/mpp/cross-border-and-conversion-feesPaypal state; "Note that either the sender or the recipient pays the fee, not both. In most cases, the sender decides who pays the fee." Would it be worth while requesting that TWINO open a Paypal account? Is it worth asking TWINO to pay the fee for large transfers? As far as can see this would the cheapest method of sending smaller amount to TWINO. I would welcome comments from investor and TWINO on how this can be solved.
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Post by stanley on May 1, 2016 21:47:59 GMT
Welcome to the fray Lonestar,
Here's the response from Valuto that I got in connection with this matter:
"you can send GBP to Valuto account and keep them in your Valuto wallet as long as you need. Of course you can also send it in the original currency and you don't have to exchange the money. Full list of countries to which you can send the money to can be found here
The fee for GBP in SEPA zone is: 2,50 EUR and outside the SEPA 5 EUR. But only if you live in UK. If not please generate a new pricing by clicking on the country of residence on the top page....."
I imagine that Valuto have been set up to make money on the spread of the FX that they buy at and pay. However, if you're not changing your GBP, it should be 1 in 1 out, minus the pretty insignificant 2.5 Euro charge.
Again, as I've mentioned in a previous post, although in theory this looks like an acceptable solution, it has yet to be proven.
Anyone taken the plunge?
Me again.
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Post by stanley on May 1, 2016 21:48:32 GMT
Loanstar.......
Apologies.
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Post by littleinvestor on Jun 24, 2016 9:16:02 GMT
Dear jevgenijs , just wondering how does the steep drop in British Pound is covered as Twino makes it transparent ?
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Post by geoffrey on Jul 1, 2016 8:20:52 GMT
Isn't this to TWINO's benefit? They hold obligations to you in Sterling which you sent before the pound dropped. Now your Sterling is 7% less value, so when TWINO repays you, it will cost them less. If Sterling had revalued against the Euro, they would now be covering a 7% loss on all Sterling obligations. If they are wise, they will put their "profit" here towards future currency exchange fluctuations which might operate in the other direction. Alternatively, they may have hedged, in which case I guess the hedge fund takes the profit.
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Post by geoffrey on Jul 1, 2016 8:43:57 GMT
Like everyone else I have been looking for a solution to sending/transferring GBP to TWINO. I see that Paypal charge 0.5% for cross boarder transactions. www.paypal.com/uk/webapps/mpp/cross-border-and-conversion-feesPaypal state; "Note that either the sender or the recipient pays the fee, not both. In most cases, the sender decides who pays the fee." Would it be worth while requesting that TWINO open a Paypal account? Is it worth asking TWINO to pay the fee for large transfers? As far as can see this would the cheapest method of sending smaller amount to TWINO. I would welcome comments from investor and TWINO on how this can be solved. I know Revolut has been mentioned before, but I've used them both for currency exchange (they give the Interbank rate while markets are open, 1% spread at weekends) and for bank transfer (though I haven't tried funding Twino). They currently don't charge anything for receiving* or sending funds in any supported currency, and there is no obligation to exchange funds. However, they have to make their money somehow, and they do this by expecting you to use their prepaid MasterCard for purchases. Currently there is no requirement to do so, but clearly their service won't continue to be free if large numbers of customers merely use them to transmit money. Their prepaid card is extremely useful for travelling and for Internet purchases. Free cash withdrawals (at Interbank rate) up to £500 per month (again, this can't continue unless people use the card for purchases). The whole thing is operated via a smartphone app (Android or iOS, they are thinking of developing a Windows Phone app, in the meantime Windows users can use Bluestacks on a PC so long as you have any SMS-capable phone to link the account to). I'm not connected to this company in any way, I merely use their services for travel and some remittances. Note that they don't respond to emails -- you have to contact them by an in-app textual chat system. * Edit: They have a 3% charge for uploading funds in US dollars via debit card (as opposed to bank transfer), but this is unlikely to bother UK customers.
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Post by loanstar on Jul 7, 2016 20:34:34 GMT
My adventure with Revolut. I opened an account, very easy. I transferred money in, no problem. I set up a transfer to TWINO. Knowing this may need to be traced I sent a small unusual amount. I emailed TWINO I had sent the money. They asked for details which I supplied. After a couple of days this reply arrived.
"We have received the payment of 10.16 GBP. On our side it is received from the company Currency Cloud, not Revolut (they are subsidiaries), and unfortunately there is no indication about the investor’s account it should be added to. Usually when using money transfer service companies, the company is visible as the sender, not the client, and without an indication of the investor’s number in the payment details it is almost impossible to track the actual sender and a payment like this would be returned to the bank account from which received. Luckily you warned us about testing out Revolut.
Could you please specify – did you enter the investor’s number in the payment details when making the payment? Also, if possible, we kindly ask you to send us the payment order for this transaction, so that we could add the funds to your TWINO account.
This would mean a great deal to us as well to know that there is a cheaper way to transfer GBP to TWINO. However, the first payment (any amount) for a new investor would still need to be made from the investor’s personal bank account in order to register the account for withdrawals"
So this means I was able to send that small sum at no cost. I thought I had added my investor number. As a check I sent a small sum from REVOLUT to my UK bank account. The transaction did show the dummy ref I had added.
Perhaps another investor would like to take up this lead. And yes, I am sure sooner or later charges will be introduced for this in some way.
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Post by geoffrey on Jul 10, 2016 9:58:36 GMT
Your payment to UK bank account would have gone over the Faster Payment network, or possibly BACS, which is different from the SEPA network being used to send money from Revolut to Twino. So the fact that a dummy REF arrived at your UK bank is not inconsistent with no reference arriving at Twino's bank. You might try asking Revolut in-app support about whether they transmit payment references with SEPA transfers. It would seem like a problem with their system, or the API they use to interface with Currency Cloud payment engine, if this isn't working.
Personally I use a Citibank Euro account to send payments to Twino, since they don't charge for Euro transfers, so I haven't used Revolut for this purpose. (I was fortunate to have set up a Citi Plus account before they closed it to new customers, and now it's only possible to open a Citi Gold account, with exorbitant minimum balance requirements.)
Revolut's revenue model will be unsustainable if people don't order the payment card and use it for purchases, but since most people will use Revolut as a very cheap (free to end user) travel card, it's possible their model will work. I hope so, because it's been extremely useful when travelling and has saved me a lot in card loading fees.
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Post by gusgorilla on Aug 2, 2016 0:40:18 GMT
Welcome to the fray Lonestar, Here's the response from Valuto that I got in connection with this matter: "you can send GBP to Valuto account and keep them in your Valuto wallet as long as you need. Of course you can also send it in the original currency and you don't have to exchange the money. Full list of countries to which you can send the money to can be found here The fee for GBP in SEPA zone is: 2,50 EUR and outside the SEPA 5 EUR. But only if you live in UK. If not please generate a new pricing by clicking on the country of residence on the top page....." I imagine that Valuto have been set up to make money on the spread of the FX that they buy at and pay. However, if you're not changing your GBP, it should be 1 in 1 out, minus the pretty insignificant 2.5 Euro charge. Again, as I've mentioned in a previous post, although in theory this looks like an acceptable solution, it has yet to be proven. Anyone taken the plunge? Me again. Hi stanley , did you take the plunge on Valuto GBP transfer to TWINO? If so did it work OK? If not I will have a go in a few days time when some money I'm expecting arrives. Sorry, please ignore. Valuto is closing down shortly. I'm thinking of asking TWINO to convert my account back to Euros if no general low cost way of transferring GBP to GBP is available.
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Post by stanley on Oct 6, 2016 17:14:18 GMT
Dear All,
I still haven't arrived at a solution for this.
I sent 3, yes 3, emails to Revolut over a period of many weeks without any response. Which begs the question, even if they can do what I need them to in terms of a zero fee (or negligible) cash transfer from the UK to another European country, do I really want to be dealing with them. It also looks like they don't provide a version of their software for anything other than a handheld device. I prefer to use my desktop, where I find security options to be so much better.
I also thought that this thread is better placed in "General EUR P2x Discussion".
I know I'm not the only one in this boat, so any input is greatly received.
Thanks
Stan
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andy2001
Member of DD Central
Posts: 361
Likes: 34
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Post by andy2001 on Oct 12, 2016 21:17:30 GMT
So can GBP to EUR base currency option be changed multiple times or only once?
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Post by Deleted on Oct 13, 2016 10:04:21 GMT
GBP to GBP transfer charges
TSB Bank - £10-£17.5 (Online) £20-£25(Branch/phone) (depends on amount) First Direct/HSBC - £25 flat fee
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Post by geoffrey on Oct 15, 2016 8:17:42 GMT
Dear All, I still haven't arrived at a solution for this. I sent 3, yes 3, emails to Revolut over a period of many weeks without any response. Which begs the question, even if they can do what I need them to in terms of a zero fee (or negligible) cash transfer from the UK to another European country, do I really want to be dealing with them. It also looks like they don't provide a version of their software for anything other than a handheld device. I prefer to use my desktop, where I find security options to be so much better. I also thought that this thread is better placed in "General EUR P2x Discussion". I know I'm not the only one in this boat, so any input is greatly received. Thanks Stan As I wrote above, Revolut do not respond to emails. You have to contact them via in-app chat. You can also leave a query on their forum: community.revolut.com/ . Sometimes a Revolut representative will answer forum posts. Regarding using a web app, there is a lot of demand on the Revolut forum for this, and they're aware of the need for it. In the meantime, if you're prepared to install Bluestacks or MEMU on your PC, you can use Revolut with keyboard and large screen. Since I have a Windows Phone, this is how I use Revolut. Crazy, but they offer something unique in the foreign exchange and travelcard space, and no-one can currently beat them.
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