Posted: Thu Jun 29, 2017 12:28 pm
Zingara,
Do you mean that Barclays gave you a better exchange rate than Transferwise?That's amazing.
Do you mean that Barclays gave you a better exchange rate than Transferwise?That's amazing.
You request payment in pounds. Transferwise uses the spot rate to convert to the equivalent in euros. Your guest pays in Euros, using his card or bank transfer as preferred. There is a small charge by Transferwise. This is shown to the guest, no hidden charges or card charges. You receive payment in pounds, direct to your bank account.Jenster wrote:No but i'm wondering if transfer wise payment in Euros would be cheaper than than the guests credit card charge for paying in pounds? You can also pay by credit card through transfer wise, but in your own currency, so no cc fees, just a small transfer wise fee for the service.
Transferwise doesn't necessarily give the best rates for very large amounts like house purchases, but it's pretty much unbeatable for small transfers.leon wrote:Zingara,
Do you mean that Barclays gave you a better exchange rate than Transferwise?That's amazing.
Maybe I'm not being clear. My question is - is the Transferwise method and small fee you describe cheaper for the guest than their credit card fee would be if you requested payment in pounds through Wave/stripe? I would have thought so but I'm not familiar with credit card charges in other countries.Cassis wrote:You request payment in pounds. Transferwise uses the spot rate to convert to the equivalent in euros. Your guest pays in Euros, using his card or bank transfer as preferred. There is a small charge by Transferwise. This is shown to the guest, no hidden charges or card charges. You receive payment in pounds, direct to your bank account.Jenster wrote:No but i'm wondering if transfer wise payment in Euros would be cheaper than than the guests credit card charge for paying in pounds? You can also pay by credit card through transfer wise, but in your own currency, so no cc fees, just a small transfer wise fee for the service.
Yes, it is cheaper, because it gives the spot rate. Cards will use a high street bank rate with a spread for buying and selling.Jenster wrote:
Maybe I'm not being clear. My question is - is the Transferwise method and small fee you describe cheaper for the guest than their credit card fee would be if you requested payment in pounds through Wave/stripe? I would have thought so but I'm not familiar with credit card charges in other countries.
No fees with your credit card? Looks like it is not straightforward. Confused now about the best way to offer cc payments for foreign guests!Hells Bells wrote:Depends on the credit card, my Halifax Clarity card is giving 1140€ for £1000 today, Transferwise just 1130€. No fees with that one either.
Trouble is always that you can't possibly please everybody, all of the time. Rates & rules vary across the globe as do consumer preferences. Realistically, unless you're regularly dealing with significant sums, the differences would probably be negligible. I'd sooner concentrate on a system that offers security, simplicity of use & that I'm comfortable with. Like VAL I'd invoice through Wave/Stripe in GBP, customer pays by card in their currency at the prevailing exchange rate. If that costs them a few extra pounds for the protection & convenience that their cc offers I don't think you'll get too many complaints.Jenster wrote:No fees with your credit card? Looks like it is not straightforward. Confused now about the best way to offer cc payments for foreign guests!Hells Bells wrote:Depends on the credit card, my Halifax Clarity card is giving 1140€ for £1000 today, Transferwise just 1130€. No fees with that one either.
TransferWise is (or now perhaps was) my personal preference, but I have in the past used CurrencyFair, which operates a similar service to TransferWise.chipiechoo wrote:Any recommendations for an alternative company would be appreciated as this service after many years of use both personally and for the gite is not acceptable.
Thank you as always for the wise advice.