Transferwise problems ?

suein56
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Transferwise problems ?

Post by suein56 » Sat Apr 14, 2018 1:15 pm

Yesterday, to try to take advantage of the sudden rise in the value of the £ v the €, I logged onto Transferwise to move some money to be met with a small red box in the middle of the page saying 'unexpected technical error'. No other explanation for the non-functioning of the site except for a small note somewhere saying that they were not accepting £ to € transfers for a few hours due to dealing direct with the Bank of England.
Have they committed some vile contravention ? Are they going to be shut down ?
The same small 'technical error' notice is still there today.
Does anyone know anything more ?
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Re: Transferwise problems ?

Post by Mike » Sat Apr 14, 2018 1:46 pm

I exchanged monies on the 10th without a problem and was just able to log in also without a problem, 1250hrs.

Mike

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Re: Transferwise problems ?

Post by suein56 » Sat Apr 14, 2018 2:15 pm

Thanks Mike .. but that's not the problem. Sorry I did not express myself well. Logging in is fine .. all my past transactions are fine, it's just when you want to exchange that this red box comes up replacing the box where I usually input how many ££ I want to exchange.
And it's only since yesterday .. Friday the 13th and all that :?
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Re: Transferwise problems ?

Post by chrisell » Sat Apr 14, 2018 2:25 pm

They were updating the system - they were off line Sterling wise for a while. They basically went off the banking system in then UK whilst they reengineered their connections into the Bank of England. You could still use the system to book/buy the Euros - just couldn't transfer the actual sterling into them. Rates identical today - they were offering 1.155 yesterday at 4 - same today. It was all there.

I did the exchange and moved the sterling over this morning - they were basically "invisible" for a few hours to the banking system - I forgot the e mails they'd sent and lost track of time - saw the spike and did what you tried. But it let me do the transfer - just wouldn't accept a bank transfer - so just left it and finalised today

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Re: Transferwise problems ?

Post by Le Démerdeur » Sat Apr 14, 2018 2:35 pm

Every time that I checked over the last say 6 weeks the rate was always €1.15 so what was the sudden movement that got you all rushing to exchange?

I dont cheack as a rule these days but had to buy some stuff in the UK for French friends, they wanted to know how much it would be (subject to exchange movements) it was at €1.15 when I advised them, they paid me a couple of weeks later I said use the curret rate and they paid me at €1.15, maybe 4 days later I checked and it was still €1.15, I get the impression that it has been stable around that figure for a long while now.
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Chris (Fri Jul 27, 2018 7:25 pm)

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Re: Transferwise problems ?

Post by chrisell » Sat Apr 14, 2018 3:07 pm

The bank rate spiked briefly to 1.16 yesterday afternoon - more reminded me I'd meant to transfer some cash over than any great rush. My timing just coincided with the TW outage, there was nothing spectacular bar needing to fill the heating oil tank - book a service for the car - buy more timber - do another Brico run - oh f*** that needs money. I'd set my alerts at 1.16 months ago so text reminded me - by the time I got round to it dropped back to 1.155.

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Re: Transferwise problems ?

Post by DominicBest » Sat Apr 14, 2018 3:14 pm

Yesterday was the highest £:€ rate since May 2017. Transferwise worked fine for me. Mind you they told me that my euros would arrive on Monday 16th yet they were in my French account yesterday evening.

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Re: Transferwise problems ?

Post by pomme homme » Sat Apr 14, 2018 3:23 pm

Is 1.155 the rate you're actually getting from Transferwise or the quoted spot rate? If it's the former (and assuming that you're not buying hundreds of thousands of Euros) then I'd better change the currency dealer I'm using!

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Re: Transferwise problems ?

Post by Simonflys » Sat Apr 14, 2018 4:29 pm

No problems - their recent 'outage' was well communicated by email and via their app. Brilliant service all round with excellent rates and charges - nearly always same day transfers if you set them up before midday.

I recently got their new Mastercard ('Hello World') - again excellent for instant transfers with their Borderless accounts. The sterling account linked to the card has it's own UK sort code / account number / SWIFT / BIC and IBAN - just great.

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Re: Transferwise problems ?

Post by chrisell » Sat Apr 14, 2018 5:14 pm

pomme homme wrote:
Sat Apr 14, 2018 3:23 pm
Is 1.155 the rate you're actually getting from Transferwise or the quoted spot rate? If it's the former (and assuming that you're not buying hundreds of thousands of Euros) then I'd better change the currency dealer I'm using!
TW are certainly worth investigating. You get full rate and pay a commision - its all crystal clear - they charge a straight forward fee rather than the buy/sell spreads - it beats any other exchange I've spoken to - beat Currencies Direct into a cocked hat. I found for large sums I could get better - but literally a few pounds on 5 figures - and that involved well I can get this - no I can get this - okay call me back - no I don't want to transfer twice as much - I told you how much and how much I can get from TW .... oh you'll beat it by less than a pack of fags...... I haven't done large sums for ages - these days just log on - 5 minutes later done - call bank - usually within 4 hours its in France.

I can't remember the percentages - I know I just went how much for 1k - 5k -10k - called a few brokers - went TW it is then. I was convinced I was missing something at first - but get your head around you pay a fee rather than have a "free" exchange at a lower rate which was my block until I plugged figures in.

Pure Currency they're great at this moment - but their "bank" accounts are also worth a look - free - multiple currencies - and "transfers" are pretty much instant.



If you're really interested PM me - there's a referral scheme with some kind of bonus.
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