EU cross-border payments outside Eurozone: MEPs scrap excessive fees

Re:EU cross-border payments outside Eurozone: MEPs scrap exc... by himlion on Sunday February 17, 2019 @03:45PM (#19186783)

Transferwise must not be happy about this. I use them for all my payments outside of the eurozone and it saves a boatload of money.

[ Parent | on HN ]

Re:EU cross-border payments outside Eurozone: MEPs scrap exc... by xiphias2 on Sunday February 17, 2019 @04:30PM (#19187051)

Transferwise is maybe the real reason why this law is created. It gives bad reputation to the banking system.

[ Parent | on HN ]

Re:EU cross-border payments outside Eurozone: MEPs scrap exc... by riffraff on Sunday February 17, 2019 @05:49PM (#19187400)

Banks still apply cutthroat conversion rates, the law only stops extra commissions.

TransferWise still offers a very useful product even after this.

[ Parent | on HN ]

Re:EU cross-border payments outside Eurozone: MEPs scrap exc... by jotm on Sunday February 17, 2019 @04:36PM (#19187079)

SEPA solved the high fees that were common before... in some countries :/

[ Parent | on HN ]

Re:EU cross-border payments outside Eurozone: MEPs scrap exc... by digianarchist on Sunday February 17, 2019 @11:09PM (#19188576)

Transferwise just hiked fees the other day.

[ Parent | on HN ]

Re:EU cross-border payments outside Eurozone: MEPs scrap exc... by jotm on Sunday February 17, 2019 @04:32PM (#19187066)

They're probably not going to lose sleep over it - their borderless account gives you accounts in any currency, you get the transfers very fast and can just withdraw to a cash machine, or transfer to your local bank account. I love it so far. Plus still the best outside EU.

The first time I saw TW I thought they were a scam with those fees for EU-non EU payments. SWIFT and even Western Union were a ripoff.

[ Parent | on HN ]

Re:EU cross-border payments outside Eurozone: MEPs scrap exc... by Ayesh on Sunday February 17, 2019 @04:30PM (#19187052)

I've recently started to use them for my freelance income as well (I'm not in the EU), and it's amazing how much I was paying for regular SWIFT transfers.

I don't know if there's any relationship to this news, but TransferWise is putting their fees slightly up next month.

[ Parent | on HN ]

Re:EU cross-border payments outside Eurozone: MEPs scrap exc... by fauigerzigerk on Sunday February 17, 2019 @05:53PM (#19187410)

Transferwise would only suffer if banks were to offer significantly better FX conversion spreads.

My UK bank (Lloyds) charges 16 times as much as Transferwise for EUR/GBP (5% vs 0.3%) plus higher fees on top of that.

Currencyfair is another good option by the way.

[ Parent | on HN ]