Have you heard of Transferwise?
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12 posts in this topic

Hi All,

I'm having a really difficult time trying to pay for a piece of art from a dealer in the UK.  I paid for part of my art using a credit card through their website (and I paid the additional fees) but they want me to use something called Transferwise which is like a debit from my bank account.  Of course I like the additional security a credit card transaction brings and as well as I don't like people having access to my account.  I asked for the credit card portal again and she said that my card was flagged last time, but I believe the money went through.  She claimed that the problem was that my credit card transaction was red flagged.  My credit card company never notified me and I think the first payment went through fine.  I offered to pay for paypal and pay the extra fees but haven't heard back yet.

I have bought from most of you dealers without issue in the past and I never had a problem.  This seems like an unusually difficult transaction.

Have you ever used Transferwise?

What do you think?

 

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I live in Japan and have used Transferwise quite a bit over the last two years.  The fees are very reasonable and the process seems quite secure.  I can transfer money directly if I know the other person's account and routing #s.  It is also possible to send money to an email address (without knowing account info) and they can enter the account/routing themselves.

I can recommend Transferwise:headbang:

 

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For big budget items involving currency transfers, a credit card is inadvisable, and the exchange rates that banks offer are not much better.  Transferwise has a clever business model where they try to balance funds transfers in their network in both directions between two currencies, as much as possible avoiding the currency markets altogether.  The only drawback I've had is the braindead US banking system that makes transfers into Transferwise's network expensive ($30) and inconvenient.  But once the funds are in their system, the holdup in transferring funds is usually the banks themselves that require manual checks.

When I've sold OA, I don't accept payment by CC, too much scope for chargeback fraud.  Regular vendors accept it as the cost of doing business, part of their overhead.  If you're not sure you can trust the seller, ask for references.

Edited by Taylor G
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I think using a CC with some protection against lost or stolen packages, especially with our current mail system problems, is preferable to me, even if I have to pay the CC fees or increased paypal fees.  For the price I am spending, it is negligible to me in comparison to the total cost of the art and peace of mind.  

There is also the advantage of expenditure tracking through credit card and paypal vs Transferwise and other accounting advantages.  

Our hobby is blessed with so many great dealers that make buying art so easy.

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