Newest Review: ... I had to do to get my money from A to B. 1. I signed up to the site by going to www.tranzfers.com 2. About five minutes later I receiv... more
Don't send money, Tranzfer it!
Member Name: bamamo
Advantages: Quick, professional service, low fees!
I'm in the middle of arranging visa paperwork and all kinds of other stressful things in order to get married and move to America within the next year. As part of this, my fiance, who currently lives at his work in US, is looking for a place for us to rent so I am able to go and visit for longer. I agreed to help by sending a little cash for the deposit.
I had wired money in the past for school fees, and knew the bank like to take a large cut. Regular payments for help with rent seemed unfeasible with the added fees on top, that is until I found Tranzfers. Finally, a part of this whole process that wasn't going to give me a headache!!
Tranzfers are a part of OzForex (the part of the company that deal with larger sums of money, mostly) and they provide a quick, easy and cheap way to securely transfer money from one side of the world to the other. They currently deal with the Europe, Australia, New Zealand, Singapore, Hong Kong, South Africa, Canada and the USA. The best part is that there is a flat rate fee for no matter how much you send - which can be as little as £50. No, the best part is that the fee for transferring from UK pounds is only £7.
Compare £7 with the £41 it would cost me using my own bank (HSBC) and I think you will understand why I was so amazed and excited to find this out. What's more, once I actually talked to someone, he informed me that the fee would be waived for the first couple of transfers anyway!
The process couldn't have been simpler, but at the same time wasn't TOO simple, I always felt secure and thoroughly impressed. Obviously, handing over a grand of my hard earned I didn't want to be worrying that I would never see it again. Fortunately, everything was fine.
Here's what I had to do to get my money from A to B.
1. I signed up to the site by going to www.tranzfers.com
2. About five minutes later I received a call from Tranzfers wanting to ask me some verification questions and guide me through the process. Unfortunately I missed this call, but received an email telling me they had called and asking me to ring back.
3. Once I called I discussed my needs with a very friendly and helpful staff member, and was told which forms of ID I would need to continue.
4. Once I had scanned my ID and uploaded it onto the site, it was verified within a couple of hours, of which I was informed by email. They require a passport/driving licence and proof of address such as a bank statement, signed by yourself. As I have paperless statements, I sent my passport and provisional, as this has my address on and signature. If you aren't able to scan or take a digital photo, you can fax a photocopy but they prefer it to be done digitally.
5. I added the beneficiary and his bank details, and booked a payment. Tranzfers then tell me their bank details to deposit the money into.
6. I made an online payment to their bank, and the next day they informed me they had received it, what my payment had amounted to in dollars, and that they had sent it to my beneficiary. They said that in payments FROM UK pounds, Euros or Canadian dollars to expect the payment to hit their account by three days - however it was there that very night!
Tranzfers do also send you a letter to verify your mailing address, which has a code you need to enter on the site. You can do your first couple of transfers without it, but you should add it when you get it.
I was so pleased with my transaction and will be doing a small payment every month or so once we find a place, because being such a small fee I can afford to do so. I never felt wary about parting with my cash because I had been so reassured by staff. They explained everything I needed to know and you can call them, freephone, 24 hours a day to ask any questions you may have. They really do seem like a company who care about their customers.
Rates are very reasonable, much better than I've had at a bank. It is a bit of a shame you don't know how much you actually get until the transfer takes place, but this is because you first need to deposit the money with them. They watch the market all day, which is why they are able to secure such good rates, and pass them onto the customer. I believe when I spoke the guy he said they only keep 1%, which is far, far better than any bank.
I wish I had known about this site when I was working in Canada so I could send money home for while I was looking for another job. If you are planning on going abroad for a gap year and need a way for your parents to bail you out in an emergency, or maybe if you need to send money home to your family, you really can't beat Tranzfers!
Summary: The best way to send money abroad.