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What are some things I need to take note of?
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Cedric Jamie Soh
18 Oct 2019
Director at Seniorcare.com.sg
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I used TransferWise twice to transfer money to a KRW denominated bank account in South Korea. The process was pretty foolproof and straightforward and the remittance was settled real quickly (same day during office hours). There're multiple options to pay like PayNow and credit cards albeit at different charges, but it was really convenient to have multiple options readily available. They do also offer a comparison tool to see which payment method poses the lowest charges. There are other services around as well, like instarem etc. You can look around and find out which one suits you best. I think each has very competitive rates for certain currencies.
But if you do decide to use transferwise, here's my referral code: transferwise.com/u/waih47
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Yes I will recommend them because it went through smoothly and the customer service was polite (though they didn't manage to solve my issue in time)
I had a big screw up (my fault, not theirs) last year, I had to transfer $30,000 USD over and it was stuck for 3 days (of course I panicked during the transaction lol)
In the USA, there are 2 bank codes, ACH routing code and another "wire routing code". One is for their internal USA bank to USA bank, the other is for international transfer, I got mixed up and wrote the wire routing code instead of the ACH.
Frustrating, as there wasn't a proper customer service system to handle my email/call help.
But oh well, in the end, I redo the transaction and it was done correctly. So the end of the day, I will still recommend them for their prompt transactions.
https://transferwise.com/gb/blog/ach-aba-wire-e... This will probably help you to understand the ACH error I made.
Referral Link- https://transferwise.com/u/tians6
For any who are keen, this link comes with a free international transfer up to £500 pounds. Enjoy!