Anyone Used Transferwise for Buying Bikes/Cars in the UK?

essjay

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Going across to the UK sometime in the next week or so to pay for and collect a bike.

I've used Transferwise before when buying AV kit but wondering is it an option for paying for the bike rather than carrying cash. Essentially you transfer the money into their EUR account from your bank account (takes 1-2 days). Then it's a same day transfer from their GBP account into the account of the person you paying for the vehicle (in the UK).

What I'm not sure is if I can line up the transfer and then authorise when I arrive in the UK (and have the funds arrive within a few hours or less).

Also it has favourable FX rates. Around €200 cheaper than going into a bank/post office here and getting cash.

Anyone done something like this before?
 
I use transferwise regularly but then, the transfer is directly into the other account (GBP to EUR). Definitely one of the best exchange rates on offer and cheaper.

Don't think it has an authorise option.

I would recommend,
(a) transfer a token amount to confirm that you are interested in the purchase. Refundable if you are not interested. you will loose some in transfer
(b) transfer the rest of the money when you purchase and share the confirmation with the seller. Once the transfer has started, you cannot stop. The transfer is almost immedate (a few hours)
 
Can you not do direct Bank transfer from your mobile on-site ot is it too slow transferwise?
 
I used a company called TransferMate when buying my GS in the UK last June. They were recommended to me by someone who does a fair few currency transfers, and who's opinion I would trust on these matters.

I found them to be a top notch professional crowd to deal with and you'll get an excellent exchange rate with them too. Money transfer was completed in a few hours and done the day before I travelled over. I asked the BMW dealership in the UK to confirm in an email that the payment was considered a 100% refundable deposit. That way, if the bike was a lemon I could easily recoup the complete price of the bike. Deal went smoothly and I rode the bike home with a big grin on my face all the way home. :thumb2
 
I used a company called TransferMate when buying my GS in the UK last June. They were recommended to me by someone who does a fair few currency transfers, and who's opinion I would trust on these matters.

I found them to be a top notch professional crowd to deal with and you'll get an excellent exchange rate with them too. Money transfer was completed in a few hours and done the day before I travelled over. I asked the BMW dealership in the UK to confirm in an email that the payment was considered a 100% refundable deposit. That way, if the bike was a lemon I could easily recoup the complete price of the bike. Deal went smoothly and I rode the bike home with a big grin on my face all the way home. :thumb2

its a private sale and not a dealer.
 
With Revolut you have multiple accounts with different currencies on one card.

Changing between currencies you get interbank rates :thumb2
 
With Revolut you have multiple accounts with different currencies on one card.

Changing between currencies you get interbank rates :thumb2

Appreciate the info. So if I have cash in a GBP on Revolut card and I need to send that to an actual UK bank account, how long does that take?
 
+1 for the Revolut card.

Although I haven't used it for the type of transaction you're looking to do I have used it for ATM withdrawals and for buying goods and services both here and abroad and have found it to be excellent.

Best of luck with the new purchase :thumb2
 
Use Transfermate for business and imported my GS to Ireland with them.
Highly recommend them for service, rates and speed.
 


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