TransferWise vs. Olympia Trust?

[eblend]

Hi Peeps,

Saw on random forums people suggesting to use TransferWise when transferring funds overseas. I have an account with Olympia Trust that I opened up some 4 years ago, but haven't yet used. I need to send nearly a quarter of a mil overseas to Japan soon and when I asked this question a while ago, Olympia Trust was one of the recommendations for a company to use on here, but since then there are many other transfer options and was just wondering if anyone has any experience with this? Obviously when the actual time comes I will check with both to see which is a better deal, but just wondering ahead of time if anyone shopped around recently and what they figured out.

[ExtraSlow]

Wasn't this supposed to be one of the use-cases for bitcoin? Although I guess you'd be subject to fluctuations in value while the transaction processed, or maybe there's other drawbacks.

[you&me]

I've used Olympia in the past, but after comparing rates, I started using Axiom FX. It's been a while, but when I last compared the two, the difference in rates on a transaction the size you're looking to make would be thousands of dollars.

Like you said, it's worth shopping around and I'd put Axiom on your list to check with...

[Kobe]

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Wasn't this supposed to be one of the use-cases for bitcoin? Although I guess you'd be subject to fluctuations in value while the transaction processed, or maybe there's other drawbacks.

Bitcoin would basically need to fluctuate around 7-9% as that's the fee rate + another 1.99 or 2.99% for exchange rates for it to not be worth it in an hour.

even though it has 5-15% in an hour sometimes its still worth it.

Here is Japan ways to buy though (Can prob sell) https://www.finder.com/jp/how-to-buy-bitcoins

I see bitfinex is on there I'd avoid it.

Uphold Digital Money Platform seems to have CAD and JPY would be the cheapest for both parties but i've never heard of them so prob should some research ahead of time.


I just checked right now for fun though with western union (I know they have a calculator)

$5000cad + $109 fee = $5,109cad

= $391,039 JPY



On xe.com

391,039 JPN = $4,723.75CAD



$5,109 - $4723.75 = $385.25 fee

385.25 / $5,000 (Rate u sent without fee) = 7.7%

Let's do bitcoin for fun though.

Current CAD Rate = $9,371.57
Current JPY Rate = $770,076.09

If you were to buy $5,000CAD worth of bitcoin

$5,000/9,371.57 = 0.53352853 Bitcoin

If you were to convert 0.53352853 Bitcoin to JPY

0.53352853 X $770,076.09 = $410,857.56 JPY

Difference of = $410,857.56 - $391,039

$19,818 JPN

$19,818 JPN = $241.13CAD


With that said, there may be taxes for getting the funds in JPN (Not sure how it works) and there will be a fee of like $2 for priority (under 1hr) which wasn't included.

[JDMMAN]

eblend - what currency will you be transferring? If the other party has an account in the currency you're transferring, then the bank's wire system might be the best bang for the buck. If you need to send it in JPY, then just check out what the F/X is between TransferWise and Olympia.

If all else fails, you can always get a certified bank cheque and bring it in person with you to Japan. If the F/X and fees exceed the cost of your time and a ticket.

[ExtraSlow]

Yeah, what's the downside for bsnk to bank wire transfer?

[eblend]

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Yeah, what's the downside for bsnk to bank wire transfer?

Hi guys, sorry for the delay in response, have been out of country for work.

I will address ExtraSlow first, the bank exchange rates usually suck dick, so many people don't use them, especially when large quantities are involved. I believe that's why companies like Olympia Trust exist.

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eblend - what currency will you be transferring? If the other party has an account in the currency you're transferring, then the bank's wire system might be the best bang for the buck. If you need to send it in JPY, then just check out what the F/X is between TransferWise and Olympia.

If all else fails, you can always get a certified bank cheque and bring it in person with you to Japan. If the F/X and fees exceed the cost of your time and a ticket.

I was able to get a rough rate difference within about half a day between Olympia quote and Transferwise (someone with an account was able to login an plug in numbers, reflects real rate vs the rate on the main page which isn't what's actually used. The difference for that large on an amount came out to like 1000 yen, which is just over $10. Transferwise, when you plug in all the numbers, shows roughly $2100 in fees, and they advertise that they don't charge FX fees, so that means Olympia rate is roughly the same, just buried in the FX rate. I am planning on doing the JPY conversion here and sending as JPY. When you think about it, $2000 in fees is not ALL that bad, for this transfer it's slightly less than 1%

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I've used Olympia in the past, but after comparing rates, I started using Axiom FX. It's been a while, but when I last compared the two, the difference in rates on a transaction the size you're looking to make would be thousands of dollars.

Like you said, it's worth shopping around and I'd put Axiom on your list to check with...

Cool I will check out Axiom. I think it was originally mentioned back a few years alongside Olympia, but couldn't track it down. Think back when I looked Olympia was easier to deal with, but I will revisit.

And regarding Bitcoin and those things, I would rather not. The receiving person doesn't know how to deal with all these things so best to just get a wire transfer right into their account.