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  • Why do you charge much more than Transferwise?

I have sent a SWIFT payment using the Transferwise integration and I got charged €4,05 but the same transfer done directly in Transferwise cost only €0,35. Why do you charge a lot more than Transferwise when using the same service?

For my business account, I pay €9,9 per month, plus I pay for each operation I do, and I get overcharged 10 times the price of a Transferwise Swift. I start wondering if it is not time to look elsewhere.

    @Tizgal#211925 Could you explain more detailed what kind of transfer you did? In general, you should not pay different rates when using the integration vs. using the TransferWise website directly, and bunq does not charge extra for this.

      @Tizgal#211925 Did you transfer exactly the same amount, and in the same currency?

        Yes, same amount, currency, and recipient. Anyway, I have just found out that fees for payments in Euro toward Serbia have been raised in the last week, apologies.
        Also, there is a big difference in fees when you select how fast you want the transfer, and this may be the reason for the price difference. There is no way to do this selection in the Bunq app.

        Another annoying thing when using Transferwise integration in Bunq is that you cannot save the contact. After selecting the currency, Euro in my case, you must fill in the IBAN, as soon as you do it the app recognized that a SWIFT payment is needed and then starts the Transferwise integration, and you have no option to save the contact; of course you can save the contact in Transferwise, but you still need the IBA at hand to start the integration. Especially for business customers that work internationally, this integration should be better.

          @Tizgal#211968 Also, there is a big difference in fees when you select how fast you want the transfer, and this may be the reason for the price difference. There is no way to do this selection in the Bunq app.

          That's true. Afaik you should get what TransferWise calls the "Low cost transfer" rate (which is the cheapest one) automatically, but with no penalties to transaction speed. That should be fine for almost all purposes.

          Managing these TransferWise payments, especially the contacts, in the app could definitely be a bit better, I agree.

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