Jump to content

How to use Wise when you want to get the best exchange rate.


Recommended Posts

31 minutes ago, scubascuba3 said:

I can't see how you'd get a better rate transferring say £ to your Wise £ account and then buying Baht vs just buying baht using £ from UK bank account transfer

If you set up a Wise transfer using £ sterling you are asked whether the money will come from an outside bank or  taken from a Wise account (if you have one)

Strangely, if you take the payment from your Wise account the fee is slightly lower than if you transfer the money direct from a main high street bank

It is therefore best to transfer money to your Wise account first then transfer using money in the Wise account

Only pennies in it, but they do add up, especially if you make many transfers, and get you a few free beers during a year.

  • Like 1
  • Confused 1
Link to comment
Share on other sites

15 minutes ago, prakhonchai nick said:

If you set up a Wise transfer using £ sterling you are asked whether the money will come from an outside bank or  taken from a Wise account (if you have one)

Strangely, if you take the payment from your Wise account the fee is slightly lower than if you transfer the money direct from a main high street bank

It is therefore best to transfer money to your Wise account first then transfer using money in the Wise account

Only pennies in it, but they do add up, especially if you make many transfers, and get you a few free beers during a year.

what's the difference in £ fees? i understand for euros they charge a fee for balances

Edited by scubascuba3
Link to comment
Share on other sites

7 minutes ago, scubascuba3 said:

what's the difference in £ fees? i understand for euros they charge a fee for balances

For a £1,000 transfer, perhaps £1 or £1.50  As I said its only pennies, and it is never constant..   No fees charged to hold a balance in £ ..use it whenever you want.  No interest payable though.

Link to comment
Share on other sites

40 minutes ago, prakhonchai nick said:

If you set up a Wise transfer using £ sterling you are asked whether the money will come from an outside bank or  taken from a Wise account (if you have one)

Strangely, if you take the payment from your Wise account the fee is slightly lower than if you transfer the money direct from a main high street bank

It is therefore best to transfer money to your Wise account first then transfer using money in the Wise account

Only pennies in it, but they do add up, especially if you make many transfers, and get you a few free beers during a year.

Really? I wasn't aware of that. Seems strange though especially when Wise proudly state "no hidden charges".

  • Like 1
Link to comment
Share on other sites

1 hour ago, prakhonchai nick said:

Strangely, if you take the payment from your Wise account the fee is slightly lower than if you transfer the money direct from a main high street bank

Rubbish. The fee is identical no matter which way you do it.

Link to comment
Share on other sites

1 hour ago, OneeyedJohn said:

Last time I looked Wise wasn't offering thecredit card in Thailand, has that changed?

 

Wise never did offer a Credit Card. It is a pre-loaded debit card to all intents and purposes, and a cheap way to transfer to banks in other countries/currencies.

Link to comment
Share on other sites

2 hours ago, scubascuba3 said:

I can't see how you'd get a better rate transferring say £ to your Wise £ account and then buying Baht vs just buying baht using £ from UK bank account transfer

If you do it as and when the rate is good, GBP into THB, keep it in THB until you need/want to send it to your Thai bank, you could win a few quidin exchange rates, or of course, lose.

I exchange the equivalent of Bht 12,500 four times a month in order to reach the Bht 50,000 I need to send. Each one costs £2.63 = £10.52, as opposed to a one off transfer of Bht 50,000 which costs £8.75 plus Bht 32 at Bkk Bank.. But I am not tied down to the exchange rate which is on the day I send it, I have hopefully, picked good days.

And once again, if you put the reason as 'long term stay in Thailand, it will take until 2pm that day, or the next, to be in your Thai Bank, whereas any other reason will be almost instant, but NOT as a foreign transfer.

Edited by KannikaP
Link to comment
Share on other sites

4 minutes ago, Moonlover said:

Rubbish. The fee is identical no matter which way you do it.

The fee is higher if you transfer using a card as opposed to a bank transfer, maybe to cover Wises' cost of card charges.

  • Like 1
Link to comment
Share on other sites

20 minutes ago, KannikaP said:

If you do it as and when the rate is good, GBP into THB, keep it in THB until you need/want to send it to your Thai bank, you could win a few quidin exchange rates, or of course, lose.

I exchange the equivalent of Bht 12,500 four times a month in order to reach the Bht 50,000 I need to send. Each one costs £2.63 = £10.52, as opposed to a one off transfer of Bht 50,000 which costs £8.75 plus Bht 32 at Bkk Bank.. But I am not tied down to the exchange rate which is on the day I send it, I have hopefully, picked good days.

And once again, if you put the reason as 'long term stay in Thailand, it will take until 2pm that day, or the next, to be in your Thai Bank, whereas any other reason will be almost instant, but NOT as a foreign transfer.

I can see it can be useful if you need to send the 65k month, but if you have 800k then no benefit transferring to just Wise, might as well transfer as and when the exchange rate is favourable

  • Like 1
Link to comment
Share on other sites

10 minutes ago, scubascuba3 said:

I can see it can be useful if you need to send the 65k month, but if you have 800k then no benefit transferring to just Wise, might as well transfer as and when the exchange rate is favourable

Using which company's favourable exchange rate? 

  • Thanks 1
Link to comment
Share on other sites

4 minutes ago, scubascuba3 said:

Wise,but if exchange rates are getting better daily it's possible that using a UK bank to transfer £ to Thai bank might be better

The rates will change for better or worse for ALL banks, Wise included. They seem to be the best at the moment.

Link to comment
Share on other sites

I have a "Wise account" but I have not yet transferred funds to Thailand using Wise.

When I select send money I am given two choices: )1 An account outside Wise or 2) from my Wise balance.

 

I have checked on the differences and option 1) has higher fees.

 

Screen Shot 2021-10-03 at 9.32.36 PM.png

Screen Shot 2021-10-03 at 9.32.04 PM.png

  • Thanks 1
Link to comment
Share on other sites

I think there are two different things going on here.

One is a normal straightforward Wise transfer (which is what I always do),  and the other, which the OP is using is via a Multi Currency Account. Seeing as he mentions paying into different currency accounts.

There are probably cost differences between the two.

  • Like 1
Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Recently Browsing   0 members

    • No registered users viewing this page.




×
×
  • Create New...