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

[Hamus Yaigh]

23 hours ago, KannikaP said:

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.

Debit cards are not available in Thailand either are they?

[Moonlover]

1 hour ago, prakhonchai nick said:

Read my whole post

 

Gambooler 19 hours ago, has provided proof that you get more  when using your Wise balance...Convinced now?

No I am not. His example is for a USD transfer (presumably) from that country. There are different procedures there, which I do not understand fully, but I do know they have caused confusion in the past.  I do notice a 'wire fee', which you won't see on a GBP transfer.

 

You stepped into this conversation referring to Pounds sterling, following a post by scubascuba3, who also referred to that currency.

 

I deal in GBP and I have used both my Wise account and my UK bank account to fund my transfers and I can state, quite categorically that there is no difference in the fee that Wise charge.

[KannikaP]

1 hour ago, Hamus Yaigh said:

Debit cards are not available in Thailand either are they?

You cannot apply and get one in Thailand, but apply in 'your own country', be it UK, USA, Oz etc, and you can use it here as a debit card.

 

[KhunBENQ]

Lot of rubbish in this thread.

At least for EUR to THB and that's all I can describe.

There are actually four different methods to send.

Three of them are shown on their site, nothing "hidden" (rubbish).

All fees are different not same same (more rubbish).

The three methods as shown on their site:

 

The fourth and cheapest method is sending from an account that you have set up with WISE (in my case some Belgian account, not my country).

(of course you need to fund that account by some transfer from your account which is free within SEPA).

I had sent 2000 EUR just an hour ago and will get 78017 Baht. So would be about 39000 Baht for 1000 EUR right now.

Edited October 4, 2021 by KhunBENQ

[prakhonchai nick]

20 minutes ago, Moonlover said:

No I am not. His example is for a USD transfer (presumably) from that country. There are different procedures there, which I do not understand fully, but I do know they have caused confusion in the past.  I do notice a 'wire fee', which you won't see on a GBP transfer.

 

You stepped into this conversation referring to Pounds sterling, following a post by scubascuba3, who also referred to that currency.

 

I deal in GBP and I have used both my Wise account and my UK bank account to fund my transfers and I can state, quite categorically that there is no difference in the fee that Wise charge.

You don't want to believe my experiences with GBP transfers over the past year.  Up to you.   Using a Wise balance  gives you a higher transfer amount albeit very small due to a lower fee,. .Over and out!

[KhunBENQ]

1 minute ago, prakhonchai nick said:

Over and out!

Same to me. Have better chance to spent time.

[prakhonchai nick]

5 minutes ago, KhunBENQ said:

Lot of rubbish in this thread.

At least for EUR to THB and that's all I can describe.

There are actually four different methods to send.

Three of them are shown on their site, nothing "hidden" (rubbish).

All fees are different not same same (more rubbish).

The three methods as shown on their site:

 

The fourth and cheapest method is sending from the account that you have set up with WISE.

(of course you need to fund that account by some transfer from your account which is free within SEPA).

 

Thank you for the confirmation Khun BenQ  Some people refuse to believe anyone else!

[JimGant]

On 10/3/2021 at 4:58 PM, 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

Not so strange, since Wise is earning some interest on your deposit, while they don't pay you any interest on this ersatz checking account. Thus, they can afford to reduce the fee on a Wise account transfer vs. one from a bank debit, which, of course, isn't earning them any money.

 

Quote

In keeping with FCA regulations, Wise uses two approaches to safeguard your funds. We deposit your funds at banking institutions and invest them in government backed liquid assets, primarily government bonds. We only invest in high quality liquid assets. These are investments that are classified by our regulators as low risk and highly liquid. Primarily, this means that we invest your money in government bonds, such as UK Government Gilts and US Government T-Bills.

 

[JimGant]

On 10/3/2021 at 7:07 PM, Moonlover said:

Again nonsense. When you set up a transfer, the opening page tells you what fee will be charged.

Exactly. But if you use a credit card for the transfer, your fee is a lot higher than a bank debit, and even higher than for a debit card transfer. The cheapest method is from your Wise account, with a wire transfer looking like it comes in second, although it doesn't include the wire fee your bank charges for this method. Bottom line: A transfer from your wise account has the lowest fees, while one from your credit card has the highest. [ Note: A cost not considered in this is the lost interest from the money you transfer from your savings/checking account to your non-interest earning Wise account. Nitnoy, of course,these days -- but nevertheless, a cost.]

 

Quote

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

Huh?

[JimGant]

On 10/3/2021 at 9:37 PM, gamb00ler said:

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.

Yes, transferring from a Wise account has the lowest fee; and in your example, even lower if your bank has a wire transfer fee, which, of course, Wise has no way of knowing this fee and thus can't include it in the overall fee structure. If you don't like parking money  in a non interest earning Wise account, using an interest earning funding source, just fund it a few days ahead, then drain it.

Actually, the margins we're talking about here probably don't warrant our time, unless you're a numbers freak (although if I sent $20k today, I'd save 1600 bt using my Wise account vs. a bank direct debit -- I guess that's a few beers).

[norbra]

When I transfer AUD to THB. I am offered 4 methods of payment for the Wise transaction,

Bank transfer and PayID have the lower fees. internet banking and debit/credit card fees are 50 baht higher

[Chivas]

On 10/3/2021 at 2:16 PM, OneeyedJohn said:

Some people, really, one sandwich short of a picnic.

 

I've completely given up on all Wise related threads lol

[Pib]

On 10/7/2021 at 2:13 PM, norbra said:

When I transfer AUD to THB. I am offered 4 methods of payment for the Wise transaction,

Bank transfer and PayID have the lower fees. internet banking and debit/credit card fees are 50 baht higher

If you open a Wise multicurrency acct (what they use to call a borderless acct) you will also be offered that way to fund the acct.  For the last year or so I have always used the balance in my multicurrency acct to fund the transfer for my USD to THB transfers to Thailand (you can do the same with AUD to THB transfers) versus using one of the other four funding method I'm also offered of Bank Debit (ACH), Wire, debit card, or credit card.  

 

By funding the transfer from my multicurrency acct which I top-up just before needing to do a Wise transfer, it reduces my total Wise fees by around 27%.  I top-up free by doing a free ACH Push from my U.S. bank to my Wise multicurrency acct.

 

For example, say I send $2500 USD to THB using the ACH bank debit funding method that most U.S. folks probably use if they haven't activated a Wise multicurrency acct.   Their Wise fees would total $19.92 and they would receive Bt84,012.71.   See 1st snapshot below.    However, if they did have a Wise multicurrency acct and funded the transfer from it, the Wise fees would total less at $14.64 and they would receive Bt84,191.57.  See 2nd snapshot below.  Although the exact same exchange rate is used since a person had lower Wise fees they end up with more baht. 

 

And a multicurrency acct can speed-up a transfer since Wise already has the required funding versus waiting for a person to wire the money to Wise or Wise needing to pull the money from your bank acct which may come with clearing time.

 

A Wise multicurrency acct is a good thing....gives a person another way to fund their transfer....lowers your Wise fees resulting in more money arriving the receiving acct.

 

Funded via ACH Bank Debit

https://wise.com/gb/pricing/send-money?source=USD&target=THB&payInMethod=DIRECT_DEBIT&sourceAmount=2500

 

 

Funded from Your Multicurrency Acct Balance

https://wise.com/gb/pricing/borderless-send?source=USD&target=THB&payInMethod=BALANCE&sourceAmount=2500

 

 

Edited October 11, 2021 by Pib