Using Wise to Transfer Money

[bikerlou47]

I see many posts about the advantages of using wise.

I checked the cost and it seems very high to me.

Schwabb will charge me 25 USD for a transfer seems like it is much cheaper than Wise..Help what am I missing?

[GrandPapillon]

it's great for small amount and speed. If you do a $1000 transfer, banks will charge $25 but Wise only $7 and it takes only a few minutes for the transfer to happen instead of the usual 24/48 hours

[bikerlou47]

Ah ....Ok small amounts work very good with Wise, but large amounts not so much.

 

Thank you so much

[GrandPapillon]

and to add to the deal, your THB rate will be confirmed before the money is sent. Full transparency and disclosure.

[Pib]

Don't compare the sending fee only....that's only half of the cost analysis.  You also need to consider the other half which is the exchange rate. 

 

With Wise you get interbank/wholesale exchange rate which is higher than the Thai bank exchange rate used for incoming SWIFT/ACH transfers and definitely higher than if allowing the western bank to convert to baht on their end.   

 

So, a person needs to price-out a transfer using both the exchange rate and sending fee.