WISE

[RafPinto]

Just got an email from Wise to say that from 18th June they are increasing their fees.

 

If you send money from EUR,GBP,CHF to any currency:

Thresholds and fees to hold EUR are changing:

 

 

 

 

Free for personal customers to hold up to 3,000EUR

Fees on anything above threshold 0,90% per annum.

This is due to negative interest rates in the Eurozone.

 

Be aware.

[CharlieH]

MOVED to Banking

[RafPinto]

Thanks

Edited April 20, 2022 by RafPinto

[Pumpuynarak]

Some of our fees are increasing on 26-Apr-2022 when you'll:

• Send money from EUR, GBP, and CHF to any currency

• Send money to RON, PLN, and CZK from any currency 

Thresholds and fees to hold EUR are changing on 26-Apr-2022:

• It’s free for personal customers to hold up to: 3,000 EUR

• It’s free for businesses to hold up to: 30,000 EUR

• Fee on anything above threshold: 0.90% per annum

Why have our costs increased?

• Recently we’ve implemented additional verification checks to keep your money protected.

• Markets have been more volatile, which makes it more expensive for us to buy and sell currencies.

• The negative interest rates in the Eurozone mean it costs us more money to hold larger amounts of EUR for our customers.

We know that this isn't great news, and we're sorry. We'll bring fees back down for you as soon as we can. Read more about when price changes could apply to you.

 

[Chivas]

Yep had the same overnight

At the moment is £5.37 for a flat £1,000 transfer

 

Will have a look next week see what its changed to.

[Bangkok Barry]

I checked and I'll pay about 35p more for my usual monthly transfer from the UK. I should be able to absorb that ????

 

[steve187]

31 minutes ago, Chivas said:

Yep had the same overnight

At the moment is £5.37 for a flat £1,000 transfer

 

Will have a look next week see what its changed to.

on wise now its 5.96 for £1,000, rate is 44.0594

[RafPinto]

The main issue is not the slight increase in fees.
It is more that holding over 3000EUR with Wise will st you back 0,9% on a yearly basis. Negative interest rate.

Imagine you're already losing 5-7% due to inflation and now your money generates a negative interest rate.

I counter this by investing in buying and keeping dividend shares.

[scubascuba3]

28 minutes ago, RafPinto said:

The main issue is not the slight increase in fees.
It is more that holding over 3000EUR with Wise will st you back 0,9% on a yearly basis. Negative interest rate.

Imagine you're already losing 5-7% due to inflation and now your money generates a negative interest rate.

I counter this by investing in buying and keeping dividend shares.

Presumably regular banks euro accounts also charge circ 0.9%?

[BritManToo]

1 minute ago, scubascuba3 said:

Presumably regular banks euro accounts also charge circ 0.9%?

Negative interest rates are usually for financial institutions, not personal customers.

[RafPinto]

8 minutes ago, BritManToo said:

Negative interest rates are usually for financial institutions, not personal customers.

Please read what Wise sent.

Personal customers can hold up to 3,000EUR free of charge, above will be charged 0,9%

 

Business customers can hold up to 30,000EUR free of charge, above will be charged 0,9% as well.

[RafPinto]

4 minutes ago, RafPinto said:

Please read what Wise sent.

Personal customers can hold up to 3,000EUR free of charge, above will be charged 0,9%

 

Business customers can hold up to 30,000EUR free of charge, above will be charged 0,9% as well.

Some of our fees are increasing on 26-Apr-2022 when you'll:

• Send money from EUR, GBP, and CHF to any currency

• Send money to RON, PLN, and CZK from any currency 

Thresholds and fees to hold EUR are changing on 26-Apr-2022:

• It’s free for personal customers to hold up to: 3,000 EUR

• It’s free for businesses to hold up to: 30,000 EUR

• Fee on anything above threshold: 0.90% per annum

Why have our costs increased?

• Recently we’ve implemented additional verification checks to keep your money protected.

• Markets have been more volatile, which makes it more expensive for us to buy and sell currencies.

• The negative interest rates in the Eurozone mean it costs us more money to hold larger amounts of EUR for our customers.

We know that this isn't great news, and we're sorry. We'll bring fees back down for you as soon as we can. Read more about when price changes could apply to you.

14 minutes ago, BritManToo said:

 

[Moonlover]

Wise are still very competitive against the competition, especially when it comes to moving small amounts, typical of monthly incomes.

 

And they have become extremely efficient now. Wise to Thai bank in just 6 secs! Beat that!

 

Edited April 21, 2022 by Moonlover

[RafPinto]

9 minutes ago, Moonlover said:

Wise are still very competitive against the competition, especially when it comes to moving small amounts, typical of monthly incomes.

 

And they have become extremely efficient now. Wise to Thai bank in just 6 secs! Beat that!

 

I use them for at least 7 years and am very happy. In fact, I only use Wise and will continue to do so.
Was just to highlight that people holding EUR will get charged.

I hold GBP with them.

[scubascuba3]

27 minutes ago, BritManToo said:

Negative interest rates are usually for financial institutions, not personal customers.

Not in euro zone, think those holding euros elsewhere will also pay interest. Japan has been negative for years i think

[BritManToo]

21 minutes ago, RafPinto said:

Please read what Wise sent.
Personal customers can hold up to 3,000EUR free of charge, above will be charged 0,9%

Business customers can hold up to 30,000EUR free of charge, above will be charged 0,9% as well.

WISE isn't a bank.

[RafPinto]

22 minutes ago, BritManToo said:

WISE isn't a bank.

I know that.

 

Again: It is just to make people aware, the ones who don't know yet and hold larger EUR sums with WISE to be prepared for getting charged interest.

[BritManToo]

Just now, RafPinto said:

I know that.

 

Again: It is just to make people aware, the ones who don't know yet and hold larger EUR sums with WISE to be prepared for getting charged interest.

Why would anyone keep large sums of money in WISE?

It's not  bank, it's for moving money between currencies.

Sometimes I leave money in WISE for 2 weeks, no longer.

[RafPinto]

9 minutes ago, BritManToo said:

Why would anyone keep large sums of money in WISE?

It's not  bank, it's for moving money between currencies.

Sometimes I leave money in WISE for 2 weeks, no longer.

There must be many otherwise they wouldn't state it.

I did business, buying land in various European countries and always had large sums sitting on my Wise account.

[nrasmussen]

3 hours ago, BritManToo said:

Negative interest rates are usually for financial institutions, not personal customers.

I guess I'm unusual then. I pay 0.6 % in negative interest to my Danish bank.

[KhunBENQ]

3 hours ago, scubascuba3 said:

Not in euro zone, think those holding euros elsewhere will also pay interest. Japan has been negative for years i think

The limits for negative interest (nice wording) becomes lower and lower.
Some banks go down to 5000 Euro.

Thanks to the bangsters at ECB driving large parts of financial and insurance businesses to the wall. Zero interest at 7% inflation.

[BritManToo]

54 minutes ago, nrasmussen said:

I guess I'm unusual then. I pay 0.6 % in negative interest to my Danish bank.

I'd keep my money in a box under the bed before I was daft enough to pay a bank to store it for me. Surprised the value of the Euro hasn't dropped through the floor as everyone abandons the banks.

Edited April 21, 2022 by BritManToo

[treetops]

On 4/20/2022 at 11:53 AM, steve187 said:

on wise now its 5.96 for £1,000, rate is 44.0594

Looks like they've implemented the rate rise early.

 

[Chivas]

16 hours ago, treetops said:

Looks like they've implemented the rate rise early.

 

Well spotted albeit hardly likely to discourage users

Still the only remitter (that I'm aware of ) that works off full interbank