RafPinto Posted April 20, 2022 Share Posted April 20, 2022 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. Link to comment Share on other sites More sharing options...
CharlieH Posted April 20, 2022 Share Posted April 20, 2022 MOVED to Banking Link to comment Share on other sites More sharing options...
RafPinto Posted April 20, 2022 Author Share Posted April 20, 2022 (edited) Thanks Edited April 20, 2022 by RafPinto Link to comment Share on other sites More sharing options...
Pumpuynarak Posted April 20, 2022 Share Posted April 20, 2022 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. 2 Link to comment Share on other sites More sharing options...
Chivas Posted April 20, 2022 Share Posted April 20, 2022 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. Link to comment Share on other sites More sharing options...
Bangkok Barry Posted April 20, 2022 Share Posted April 20, 2022 I checked and I'll pay about 35p more for my usual monthly transfer from the UK. I should be able to absorb that ???? 2 Link to comment Share on other sites More sharing options...
steve187 Posted April 20, 2022 Share Posted April 20, 2022 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 Link to comment Share on other sites More sharing options...
RafPinto Posted April 21, 2022 Author Share Posted April 21, 2022 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. 1 Link to comment Share on other sites More sharing options...
scubascuba3 Posted April 21, 2022 Share Posted April 21, 2022 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%? Link to comment Share on other sites More sharing options...
BritManToo Posted April 21, 2022 Share Posted April 21, 2022 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. Link to comment Share on other sites More sharing options...
RafPinto Posted April 21, 2022 Author Share Posted April 21, 2022 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. Link to comment Share on other sites More sharing options...
RafPinto Posted April 21, 2022 Author Share Posted April 21, 2022 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: 1 Link to comment Share on other sites More sharing options...
Moonlover Posted April 21, 2022 Share Posted April 21, 2022 (edited) 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 Link to comment Share on other sites More sharing options...
RafPinto Posted April 21, 2022 Author Share Posted April 21, 2022 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. 1 1 Link to comment Share on other sites More sharing options...
scubascuba3 Posted April 21, 2022 Share Posted April 21, 2022 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 Link to comment Share on other sites More sharing options...
BritManToo Posted April 21, 2022 Share Posted April 21, 2022 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. 1 Link to comment Share on other sites More sharing options...
RafPinto Posted April 21, 2022 Author Share Posted April 21, 2022 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. Link to comment Share on other sites More sharing options...
Popular Post BritManToo Posted April 21, 2022 Popular Post Share Posted April 21, 2022 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. 3 Link to comment Share on other sites More sharing options...
RafPinto Posted April 21, 2022 Author Share Posted April 21, 2022 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. 1 1 Link to comment Share on other sites More sharing options...
nrasmussen Posted April 21, 2022 Share Posted April 21, 2022 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. 1 Link to comment Share on other sites More sharing options...
KhunBENQ Posted April 21, 2022 Share Posted April 21, 2022 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. 1 Link to comment Share on other sites More sharing options...
BritManToo Posted April 21, 2022 Share Posted April 21, 2022 (edited) 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 Link to comment Share on other sites More sharing options...
treetops Posted April 21, 2022 Share Posted April 21, 2022 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. 2 Link to comment Share on other sites More sharing options...
Chivas Posted April 22, 2022 Share Posted April 22, 2022 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 1 Link to comment Share on other sites More sharing options...
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