drenddy Posted August 4, 2022 Share Posted August 4, 2022 I use Wise to send money to Thailand, what's the catch with Wise Borderless Account? Is it cheaper&faster than the regular Wise in terms of transfer? Anyone care to explain? 1 Link to comment Share on other sites More sharing options...
scubascuba3 Posted August 4, 2022 Share Posted August 4, 2022 I'm not sure if it's cheaper but it enables you to have an account with them, if GBP sort code and account number. I don't need one so haven't bothered 1 Link to comment Share on other sites More sharing options...
DezLez Posted August 4, 2022 Share Posted August 4, 2022 If you are a UK pensioner claiming to be in the UK and already have a UK bank account I would advise against closing it and opening a Wise account in it's place. HMRC will recognise the sort code as belonging to Wise and may put two and two together. If you do NOT have a UK bank a/c on the other hand then it may be worth trying! 1 Link to comment Share on other sites More sharing options...
The Hammer2021 Posted August 4, 2022 Share Posted August 4, 2022 2 minutes ago, DezLez said: If you are a UK pensioner claiming to be in the UK and already have a UK bank account I would advise against closing it and opening a Wise account in it's place. HMRC will recognise the sort code as belonging to Wise and may put two and two together. If you do NOT have a UK bank a/c on the other hand then it may be worth trying! I think you credit the revenue man with too much diligence, hopefully! 1 1 Link to comment Share on other sites More sharing options...
DezLez Posted August 4, 2022 Share Posted August 4, 2022 6 hours ago, drenddy said: Is it cheaper&faster than the regular Wise in terms of transfer? It certainly will not be any faster than their current transfer times of seconds, if stating that it is "general monthly living expenses"! Cannot comment on "long term" transfers! Costs I cannot comment on but I am happy with the present fees. Link to comment Share on other sites More sharing options...
Popular Post 86Tiger Posted August 4, 2022 Popular Post Share Posted August 4, 2022 I don't think there is a difference in the transfers. The account allows you to load up and convert/hold any number of currencies. For example, I fund the account in US dollars. I can then convert/hol Dollars, Thai Bhat, Euros, Turkish Lira, Etc. in any amounts simultaneously in the account. It also has a debit card that I have been very impressed with. I have used it all over the world and on line with never a hiccup. It also converts to the local currency with any purchase with no fees. I am happy customer and will use internationally until it dies or something better comes along. 2 1 Link to comment Share on other sites More sharing options...
DezLez Posted August 4, 2022 Share Posted August 4, 2022 6 minutes ago, The Hammer2021 said: I think you credit the revenue man with too much diligence, hopefully! It is easy to look up. Wise main sort code is 231470 which is with Barclays! I do not have a "bank account" with them so do not know which one they use for personal accounts. Link to comment Share on other sites More sharing options...
DezLez Posted August 4, 2022 Share Posted August 4, 2022 (edited) 10 minutes ago, 86Tiger said: I don't think there is a difference in the transfers. The account allows you to load up and convert/hold any number of currencies. For example, I fund the account in US dollars. I can then convert/hol Dollars, Thai Bhat, Euros, Turkish Lira, Etc. in any amounts simultaneously in the account. It also has a debit card that I have been very impressed with. I have used it all over the world and on line with never a hiccup. It also converts to the local currency with any purchase with no fees. I am happy customer and will use internationally until it dies or something better comes along. Would you mind giving some indication of the fees involved and when using the card in local currency do they use the "Visa" rate, the dynamic currency conversion rate or something else? Edited August 4, 2022 by DezLez Link to comment Share on other sites More sharing options...
The Hammer2021 Posted August 4, 2022 Share Posted August 4, 2022 2 minutes ago, DezLez said: It is easy to look up. Wise main sort code is 231470 which is with Barclays! I do not have a "bank account" with them so do not know which one they use for personal accounts. I repeat. I think you credit the revenue man with too much diligence unless there is a special task force assembled checking on and prosecuying expats which would generate more returns for the IR than other avenues of Inquiry. They are over worked, underresourced lacking in talent and lazy. 1 1 Link to comment Share on other sites More sharing options...
DezLez Posted August 4, 2022 Share Posted August 4, 2022 (edited) 8 minutes ago, The Hammer2021 said: I think you credit the revenue man with too much diligence I think you (dis)credit the revenue man with too much insufficient diligence! ???? Edited August 4, 2022 by DezLez Link to comment Share on other sites More sharing options...
Upnotover Posted August 4, 2022 Share Posted August 4, 2022 13 minutes ago, DezLez said: It is easy to look up. Wise main sort code is 231470 which is with Barclays! It is easy but not sure what you used as every method I know, including my UK bank account, comes back with Wise Payments Ltd, which is just as well as its the sort code I send to. Link to comment Share on other sites More sharing options...
The Hammer2021 Posted August 4, 2022 Share Posted August 4, 2022 7 minutes ago, DezLez said: I think you (dis)credit the revenue man with too much insufficient diligence! ???? They are short of staff. They can't afford to pay real talent. They hire mediocrity. The real brains and talent they do hire targets multi billion pound tax fraud. Not a few hundred quid from some old man who might die before the case comes to court! IF THEY CAN GET HIM TO COURT! 1 1 Link to comment Share on other sites More sharing options...
DezLez Posted August 4, 2022 Share Posted August 4, 2022 (edited) 7 minutes ago, Upnotover said: It is easy but not sure what you used as every method I know, including my UK bank account, comes back with Wise Payments Ltd, which is just as well as its the sort code I send to. Please note that HMRC use Barclays as well! Edited August 4, 2022 by DezLez Link to comment Share on other sites More sharing options...
Dart12 Posted August 4, 2022 Share Posted August 4, 2022 I opted against it after research.. Don't remember why though. Link to comment Share on other sites More sharing options...
DezLez Posted August 4, 2022 Share Posted August 4, 2022 4 minutes ago, Dart12 said: I opted against it after research.. Don't remember why though. I am the same! I would love more info on their " Bank Account" as a fall back. Any time I look into it all I get is sign up screens, including £20 deposit. I cannot find any info on fees etc so have stopped looking at it as I am happy with my present set up. Hence my questions re fees to @86Tiger 1 Link to comment Share on other sites More sharing options...
DezLez Posted August 4, 2022 Share Posted August 4, 2022 22 minutes ago, Dart12 said: I opted against it after research.. Don't remember why though. I have just sent them an E-mail telling them about the lack of info/difficulty of finding! I will come back with their response i.d.c I hope! 1 Link to comment Share on other sites More sharing options...
The Hammer2021 Posted August 4, 2022 Share Posted August 4, 2022 49 minutes ago, DezLez said: I am the same! I would love more info on their " Bank Account" as a fall back. Any time I look into it all I get is sign up screens, including £20 deposit. I cannot find any info on fees etc so have stopped looking at it as I am happy with my present set up. Hence my questions re fees to @86Tiger When I transfer money from my UK account I use the wise bank in London as the receiver- what's the point in having wise without their bank? 1 Link to comment Share on other sites More sharing options...
treetops Posted August 4, 2022 Share Posted August 4, 2022 The borderless account is now called the multi currency account. I've never set one up as although I use Wise for transfers I have other accounts which offer me as good or better options than the Wise card. 1 Link to comment Share on other sites More sharing options...
treetops Posted August 4, 2022 Share Posted August 4, 2022 (edited) 7 hours ago, DezLez said: Would you mind giving some indication of the fees involved and when using the card in local currency do they use the "Visa" rate, the dynamic currency conversion rate or something else? Images of the card online appear to show the Mastercard logo so their rate would be applicable unless you choose to pay in a non-local currency which would open you to DCC. From their website: Edited August 4, 2022 by treetops 1 Link to comment Share on other sites More sharing options...
Dart12 Posted August 8, 2022 Share Posted August 8, 2022 On 8/4/2022 at 3:34 PM, DezLez said: I am the same! I would love more info on their " Bank Account" as a fall back. Any time I look into it all I get is sign up screens, including £20 deposit. I cannot find any info on fees etc so have stopped looking at it as I am happy with my present set up. Hence my questions re fees to @86Tiger oh. I did open an account there too though. Again, can't remember what I was gonna use it for, but no harm to put $20 in. I spent it on womething within the week and have like $1 in it now. Link to comment Share on other sites More sharing options...
prakhonchai nick Posted August 8, 2022 Share Posted August 8, 2022 If one has no UK bank account and has private and occupational pensions sent direct to Thailand there is no control oveer the exchange rate. You get the TT rate on the day of arrival. With a Wise borderless account, pensions can be paid into it automatically, and moved as and when you want at the rate you are offered. There is no time limit to transfer money held in a Wise account. 1 Link to comment Share on other sites More sharing options...
foreverlomsak Posted August 8, 2022 Share Posted August 8, 2022 13 minutes ago, prakhonchai nick said: With a Wise borderless account, pensions can be paid into it automatically, That is what Wise say, but in my experience when I tried to arrange for both my private pensions to be paid into Wise both providers refused, only one provided any form of reason why, "head office have advised that as Wise is a financial institution and not a bank, pension payments cannot be made direct to them." 1 1 Link to comment Share on other sites More sharing options...
DezLez Posted August 8, 2022 Share Posted August 8, 2022 On 8/4/2022 at 3:47 PM, DezLez said: I have just sent them an E-mail telling them about the lack of info/difficulty of finding! I will come back with their response i.d.c I hope! I was basically told I had to sign up to the account, pay the £20 (into my new account-not a fee as such) and then I could find out the fees and how it operated!! No thanks! I have UK bank accounts and will stick with using Wise to send from a UK a/c to Thailand. I just cannot find out what, if any, are the advantages of a "Wise" account if you already have a UK High Street a/c! 1 Link to comment Share on other sites More sharing options...
prakhonchai nick Posted August 8, 2022 Share Posted August 8, 2022 34 minutes ago, foreverlomsak said: That is what Wise say, but in my experience when I tried to arrange for both my private pensions to be paid into Wise both providers refused, only one provided any form of reason why, "head office have advised that as Wise is a financial institution and not a bank, pension payments cannot be made direct to them." That is not the fault of Wise, I have heard that some pension funds will not pay pensions to Wise - that is their prerogative Link to comment Share on other sites More sharing options...
prakhonchai nick Posted August 8, 2022 Share Posted August 8, 2022 20 minutes ago, DezLez said: I was basically told I had to sign up to the account, pay the £20 (into my new account-not a fee as such) and then I could find out the fees and how it operated!! No thanks! I have UK bank accounts and will stick with using Wise to send from a UK a/c to Thailand. I just cannot find out what, if any, are the advantages of a "Wise" account if you already have a UK High Street a/c! None really, except if you pay through Wise, you get more than if you transfer bank to bank and take TT rates. However, one small advatage. If you have a borderless account, and top up the account first before arranging a transfer you invariably get more than you would if you transfer the money from your bank to meet the transfer charge. Not a lot, but pays for a beer or 2.???? 1 1 Link to comment Share on other sites More sharing options...
Upnotover Posted August 8, 2022 Share Posted August 8, 2022 23 minutes ago, DezLez said: I was basically told I had to sign up to the account, pay the £20 (into my new account-not a fee as such) and then I could find out the fees and how it operated!! Or you could go to this page and see for yourself.....https://wise.com/gb/pricing/ 1 Link to comment Share on other sites More sharing options...
DezLez Posted August 8, 2022 Share Posted August 8, 2022 (edited) 5 minutes ago, prakhonchai nick said: That is not the fault of Wise, I have heard that some pension funds will not pay pensions to Wise - that is their prerogative It depends on what/how the FCA classify them. As Wise say on their web site they are not a bank. "Your Wise account is an electronic money account. It’s different from a bank account because: Your money is safeguarded and not covered by the Financial Services" Edited August 8, 2022 by DezLez Link to comment Share on other sites More sharing options...
DezLez Posted August 8, 2022 Share Posted August 8, 2022 7 minutes ago, Upnotover said: Or you could go to this page and see for yourself.....https://wise.com/gb/pricing/ Are you able to tell what the fees will be to send money anywhere from your "about to be account" without actually opening it? I cannot be bothered! Link to comment Share on other sites More sharing options...
The Hammer2021 Posted August 8, 2022 Share Posted August 8, 2022 On 8/4/2022 at 9:46 PM, treetops said: The borderless account is now called the multi currency account. I've never set one up as although I use Wise for transfers I have other accounts which offer me as good or better options than the Wise card. I rarely use the wise card but this thread isn't about the wise card. It's about the wise bank. Link to comment Share on other sites More sharing options...
The Hammer2021 Posted August 8, 2022 Share Posted August 8, 2022 22 minutes ago, DezLez said: Are you able to tell what the fees will be to send money anywhere from your "about to be account" without actually opening it? I cannot be bothered! I send money TO my wise bank using their sort code and account number. Then I convert it to the foreign currency of my choice, usually baht and put it in my Thai account. Why bank with Wise if you don't have a bank account with them? Link to comment Share on other sites More sharing options...
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