Wise vs Wise Borderless Account

[Upnotover]

46 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 just looked at my account.  To send GBP10,000 to THB from an external bank account will cost GBP52.52.  To send it from a Wise GBP balance will cost £52.44.  So basically the same.

[DezLez]

22 minutes ago, The Hammer2021 said:

Why bank with Wise if you don't have a bank  account with them?

I do not understand that statement!

????

You say "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."

 

 Do you know what the cost differences are if you just used the wise transfer system directly from your UK bank account to your Thai bank account and is there any difference in the time they take?

 

I am NOT trying to be in any way argumentative or question your transfer practices!

 

It would just be great to hear from someone as to what the actual differences are in costs and time between the two methods!

[DezLez]

8 minutes ago, Upnotover said:

So basically the same.

Thanks.

 

Sorry but our posts crossed over each other.

 

Is there any difference in time between the two systems that you know of?

I am thinking of people like myself who do NOT need the wise "long term stay/overseas transfer notation in their bank account for IO purposes but just a quick 10 seconds transfer?

[The Hammer2021]

5 minutes ago, DezLez said:

I do not understand that statement!

????

You say "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."

 

 Do you know what the cost differences are if you just used the wise transfer system directly from your UK bank account to your Thai bank account and is there any difference in the time they take?

 

I am NOT trying to be in any way argumentative or question your transfer practices!

 

It would just be great to hear from someone as to what the actual differences are in costs and time between the two methods!

Thanks for your input.

"Do you know what the cost differences are if you just used the wise transfer system directly from your UK bank account to your Thai bank account and is there any difference in the time they take?"

 BUT How can I transfer money or leave money with WISE without having a WISE  account?

 

[Upnotover]

1 minute ago, DezLez said:

Thanks.

 

Sorry but our posts crossed over each other.

 

Is there any difference in time between the two systems that you know of?

I am thinking of people like myself who do NOT need the wise "long term stay/overseas transfer notation in their bank account for IO purposes but just a quick 10 seconds transfer?

Once Wise has your money then the time for the transfer to THB is the same.  I have read of people having issues with their UK bank stalling payments to Wise for some reason or other which caused delays,  Every payment I ever made to my Wise account has been received within seconds, it goes as a "faster payment" from my UK bank.

 

Onward payments have normally arrived in seconds, in my case always within minutes.  I have never used the mentioned notation which it is often said causes some delay.  The payment time also seems to depend on the receiving bank, seems SCB, Kasikorn or Bangkok are the best and they also can receive larger payments (over 50kTHB I think).

 

 

[treetops]

20 hours ago, The Hammer2021 said:

BUT How can I transfer money or leave money with WISE without having a WISE  account?

That's exactly how Wise has been used for transfers since before they launched the Borderless (now called Multi Currency) account.  Leaving money with them is only an option if you have an account, and can be used if you want to time the market and optimise the exchange rate as described above.

 

To answer the OP, going by the examples on their site, moving £1,000 from GBP to THB within a Multi Currency acccount will cost £6.20 while using a low cost traditional transfer funded from your regular UK bank account will cost £6.38, if I have understood and used their example screens correctly (8 baht difference from £1,000 in THB received).  Presumably the lower cost is down to them making a profit with your stored money.

 

 

 

 

[peterfranks]

21 hours ago, DezLez said:

I am thinking of people like myself who do NOT need the wise "long term stay/overseas transfer notation in their bank account for IO purposes but just a quick 10 seconds transfer?

Why a 10 second transfer is so important, unless you really live on the edge, because fees and exchange rate are guaranteed anyway.

[KannikaP]

22 hours ago, prakhonchai nick said:

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.????

You can, over the course of a month, top up your Wise THB account from your GBP as and when you think the exchange rate looks favourable. Then if & when you need to send to Thai bank, it costs about Bht 30 to send Bht 50k.

And you can use it as a Debit Card in Thailand, with instant automatic exchanges at their rates if there is insufficient THB to cover a purchase.

Edited August 9, 2022 by KannikaP

[KannikaP]

On 8/9/2022 at 4:39 PM, KannikaP said:

You can, over the course of a month, top up your Wise THB account from your GBP as and when you think the exchange rate looks favourable. Then if & when you need to send to Thai bank, it costs about Bht 30 to send Bht 50k.

And you can use it as a Debit Card in Thailand, with instant automatic exchanges at their rates if there is insufficient THB to cover a purchase.

And once again, Bht 50,000 sent at 07.30 this morning arrived at 14.03 into Bkk Bank as a Foreign Transfer. Thank you Wise. Cost £6.95.

Exchange rate was 5hit but it had to be done.