Wise Latest ?

[pontious]

Wise now  have a warning on the site that due to volatility of exchange  rates they no longer guarantee the exchange rate -you will get what it is when they change it.!

 

They say when they receive the money  - if you use the multi currency a/c surely they have it already???

[KhunBENQ]

Just seen.

Rough times.

 

[OJAS]

Clearly relates specifically to the dramatic overnight plunge in the GBP's value, I think. Earlier today Wise were only giving this message in respect of GBP transfers to other currencies exceeding £5,000.

[digital]

transfers <500GBP are still giving guaranteed rates at the moment

[Stocky]

51 minutes ago, pontious said:

Wise now  have a warning on the site that due to volatility of exchange  rates they no longer guarantee the exchange rate -you will get what it is when they change it.!

That sounds wise.

[CharlieH]

If someone has a screenshot supporting this please ?

 

Otherwise its at risk of being removed as unsubstantiated.

 

Edit just used the Wise app, no such notice and the rate is 40.71, nice to see it moving back the other way.????

[pontious]

[eisfeld]

I entered a transfer from USD to GBP in Wise for 10k USD and it still said guaranteed rate and no warning message as above. Does it only appear when doing the other way? I have no GBP balance to test.

[digital]

[digital]

Only if you transfer 500GBP +, still guaranteed under 500 GBP (for now)

[scubascuba3]

Just now, digital said:

This is because there's a bit of arbitrage going on. People doing transfers, if rate goes wrong way they cancel, Wise are just protecting themselves

[pontious]

8 minutes ago, eisfeld said:

I entered a transfer from USD to GBP in Wise for 10k USD and it still said guaranteed rate and no warning message as above. Does it only appear when doing the other way? I have no GBP balance to test.

I just tested it as yours above - got the warning - are you using an app. Mine was on a computer.

[eisfeld]

Am able to reproduce now. The limit when the live rate kicks in does not seem to be the same for every currency. For GBP to EUR for example it seems to be 452 GBP. For GBP -> USD it was 467 right now.

[CharlieH]

For comparison purposes.....money sat in account..

[eisfeld]

2 minutes ago, CharlieH said:

For comparison purposes.....money sat in account..

Yea that makes sense because there they don't open themselves up to the risk of the exchange rate moving too much against them as the exchange is instant. That's why I couldn't reproduce it initially because I tried with balance in Wise instead of a Bank transfer.

[pontious]

5 minutes ago, CharlieH said:

For comparison purposes.....money sat in account..

So maybe will not effect if you use the M/C account.?

[digital]

18 minutes ago, CharlieH said:

For comparison purposes.....money sat in account..

Looks like its cheaper also to do it this way, fee is less than using 'low cost transfer' from UK bank.

Do they charge you to deposit into the account?

[Pib]

For a USD-THB transfer if funding from an external U.S. bank acct (i.e., ACH pull of funds from your U.S. bank acct  which can take a while to reach Wise) the warning now appears saying they can "not" guarantee rates due to current rate volatility....you will get the rate in effect when your funds arrive.  See first snapshot below.  

 

But if funding from your Wise multicurrency/borderless acct the warning does not appear...the rate "is" guaranteed.   See 2nd snapshot below

 

 

1.  Pulling funds from a U.S. bank acct which takes a while to arrive Wise.   You get the rate warning.

 

 

2.  Funding from your Wise acct

 

 

 

Edited September 26, 2022 by Pib

[pontious]

All is well for me then. I use the M/C account .

[KhunBENQ]

Just started a test to transfer 2000 Euro from my Wise account and this is shown as garantueed.

On their anonymous website without login the show the blanket warning.

[Pib]

18 hours ago, Pib said:

For a USD-THB transfer if funding from an external U.S. bank acct (i.e., ACH pull of funds from your U.S. bank acct  which can take a while to reach Wise) the warning now appears saying they can "not" guarantee rates due to current rate volatility....you will get the rate in effect when your funds arrive.  See first snapshot below.  

 

But if funding from your Wise multicurrency/borderless acct the warning does not appear...the rate "is" guaranteed.   See 2nd snapshot below

 

 

1.  Pulling funds from a U.S. bank acct which takes a while to arrive Wise.   You get the rate warning.

 

 

2.  Funding from your Wise acct

 

 

 

 

 

And just to add some info to above, from looking at Wise's rate guarantee during this time of rate volatility, it appears for those doing a USD-THB transfer using the "ACH bank debit" method (i.e., you authorize Wise to pull the money from your bank acct via the ACH system) then your rate "is" guaranteed once you confirm the payment which I assume to be the last step you do in a Wise transfer.  Or said another way the current rate volatility doesn't appear to apply when funding the transfer via ACH bank debit (not to be confused funding via debit card).  And it wouldn't apply if funding from your Wise multicurrency/borderless acct since Wise already has the funding.   See below Wise weblink/partial quote.  

 

https://wise.com/help/articles/2448203/whats-a-guaranteed-rate

Quote

If you paid for your transfer from USD using ACH bank debit, we’ll lock your rate when you confirm the payment on Wise. 

 

[JimGant]

19 hours ago, Pib said:

Pulling funds from a U.S. bank acct which takes a while to arrive Wise.   You get the rate warning.

Yeah, but it says "it should arrive in seconds." Are they worried about nano second rate changes? Doubtful. So why the warning for an instantaneous transfer -- unless they realize their advertised arrival time may be bogus..... 

 

If it does arrive in seconds, and since ACH pulls are batch, sounds like they're giving you a loan for low amounts, like this $1000 transfer; but if you send more than $2600, it will now arrive tomorrow. Send $50000, it will arrive in a week. Thus, yeah, warnings in these scenarios for Bank Debit (ACH) are warranted. [Note: What Wise once called "Bank Debit (ACH)' are now called "Connected bank account (ACH)." Maybe because Wise can return money to your bank account, which would be a push Bank Credit, not a Bank Debit......(?).]

[Pib]

4 minutes ago, JimGant said:

Yeah, but it says "it should arrive in seconds." Are they worried about nano second rate changes? Doubtful. So why the warning for an instantaneous transfer -- unless they realize their advertised arrival time may be bogus..... 

Yea...the arrival in seconds has "not" occurred for me in numerous months although when first starting the transfer it will say it should arrive in seconds but in the final step of launching/confirming the transfer it changes to hours or next business day.  Lately I've always been transferring more that 50K baht to one of my Bangkok Bank accts where it arrives/posts around 2:02pm if I initiated the transfer before 9:30am Thailand time even when funding from my Wise multicurrency acct.  If I initiate the transfer after 9:30am it will arrive next day at 2:02pm.   

 

Of course different people will experience different arrival speed/time based on what country they are sending from, currency being used to fund the transfer, Thai bank they are sending to, how much they are sending, method of funding/getting the funding to Wise, etc.  Preaching to the choir I know.

 

 

[KhunBENQ]

32 minutes ago, Pib said:

If I initiate the transfer after 9:30am it will arrive next day at 2:02pm.   

Just did similar from my WISE Euro account and will receive tomorrow afternoon with rate shown at the order. Done from the mobile app.

 

The website (not logged in) still shows the general warning:

https://wise.com/

Edited September 27, 2022 by KhunBENQ

[Pib]

 

From looking at the Wise website as of 27 Sep/8:10pm Thailand time I see below notice has now disappeared....surely due to exchange rates stabilizing.   When I looked it said USD-THB rates were guaranteed for 9 hours, EUR-THB for 50 hours, but GBP-THB only for 2 hours.   

 

 

I've been looking to do a USD-THB transfer at 38 baht/USD but for the last 12 hours or so the rate has just "slightly" oscillated around 37.90...a few times getting up to 37.975 before falling back to around 37.90.  The rate just can't seem to touch, break 38....maybe the Bank of Thailand is intervening to hold down the exchange rate below 38....reaching 38 would surely make big Thai media news.

 

Wednesday/28 Sep is when the Bank of Thailand has one of its every few months Momentary Policy Committee meetings where they set/raise/lower prime interest rates.   News reports indicate either a 0.25% or 0.50% rate rise which "should" strengthen the baht a little....OR such a rise will be seen as too little and cause the baht to weaken more.  Who knows....I sure don't.

 

 

Edited September 27, 2022 by Pib

[bunnydrops]

1 hour ago, Pib said:

The rate just can't seem to touch, break 38....maybe the Bank of Thailand is intervening to hold down the exchange rate below 38..

That is something I have always noticed when it reaches the whole numbers going up. Seems something stalls. I did a transfer Monday 9/27. Must have hit the peak, $1010 (I always pay the fee on top) and got 379807.

[Lacessit]

No such warning for the Aussie dollar, the rate is guaranteed for 19 hours. IMO confined to the GBP. Or the Turkish lira.

[pontious]

Just looked on Wise -did not log in - the warning now gone.?????? That was 1000GBP to THB. guaranteed fr 9 hrs.

Edited September 27, 2022 by pontious

[Pib]

Just did a USD-THB transfer...I got 38.000....rate guaranteed....Wise says it will arrive today at 2:02pm.

 

I can now add a "I got 38 baht to the USD" badge to my boy scout uniform.  

 

[KhunBENQ]

1 hour ago, pontious said:

Just looked on Wise -did not log in - the warning now gone.?????? That was 1000GBP to THB. guaranteed fr 9 hrs.

Yes gone (on mobile site).

My Euro transfer will soon be completed and on the account after 2 PM.