Wise (Formerly TransferWise)

[DezLez]

29 minutes ago, Tom H said:

But:

As a transfer company realy good.

 

I would never park higher sums by Wise.

I agree entirely.  Use WISE for monthly living transfers etc but not as a bank and not for the transfer of large sums.

Edited November 29, 2022 by DezLez

[FarAngMoh]

6 hours ago, hotandsticky said:

 

 

I have  £2,000 sitting in Wise (waiting for a rate I like).

 

 

I am still sleeping at night..................

You can lock in the rate by initiating a transfer, without giving them a single quid. Then, you can then take your sweet time to fund the transfer because the rate is already locked and guaranteed, usually for days. 
 

It’s your prerogative of course, but I fail to see a benefit to keeping any funds in Wise.

[hotandsticky]

13 minutes ago, FarAngMoh said:

You can lock in the rate by initiating a transfer, without giving them a single quid. Then, you can then take your sweet time to fund the transfer because the rate is already locked and guaranteed, usually for days. 
 

It’s your prerogative of course, but I fail to see a benefit to keeping any funds in Wise.

 

Of course you can't - that is why you posted inappropriate comments. I am fully aware that I can 'lock' the rate - for 96 hours on occasions... 

 

Read my post again. I have transferred money there WAITING for the rate that I want. I am100% comfortable with that 

[scubascuba3]

22 minutes ago, FarAngMoh said:

You can lock in the rate by initiating a transfer, without giving them a single quid. Then, you can then take your sweet time to fund the transfer because the rate is already locked and guaranteed, usually for days. 
 

It’s your prerogative of course, but I fail to see a benefit to keeping any funds in Wise.

the last transfer i did they gave a warning that if the transfer is cancelled they may impose extra charges next time, fair enough, people trying to game the system 

[Moonlover]

2 hours ago, Tom H said:

As a transfer company realy good.

And that's all I ask of it. All the rest of your comments above are. to me, irrelevant.

[DezLez]

7 minutes ago, Moonlover said:

All the rest of your comments above are. to me, irrelevant.

But not necessarily to the rest of the community who may not be following this thread as assiduously as you seem to be!

 

[Moonlover]

11 hours ago, FarAngMoh said:

You can lock in the rate by initiating a transfer, without giving them a single quid. Then, you can then take your sweet time to fund the transfer because the rate is already locked and guaranteed, usually for days. 
 

It’s your prerogative of course, but I fail to see a benefit to keeping any funds in Wise.

That is not true. The rate that your are offered is only guaranteed for a set, usually short period and the more volatile the market rates are, the shorter that period is. I've seen it as short as 1 hour!

 

If you do want to play at being an amateur FOREX dealer, use the Multi Currency Account.

[Moonlover]

12 hours ago, DezLez said:

11 hours ago, Moonlover said:

All the rest of your comments above are. to me, irrelevant.

 

12 hours ago, DezLez said:

But not necessarily to the rest of the community who may not be following this thread as assiduously as you seem to be!

 

It that case you should have addressed your, what are IMO unfounded and unhelpful comments to the community at large, not to me personally.

 

I've been a customer of TransferWise (That is still the company's name BTW, Wise is their trading name) and regard them as totally reliable, very efficient and they do exactly 'what it says on the tin'.

[KannikaP]

On 11/29/2022 at 11:21 AM, NoshowJones said:

This post is alarming me, I have money parked with Wise. Are there any other posters with money parked with Wise? Should I send that money back to my UK bank?

I have GBP, AED, USD and THB in my Wise accounts. I am not particularly worried, and I can instantly send to anyone.

[SpaceKadet]

19 hours ago, Upnotover said:

Presumably download the requested statements and send them on.  All my banks (and indeed Wise themselves) provide online statements, just because they don't send paper ones doesn't mean they don't exist.

The question was more if they accept the printed or PDF statements from the banking online application.

[KannikaP]

1 hour ago, SpaceKadet said:

The question was more if they accept the printed or PDF statements from the banking online application.

Who is THEY please? If you are referring to the Immigration, THEY do not want to see your Wise, or any other statements.

All THEY want to see is your Thai Bank statements with an appropriate letter both directly from your Thai Bank, and copies of your Bank book. Been there and just done it this morning.

Edited November 30, 2022 by KannikaP

[FarAngMoh]

8 hours ago, Moonlover said:

That is not true. The rate that your are offered is only guaranteed for a set, usually short period and the more volatile the market rates are, the shorter that period is. I've seen it as short as 1 hour!

 

If you do want to play at being an amateur FOREX dealer, use the Multi Currency Account.

Well, I stand corrected. I have never attempted GBP-THB currency pair and after trying, sure enough, only a 2h lock in. 
 

I’ve always gotten at least 48h minimum with my currency pair and wrongly assumed GBP-THB was similar. My bad.

[Emeraldisle]

Sent information more than one week ago.  Noting yet

[SpaceKadet]

2 hours ago, KannikaP said:

Who is THEY please? If you are referring to the Immigration, THEY do not want to see your Wise, or any other statements.

All THEY want to see is your Thai Bank statements with an appropriate letter both directly from your Thai Bank, and copies of your Bank book. Been there and just done it this morning.

The discussion here is about Wise. So I'm referring to Wise. Will they accept a PDF or printed copy of your bank statement from internet application, or do they insist on real statement with bank logo.

[KannikaP]

49 minutes ago, SpaceKadet said:

The discussion here is about Wise. So I'm referring to Wise. Will they accept a PDF or printed copy of your bank statement from internet application, or do they insist on real statement with bank logo.

So you are asking will WISE accept a PDF or printed copy. Sorry you lost me.

In my experience with Wise, I simply put money in, transfer it to someone, and that's it. 

[SpaceKadet]

27 minutes ago, KannikaP said:

So you are asking will WISE accept a PDF or printed copy. Sorry you lost me.

In my experience with Wise, I simply put money in, transfer it to someone, and that's it. 

So do I. The issue here is that a members Wise account was blocked, by Wise, and he was asked to verify where his money came from. I think you should just read the OP again. Maybe it will clarify the discussion here.

[Moonlover]

19 hours ago, FarAngMoh said:

Well, I stand corrected. I have never attempted GBP-THB currency pair and after trying, sure enough, only a 2h lock in. 
 

I’ve always gotten at least 48h minimum with my currency pair and wrongly assumed GBP-THB was similar. My bad.

As I said, it's all down to market volatility. Wise will have annalists and computer algorithms constantly assessing what currencies are likely to be doing relative to each other, just as FOREX folk do. 

 

If they perceive that the currency being paid in is likely to fall against the Baht they will only allow a short window of opportunity for you to put your 'money on the table'. Otherwise they risk receiving less money than the deal is actually worth. This very morning they only allowed 1 hour on my GBP transfer.

 

On the other hand, if they think that your currency is going to rise, they will happily allow you a longer period to pay in. You might just 'fall for the bait' and mistakenly think that you've beat the system, should you delay your payment. You haven't!   

 

Either way, the golden rule is never press 'confirm' until you're sure you're going to close the deal straight away. 

[Stocky]

23 hours ago, SpaceKadet said:

The question was more if they accept the printed or PDF statements from the banking online application.

They did when I registered, I only get pdf statements from HSBC, it still has the HSBC logo on it and my Thai address which was enough to satisfy Wise when I set up my account.