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Wise vs XE.com


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Wanted to test XE.com rate. So I opened an account with XE.com. And sent $100 from USD to Thailand. Here are the conversion. I am still not sure If Bangkok Bank would deduct any thing from the total shown here or not. 

XE.com conversion vs Wise.com conversion. There is a 68 baht difference between XE.com (3464.08) vs Wise.com (3396.64) for $100 transferred. For $2,000 transferred, it would be approximately 1,200 baht. Not a small amount. Any feed back will be appreciated. Last year I may have transferred close to a million baht. Am I losing money using Wise? I really don't care if it take a few days to reach money to my bank in Thailand. 

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wise.png

Edited by Onerak
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Yes losing money. Sorry. I started with WU, but caused problems after opening several accounts to avoid problems bought about by assisting Thais, they see as unreliable but let's leave that alone. I compared the 2 you mentioned and others and find Remitly the best as they don't increase their fee depending on how much, plus it's in your bank in minutes. Your exchange rate is weaker but less delay, depending on your need, as rates vary every day. 

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23 minutes ago, Jerno said:

Used and still using Xe for years. No problems ever and excellent rates, better than most others including Wise.

If transferring for Immigration purposes and need it to show as an International transfer, does XE show this please?

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Never used XE.com, tried clicking on the "Send" button (without registering and opening an account) and it says we can't use it here in Thailand. So how are you guys managing to use it?

 

Sorry, we can't send money from your country yet

We are always expanding our service though, so please check again in the future.

Edited by bbi1
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11 hours ago, Haveasay said:

Yes losing money. Sorry. I started with WU, but caused problems after opening several accounts to avoid problems bought about by assisting Thais, they see as unreliable but let's leave that alone. I compared the 2 you mentioned and others and find Remitly the best as they don't increase their fee depending on how much, plus it's in your bank in minutes. Your exchange rate is weaker but less delay, depending on your need, as rates vary every day. 

Now that I have two accounts registered, I will do a check every time I want to send money to Thailand. If Wise is better, I will use Wise and if XE.com is better, I will use XE.com. I did an experiment with Remitly also but the total was less, hence I did not report. My experiment involved $100 and I see the total sent to my Thai account. 

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Wise charges ~0.6% for a currency exchange (EUR/THB). That is compared to “their rate” which ATM is 0.05% worse than Google.

 

Furthermore, they charge 31.70 baht to “withdraw to a Thai bank account”.

 

Currently xe.com has almost the same rate as Wise, but I cannot see what fee they charge (I also get the “not supported in your country”).

 

Though currently it is Sunday, so currency markets are closed, they probably all use Friday’s closing price. Be aware though that there are multiple exchanges to trade currency, so there is no one rate. 

 

All that said, I use Wise because they support limit orders. So I decide on the rate I would be happy with, and that I think there is a chance we will see in the foreseeable future, and then I just wait until my auto-conversion is triggered…

 

But I am not sure it is really worth it, probably “saving” ±1,000 baht/month.

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43 minutes ago, lkn said:

Wise charges ~0.6% for a currency exchange (EUR/THB). That is compared to “their rate” which ATM is 0.05% worse than Google.

 

Furthermore, they charge 31.70 baht to “withdraw to a Thai bank account”.

 

Currently xe.com has almost the same rate as Wise, but I cannot see what fee they charge (I also get the “not supported in your country”).

 

Though currently it is Sunday, so currency markets are closed, they probably all use Friday’s closing price. Be aware though that there are multiple exchanges to trade currency, so there is no one rate. 

 

All that said, I use Wise because they support limit orders. So I decide on the rate I would be happy with, and that I think there is a chance we will see in the foreseeable future, and then I just wait until my auto-conversion is triggered…

 

But I am not sure it is really worth it, probably “saving” ±1,000 baht/month.

I don't want to make this complicated by conversion rate, ATM, multiple exchange rates  blah bah blah. My above experiment involved sending $100 at the same time through XE.com and Wise.come (may be within 5 minutes). My metric was how much I got in my Thai bank account. I found the difference is 68 baht. That amounts to 17K+ in one year if I send $500 every week to Thailand. And 17K is more than what I pay for my yearly condo expenses.

Every week I send $500 to my Thai bank. From now on I will check both when I am ready to send money, and I will use the one that gives me more. It is that simple. As I said I don't care how long it takes. I always have enough in my Thai bank and have access to one million USD in credit cards. So I am not desperate for instant money. The reason for my posting is to get feed back from people who use XE.com regularly and their experiences with XE.com. And also, I would like to know if Bangkok bank will deduct money when they receive the money shown in XE.com transaction? 

Edited by Onerak
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23 minutes ago, Onerak said:

That amounts to 17K+ in one year if I send $500 every week to Thailand

That assumes the difference is 5×68 baht for $500. There might be some flat fee involved, that is why I gave it as percentage (0.60%) + flat fee (31.70 baht).

 

E.g. if 31.70 baht of the 68 baht difference is the flat fee Wise charges, already your “savings” are down from 17k to 11k, and if you did it once a month, you save another thousand baht…

 

You started the thread to get feedback on xe.com: I would like to know their fees. Did you get a fee breakdown of the $100 you did transfer?

 

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3 hours ago, lkn said:

You started the thread to get feedback on xe.com: I would like to know their fees. Did you get a fee breakdown of the $100 you did transfer?

I did not care. I only care about how much I get in THB compared to Wise. And it shows 68 baht more for a $100 transaction. Next week I will check $500 and see the difference. As I send $500 baht every week, I can then multiply the difference by 52 to get how much I would save in a year. Why am I going to fog my brain with their fees, rates, etc. etc.? The 17K I assumed using 68 (baht difference) x 5 (for $500 transaction) x 52 (weeks of transaction) = 17,680. 

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5 hours ago, Onerak said:

I did not care. I only care about how much I get in THB compared to Wise. And it shows 68 baht more for a $100 transaction. Next week I will check $500 and see the difference. As I send $500 baht every week, I can then multiply the difference by 52 to get how much I would save in a year. Why am I going to fog my brain with their fees, rates, etc. etc.? The 17K I assumed using 68 (baht difference) x 5 (for $500 transaction) x 52 (weeks of transaction) = 17,680. 

When your money goes into your account using XE.com is there a charge by your local Thai bank. I know there is not charge for Wise deposits.

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9 hours ago, Onerak said:

Every week I send $500 to my Thai bank. 

Wouldn't save making monthly. quarterly or possibly yearly transfers?

 

 

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8 hours ago, Onerak said:

Why am I going to fog my brain with their fees, rates, etc. etc.?

Understanding the fee structure makes it easier to figure out the pros and cons of each option.

 

For example Revolut charges 1% for EUR/THB currency conversion, so it is never better than Wise (which charges 0.60%), no need to send $100 to “test it out”.

 

And when you send such low amount ($100) there is a good chance that majority of your fee is the flat fee. As I told you, Wise will always charge 31.70 baht, regardless of the amount, so sending $200 with Wise is cheaper than sending $100 twice.

 

Anyway, you do you, and maybe someone else can provide us with the general xe.com fees, rather than “how much cheaper it was to send $100 compared to Wise at the end of November 2022” 🙂

Edited by lkn
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Just did a simple comparison of XE vs WISE for MY typical transfer of 2000 EUR.

Taken screenshot same minute (in German but numbers are numbers).

And here WISE is still winning with a small difference.

 

And with the method that I use (transfer via a WISE account) I get some xx Baht more than shown.

 

xe.jpg

 

 

wise2k.jpg

 

13,49 EUR is the fee that WISE deducts from the EUR amount.

Edited by KhunBENQ
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14 minutes ago, KhunBENQ said:

As you can see, XE uses the zero fee with lower rate method.

Some like it or fall for it. I don't.

 

BUT I admit that the comparison shows (almost) cheapest transfer for WISE while XE has same result for all payment methods.

Credit card payment is not recommended with WISE but with XE you are quick and flexible (no lengthy bank transfers etc.).

For now I will stay with WISE.

Thanks for posting. Good to keep up-to-date on our options!

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28 minutes ago, KhunBENQ said:

Credit card payment is not recommended with WISE but with XE you are quick and flexible (no lengthy bank transfers etc.).

I’ve done SEPA Instant Credit from Revolut to Wise, takes at most a few seconds. I would expect your bank in Germany to also support this.

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3 hours ago, KhunBENQ said:

Just did a simple comparison of XE vs WISE for MY typical transfer of 2000 EUR.

Taken screenshot same minute (in German but numbers are numbers).

And here WISE is still winning with a small difference.

Just did the same for US dollar and it shows XE.com is more. So, it means it depends on the currency you convert. For dollar, XE.com better and for Euro Wise is better. 

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As the OP has said all that matters is how much is "debited" in the sending currency and has much is credited in the recieving currency, you then just divide one by the other to find the effective rate and of course this can be dependent on the amount converted.  Rates and fees are just ways of obscuring the actual rate for the purpose of marketing.

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