Wise after the event?

[Negita43]

On other threads I see a lot of people speaking about WISE for money transfers.

 

I use XE for mine - no fees and a slightly better rate than WISE so is there another reason why so many use WISE?

 

[Upnotover]

It's interesting that the XE rate changes (negatively) if you go over £1300.  Almost as if it's a deliberate hook, surely not?

[Negita43]

Just now, Upnotover said:

t's interesting that the XE rate changes (negatively) if you go over £1300.  Almost as if it's a deliberate hook, surely not?

These are live rates are you comparing like for like between WISE and XE? (ie within a minute of each other)?

[Upnotover]

1000 = 40.3465

1100 = 40.3465

1200 = 40.3465

1300 = 40.0769

I know they are live but it's the jump at 1300 that interested me.  Doesn't occur on the Wise rate.

[Negita43]

1 hour ago, Upnotover said:

1000 = 40.3465

1100 = 40.3465

1200 = 40.3465

1300 = 40.0769

I know they are live but it's the jump at 1300 that interested me.  Doesn't occur on the Wise rate.

yes you are right £1000 baht at 40.3.. No fee  £2500 at 40.00 something No fee cBetter to do  to do 2 x £ 1000 transfers

Edited February 1, 2023 by Negita43

[Stocky]

2 hours ago, Negita43 said:

I use XE for mine - no fees and a slightly better rate than WISE so is there another reason why so many use WISE?

I send money from accounts in both Singapore and the UK. Currently XE isn't available for transfers from Singapore, whilst from the UK, as noted above, XE's rates are only better than Wise for amounts of GBP1,200 and below.

 

For me Wise is just the best and easiest solution, though I do keep an eye on both XE and OFX.

 

.

Edited February 1, 2023 by Stocky

[Negita43]

1 hour ago, Stocky said:

I send money from accounts in both Singapore and the UK. Currently XE isn't available for transfers from Singapore, whilst from the UK, as noted above, XE's rates are only better than Wise for amounts of GBP1,200 and below.

So do you have a Singapore offshore account - not being nosey just interested if that's possble.

[Stocky]

I have no idea what's possible these days, I opened my HSBC Singapore account 20 years ago.

[Negita43]

I've just signed up for WISE

Apart from hazzles with my Banks fraud checks!! this is what happened:

If I paid with a debit card XE was better - If a pay with bank transfer Wise is marginally better (about 70 baht more)

(I use bank transfer on XE so I guess Wise wins by a photo finish)

 

 

[rhodie]

38 minutes ago, Negita43 said:

I've just signed up for WISE

Apart from hazzles with my Banks fraud checks!! this is what happened:

If I paid with a debit card XE was better - If a pay with bank transfer Wise is marginally better (about 70 baht more)

(I use bank transfer on XE so I guess Wise wins by a photo finish)

 

 

I believe the slight edge Wise has is that it is a not an international transaction so it does not attract the 200 to 500 baht international fee that XE does when the funds arrive in your account. I stand to be corrected.

[Stocky]

11 minutes ago, rhodie said:

I believe the slight edge Wise has is that it is a not an international transaction so it does not attract the 200 to 500 baht international fee that XE does when the funds arrive in your account. I stand to be corrected.

I think you'll find the majority of XE’s payments are settled locally, so no charge is applied, just like Wise. Whilst XE doesn't charge a fee as Wise does, rather it takes a variable percentage cut from the exchange rate. So for me it is less transparent in its dealings than Wise.

[Negita43]

So just to wrap this up XE versus WISE

XE – free transfers except if you under their lower limit (£1000 I think) and then £2.00. This includes Debit card and bank transfers. (Under lower limit charge £2)

Up to £1300 rate (especially with no transfer charge) gives better option.

Rate is real time constantly changing.

Claim 24 hour transfer.

WISE - Charges depend on whether bank transfer or debit/credit card

More for debit/credit cards versus bank transfers (£18/£12 approx)

Above £1300 Wise total transfer (depending on method used)  is marginally better at the amount I tried (£2000) but I guess the larger the transfer with a fixed fee the more advantage it has.

Rate fixed for 2 hours

In my case they claim 36 hour transfer

What I don’t know yet is what the charge the Thai bank will make for receiving the money with each company.

As I said in a previous post in my case it was almost a dead heat WISE by about 70 baht.

So you pays your money and takes your choice BUT it never hurts to have two strings to your bow!