WISE Fees

[happydreamer]

Has anyone else caught wind that WISE is increasing their fees to send money from USD to THB (And others)

 

What alternatives to this do we have to WISE?  This is literally going to wind up costing hundreds in fees over the span of the year

[NextG]

8 minutes ago, happydreamer said:

Has anyone else caught wind that WISE is increasing their fees to send money from USD to THB (And others)

 

What alternatives to this do we have to WISE?  This is literally going to wind up costing hundreds in fees over the span of the year

Is this a USA/US$ thing? Why not post the whole page or link to the whole page?

[scubascuba3]

I saw something on Facebook about that, i just went into the app and they've changed the format yet again, not sure if the change effects GBP to THB transfers 

[KannikaP]

In the example, they talk about GBP , the n sending USD to Taiwaan , so two conversions.

Just did Bht 40k from GBP to THB, which cost me GBP 5.66 in fees, about 0.6%. 

However, £21000 to Dubai cost £111. which would probably been cheaper using SWIFT, but I needed it there urgently, so 3 hours and it was there.

[KannikaP]

4 minutes ago, NextG said:

Is this a USA/US$ thing? Why not post the whole page or link to the whole page?

Sorry, wrong reply

 

[happydreamer]

Sorry everyone.  I should have thought post the link

 

https://wise.com/help/articles/2946451/sending-usd-to-countries-outside-the-us

[happydreamer]

3 minutes ago, KannikaP said:

In the example, they talk about GBP , the n sending USD to Taiwaan , so two conversions.

Just did Bht 40k from GBP to THB, which cost me GBP 5.66 in fees, about 0.6%. 

However, £21000 to Dubai cost £111. which would probably been cheaper using SWIFT, but I needed it there urgently, so 3 hours and it was there.

It looks like the changes dont go into effect until end of Sept.  But at any cost, its a ridiculous increase in fees.  Not even percentage based...its a flat fee plus percentage

[NextG]

3 minutes ago, KannikaP said:

In the example, they talk about GBP , the n sending USD to Taiwaan , so two conversions.

Just did Bht 40k from GBP to THB, which cost me GBP 5.66 in fees, about 0.6%. 

However, £21000 to Dubai cost £111. which would probably been cheaper using SWIFT, but I needed it there urgently, so 3 hours and it was there.

Erm… the Dubai transfer also cost less than 0.6%, so you didn’t get stung either way. 

[KannikaP]

3 minutes ago, NextG said:

Erm… the Dubai transfer also cost less than 0.6%, so you didn’t get stung either way. 

Yes thanks. It just seemed a lot, bit it was over Bht 1M

[scubascuba3]

7 minutes ago, KannikaP said:

In the example, they talk about GBP , the n sending USD to Taiwaan , so two conversions.

Just did Bht 40k from GBP to THB, which cost me GBP 5.66 in fees, about 0.6%. 

However, £21000 to Dubai cost £111. which would probably been cheaper using SWIFT, but I needed it there urgently, so 3 hours and it was there.

i just tried to set up a new transfer, as the app format changed i just went to a recent transfer and selected repeat transfer, it defaults to £10 fee rather than £6, so i had to amend details, anyway they've made the app worse than before

[NextG]

Just now, scubascuba3 said:

 I know you are on the spectrum but it's not important

…if you’re an undereducated idiot. 
The rest of us understand that we are all on the ‘spectrum’. 

[scubascuba3]

1 minute ago, NextG said:

…if you’re an undereducated idiot. 
The rest of us understand that we are all on the ‘spectrum’. 

no you are a bit different, easy for everyone to spot with your pedantic posts

[NoDisplayName]

22 minutes ago, NextG said:

Is this a USA/US$ thing? Why not post the whole page or link to the whole page?

https://wise.com/help/articles/2946451/sending-usd-to-countries-outside-the-us

[happydreamer]

Ok, I just installed and did a couple of test transfers using Remitly.  The fees are about 2USD. Lets see what happens when I transfer larger sums 

[NextG]

Just now, NoDisplayName said:

https://wise.com/help/articles/2946451/sending-usd-to-countries-outside-the-us

That seems to indicate sending US$ and receiving in US$. Have I got that correctly?

[lopburi3]

The link is for SWIFT type transfer - not the normal Wise local account payment system that most of us use here in Thailand and for extensions of stay income proof.  

[NextG]

3 minutes ago, happydreamer said:

Ok, I just installed and did a couple of test transfers using Remitly.  The fees are about 2USD. Lets see what happens when I transfer larger sums 

Are you sure your link is not with regard to RECEIVING US$?

[NoDisplayName]

Before we get our pantyhose in knots;......

Quote

Sending USD to countries outside the US

I'm sure most of us have WISE convert from USD to THB, send THB to our local bank.

 

This notification is for USD sent via SWIFT.

 

If this were the send THB fee, it would be cheaper for me to send a free SWIFT from my broker, let Bangkok Bank convert to THB.

Edited September 6, 2023 by NoDisplayName

[happydreamer]

1 minute ago, NextG said:

That seems to indicate sending US$ and receiving in US$. Have I got that correctly?

I dont think so.  It says if you're sending to any one of those countries.  I haven't known anyone here to take a payout in USD.  have you?  

[happydreamer]

1 minute ago, NoDisplayName said:

Before we get our pantyhose in knots;......

I'm sure most of us have WISE convert from USD to THB, send THB to our local bank.

 

This notification is for USD sent via SWIFT.

IDK...this is where I'm confused.  maybe just contact WISE support I guess.

[NextG]

2 minutes ago, happydreamer said:

I dont think so.  It says if you're sending to any one of those countries.  I haven't known anyone here to take a payout in USD.  have you?  

It’s what I think and NoDisplayName appears to concur. 

Edited September 6, 2023 by NextG

[happydreamer]

1 minute ago, NextG said:

It’s what I think and NoDisplayName appears to concur. 

I mean if thats the case I just  panicked for no reason.  I submitted a support query anyways to get the official word.

So you're saying that if we send USD to a Bank and have it remain and pay out as USD, thats when you think these fees apply?  Correct?

 

Thanks for chiming in.  Much appreciated

[NoDisplayName]

3 minutes ago, happydreamer said:

I dont think so.  It says if you're sending to any one of those countries.  I haven't known anyone here to take a payout in USD.  have you?  

Read the first couple pair of graphs:

Quote

Sending USD to countries outside the US

With Wise, you can send USD to bank accounts located outside of the United States that are in USD.

Our prices vary depending on what currency you’re sending from and how you pay for your transfer – for example Wire, ACH or bank transfer.

We send these transfers via the SWIFT payment messaging network.  It’s not the same as sending a regular Wise transfer, and could take up to 5 working days. It also costs a bit more as it goes through intermediary banks. For some countries,

 

[NextG]

1 minute ago, happydreamer said:

I mean if thats the case I just  panicked for no reason.  I submitted a support query anyways to get the official word.

So you're saying that if we send USD to a Bank and have it remain and pay out as USD, thats when you think these fees apply?  Correct?

 

Thanks for chiming in.  Much appreciated

Yes. Also confirmed by NND. 

[happydreamer]

3 minutes ago, NoDisplayName said:

Read the first couple pair of graphs:

 

I think I was in shock from skimming and skipped that part.  Thanks for clarifying

[Liverpool Lou]

46 minutes ago, KannikaP said:

Like HAVE & OF?

No, like "have" and "of"!   Kidding.

[Rimmer]

Some off topic /bickering posts and replies in violation of our Community Standards have been removed.

 

 

 

[Kwarium]

I can’t find anything online or on Wise dot com about any fee increases. The new look showed up in March 2023. I use Wise twice per month USD to THB and the fee is 89 cents plus point six percent. A direct SWIFT bank to bank transfer becomes cheaper at about eight thousand USD. About a fifty dollar fee.

 

I

[NextG]

2 minutes ago, Kwarium said:

I can’t find anything online or on Wise dot com about any fee increases. The new look showed up in March 2023. I use Wise twice per month USD to THB and the fee is 89 cents plus point six percent. A direct SWIFT bank to bank transfer becomes cheaper at about eight thousand USD. About a fifty dollar fee.

 

I am all ears but think this thread is all wind. <wink>

 

.

Thanks for attending, however late. Perhaps better next time if you checked for a conclusion before posting. The outcome is that the fees are related to RECEIVING US$ in those countries. 

[KhunBENQ]

1 hour ago, NoDisplayName said:

I'm sure most of us have WISE convert from USD to THB, send THB to our local bank.

 

This notification is for USD sent via SWIFT.

Much ado about nothing.

Who sends USD from US to a USD account in Thailand

 

Careful reading helps a lot:

Quote

With Wise, you can send USD to bank accounts located outside of the United States that are in USD.

Quote

It’s not the same as sending a regular Wise transfer

 

Edited September 6, 2023 by KhunBENQ