WISE Fees

[JimGant]

On 9/8/2023 at 1:23 PM, NextG said:

The exchange rate is what makes the difference with other currencies. 

Regardless of how superior Wise's FX rate is, compared to the rate received with a SWIFT transfer -- at some point the fixed cost of a SWIFT transfer will be less than the total cost of a Wise transfer, which, because its variable cost increases with every extra amount sent, will cross over the total SWIFT cost at some point. As mentioned above, this is about at the $25000 mark for US transfers. Fairly intuitive math, I would think....

 

Now, for SWIFT transfers from countries other than the US -- maybe some do have unlimited variable costs, akin to Wise. Then, yes, in these situations the superior Wise FX rate may rue the day forever.

[Photoguy21]

On 9/6/2023 at 5:44 PM, scubascuba3 said:

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 

I recently sent some money from the UK to Thailand and it had not changed

[NextG]

2 hours ago, JimGant said:

Regardless of how superior Wise's FX rate is, compared to the rate received with a SWIFT transfer -- at some point the fixed cost of a SWIFT transfer will be less than the total cost of a Wise transfer, which, because its variable cost increases with every extra amount sent, will cross over the total SWIFT cost at some point. As mentioned above, this is about at the $25000 mark for US transfers. Fairly intuitive math, I would think....

 

Now, for SWIFT transfers from countries other than the US -- maybe some do have unlimited variable costs, akin to Wise. Then, yes, in these situations the superior Wise FX rate may rue the day forever.

That’s just US$ transfers….My reply was with concern to other currencies. The exchange rate is what make the difference. 

[gamb00ler]

4 hours ago, NextG said:

That’s just US$ transfers….My reply was with concern to other currencies. The exchange rate is what make the difference. 

Do you have the details of the bank fees that are charged for SWIFT transfers to Thailand from the country where your funds originate?  If so, it's very simple to compute the effective exchange rate of a SWIFT transfer and then compare to Wise's effective exchange rate.

 

Have you already done that calculation?

[NextG]

17 hours ago, gamb00ler said:

Do you have the details of the bank fees that are charged for SWIFT transfers to Thailand from the country where your funds originate?  If so, it's very simple to compute the effective exchange rate of a SWIFT transfer and then compare to Wise's effective exchange rate.

 

Have you already done that calculation?

Yes. 

[gamb00ler]

19 hours ago, gamb00ler said:

Do you have the details of the bank fees that are charged for SWIFT transfers to Thailand from the country where your funds originate?  If so, it's very simple to compute the effective exchange rate of a SWIFT transfer and then compare to Wise's effective exchange rate.

 

Have you already done that calculation?

 

1 hour ago, NextG said:

Yes. 

So, the info is on a need to know only basis?

[JimGant]

2 hours ago, gamb00ler said:

So, the info is on a need to know only basis?

Not sure this guy's got his act together.....

[NextG]

18 hours ago, gamb00ler said:

 

So, the info is on a need to know only basis?

Are you are asking about my personal circumstances or do you want me to post the fees from every bank from my country and every bank in Thailand?

 

[NextG]

15 hours ago, JimGant said:

Not sure this guy's got his act together.....

Most certainly more than you do…

[gamb00ler]

16 hours ago, JimGant said:

Not sure this guy's got his act together.....

 

1 hour ago, NextG said:

Most certainly more than you do…

@JimGant's competence has been proven on AN by many posts... yours.... not so much.

[NextG]

Just now, gamb00ler said:

 

@JimGant's competence has been proven on AN by many posts... yours.... not so much.

Nonsense. Just a foolish post from someone with scant knowledge. 

[NextG]

1 minute ago, gamb00ler said:

 

@JimGant's competence has been proven on AN by many posts... yours.... not so much.

Instead of posting nonsense, perhaps you can stick to the subject. 

[transam]

3 minutes ago, NextG said:

Nonsense. Just a foolish post from someone with scant knowledge. 

You're back posting your hi-so-ness stuff again, I see......

[NextG]

Just now, transam said:

You're back posting your hi-so-ness stuff again, I see......

I knew that it was you hitting the ‘confused’ emoticon. Foolish is as foolish does. You have certainly gained yourself a ‘reputation’ of late. 

[gamb00ler]

8 minutes ago, NextG said:

Nonsense. Just a foolish post from someone with scant knowledge. 

Your only contribution to this thread has been unsubstantiated claims extremely short on explanation.

[NextG]

Just now, gamb00ler said:

Your only contribution to this thread has been unsubstantiated claims extremely short on explanation.

What claims were those? If you think they are incorrect, be my guest and disprove them. I have no objection to being shown that I am wrong if I’m actually wrong. But so far you are just blowing hot air. 
I made a statement of fact. You are welcome to disprove it. You can use the U.K as an example. Knock yourself out. I’ll be here when you regain consciousness. 

[NextG]

 

34 minutes ago, gamb00ler said:

Your only contribution to this thread has been unsubstantiated claims extremely short on explanation.

A lot of ‘hot air’ but when it came to back up what you were suggesting……, tumbleweed. Still unconscious?

[gamb00ler]

On 9/8/2023 at 1:19 PM, JimGant said:

Of course, 'cause SWIFT transfer costs are fixed: I pay $45 front end, 500 baht back end (for amounts exceeding $5900). Period. Wise has a variable fee of around .63% for every dollar sent. Thus, for a SWIFT transfer, all my costs are in the first $5900. After that, every additional dollar sent has zip variable cost -- while Wise adds a variable cost of around 6 cents for every additional $10 sent. You don't have to be a math major to realize that, at some point, total fees for a Wise transfer will exceed those of a SWIFT transfer -- and there's nothing that Wise's favorable exchange rate can do to alter that math.

 

Having said that, the cross over point -- figured out on this forum years ago -- is around $25000. And since that's the amount I usually send, I use Wise, preferring to do the action on my PC, and not with a required phone call to USAA for a SWIFT transfer.

 

Anyway, a lot of variables with Wise, mainly depending on currency being sent, and to where. Maybe Wise does better in all situations involving Sterling transfers.... But I can't imagine how, as long as fixed and variable costs are the players....

 

On 9/8/2023 at 1:23 PM, NextG said:

The exchange rate is what makes the difference with other currencies. 

 

On 9/16/2023 at 1:25 PM, JimGant said:

Regardless of how superior Wise's FX rate is, compared to the rate received with a SWIFT transfer -- at some point the fixed cost of a SWIFT transfer will be less than the total cost of a Wise transfer, which, because its variable cost increases with every extra amount sent, will cross over the total SWIFT cost at some point. As mentioned above, this is about at the $25000 mark for US transfers. Fairly intuitive math, I would think....

 

Now, for SWIFT transfers from countries other than the US -- maybe some do have unlimited variable costs, akin to Wise. Then, yes, in these situations the superior Wise FX rate may rue the day forever.

 

On 9/16/2023 at 4:01 PM, NextG said:

That’s just US$ transfers….My reply was with concern to other currencies. The exchange rate is what make the difference. 

It appears from the above transcript that you dispute @JimGant's mathematical explanation of why a SWIFT transfer above a certain size will be cheaper than a WISE transfer.  You never acknowledge the accuracy of Jim's explanation... you just repeatedly say the exchange rate makes the difference.

 

Jim's position is 100% correct and remains true even if the difference in exchange rates is substantial between the SWIFT and WISE choices.  Granted that when the rate difference is marked, the required volume does become an issue.

 

Your claims that "the exchange rate is what makes the difference" are not supported by the math unless you provide an explanation or example.

[NextG]

Just now, gamb00ler said:

 

 

 

It appears from the above transcript that you dispute @JimGant's mathematical explanation of why a SWIFT transfer above a certain size will be cheaper than a WISE transfer.  You never acknowledge the accuracy of Jim's explanation... you just repeatedly say the exchange rate makes the difference.

 

Jim's position is 100% correct and remains true even if the difference in exchange rates is substantial between the SWIFT and WISE choices.  Granted that when the rate difference is marked, the required volume does become an issue.

 

Your claims that "the exchange rate is what makes the difference" are not supported by the math unless you provide an explanation or example.

What you have failed to understand it that this thread is SPECIFICALLY with concern to US$ and JimGant and I are fully in agreement with each other on that. 
 

My claim is that the exchange rate makes the difference when it comes to other countries. Which is also absolutely correct.

You chose to argue. So if you think that I am wrong and you are right, show us. 
Use the U.K as an example. People have posted the fees from U.K banks and you can choose whichever Thai bank that takes your fancy. Crunch the figures and then come back with the proof that anything that I wrote was inaccurate. 
I’ll be happy to eat my words if you can do so and hopefully you’ll be man enough to do so if you were wrong. 

[gamb00ler]

4 minutes ago, NextG said:

You chose to argue. So if you think that I am wrong and you are right, show us.

I did not argue that what you said was wrong.  I fail to understand why you gave the same terse response to @JimGant's explanations ... that can easily be interpreted as a disagreement with his posts.  I'm guessing that Jim also was perplexed by your responses which led to his comment expressing doubt about your views on the matter.

[NextG]

4 minutes ago, gamb00ler said:

I did not argue that what you said was wrong.  I fail to understand why you gave the same terse response to @JimGant's explanations ... that can easily be interpreted as a disagreement with his posts.  I'm guessing that Jim also was perplexed by your responses which led to his comment expressing doubt about your views on the matter.

So in other words, you were wrong ???? 

You just wasted both my time and yours and have been rude in the bargain. 
Clearly I did ‘have it together’ then, didn’t I?

I didn’t give a terse response, I asserted that it’s not the same with US$ as it is with other currencies. So JimGant is wrong, as he asserts that it’s the same with all. Whereas I stated it’s different with other currencies. 

Edited September 18, 2023 by NextG

[transam]

Just now, NextG said:

So in other words, you were wrong ???? 

You just wasted both my time and yours and have been rude in the bargain. 

But you are always rude, I think you don't know you are doing it.....????

[NextG]

2 minutes ago, transam said:

But you are always rude, I think you don't know you are doing it.....????

Why are you even here?

[transam]

3 minutes ago, NextG said:

Why are you even here?

Because I read a lot to try and learn something, and because I read a lot, I see that you have an attitude problem on many subjects with members over nothing........????

Others on this thread seem to be of the same thought.

[NextG]

1 minute ago, transam said:

Because I read a lot to try and learn something, and because I read a lot, I see that you have an attitude problem on many subjects with members over nothing........????

Others on this thread seem to be of the same thought.

Where was my attitude problem on this thread before someone suggested that I didn’t know what I was talking about?

 

If you don’t have anything useful to contribute, perhaps you should just stay silent instead of illustrating the fact that you don’t know anything anyway. 
 

Show me where I had an attitude problem before someone suggested that I was wrong. 

[transam]

21 minutes ago, NextG said:

Where was my attitude problem on this thread before someone suggested that I didn’t know what I was talking about?

 

If you don’t have anything useful to contribute, perhaps you should just stay silent instead of illustrating the fact that you don’t know anything anyway. 
 

Show me where I had an attitude problem before someone suggested that I was wrong. 

Matey, just go read your posts.....????

[gamb00ler]

25 minutes ago, NextG said:

Where was my attitude problem on this thread before someone suggested that I didn’t know what I was talking about?

Already answered.

[NextG]

1 minute ago, transam said:

Matey, just go read your posts.....????

Try reading your own… I highlighted just one for you. You’ll see it soon. You are almost universally disliked. So don’t focus on external to distract from your own odious character. Look within and change yourself before trying to ‘judge’ me. 
Now if you don’t have anything to post on-topic, perhaps you should make yourself scarce. Head to the pub… your favourite place. 

[NextG]

Just now, gamb00ler said:

Already answered.

Show it to me, smart-Alec. Do you mean when your idol JimGant got it wrong and suggested that I didn’t know what I was writing?

You should hang back of the sycophancy for a while. Now unless you have something to contribute to this thread with regard to WISE fees, I suggest that you crawl back into your hole until you have something useful to post. 

[transam]

3 minutes ago, NextG said:

Show it to me, smart-Alec. Do you mean when your idol JimGant got it wrong and suggested that I didn’t know what I was writing?

You should hang back of the sycophancy for a while. Now unless you have something to contribute to this thread with regard to WISE fees, I suggest that you crawl back into your hole until you have something useful to post. 

See what I mean, go on, read it to yourself....