WISE vs Australian banks

[mfd101]

Useful item in today's 'Australian':

 

Wise chief exec Kaarmann points to the enormous hidden costs Aussie banks charge their customers for transfers overseas. They do this through the margins they charge on foreign exchange rates.

 

As an example he says Wise charges cAUD40 for a transfer of AUD10000, using the market rate, while the Big Four banks charge between AUD370 and 615.

 

Good to be getting the news out to any innocent Aussies still using the Aussie banks. (I hate to think how much money I wasted when I was bringing 100s of 1000s of AUD across in 2016-17 as we built our mansion here. Hadn't heard of Wise in those days.)

 

 

[DrJack54]

Very few folk living here in Thailand would be unaware of WISE.

WISE is even better than being cash into Thailand and then exchange at SuperRich green.

 

Recently due to changes in Thai banking rules there are only 3 banks that WISE can do transfers of up to 2 million baht.

Other banks 50k baht. 

 

Best bank with  Bangkok Bank or Kasikorn 

SCB also can accept 2 mil transfer, however seem to be closing branches and do not have branch at CW..

Edited December 5, 2023 by DrJack54

[mfd101]

I suspect there are still many people in Oz unaware of all this. Some of them will be sending funds o/s regularly to family members. Others contemplating becoming expats ...

[treetops]

On 12/5/2023 at 8:52 AM, mfd101 said:

As an example he says Wise charges cAUD40 for a transfer of AUD10000, using the market rate, while the Big Four banks charge between AUD370 and 615.

 

He's right, but he's over-egging at least one of the figures.  His own site has a calculator/comparator on it which shows the difference between Wise and NAB as 4,885 THB on a 10,000 AUD transfer.  This equates to just over 207 AUD or just over 2% which is significant but not what he claimed.

 

 

 

Would it be even closer if you asked your bank to send THB and let your Thai bank do the conversion, taking into account fees at either end (and maybe in the middle too)?