Wise higher charge

[Harveyboy]

Hello has anyone else had a problem with Wise ..I've not been offered the option of slow transfers cheaper all the quote my fees on are the fast one ..I don't need the cash immediately a few days no problem..but not offering the cheaper one anyone else had this?

[lopburi3]

Was never offered any such option for USD to Thai on web site - although some forms of payment might take longer and/or cost more/less.

[scubascuba3]

I had that issue months ago, if using the app maybe close the app and start again, option was there last week 

[jimn]

Option on the app to change it to any method you wish.

[MangoKorat]

The only problem I've had that's similar is that when they updated their website recently, the payment method defaults to 'Card'.  I've never used my debit card to send money to my Wise account - I always make online transfers.  The rate for online transfers is slightly better than using a debit card but if you are sending large transfers, that difference could be significant.

 

Previously the default was online transfer - I presumed that was because that was the method I'd always used.  I contacted Wise toaks why the system defaulted to 'Card' and was told that I can go into my account and delete whichever payment methods I don't want to use.

[scubascuba3]

  On 3/23/2024 at 10:19 PM, MangoKorat said:

The only problem I've had that's similar is that when they updated their website recently, the payment method defaults to 'Card'.  I've never used my debit card to send money to my Wise account - I always make online transfers.  The rate for online transfers is slightly better than using a debit card but if you are sending large transfers, that difference could be significant.

 

Previously the default was online transfer - I presumed that was because that was the method I'd always used.  I contacted Wise toaks why the system defaulted to 'Card' and was told that I can go into my account and delete whichever payment methods I don't want to use.

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They have 2 online transfers which look very similar and easy to pick the wrong one, first one you have to manually transfer by going into your bank online, 2nd Wise do it, this one I don't like, too easy for fraud i reckon, both same cost

[Fairynuff]

For £ and € the default on my app the default is manual bank transfer with no additional fee but for $US the default is wire transfer with a fee.

[Chongalulu]

  On 3/23/2024 at 11:46 PM, scubascuba3 said:

They have 2 online transfers which look very similar and easy to pick the wrong one, first one you have to manually transfer by going into your bank online, 2nd Wise do it, this one I don't like, too easy for fraud i reckon, both same cost

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For some time using the "open banking " where it redirects you to your banking app to authorize them to take payment (which then happens at the bank end and confirms  approval) and then on the redirection back to Wise there have been error messages " something went wrong " upon return to Wise  site and the transaction fails and reverts to "pending" on the wise app. I had been in contact with my bank Santander who confirmed they’d authorized but Wise had failed to take funds - but Wise insisted there been no problem (technical) their end ,must be a network error , however others payments I made using this method worked seamlessly. This went on for several months. 
Finally last week when I pointed out by process  of elimination it MUST be them they finally admitted to a technical error their end which would take them some time to fix (they’d let me know when!) and to do the manual transfer option until then. I was furious with them for not establishing/addressing this issue promptly. However the manual transfer costs the same ,takes little extra time and funds arrive just as quickly.

Has anyone else had this issue? I don’t think there’s any extra potential for fraud as even HMRC (U.K. tax) uses this same system..except theirs works! 

[scubascuba3]

  On 3/24/2024 at 2:10 AM, Chongalulu said:

Has anyone else had this issue? I don’t think there’s any extra potential for fraud as even HMRC (U.K. tax) uses this same system..except theirs works! 

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I used this automatic system via Santander accidentally a few months ago, worked quickly, too quickly. I think it is riskier, if someone hacks your phone or pc easy to transfer money from linked bank automatically 

[KannikaP]

I transfer GBP from my UK bank to my Wise GBP account in advance of needing to convert or send somewhere. That transfer is free.

I then watch the exchange rates and convert to say THB when it is óver 46' notified to me by Wise. Stays in my Wise THB account.

When needed, say for monthly Immigration transfer, I send it.

Simple.

[scubascuba3]

  On 3/24/2024 at 3:52 AM, KannikaP said:

I transfer GBP from my UK bank to my Wise GBP account in advance of needing to convert or send somewhere. That transfer is free.

I then watch the exchange rates and convert to say THB when it is óver 46' notified to me by Wise. Stays in my Wise THB account.

When needed, say for monthly Immigration transfer, I send it.

Simple.

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What interest are you getting at Wise? you can get 5-7% in UK

[KannikaP]

  On 3/24/2024 at 4:05 AM, scubascuba3 said:

What interest are you getting at Wise? you can get 5-7% in UK

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Hey, I do these transfer and converts only a week before I need them, just to be on the safe side. What's 5% divided by 52 on GBP 1000?

 

Where can I get 7% safely, without tying it up for a year or more please?

[CartagenaWarlock]

  On 3/23/2024 at 11:46 PM, scubascuba3 said:

They have 2 online transfers which look very similar and easy to pick the wrong one, first one you have to manually transfer by going into your bank online, 2nd Wise do it, this one I don't like, too easy for fraud i reckon, both same cost

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In the US, they have options for ACH or Debit card. Debit cards also have limits. For the ACH option, the bank account is verified by either two microdeposits or a direct connection. If the ACH option is set up using microdeposits, it may take up to a week to get the money. With a direct connection, it is instantaneous. 

[scubascuba3]

  On 3/24/2024 at 9:40 AM, KannikaP said:

Hey, I do these transfer and converts only a week before I need them, just to be on the safe side. What's 5% divided by 52 on GBP 1000?

 

Where can I get 7% safely, without tying it up for a year or more please?

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check moneysavingexpert.com for latest best rates

[MangoKorat]

  On 3/23/2024 at 11:46 PM, scubascuba3 said:

They have 2 online transfers which look very similar and easy to pick the wrong one, first one you have to manually transfer by going into your bank online, 2nd Wise do it, this one I don't like, too easy for fraud i reckon, both same cost

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That's not what I'm refering to.  Before they updated their website, when I made a transfer the system was automatically set to 'Pay By Bank Transfer' - I presume that was because I'd always paid that way.

 

After the update the default setting changed to 'Debit Card'.  As can be seen in the screenshots below, it is very easy to change that but I didn't notice it because I'd previously just clicked through that step - I'd never had to change it before.  Fortunately, as they don't have my debit card details recorded in my file, I was asked to provide them and that's when I realised the change.

 

As you can see in the screenshots - there is a £4.18 charge for using a debit card on a £1000 transaction.

[MangoKorat]

Nice to see the exchange rate nudging 46 after all the 'experts' on here were predicting the £ would fall to the mid 20's a few months back.

[Mike Lister]

  On 3/24/2024 at 1:29 PM, MangoKorat said:

Nice to see the exchange rate nudging 46 after all the 'experts' on here were predicting the £ would fall to the mid 20's a few months back.

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At least those "experts" understand the difference between the exchange rate against the Pound and the exchange rate against the Dollar!

[MangoKorat]

  On 3/24/2024 at 1:47 PM, Mike Lister said:

At least those "experts" understand the difference between the exchange rate against the Pound and the exchange rate against the Dollar!

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Care to explain?  I haven't mentioned the dollar.

[Mike Lister]

  On 3/24/2024 at 1:50 PM, MangoKorat said:

Care to explain?  I haven't mentioned the dollar.

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The Baht typically trades in a range of about 38 to 45 against the Pound.

 

The Baht also trades historically in a range of between 29 and 37 against the Dollar.

 

Nobody with even the vaguest understanding of FOREX would suggest the Baht trading against the Pound in the 20's. But a weak USD can easily be seen to breach 30 and trade in the high 20's. So when you post about the Baht at 46 with predictions of trading in the 20's, you are confusing Pound and USD exchange rates. 

[MangoKorat]

  On 3/24/2024 at 1:57 PM, Mike Lister said:

The Baht typically trades in a range of about 38 to 45 against the Pound.

 

The Baht also trades historically in a range of between 29 and 37 against the Dollar.

 

Nobody with even the vaguest understanding of FOREX would suggest the Baht trading against the Pound in the 20's. But a weak USD can easily be seen to breach 30 and trade in the high 20's. So when you post about the Baht at 46 with predictions of trading in the 20's, you are confusing Pound and USD exchange rates. 

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I have no knowledge of forex trading or any form or currency trading.  All I know is that when the pound dropped to 38/39 against the baht, a discussion was held on here regarding the future of the pound against the baht.

 

In that discussion some of our resident 'experts' were predicting the pound would continue to fall against the baht, some saying the mid 20's were likely, as they said, the pound was doomed.  Shortly after that the rate went back up to 40/41 and the trending rate has continued to rise.

 

I believe that intitially that was more to do with the weakness of the baht but more recently, I believe the pound is strengthening.  As I say, I'm no expert but at the time I said it would never happen and was met with pages of detailed examinations from the 'experts' - giving their reasons why it would.

 

It didn't.

 

So, I will repeat its 'Nice to see the exchange rate nudging 46 after all the 'experts' on here were predicting the £ would fall to the mid 20's a few months back.

[Mike Lister]

  On 3/24/2024 at 2:06 PM, MangoKorat said:

I have no knowledge of forex trading or any form or currency trading.  All I know is that when the pound dropped to 38/39 against the baht, a discussion was held on here regarding the future of the pound against the baht.

 

In that discussion some of our resident 'experts' were predicting the pound would continue to fall against the baht, some saying the mid 20's were likely, as they said, the pound was doomed.  Shortly after that the rate went back up to 40/41 and the trending rate has continued to rise.

 

I believe that intitially that was more to do with the weakness of the baht but more recently, I believe the pound is strengthening.  As I say, I'm no expert but at the time I said it would never happen and was met with pages of detailed examinations from the 'experts' - giving their reasons why it would.

 

It didn't.

 

So, I will repeat its 'Nice to see the exchange rate nudging 46 after all the 'experts' on here were predicting the £ would fall to the mid 20's a few months back.

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I've seen enough of those types of exchanges' over the years to understand what happened. The Pound/Baht rate would likely have been falling, for whatever reason, and some overly anxious expat would have asked, "how low can it go". At that point, everyone would have made their guesses, many will have retold how in 1997 they received 85, yawn, somebody else would have said they'd seen 90! Eventually, somebody would have pointed out that, pre-1997, the Baht was hard pegged to USD at 25, which gave an affective Pound/Baht rate of around 35 and that in time, it will see that level once again.

 

Oops, big mistake, because that would have immediately been interpreted as a forecast that was set in stone, by an expert, who would forever be ridiculed, if in the next twenty years, the rate ever went the other way! Which is the same way it is with weathermen, after it rains, when they said it would be sunny and the day out was spoiled, because they didn't take an umbrella. 

 

Such "experts" should keep their opinions to themselves and not try to inform the uninformed, it's much better all round. 

 

P.S. The Pound is falling, history confirms it is so....oops, did it again, damn!

 

https://tradingeconomics.com/united-kingdom/currency#:~:text=The British Pound is expected,1.27 in 12 months time.

 

 

 

[Chongalulu]

  On 3/24/2024 at 3:27 AM, scubascuba3 said:

I used this automatic system via Santander accidentally a few months ago, worked quickly, too quickly. I think it is riskier, if someone hacks your phone or pc easy to transfer money from linked bank automatically 

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If they’d hacked your device to that extent they could transfer funds anyway. When switching you to your bank (Santander ) you effectively have to log in again with a trusted device and also fingerprint id to authorize the payment. Also it asks/checks that the Wise account is in your own name (denoted by the reference number).

[MangoKorat]

  On 3/24/2024 at 8:54 PM, Mike Lister said:

I've seen enough of those types of exchanges' over the years to understand what happened. The Pound/Baht rate would likely have been falling, for whatever reason, and some overly anxious expat would have asked, "how low can it go". At that point, everyone would have made their guesses, many will have retold how in 1997 they received 85, yawn, somebody else would have said they'd seen 90! Eventually, somebody would have pointed out that, pre-1997, the Baht was hard pegged to USD at 25, which gave an affective Pound/Baht rate of around 35 and that in time, it will see that level once again.

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Firsty, the discussion never went anything like that and secondly, as a totally uninformed person, I very much doubt that the pound to the baht will go down to 35 at any time - other than through temporary blips.

 

However, as we have gone way off topic, admittedly due to my post on this subject, I don't intend to continue this line.

[Mike Lister]

  On 3/25/2024 at 9:44 AM, MangoKorat said:

Firsty, the discussion never went anything like that and secondly, as a totally uninformed person, I very much doubt that the pound to the baht will go down to 35 at any time - other than through temporary blips.

 

However, as we have gone way off topic, admittedly due to my post on this subject, I don't intend to continue this line.

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OK, fair enough, we can leave it there. I will leave you with one thought however......if you are "totally uninformed", how can you be so certain that the Pound will never go down to 35 again? I mean, you clearly don't have evidence or a case to support your belief. This strikes me as a case of where "experts" believe it is possible and the rest think it's not.....hmmm, I wonder which group is more likely to be correct!

[Harveyboy]

  On 3/22/2024 at 8:15 AM, scubascuba3 said:

I had that issue months ago, if using the app maybe close the app and start again, option was there last week 

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Yes mate I'll try that if always gave me the option I've been using it gif years 

[Harveyboy]

  On 3/22/2024 at 7:31 AM, lopburi3 said:

Was never offered any such option for USD to Thai on web site - although some forms of payment might take longer and/or cost more/less.

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Done it for years option quicker transfer higher cost..always chose slow option less expensive and still quick anyway ..

[Harveyboy]

  On 3/22/2024 at 8:15 AM, scubascuba3 said:

I had that issue months ago, if using the app maybe close the app and start again, option was there last week 

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Just logged out ..then back in No option so I uninstalled the app and reinstalled it still no option offers 1 price only to arrive in seconds ..any ideas ? 

[scubascuba3]

  On 3/25/2024 at 11:44 AM, Harveyboy said:

Just logged out ..then back in No option so I uninstalled the app and reinstalled it still no option offers 1 price only to arrive in seconds ..any ideas ? 

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Should show the options, not sure why not, try the app if you haven't already, that's what i use

[KannikaP]

  On 3/24/2024 at 10:02 AM, scubascuba3 said:

check moneysavingexpert.com for latest best rates

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I get MSE's email every week. NOWHERE is 5 - 7% APR available for less than a year.

My Pensions come in monthly, and do not stay very long, so interest does not interest me.