Wise seems to have increased the fees May of 24

[gamb00ler]

I use the Wise website to monitor the US$ --> ฿ exchange rate.

 

Today I noticed that the usual fee for using an ACH "pull" to fund a transfer of $1000 to ฿ had increased to $2.79 vs $1.30 as it had been previously.

I didn't notice if the fee for the actual exchange had changed.

 

Each monthly transfer of 65K ฿ is going to cost about 3$ more if using the ACH to fund the transfer.

[reefsurfah]

Yup, just like grab, eventually they will raise fees until competition comes back.

[NoDisplayName]

1 hour ago, gamb00ler said:

the usual fee for using an ACH "pull" to fund a transfer of $1000 to ฿ had increased to $2.79 vs $1.30 as it had been previously.

 

Using an ACH "push" is still free.

[Moonlover]

Look on the bright side. The Baht is falling. 

[pub2022]

I've been using Wise for few years and I've seen fees going up regularly during the time.

[Chivas]

Sterling hasnt changed that I can see

 

It did make the point recently that people should click on Wises own "comparison" results for live quotations elsewhere

Moneygram and Western Union very surprisingly come out marginally better on bottom line on many occasions

[NORDO]

Been using OFX and they have become very expensive compared to Wise.  Im back to using ATM.  220 THB and decent rates.  As well no deposit record for Thai Taxes.

[gamb00ler]

23 minutes ago, NORDO said:

Been using OFX and they have become very expensive compared to Wise.  Im back to using ATM.  220 THB and decent rates.  As well no deposit record for Thai Taxes.

Check your exchange rate on your bank statement to make sure you're not also getting charged a 1-3% foreign transaction fee.  Record the date you did the withdrawal and then use the appropriate web site to check the exchange rate on that day.

 

VISA:  https://www.visa.co.uk/support/consumer/travel-support/exchange-rate-calculator.html

MasterCard:  https://www.mastercard.us/en-us/personal/get-support/convert-currency.html

 

[Celsius]

oh no.

[Chongalulu]

1 hour ago, NORDO said:

Been using OFX and they have become very expensive compared to Wise.  Im back to using ATM.  220 THB and decent rates.  As well no deposit record for Thai Taxes.

What's the ATM limit per withdrawal. Generally relatively low making the 220 baht ( plus whatever your cardholder charges) a much higher %age charge than Wise.

[J Branche]

A friend mentioned that Charles Schwab offered great rates and when he checked the total to

exchange money was less than the current Wise Transfers Fees.  He is American so anyone else would need to check if this is available.

Edited May 15 by J Branche

[gamb00ler]

12 hours ago, J Branche said:

A friend mentioned that Charles Schwab offered great rates and when he checked the total to

exchange money was less than the current Wise Transfers Fees.  He is American so anyone else would need to check if this is available.

All VISA and MasterCard credit/debit cards use the same exchange rate that is set once each business day by the card processors (VISA and M/C). The difference is that some banks/financial institutions add a foreign transaction (1-3%) fee so that they make a larger profit on each transaction.  Schwab gets high marks because they are one of the few institutions that do not add that extra fee.  Schwab gives an even better deal because they also refund the ATM fees (220฿).

 

Check the terms and conditions of your credit/debit cards so you are aware which ones add the foreign transaction fee.

Edited May 16 by gamb00ler