Wise fees are going up again.

[soi3eddie]

Just received the email below from Wise. Fees on the rise again. They still offer a good service and likely best option. For now.

 

Fees for sending money on some routes you use are going up. We regularly review our fees to reflect the real cost of moving your money — so you never pay more than you need to. After the latest review, fees for some routes got more expensive and others got cheaper. You can find a full list of updated fees and when they apply here. Our fees calculator will tell you if your route was impacted by this change and how much your next transfer will cost. Here's one example based on your recent transfer: You previously sent 1200 from GBP to THB. It cost 7.26 GBP and will now cost 8.14 GBP*. This is because the fees for sending GBP to THB have gone from 0.68 GBP + 0.55% to 0.97 GBP + 0.60%. You can try our comparison tool to see how we stack up against your other options. We’re upfront about what it costs to use your card abroad or send money internationally. We don’t talk about low fees or "no fees", and hide the real price in inflated exchange rates. We believe in total fee transparency. Find out more here.

 

Check our new fees *Example is based on a similar transaction to one you made over the past 12 months.

 

Thanks, The Wise team

[AlexRich]

It's not too bad really. I transferred 250 Euro from Cyprus to the UK and the bank swiped 15 Euro. I'm closing the account. 

[scubascuba3]

i guess their costs have gone up due to people working from home i.e. doing laundry, shopping, playing golf

[AreYouGerman]

But isn't an issue if you don't pay taxes as a foreigner in Thailand anyway, right.

 

Oh, right, I remember, they changed that, my fault! 🥺

[Robert Paulson]

2 hours ago, AlexRich said:

It's not too bad really. I transferred 250 Euro from Cyprus to the UK and the bank swiped 15 Euro. I'm closing the account. 

Sounds bad to me

[falang07]

I have moved to Revolut, better exchange rates when factoring in the high fees.

[NoDisplayName]

Fee calculator here:

 

https://wise.com/price-change/borderless-send?source=USD&target=THB&payInMethod=BALANCE&priceChange=global-reprice-may-2024&sourceAmount=1000

 

Cost to send US$1000 went up $0.65

For US$10,000 add an additional $3.30

[newbee2022]

Well, what you intend to do? Demonstration? Or accept? Or change the "Bank" or just get angry?

Tell me🙏

[treetops]

23 minutes ago, falang07 said:

I have moved to Revolut, better exchange rates when factoring in the high fees.

 

If converting from GBP then you're correct up until about £1,200.  After that Wise beat Revolut on cost.

[digger70]

25 minutes ago, newbee2022 said:

Well, what you intend to do? Demonstration? Or accept? Or change the "Bank" or just get angry?

Tell me🙏

If the fees stay cheaper than other international money transfer companies I won't complain too  much I only do about 3 or 4  per year.

[newbee2022]

51 minutes ago, digger70 said:

If the fees stay cheaper than other international money transfer companies I won't complain too  much I only do about 3 or 4  per year.

They do it fast. So I'll stay. It's cheaper than from bank to bank🙏

[nickmondo]

2 hours ago, treetops said:

 

If converting from GBP then you're correct up until about £1,200.  After that Wise beat Revolut on cost.

i recently saw a lot of complaints about Revolut customer service if there is a problem.  Very poor, so i read

[n00dle]

8 hours ago, Robert Paulson said:

Sounds bad to me

read again, the 15 on 250 occurred using the bank, not Wise.

[Liverpool Lou]

11 hours ago, AlexRich said:

It's not too bad really. I transferred 250 Euro from Cyprus to the UK and the bank swiped 15 Euro. I'm closing the account. 

Never a good idea to close a UK bank account unless you're forced to or unless you can easily open another.

[Liverpool Lou]

11 hours ago, AlexRich said:

It's not too bad really. I transferred 250 Euro from Cyprus to the UK and the bank swiped 15 Euro. I'm closing the account. 

You expect international SWIFT transfers to be as near as dammit free as opposed to a 5/8ths-of-fck-all €15?

[delgarcon]

I've used Wise for several years now and their service has always been excellent. Even with a small increase, they are still one of the cheapest around and it would have to be a much more significant increase to force me to look elsewhere.

[Andycoops]

So what, everything goes up except your dick when you need it too and then sometimes medication can help.

 

In the world of financial electronic transactions Wise beats most other players hands down.

[Robert Paulson]

1 hour ago, n00dle said:

read again, the 15 on 250 occurred using the bank, not Wise.

I think I’ll pass

[J Branche]

There is the ability to transfer to Wise (exchange rate is up) then transfer in when needed, this may help offset the added fee.

 

What drop down option would you select if you want to gift money to girlfriend or Thai person?  

 

Has anyone verified money transferred directly to another Thai persons bank account is the Thai persons Tax responsibility?

[msbkk]

Wise also gave me on example based on my last transfer in SGD. The new fee would be 2% cheaper. Fees have changed but not in all cases up.

[0ffshore360]

Wise fees recently  been reduced about 6% for transfers from my sources. Unannounced .

For my typical transfer amounts that I enact that puts them at about 20% of Bank2Bank fees on same day versus 3 day.

 

[OldmanJ]

According to the translator my Australian transfer is 18 cents per transaction more expensive.

[AlexRich]

10 hours ago, Liverpool Lou said:

Never a good idea to close a UK bank account unless you're forced to or unless you can easily open another.

 

It was the Cyprus bank that did the swiping. I just don't want to deal with them anymore.

[AlexRich]

10 hours ago, Liverpool Lou said:

You expect international SWIFT transfers to be as near as dammit free as opposed to a 5/8ths-of-fck-all €15?

 

It was a ridiculous amount to take. 

[Skeptic7]

Cost of doing business. Wise (usually) provides excellent service and is very fairly/reasonably priced. Does not gouge. Better than all the others, that I'm aware. 

[Robert Paulson]

Schwab card if you’re USA based at those amounts. Crypto works too but I suppose not everyone is up for that. There’s no reason to pay these extortionist fees any more imo. You’re just paying them to hold onto your money while they a

earn points off it. That’s what’s going on. We know that right? Why do we think it takes so long to make a transfer? The tech isn’t there? No. Because banks want to hold your money for as long as they can so they can earn from it. 
 

You’re paying for them to rob you. Best to rid yourself of these systems. 

[jaywalker2]

According to the email I received, the increase on a $1,000 transfer is from $8.84 to $10.98, which is pretty steep. They're recommending transferring from a Wise account, which would lower the cost to $8.81. You still have to transfer to the Wise account though so I'm not sure if it's worth it. Pros and cons?

[lopburi3]

1 hour ago, jaywalker2 said:

According to the email I received, the increase on a $1,000 transfer is from $8.84 to $10.98, which is pretty steep. They're recommending transferring from a Wise account, which would lower the cost to $8.81. You still have to transfer to the Wise account though so I'm not sure if it's worth it. Pros and cons?

$1,000 from Wise account at 1009 Thailand time today received 36,283.93 baht in 10 seconds (a $2,000 transfer would have been next day however).

Transfer details
Amount:
1,000 USD
Rate:
1 USD = 36.5375 THB
Wise fee:
6.94 USD

[KannikaP]

21 hours ago, falang07 said:

I have moved to Revolut, better exchange rates when factoring in the high fees.

I have both Wise and Revolut, both work seemlessly when spending abroad. Just did a Dubai/Bahrain trip and everything was tappy tappy on my Wise card.

Wise is good for transfers if you need it to show as Intenational for Immigration purposes.

[Stocky]

Not an increase for all currencies. For Singapore Dollars, above SGD2,500 the cost of transfers has actually fallen. Whilst the fixed fee part of their charges has increased, the variable fee has been reduced. So for transfers below SGD2,500 you'll pay a little more, but for larger transfers you'll pay less.