Wise fees are going up again.

[Startmeup]

12 hours ago, Skeptic7 said:

Does not gouge

Not yet because it still has competitors. They offer a good service to most people but many people have had issues with account closures too. It looks to be about a 40% price increase for my aud - thai transfers. Another price hike in a long list of price hikes that are well above the official inflation figures. Those figures are total garbage. 

[Startmeup]

12 hours ago, Skeptic7 said:

Does not gouge

Not yet because it still has competitors. They offer a good service to most people but many people have had issues with account closures too. It looks to be about a 40% price increase for my aud - thai transfers. Another price hike in a long list of price hikes that are well above the official inflation figures. Those figures are total garbage. 

[treetops]

5 hours ago, scottiejohn said:

That is me using my debit card rather than bank to wise!

Slightly more expensive than bank transfer but the near instant transfer is worth it IMO!

 

I use bank transfer from my UK bank and as long as the amount sent < 50,000 THB it's almost instantaneous too

[NoDisplayName]

7 hours ago, NoDisplayName said:

 

How did you calculate that?

 

Yesterday evening (9am NYC time), I sent $1K from my broker to my credit union (no fee ACH).  A couple hours later (batch processing), my credit union notified me funds available.  I logged on and sent $1K to Wise (no fee ACH), pending batch processing.

 

Credit union is not necessary.  I use that step to avoid linking Wise directly to my brokerage account.  Using the CU firebreak adds a day due to overnight processing.  If I sent from the broker, Wise would have the cash available within a few hours.

 

This evening around 6pm, I'll get an email from Wise advising funds availability.  I'll log in and send the money directly to my wife's Bangkok Bank account.  Account details are stored, so I just have to press a few buttons.  I'll be charged about $7.50 and get the advertised foreign exchange rate.

 

If I select "monthly living expenses" as the purpose, the funds will be in her account in 30 seconds, which I can confirm by logging into Bangkok Bank.

 

If I select "long term Thailand", then the transaction will be reviewed, then will be released at 10am the next day, and in the account by 1pm.

 

 

 

Just sent money via Wise.  Sent from my credit union to Wise yesterday, batch processed after midnight EST.  Received funds notification from Wise this evening about 8:30pm local time.

 

Converted to baht, sent to wife's Bangkok Bank account.  Was not asked purpose of funds.  Was charged the old Wise fee.  Had her bank account open online to confirm receipt.

 

Press send       8:40:55

All sent             8:41:06

Bkk received    8:41:21

[n00dle]

On 5/15/2024 at 11:15 AM, jaywalker2 said:

What about the transfer to your Wise account? They also charge for that, don't they?

 

nope

[n00dle]

23 hours ago, Yagoda said:

usa to cambodia via swift.

SWIFT is a different animal altogether

[n00dle]

22 hours ago, Robert Paulson said:

there are never times where wise either isn’t functioning or will hold onto your money for quite some time.

anecdotally speaking, in around 5 years Wise has never delayed one of my transfers or held my money. Obviously, others may have had a different experience, but generally speaking, they are using SWIFT or funding the transaction in a way that causes delays.

[Angus55]

Sad their prices a are going up. However I will never again use a British High Street Bank they are absolute thieves , to transfer money .

[KannikaP]

On 5/15/2024 at 11:15 AM, jaywalker2 said:

What about the transfer to your Wise account? They also charge for that, don't they?

Not in UK, Nationwide to Wise GBP account is free and fast. Convert to THB when the rate is good, and send it when you need it.

My monthly transfer of THB 40,000 has gone up by less than a quid.

[Yellowtail]

6 minutes ago, KannikaP said:

Not in UK, Nationwide to Wise GBP account is free and fast. Convert to THB when the rate is good, and send it when you need it.

My monthly transfer of THB 40,000 has gone up by less than a quid.

How do you know when the rate is good? 

[organicman]

Has anyone used XE before? They are supposed to be cheaper than Wise. Is it as fast as Wise where I usually get payments within 10 minutes.

 

Here is a real-time broker for the best providers to send money with.

https://www.monito.com/en/compare/transfer/au/th/aud/thb/1000

 

[jaywalker2]

On 5/15/2024 at 7:34 PM, Startmeup said:

Not yet because it still has competitors. They offer a good service to most people but many people have had issues with account closures too. It looks to be about a 40% price increase for my aud - thai transfers. Another price hike in a long list of price hikes that are well above the official inflation figures. Those figures are total garbage. 

This from a company that states as its goal to eventually lower fees to zero.

[Yellowtail]

10 hours ago, jaywalker2 said:

This from a company that states as its goal to eventually lower fees to zero.

Never trade with anyone pretending they are not going to make money. 

[KannikaP]

16 hours ago, Yellowtail said:

How do you know when the rate is good? 

I have an automatic notification set up at THB 46 to GBP.

[n00dle]

18 hours ago, Angus55 said:

Sad their prices a are going up. However I will never again use a British High Street Bank they are absolute thieves , to transfer money .

 

As opposed to those reasonable non "High Street Banks" that are un-British?

[Yellowtail]

Banks have always been good to me. 

[Angus55]

19 hours ago, n00dle said:

SWIFT is a different animal altogether

Swift is the ONLY way with the High Street banks in Cambodia.

[treetops]

On 5/16/2024 at 2:09 PM, organicman said:

Has anyone used XE before? They are supposed to be cheaper than Wise. Is it as fast as Wise where I usually get payments within 10 minutes.

 

You can compare the two on line.  As I'm typing this, for £1,000 GBP Wise will give you 45,506 within seconds and XE will give you 45,416 THB.  XE app says delivery time is "Typically within 24 hours" but I've not actually used them to know how accurate this is.

[scubascuba3]

1 hour ago, treetops said:

 

You can compare the two on line.  As I'm typing this, for £1,000 GBP Wise will give you 45,506 within seconds and XE will give you 45,416 THB.  XE app says delivery time is "Typically within 24 hours" but I've not actually used them to know how accurate this is.

Need to compare net rate i.e. including fees

[treetops]

3 minutes ago, scubascuba3 said:

Need to compare net rate i.e. including fees

 

The figures I gave were what lands in your Thai bank so include everything.

[lopburi3]

11 minutes ago, treetops said:

 

The figures I gave were what lands in your Thai bank so include everything.

Actually funds remitted from outside Thailand would be subject to an additional 1/4 percent fee in range 200 to 500 baht taken out by Thai bank.  Wise uses payments from account already established in Thailand to avoid this extra fee - have no knowledge of XE.  So what lands in bank and actually lands in your account could be a bit different.

Edited May 18 by lopburi3

[scubascuba3]

19 minutes ago, treetops said:

 

The figures I gave were what lands in your Thai bank so include everything.

ah ok so you recalculated the rates as Wise rate is pre fees

[treetops]

7 minutes ago, lopburi3 said:

Actually funds remitted from outside Thailand would be subject to an additional 1/4 percent fee in range 200 to 500 baht taken out by Thai bank.  Wise uses payments from account already established in Thailand to avoid this extra fee - have no knowledge of XE.  So what lands in bank and actually lands in your account could be a bit different.

 

I don't believe so from looking at the information on their app.

[Yellowtail]

9 minutes ago, lopburi3 said:

Actually funds remitted from outside Thailand would be subject to an additional 1/4 percent fee in range 200 to 500 baht taken out by Thai bank.  Wise uses payments from account already established in Thailand to avoid this extra fee - have no knowledge of XE.  So what lands in bank and actually lands in your account could be a bit different.

Does the Thai bank charge a fee when it receives Baht? 

 

I know it does when it receives dollars. 

[treetops]

Just now, scubascuba3 said:

ah ok so you recalculated the rates as Wise rate is pre fees

 

No.  Wise' own calculator gives you what you will actually receive after fees are deducted, as it appears XE's does too.

[scubascuba3]

51 minutes ago, treetops said:

 

No.  Wise' own calculator gives you what you will actually receive after fees are deducted, as it appears XE's does too.

ok if you say so I haven't checked their calculator, i just know when they confirm the rate it doesn't take account of fees

[organicman]

I just signed up with XE. The amount I receive with XE in baht is higher than Wise because there are no fees. 

 

XE took less than 1 hour to receive payment when I tested it today. Looks like Wise has lost my business!

 

Wise has a limit of 50,000 baht, while XE doesn't.

Edited May 28 by organicman

[organicman]

On 5/18/2024 at 4:43 PM, lopburi3 said:

Actually funds remitted from outside Thailand would be subject to an additional 1/4 percent fee in range 200 to 500 baht taken out by Thai bank.  Wise uses payments from account already established in Thailand to avoid this extra fee - have no knowledge of XE.  So what lands in bank and actually lands in your account could be a bit different.

 

From running a test, I saw that no fees were taken out from my Thai bank after looking at my statement. 

 

 

Edited May 28 by organicman

[lopburi3]

22 minutes ago, organicman said:

 

From running a test, I saw that no fees were taken out from my Thai bank after looking at my statement. 

 

 

The exchange rate fee in 200-500 bah amount it taken out prior to entry into local bank account register.  It is a Thai fee that does not apply to Wise transfers. 

[organicman]

5 minutes ago, lopburi3 said:

The exchange rate fee in 200-500 bah amount it taken out prior to entry into local bank account register.  It is a Thai fee that does not apply to Wise transfers. 

 

The amount I sent from XE is the same amount that went into my Thai Bank account. For the record, I only sent $10 to test it. I'll send a larger amount tomorrow and let you guys know if I received any fees from my Thai bank. 

Edited May 28 by organicman