Wise fees are going up again.

[Everyman]

I’ll join others who have said that they don’t really care about the increase. I’m already very inefficient about how I transfer money and I use Wise for convenience more than anything else.

[n00dle]

2 hours ago, Robert Paulson said:

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. 

Gee Robert Paulson, even ignoring the glib US-centric advice, it would seem you know nothing about Wise. It takes seconds in most cases. I can't remember ever having to wait more than a few hours and that is rare.

 

but keep giving financial advice based on feels why don'tcha

[jaywalker2]

47 minutes ago, lopburi3 said:

$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

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

[digger70]

20 hours ago, newbee2022 said:

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

Oh, I don't know about Fast .

For me it takes sometimes 3 to 4 days from Australia to my bank in Thailand

[Yagoda]

They no longer give you fast ACH transfers.

[newbee2022]

23 minutes ago, digger70 said:

Oh, I don't know about Fast .

For me it takes sometimes 3 to 4 days from Australia to my bank in Thailand

From EU to Thailand 36 hrs. 

[NoDisplayName]

On 5/14/2024 at 3:55 AM, 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. 

 

How was the 250 Euro sent?

If via SWIFT, then it's a fixed fee charged by that bank.

Send 100,000 and the fee is a paltry 15 Euro. 

Send 250 and the fee is a ridiculous 15 Euro.

Send 50 and the fee is a criminal..........15 Euro.

 

[foreverlomsak]

On 5/14/2024 at 4:28 AM, AreYouGerman said:

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! 🥺

What has paying or not paying taxes in Thailand got to do with the fees charged by WISE?

[Yagoda]

33 minutes ago, newbee2022 said:

From EU to Thailand 36 hrs. 

It used toi be 1 minute US to BKK. Now its 4 days, unless you pay extra to use a debit card

[Old Croc]

"You previously sent 10000 from AUD to THB. It cost 62.16 AUD and will now cost 64.93 AUD*."

 

After getting this message I was so incensed I closed every account in all countries, converted everything to crypto, shot my dogs and am making plans to move to North Korea.

[billd766]

18 hours ago, msbkk said:

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.

I got a similar email yesterday, and based on a similar amount last month the new charge will cost me an extra 66 pence UK per month. My total monthly transfers will probably cost me about GBP 1 per month or about 46 thb.

 

From the  Wise email

 

"This is because the fees for sending GBP to THB have gone from 0.69 GBP + 0.55% to 0.97 GBP + 0.60%".

[billd766]

2 hours ago, jaywalker2 said:

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

Well my 3 pension providers in the UK send my pensions to Wise. So far, since 2018 there has been no charge for incoming bank transfers.

[lopburi3]

2 hours ago, jaywalker2 said:

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

Cost for ACH pull from bank account to Wise account is $1.30 for $1,000 transfer.  But these take about 3 business days now (transfers to Thailand could be a week with holidays) so having a Wise balance allows immediate transfers.

[NoDisplayName]

1 hour ago, Yagoda said:

It used toi be 1 minute US to BKK. Now its 4 days, unless you pay extra to use a debit card

 

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.

 

 

[NoDisplayName]

7 minutes ago, lopburi3 said:

Cost for ACH pull from bank account to Wise account is $1.30 for $1,000 transfer.  But these take about 3 business days now (transfers to Thailand could be a week with holidays) so having a Wise balance allows immediate transfers.

 

Wise charges a service fee for an ACH pull, and takes additional time for processing and verification.

 

Sending an ACH push from your bank should be free and complete within minutes or by next morning, depending on your bank's procedures.

 

Having a Wise balance doesn't affect this.  It simply means you already completed the 3 days of processing days or weeks prior.  It's still there.

 

 

[newbee2022]

1 hour ago, Yagoda said:

It used toi be 1 minute US to BKK. Now its 4 days, unless you pay extra to use a debit card

At night time they ( my EU bank and then the Thai bank) are not working. Therefore it takes for me 36 hrs.

[scottiejohn]

2 hours ago, newbee2022 said:

From EU to Thailand 36 hrs. 

From UK to Thailand for everyday living expenses less than 36 seconds normally!

[newbee2022]

3 minutes ago, scottiejohn said:

From UK to Thailand for everyday living expenses less than 36 seconds normally!

Wow , that's really fast👏

[scottiejohn]

Just now, newbee2022 said:

Wow , that's really fast👏

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!

[Stocky]

2 hours ago, newbee2022 said:

From EU to Thailand 36 hrs. 

 

19 minutes ago, scottiejohn said:

From UK to Thailand for everyday living expenses less than 36 seconds normally!

Usually near instantaneous from Singapore, the SMS from my Thai bank often arrives just ahead of the one from my bank in Singapore saying the money went to Wise. 

[scottiejohn]

35 minutes ago, newbee2022 said:

At night time they ( my EU bank and then the Thai bank) are not working. Therefore it takes for me 36 hrs.

I do not believe that the time of day has any impact on debit card funded transactions!  I do most of my transfers about 7AM in Thailand or late at night when neither the UK or Thai banks are "open"!

It is unlikely that there is any "human in the chain" involvement in simple wise app transactions that you have done many time before.  First time transactions may be handled differently!

[OJAS]

3 hours ago, Stocky said:

Not an increase for all currencies.

 Indeed. There seems to be some specific issue relating to transfers into THB from most of our home country currencies, which is seemingly resulting in higher costs for Wise and consequential fee increases for most of us. Quite what this specific issue is, I suppose, anyone's guess - particularly given that Wise sre apparently choosing to play shtum on this particular point for some mysterious reason!

[Yagoda]

1 hour ago, Stocky said:

 

Usually near instantaneous from Singapore, the SMS from my Thai bank often arrives just ahead of the one from my bank in Singapore saying the money went to Wise. 

9 days using wise usa to cambodia via swift. Unfortunately I can't verify my accounts through their system despite the fact that I've been using the same accounts for years. It's a problem with their system and customers support and they don't seem interested in helping me solve the problem. So I did the next best thing, rather than screw around, I walked over to my Cambodian bank to use use my US debit card for 20 bucks and had cash instantaneously in my Cambodian bank

[Robert Paulson]

5 hours ago, n00dle said:

Gee Robert Paulson, even ignoring the glib US-centric advice, it would seem you know nothing about Wise. It takes seconds in most cases. I can't remember ever having to wait more than a few hours and that is rare.

 

but keep giving financial advice based on feels why don'tcha

Well you are probably right about that I will not touch these “services”. But are you telling me that 365 days a year there are never times where wise either isn’t functioning or will hold onto your money for quite some time. If not it’s still robbing you is the crazy thing, at least imo 

[Robert Paulson]

5 hours ago, n00dle said:

Gee Robert Paulson, even ignoring the glib US-centric advice, it would seem you know nothing about Wise. It takes seconds in most cases. I can't remember ever having to wait more than a few hours and that is rare.

 

but keep giving financial advice based on feels why don'tcha

Just saw people post wise can takes tons of time, as I said. Have no idea what you’re on about. Maybe it’s you who should not be giving advice 

[Yellowtail]

Except in some kind of an emergency, what difference does it make if the transfer takes five seconds or five days? 

 

It looks like when transferring from the US to Thailand, and a $45 fee, at about $7,500 it becomes cheaper to used Swift. Down from about $10K last time I checked. 

[scottiejohn]

52 minutes ago, Robert Paulson said:

Well you are probably right about that I will not touch these “services”. But are you telling me that 365 days a year there are never times where wise either isn’t functioning or will hold onto your money for quite some time. If not it’s still robbing you is the crazy thing, at least imo 

Never waited any more than 2 hours over all the years I have used them.  Normally only a matter of seconds!  I must emphasise that I use the UK debit card to wise to BKK method for monthly expenses NOT long term stay!

 

I usually get the BKK notification of arrival before either the UK bank has said they have authorised the transaction or Wise have notified that the have sent the money!

The time of day seems to make no difference!

 

I think my Banks and Wise between them provide a great service to me under my circumstances!

[Stanton681]

9 hours ago, Robert Paulson said:

banks want to hold your money for as long as they can so they can earn from it. 

Maybe if it’s millions of bucks involved, not a few thousand dollars, Euros, £’s or baht from a minority of punters worldwide

[Robert Paulson]

29 minutes ago, Stanton681 said:

Maybe if it’s millions of bucks involved, not a few thousand dollars, Euros, £’s or baht from a minority of punters worldwide

It is millions of bucks. Don’t forget they can multiply it via fractional reserve banking

[Robert Paulson]

53 minutes ago, scottiejohn said:

Never waited any more than 2 hours over all the years I have used them.  Normally only a matter of seconds!  I must emphasise that I use the UK debit card to wise to BKK method for monthly expenses NOT long term stay!

 

I usually get the BKK notification of arrival before either the UK bank has said they have authorised the transaction or Wise have notified that the have sent the money!

The time of day seems to make no difference!

 

I think my Banks and Wise between them provide a great service to me under my circumstances!

Good for you. There’s someone right above says they waited nine days.