Wise vs Revolut - This is what I've found out

[RSD1]

13 minutes ago, scubascuba3 said:

Jars have balances and just checked the app and it's up to date

 

That seems unusual. I would contact them to see what they say. In my opinion, it’s one of the most important security features of the card because it allows you to limit which spending accounts and jars it can access.

 

By the way, the "Card controls" function is another great feature. It lets you disable payment methods you don’t want the card to use, adding an extra layer of security. For example, you can disable contactless payments on your physical cards and enable only chip transactions. This would require you to insert your card into the machine and usually enter your PIN to complete a debit purchase, preventing anyone else from making a purchase with your card (using only tap and go and no PIN) if you lost it. On my digital cards, I restrict them to only allow online purchases or digital wallets. I see no reason to enable any other functions on those.

[RSD1]

9 minutes ago, scubascuba3 said:

It's a personal account, i wonder what other functionality is missing, anyway I don't need it, if i do I'll contact Wise thanks 

 

No problem. Attached is a screenshot of all the functionality it shows me for the card, in case this helps you to cross check with what you have.

 

 

 

[minotaur]

Here's mine. Similar but no Spending.

[RSD1]

9 minutes ago, minotaur said:

Here's mine. Similar but no Spending.

 

I wonder if it has something to do with which country you created your account in. Maybe if you have a UK Wise account then the functions are a bit more limited. Also, you are on Android, that shouldn't make any difference, but who knows.

 

 

[scubascuba3]

18 minutes ago, RSD1 said:

 

I wonder if it has something to do with which country you created your account in. Maybe if you have a UK Wise account then the functions are a bit more limited. Also, you are on Android, that shouldn't make any difference, but who knows.

 

 

I'm the same as Minotaur, a mystery of life, for now anyway 

[RSD1]

8 minutes ago, scubascuba3 said:

I'm the same as Minotaur, a mystery of life, for now anyway 

 

I can see he is on a VPN, but that shouldn't make a difference. But if you are on a VPN then either disable it or change it to the UK and see if that makes any difference. I know if you are on a VPN connected to Myanmar then you wont even be able to open the Wise app at all I believe.

[scubascuba3]

9 minutes ago, RSD1 said:

 

I can see he is on a VPN, but that shouldn't make a difference. But if you are on a VPN then either disable it or change it to the UK and see if that makes any difference. I know if you are on a VPN connected to Myanmar then you wont even be able to open the Wise app at all I believe.

I wasn't using a VPN but turned it on to UK and still nothing

[minotaur]

It's not a VPN as such. It's the Adguard app which filters traffic. But the IP address remains the same

[sandyf]

On 1/13/2025 at 12:41 PM, Millian said:

This is the problem im having, people seem to be saying different things. I cant seem to find a concrete example of someone who has used them and weather they get charged additional fees or not.

Just received summary from Wise.

 

 

[rickudon]

I tried to use Wise some years ago. made 3 attempts, but only one payment got through. Haven't used since and cannot use because my phone number changed.

I use my UK fee free Credit card. use to pay some bills e.g. super market shop, and get cash out at a Thai bank counter. Only 'fee' is the Mastercard currency conversion rate, which is pretty comparable to Wise when you add their rate and fee together. Only drawback is need to payoff cash withdrawals quickly to minimise interest costs. 

 

Never had any problem.

[KannikaP]

6 minutes ago, rickudon said:

I use my UK fee free Credit card.

Which one is that please?

[rickudon]

Just now, KannikaP said:

Which one is that please?

Halifax Clarity. Free for all oversea use (including cash withdrawals) You do have to pay for UK cash withdrawals, but just need any UK debit cards for that.

[Negita43]

On 1/12/2025 at 7:31 PM, seank said:

Wise THB to UOB has being instantaneous for me the last year so i use it as a currency account

 

Revolut has to option to invest in stocks and crypto so i use it as an investment account

So does Wise for investments - not sure about crypto

[seank]

On 1/19/2025 at 5:21 PM, Negita43 said:

So does Wise for investments - not sure about crypto

With my Wise account, there is no option for investments or crypto.

[Negita43]

17 hours ago, seank said:

With my Wise account, there is no option for investments or crypto.

There is with mine (UK) invests via Blackrock

[Equatorial]

On 1/13/2025 at 11:55 AM, RSD1 said:

First, I transfer a foreign currency (dollars, euros, pounds) into my Wise account. I then convert it to Thai Baht when the exchange rate is most favorable. After that, I maintain a Thai Baht balance in my Wise account to spend from. This ensures that all my transactions are made from my Thai Baht balance, avoiding conversion fees on each individual card transaction. Wise typically charges around 0.54% to exchange most major currencies into Thai Baht.

 

Interesting points, @RSD1 !  -- I have a couple of questions:

 

1/ You say you convert the foreign currency in your WISE balance to Thai baht. Then you say that the card transactions are made from your Thai Baht balance, avoiding conversion fees on individual transactions. 

 

I understand the reasoning for making the conversion to THB when the exchange rate is favorable. However, are you saving anything on conversion fees by converting a large balance vs converting small sums as you go, for each individual transaction? 

 

2/ It implies that if you have a WISE balance in THB, and you make any card charges and/or withdrawals in THB, they will be automatically covered from your THB balance. Is that a correct assumption? 

 

Thanks! 

[Equatorial]

On 1/13/2025 at 7:48 PM, KannikaP said:

Transfer from Monthly to Bkk Current = instant.

 

@KannikaP - From the context it's clear that "Monthly" is your Bangkok Bank account which you use for documenting monthly transfers for the IO. 

 

What's the "Bkk Current"? A different bank account that you use for expenses? If so, why not use the Bangkok Bank account for monthly transfers AND for expenses? 

[KannikaP]

Just now, Equatorial said:

 

@KannikaP - From the context it's clear that "Monthly" is your Bangkok Bank account which you use for documenting monthly transfers for the IO. 

 

What's the "Bkk Current"? A different bank account that you use for expenses? If so, why not use the Bangkok Bank account for monthly transfers AND for expenses? 

I transfer to my Monthly account from Wise, and then transfer that into my Current account. It just means that when I go to Immigration to do my extension, the Monthly account simply shows 12 deposits and 12 withdrawals, making it easy for them to understand.

I also have an account with just my Immigration deposit in. Luckily, Phitsanulok allows the Combination Method so 400k in the bank plus 40k per month suits me fine.

[KannikaP]

51 minutes ago, Equatorial said:

 

Interesting points, @RSD1 !  -- I have a couple of questions:

 

1/ You say you convert the foreign currency in your WISE balance to Thai baht. Then you say that the card transactions are made from your Thai Baht balance, avoiding conversion fees on individual transactions. 

 

I understand the reasoning for making the conversion to THB when the exchange rate is favorable. However, are you saving anything on conversion fees by converting a large balance vs converting small sums as you go, for each individual transaction? 

 

2/ It implies that if you have a WISE balance in THB, and you make any card charges and/or withdrawals in THB, they will be automatically covered from your THB balance. Is that a correct assumption? 

 

Thanks! 

They will be covered by your THB balance as long as there is sufficient there. If you go over, then Wise will automatically convert from your other currencies into THB as needed. I find it a very good, easy method.

Just returned from Dubai where everything I spent in AED was automatically taken from my GBP balance, with very small fees. Brilliant.

[Equatorial]

On 1/13/2025 at 11:55 AM, RSD1 said:

First, I transfer a foreign currency (dollars, euros, pounds) into my Wise account. I then convert it to Thai Baht when the exchange rate is most favorable. After that, I maintain a Thai Baht balance in my Wise account to spend from. This ensures that all my transactions are made from my Thai Baht balance, avoiding conversion fees on each individual card transaction. Wise typically charges around 0.54% to exchange most major currencies into Thai Baht.

 

I am curious, does maintaining a Thai balance in WISE lower the cost of transferring money from US-based bank to a Thai bank? 

 

In other words, are the following two scenarios same in terms of cost (assuming the same interbank exchange rate in both scenarios)?

 

1/ Transfer let's say $2,000 from a US-based bank to Bangkok Bank, using the basic WISE transfer functionality.

 

2/ Transfer the same amount, $2,000, to WISE a USD denominated balance, convert it to a balance denominated in Thai Baht, and then deposit the entire amount into an account in Bangkok Bank. 

 

If different, can someone provide detail? I am new to using WISE and all of the rules and costs and conditions are a bit overwhelming...