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... 

[Equatorial]

On 1/13/2025 at 4:37 PM, RSD1 said:

I have my Wise digital card saved in my smart phone wallet and in my smart watch wallet and I just make payments wirelessly throughout Thailand that way which is much faster than scanning a QR code from the True Money Wallet app to make a payment. I now just tap my phone or my watch on a payment proximity sensor and my payment is done in a second.

 

Hi @RSD1 - which digital wallet do you use on your phone? It's my understanding that Apple Pay is not accepted in Thailand, and Google Pay is only accepted at select large stores... For that reason I've been considering getting TrueMoney, but I am not comfortable with what they are requesting (pix with passport). 

[scubascuba3]

4 minutes ago, Equatorial said:

 

Hi @RSD1 - which digital wallet do you use on your phone? It's my understanding that Apple Pay is not accepted in Thailand, and Google Pay is only accepted at select large stores... For that reason I've been considering getting TrueMoney, but I am not comfortable with what they are requesting (pix with passport). 

I have truemoneywallet, it's useful, get it, of course they want your passport etc. I also use Google wallet in Lotus and Big C, fastest way to pay

[Equatorial]

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

Otherwise Nationwide to WISE GBP, (free)

 

When I add money to my WISE USD balance, from my USD denominate US-based bank, WISE charges a small fee. I just checked, it was 0.17% on my last transaction. Is adding funds to WISE free for you? 

[KannikaP]

13 minutes ago, Equatorial said:

 

When I add money to my WISE USD balance, from my USD denominate US-based bank, WISE charges a small fee. I just checked, it was 0.17% on my last transaction. Is adding funds to WISE free for you? 

Adding GBP from a UK bank is Free. I don't know about EUR or USD as I do not do it.

CONVERTING those GBP into say THB incurs a small fee, and of course, sending to another country/bank also costs you. I send THB 40k every month and it costs THB 44.60 !

[Equatorial]

On 5/11/2025 at 8:42 AM, KannikaP said:

Adding GBP from a UK bank is Free. I don't know about EUR or USD as I do not do it.

CONVERTING those GBP into say THB incurs a small fee, and of course, sending to another country/bank also costs you. I send THB 40k every month and it costs THB 44.60 !

 

I asked WISE support, and here is the answer: "Add money to Wise Account via bank transfer for free when the currency stays the same. Pay a small fee to add USD or CAD."

 

That sucks! 

 

https://wise.com/us/pricing/receive?targetAmount=1000&payInMethod=DIRECT_DEBIT&track=false

[KannikaP]

24 minutes ago, Equatorial said:

 

I asked WISE support, and here is the answer: "Add money to Wise Account via bank transfer for free when the currency stays the same. Pay a small fee to add USD or CAD."

 

That sucks! 

 

https://wise.com/us/pricing/receive?targetAmount=1000&payInMethod=DIRECT_DEBIT&track=false

Why? That's merely a small charge for converting the GBP, USD, EUR or other currency you have just paid in, into another currency eg THB. Do you want them to work for nothing?

[Equatorial]

4 minutes ago, KannikaP said:

Why? That's merely a small charge for converting the GBP, USD, EUR or other currency you have just paid in, into another currency eg THB. Do you want them to work for nothing?

 

Nope.

 

This is for adding USD from a US-based bank to the USD balance. No conversion involved. (The conversion from USD to THB would be a separate transaction, and they would charge 0.54% (or so), and I have no complaint there.)

 

It doesn't make sense to charge fee for simply adding money to the balance without a conversion. 

 

Besides, you said yourself that you can add GBP to your WISE balance free... 

[KannikaP]

1 hour ago, Equatorial said:

 

Nope.

 

This is for adding USD from a US-based bank to the USD balance. No conversion involved. (The conversion from USD to THB would be a separate transaction, and they would charge 0.54% (or so), and I have no complaint there.)

 

It doesn't make sense to charge fee for simply adding money to the balance without a conversion. 

 

Besides, you said yourself that you can add GBP to your WISE balance free... 

That's American banking for you.

Did you ask WISE who was charging the fee, or was it a misunderstanding, they though you wanted to deposit GBP into your USD account or something similar.

[Equatorial]

31 minutes ago, KannikaP said:

was it a misunderstanding, they though you wanted to deposit GBP into your USD account or something similar.

 

No misunderstanding. I attached the screenshot, showing the transfer with the fee, clearly going from USD in the bank to USD in WISE balance. 

 

In fact, it is my understanding that when you Add to WISE balance, it is always added in the currency that is withdrawn from the bank. E.g., if you were adding from a Euro denominated account, the funds would go to Euro denominated balance in WISE. In other wise, the Add transaction should never trigger a currency conversion operation. 

[KannikaP]

33 minutes ago, Equatorial said:

 

No misunderstanding. I attached the screenshot, showing the transfer with the fee, clearly going from USD in the bank to USD in WISE balance. 

 

In fact, it is my understanding that when you Add to WISE balance, it is always added in the currency that is withdrawn from the bank. E.g., if you were adding from a Euro denominated account, the funds would go to Euro denominated balance in WISE. In other wise, the Add transaction should never trigger a currency conversion operation. 

So it is WISE who charge you to deposit USD in your USD account. Whereas GPB is free. What about EUR I wonder.