Wise ordered to pay $2.5mn in US for misleading fee advertising

[ravip]

We think something is good, then the next moment ...

 

https://www.ft.com/content/bbf79d7e-07fa-4f97-8eb6-31c192b2cf74

 

[gamb00ler]

https://www.consumerfinance.gov/about-us/newsroom/cfpb-orders-wise-to-pay-25-million-for-illegal-remittance-practices/#:~:text=Washington%2C D.C. – The Consumer Financial,exchange rates and other costs.

 

No paywall.

[scubascuba3]

I still think they are the best out there, not good publicity though

 

[Moonlover]

3 hours ago, scubascuba3 said:

I still think they are the best out there, not good publicity though

 

From the UK definitely. I wouldn't use any other although I do often disagree with their claims of 'how much I saved on this transaction'. They always seem to compare their charges against the most expensive method available. Maybe that's what this dispute in the US is all about.

 

Whenever there are complaints on this forum about Wise they nearly always emanate from the US.

[digger70]

8 hours ago, scubascuba3 said:

I still think they are the best out there, not good publicity though

 

I use wise for my International transactions . 

As  Always no hidden cost /fees . They give a Midrange Exchange Rate that's not bad.

[mogandave]

Wise is great for small transfers, but to expensive for anything big.

[Bill97]

7 minutes ago, digger70 said:

As  Always no hidden cost /fees

Of course not.  If they are hidden you would not know about them 

[PomPolo]

Of course the US is not going to like it all the money is flowing away from their banks so need to think of some way to recoup it!

[mogandave]

2 minutes ago, PomPolo said:

Of course the US is not going to like it all the money is flowing away from their banks so need to think of some way to recoup it!

Over $60B goes back to Mexico every year, I doubt that $2k a month expats are sending to Thailand is much of an issue.

[PomPolo]

4 minutes ago, mogandave said:

Over $60B goes back to Mexico every year, I doubt that $2k a month expats are sending to Thailand is much of an issue.

Yeah just read an article on that given the amount of money, Jeez $63B in 2023, I suspect the new guy at the reigns will be doing something to attempt to combat that one (I'm from the UK so haven't got a clue) don't think the US x-pats have much to worry about just yet 🙂

[Caldera]

They should have their licenses revoked for their intransparent and unprofessional operations. 

[mogandave]

3 hours ago, PomPolo said:

Yeah just read an article on that given the amount of money, Jeez $63B in 2023, I suspect the new guy at the reigns will be doing something to attempt to combat that one (I'm from the UK so haven't got a clue) don't think the US x-pats have much to worry about just yet 🙂

And most of the people sending money back get some kind of subsidy. 

 

Need to tax it 20% 

[RocketDog]

20 hours ago, mogandave said:

Wise is great for small transfers, but to expensive for anything big.

Best alternative please.

Serious request.

[mogandave]

49 minutes ago, RocketDog said:

Best alternative please.

Serious request.

For larger transfers, swift is cheaper, and once it’s set up, just as easy, and (I believe) much more secure. 

 

That said, my experience is with transfers from my US bank (Chase) to my Thai banks.

 

 

[Olmate]

1 hour ago, RocketDog said:

Best alternative please.

Serious request.

Swift everyday for painless, stress free.IE till XRP gets the nod from Don! 

[billd766]

22 hours ago, Bill97 said:

Of course not.  If they are hidden you would not know about them 

They must be very well hidden then, For every transaction between Wise and Bangkok Bank, Wise tell me what it will cost, how long it will take and what the forex rate will be, and they are spot on every time.

 

I also get a better rate than the official mid rate forex that BKK quote on their official forex rate website (which has been down for the last 2 or 3 days).

 

I do a daily forex rate check Between KBank, BKK bank, Wise and XE and though XE is better sometimes, Wise wins out in the long term.

[digger70]

23 hours ago, Bill97 said:

Of course not.  If they are hidden you would not know about them 

Of course You are funny there are No hidden costs on My Transfers .

The Fees and cost are Said/Posted Directly when one does the Transfer .

[Bill97]

Wise is cheap only for those who cannot get free or very low cost Swift transfers.  I use free Swift transfers after comparing that to Wise with actual transfers 

[bwanajohn]

What the xxxx misleading advertising and information is the newest Olympic sport

[Stocky]

On 2/1/2025 at 2:50 PM, mogandave said:

Wise is great for small transfers, but to expensive for anything big.

That's true if you're starting with USD, because the margin between buy and sell is so narrow.

 

However, this is not the case for most other currency pairs, certainly for the two currencies I use SGD and GBP, transferring any amount into THB with Wise is a win.

[OJAS]

18 hours ago, Bill97 said:

Wise is cheap only for those who cannot get free or very low cost Swift transfers.  I use free Swift transfers after comparing that to Wise with actual transfers 

 

But there again you need to factor in the costs (in both financial and time terms) of a long-distance international phone call to your home country bank every time you wish to intiate a Swift transfer if, as in my case, that is the only way of doing this (my home country bank doesn't offer any option for Swift transfers to be intiated online).

 

And, while it should be reasonably straightforward to work out your home country bank's and beneficiary Thai bank's charges for Swift transfers, the not insignificant uncertainties (in my experience) are the charges which the intermediary agency bank in Thailand your home country bank uses for Swift transfers could - and do - also throw in.

 

IMHO there is no such thing as a "very low cost" Swift transfer - let alone a "free" one!

 

[OJAS]

On 2/1/2025 at 9:21 AM, Moonlover said:

Whenever there are complaints on this forum about Wise they nearly always emanate from the US.

 

And Australia.

 

[mogandave]

1 hour ago, OJAS said:

 

But there again you need to factor in the costs (in both financial and time terms) of a long-distance international phone call to your home country bank every time you wish to intiate a Swift transfer if, as in my case, that is the only way of doing this (my home country bank doesn't offer any option for Swift transfers to be intiated online).

 

And, while it should be reasonably straightforward to work out your home country bank's and beneficiary Thai bank's charges for Swift transfers, the not insignificant uncertainties (in my experience) are the charges which the intermediary agency bank in Thailand your home country bank uses for Swift transfers could - and do - also throw in.

 

IMHO there is no such thing as a "very low cost" Swift transfer - let alone a "free" one!

 

I used to get free swift transfers (and safe deposit box) before Chase took over WaMu bank, now I have to pay US$45.

 

You can still get it “free” if you let them do the dollar-baht conversion, but that’s a loser. 

 

I can do online swift transfers from my bank’s app or website, an even with the $45, it is still cheaper than wise for larger transfers. 

 

[OJAS]

Just now, mogandave said:

I used to get free swift transfers (and safe deposit box) before Chase took over WaMu bank, now I have to pay US$45.

 

You can still get it “free” if you let them do the dollar-baht conversion, but that’s a loser. 

 

I can do online swift transfers from my bank’s app or website, an even with the $45, it is still cheaper than wise for larger transfers. 

 

 

So maybe "low-cost" Swift transfers are still available from American banks after all. Not from their British counterparts, though, unfortunately. I've always been hit with 3 sets of charges from (1) my UK bank, (2) its Thai agency bank (Kasikorn) and (3) my Thai bank (Bangkok Bank).

 

[mogandave]

3 minutes ago, OJAS said:

 

So maybe "low-cost" Swift transfers are still available from American banks after all. Not from their British counterparts, though, unfortunately. I've always been hit with 3 sets of charges from (1) my UK bank, (2) its Thai agency bank (Kasikorn) and (3) my Thai bank (Bangkok Bank).

 

K-Bank always calls to have me approve the rate before they convert to THB. 

 

As near as i can figure, their fee is ฿300, but it does not appear separately. 

[Bill97]

2 hours ago, OJAS said:

IMHO there is no such thing as a "very low cost" Swift transfer - let alone a "free" one

We’ll sorry you have such an incorrect opinion. The ways to do them have been discussed repeatedly on other Wise threads.