Another instant Wise transfer today.
Again completed so fast that the Kasikorn notification came in before I had time to close my UK banking app and open the Kasikorn app.
For less than 20% of the cost of arranging it via a bank too.
Wise Transfers Days Instead of Minutes
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christianpfc
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Re: Wise Transfers Days Instead of Minutes
For a transfer of 1000 EUR, Wise charges a fee of 8.62 EUR, which 0.86%.
I just checked for 1000 GBP, the fee is only 7.06 GBP, which is 0.71%.
And for 1000 USD: Connected bank account (ACH) fee 1.70 USD, Our fee 7.11 USD, Total included fees (0.88%), 8.81 USD
Whereas at money exchange, I can get below 0.5% loss. For me, it's worth hunting down the last 0.1% that I can save, by bringing more cash to exchange and use Wise less. I vaguely remember when I started using Wise more than 10 years ago (at that time Transferwise), their fees were lower, about 0.5%.
I just checked for 1000 GBP, the fee is only 7.06 GBP, which is 0.71%.
And for 1000 USD: Connected bank account (ACH) fee 1.70 USD, Our fee 7.11 USD, Total included fees (0.88%), 8.81 USD
Whereas at money exchange, I can get below 0.5% loss. For me, it's worth hunting down the last 0.1% that I can save, by bringing more cash to exchange and use Wise less. I vaguely remember when I started using Wise more than 10 years ago (at that time Transferwise), their fees were lower, about 0.5%.
Re: Wise Transfers Days Instead of Minutes
My last 4 transfers to Thailand cost between 0.6 & 0.65%. I think their prices have gone up slightly, but they're by still the best easy money transfer option for sums of several thousand pounds. The cost falls with the sum sent, but not by much once over £3~4k.
Yes, I probably could save 0.1% by going for the best cash forex option in Thailand. I used to do that.
But if I took £5000 or more in cash, I'd probably want to go to the bank to get £50 notes to reduce the package size.
I'd then want to find a very competitive money changer. It was quite easy when the ones in the Airport railway station matched the best rates in town. Do they still do that ?
Then I need to be thankful that Thai currency exchange places tend to be honest & hand over the correct quantity of notes, unlike the ones in Bali.
Then I'd need to go to the bank to pay it in.
All to save about £5.
Once I'm down to the 0.5~0.65% ballpark, chasing that last little bit can be a case of diminishing returns.
Whereas I'm horrified with people putting up with charges of 3% or more.
Yes, I probably could save 0.1% by going for the best cash forex option in Thailand. I used to do that.
But if I took £5000 or more in cash, I'd probably want to go to the bank to get £50 notes to reduce the package size.
I'd then want to find a very competitive money changer. It was quite easy when the ones in the Airport railway station matched the best rates in town. Do they still do that ?
Then I need to be thankful that Thai currency exchange places tend to be honest & hand over the correct quantity of notes, unlike the ones in Bali.
Then I'd need to go to the bank to pay it in.
All to save about £5.
Once I'm down to the 0.5~0.65% ballpark, chasing that last little bit can be a case of diminishing returns.
Whereas I'm horrified with people putting up with charges of 3% or more.