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Wise banking - hints, tips and warnings

Wise banking - hints, tips and warnings

Old Aug 22nd 2022, 7:09 pm
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Default Wise banking - hints, tips and warnings

Hi

I started a thread on Caxton banking which got some good reviews, but Wise was also recommended as well as Revolut. Both these seem to have had the most recommendations across the whole forum IMO.

I chose Wise in the end and have just received the Visa card. No transactions yet - I'm a newbie . So thanks to all who fed back via the forum.

I have a question about a holiday to Croatia next month. 'Experienced users': Do you recommend, please, that I open an HRK/Kuna account and load it with estimated spending money... or... just 'pay as I go' using the card and having Wise make multiple currency exchanges, each time?

​​​​​​If experienced users have any hints and tips, or even 'cautionary tales' about using Wise in the 'real world' please let us know.

Thanks in advance

Jon

Last edited by Jon-Bxl; Aug 22nd 2022 at 7:13 pm.
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Old Aug 22nd 2022, 7:50 pm
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Default Re: Wise banking - hints, tips and warnings

Originally Posted by Jon-Bxl
Hi

I started a thread on Caxton banking which got some good reviews, but Wise was also recommended as well as Revolut. Both these seem to have had the most recommendations across the whole forum IMO.

I chose Wise in the end and have just received the Visa card. No transactions yet - I'm a newbie . So thanks to all who fed back via the forum.

I have a question about a holiday to Croatia next month. 'Experienced users': Do you recommend, please, that I open an HRK/Kuna account and load it with estimated spending money... or... just 'pay as I go' using the card and having Wise make multiple currency exchanges, each time?

​​​​​​If experienced users have any hints and tips, or even 'cautionary tales' about using Wise in the 'real world' please let us know.

Thanks in advance

Jon
I would load it with the bare minimum and then just before making a larger purchase.

Really all depends on what the exchange rate is doing and also what you think it will do later.
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Old Aug 22nd 2022, 8:15 pm
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Default Re: Wise banking - hints, tips and warnings

I would just pay as you go
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Old Aug 22nd 2022, 8:35 pm
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Default Re: Wise banking - hints, tips and warnings

Originally Posted by snikpoh
I would load it with the bare minimum and then just before making a larger purchase.

Really all depends on what the exchange rate is doing and also what you think it will do later.
Thanks for the feedback here and from Missile. Its just spending money so I wont be watching the exchange rate for the 10 days.... mainly food and drink and the odd ATM withdrawal.

Jon
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Old Aug 22nd 2022, 9:47 pm
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Default Re: Wise banking - hints, tips and warnings

Enjoy your holiday
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Old Aug 22nd 2022, 10:32 pm
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Default Re: Wise banking - hints, tips and warnings

Originally Posted by missile
Enjoy your holiday
Thanks! Cant wait, going with lifelong friends...!!

Actually on researching this Ive found out that there is a fixed fee and a variable fee for currency exchanges....

For example:

1: If I converted £100 to HRK - I get 877.45 HRK.

2: If I converted £50 - I get 434.44 HRK

3: Double that.... 868.88 HRK

So 2 transfers of £50 gives me about 10HRK Less. vs one transfer of £100.

In this simple example the fixed fee is £0.95 .... which (I think) I have to pay immediately via my UK account

So 'pay as I go' maybe less efficient, when making multiple purchases... And hence multiple fixed charges....

So it appears that preloading a foreign currency account up front for a holiday (where its just spending money) maybe a good idea - and pay one fixed charge....

The card (if I understand it correctly) is a debit card, and so each purchase is immediately transferred by the system... Thus multiple fixed charges.

Its not like a credit card in which you get billed monthly... If billed monthly for the total, there would be 1 fixed charge, but that seems highly unlikely (IMO) for FX stuff.....

So I will preload an estimated amount in a new account.....( If Im right.) ... If I overdo it I'll add another lump.....

Please correct me if I am wrong..... (Still learning)

Thanks
Jon

Last edited by Jon-Bxl; Aug 22nd 2022 at 10:43 pm.
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Old Aug 22nd 2022, 11:11 pm
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Default Re: Wise banking - hints, tips and warnings

If you do as I suggest, load and convert to HRK, then you should pay nothing to use it as a normal local debit card.

If you do it piecemeal then you will pay everytime you load or convert.
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Old Aug 23rd 2022, 1:23 am
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Default Re: Wise banking - hints, tips and warnings

Alternatively get a Starling account with no transaction fees :-)
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Old Aug 23rd 2022, 1:43 am
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Default Re: Wise banking - hints, tips and warnings

Originally Posted by Jon-Bxl
Thanks! Cant wait, going with lifelong friends...!!

Actually on researching this Ive found out that there is a fixed fee and a variable fee for currency exchanges....

For example:

1: If I converted £100 to HRK - I get 877.45 HRK.

2: If I converted £50 - I get 434.44 HRK

3: Double that.... 868.88 HRK

So 2 transfers of £50 gives me about 10HRK Less. vs one transfer of £100.

In this simple example the fixed fee is £0.95 .... which (I think) I have to pay immediately via my UK account

So 'pay as I go' maybe less efficient, when making multiple purchases... And hence multiple fixed charges....

So it appears that preloading a foreign currency account up front for a holiday (where its just spending money) maybe a good idea - and pay one fixed charge....

The card (if I understand it correctly) is a debit card, and so each purchase is immediately transferred by the system... Thus multiple fixed charges.

Its not like a credit card in which you get billed monthly... If billed monthly for the total, there would be 1 fixed charge, but that seems highly unlikely (IMO) for FX stuff.....

So I will preload an estimated amount in a new account.....( If Im right.) ... If I overdo it I'll add another lump.....

Please correct me if I am wrong..... (Still learning)

Thanks
Jon
I use it extensively when travelling just one thing I have noticed , even though it is a debit card, in some countries it is only accepted electronically in stores as a Credit Card ( with zero credit time of course ).
As I am never sure how much I need I normally just transfer an amount to my Wise UK Account and accept the exchange rate of the day plus a very small transaction fee. Only real moan is that some ( not all ) transactions involving cash withdrawals carry a local ATM fee , seems to depend on which bank I visit.
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Old Aug 23rd 2022, 6:33 am
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Default Re: Wise banking - hints, tips and warnings

Originally Posted by Loafing Along
I use it extensively when travelling just one thing I have noticed , even though it is a debit card, in some countries it is only accepted electronically in stores as a Credit Card ( with zero credit time of course ).
As I am never sure how much I need I normally just transfer an amount to my Wise UK Account and accept the exchange rate of the day plus a very small transaction fee. Only real moan is that some ( not all ) transactions involving cash withdrawals carry a local ATM fee , seems to depend on which bank I visit.
Sometimes bank have an agreement with other banks around the world for you to use their atms.. Suggest looking to see if this is a fact with your bank or new age bank..

example - BoA uses BNP in France and Italy and Duesche Bank in Spain... No fee (normally €5) to withdrawal in €..

It pays - well; a pint - to be a penny pinching traveler....
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Old Aug 23rd 2022, 7:49 am
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Default Re: Wise banking - hints, tips and warnings

Originally Posted by missile
Alternatively get a Starling account with no transaction fees :-)

and cr@p exchange rates 😁
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Old Aug 23rd 2022, 7:55 am
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Default Re: Wise banking - hints, tips and warnings

I use both Wise and Revolut a huge amount where I live in UAE and on a significant amount of travel.

As has been suggested my recommendation is to estimate what you need and pre load your currency, then top up or convert back as required.

only thing to be wary of is any establishment taking a pre authorisation for something, whatever they authorise will be blocked from your balance and can take a while to release. Fuel stations sometimes do this and of course some hotels
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Old Aug 23rd 2022, 7:09 pm
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Default Re: Wise banking - hints, tips and warnings

Have you considered getting an AMEX Platinum? I use Wise for transfers but when travelling I usually just withdraw a small amount of cash using my BBVA account card and the AMEX everywhere that accepts it. For those that don't accept it I just use my BBVA card, the fees are minimal.
AMEX seems expensive at 57.50 per month, but once you factor in the insurance and unlimited lounge pass it saves more than you spend. For example, it includes excess car and van hire insurance, travel insurance and some other stuff that I don't use. The van excess is worth a few hundred per year to me, the car excess is worth about 80. I have no idea what the travel insurance is worth but unlimited lounge access for 2 people is worth about 800. The biggest advantage is the protection against scams and fraud, they just take it off your hands and deal with it.
Minimum income requirement in Spain is 30k, about the same as you need for residency.
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Old Aug 23rd 2022, 7:50 pm
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Default Re: Wise banking - hints, tips and warnings

Originally Posted by SanNico
Have you considered getting an AMEX Platinum? I use Wise for transfers but when travelling I usually just withdraw a small amount of cash using my BBVA account card and the AMEX everywhere that accepts it. For those that don't accept it I just use my BBVA card, the fees are minimal.
AMEX seems expensive at 57.50 per month, but once you factor in the insurance and unlimited lounge pass it saves more than you spend. For example, it includes excess car and van hire insurance, travel insurance and some other stuff that I don't use. The van excess is worth a few hundred per year to me, the car excess is worth about 80. I have no idea what the travel insurance is worth but unlimited lounge access for 2 people is worth about 800. The biggest advantage is the protection against scams and fraud, they just take it off your hands and deal with it.
Minimum income requirement in Spain is 30k, about the same as you need for residency.
Its slightly off topic to this thread but I would echo the values of the Amex Plat Card certainly if you travel a lot. The only thing is I find that unless you are spending in the base currency of the card the exchange rates are poor. The big value to me is the Priority Pass membership (lounge access) for 2 and the car hire benefits (as mentioned above) . Depending on which market you take the card there are also very good hotel program benefits (you get higher tier benefits).
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Old Aug 23rd 2022, 9:02 pm
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Default Re: Wise banking - hints, tips and warnings

Originally Posted by UKMS
and cr@p exchange rates 😁
Not true. Great exchange rates :-)
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