Wise banking - hints, tips and warnings
#1
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
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 23rd 2022 at 7:13 am.
#2
Re: 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
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
Really all depends on what the exchange rate is doing and also what you think it will do later.
#4
Re: Wise banking - hints, tips and warnings
Jon
#6
Re: Wise banking - hints, tips and warnings
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
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 23rd 2022 at 10:43 am.
#7
BE Enthusiast
Joined: Jun 2017
Location: Alicante
Posts: 928
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.
If you do it piecemeal then you will pay everytime you load or convert.
#9
Re: Wise banking - hints, tips and warnings
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
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
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.
#10
BE Enthusiast
Joined: Apr 2021
Posts: 866
Re: Wise banking - hints, tips and warnings
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.
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.
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....
#12
BE Enthusiast
Joined: Jan 2017
Location: Dubai
Posts: 851
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
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
#13
BE Enthusiast
Joined: Jun 2020
Location: Valencia
Posts: 504
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.
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.
#14
BE Enthusiast
Joined: Jan 2017
Location: Dubai
Posts: 851
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.
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.