Wise - fees going up
 

Have read all those that use Wise for financial transactions.

Anyone else had an email about increases in fees. Don't panic only minor increases!
Variable fee was (0.47%). Now (0.56%) for EUR to GBP transfers.

I cant post a link as less than 5 messages on here. You could try search 'Wise fee change' or similar.

Re: Wise - fees going up
 

Hi,

Here is a link to "some" price increases:

https://wise.com/price-change/border...23-apr-reprice

Steve

Re: Wise - fees going up
 

Yes had an email this morning -

'We’re making some changes to our fees. We believe in transparency, so we want to let you know what’s changing and why it’s happening.

Our fees are increasing when you:

• Send money FROM EUR to any currency.
  
• Send money TO GBP from any currency.
  

The date for fee changes depends on your home address, and how you pay for transfers. Click below to check when the changes will apply to you.'

Re: Wise - fees going up
 

This is the second increase in a few months - I recall receiving a similar message not so long ago, although I don't recall the details of the increases. The message is don't assume Wise is the cheapest / best option for money transfers, even if it was previously. It might still be, but it's worth checking.

Re: Wise - fees going up
 

I have used Wise regularly, for several years, and the service has always been excellent. However, their claim to transparency is wearing thin when they exclude Atlantic Money from their comparisons. At 3GBP per transaction, regardless of the amount being transferred, Atlantic Money beats Wise every time. https://atlantic.money/gb/en/

Re: Wise - fees going up
 

Agree up to a point.
But they do the job I want from them and if it means paying a little extra to continue the good service I've had (they always answer questions quickly and move my money around faster than others).
They are one of the better currency movers and I cant be bothered to spend an hour or so checking all the others just to maybe make less than a cent per euro on a transfer.
I dont move enough every month to be bothered.

Still cheaper than my bank (both the Uk and Spanish ones and the other currency company I used to use)..

Re: Wise - fees going up
 

The larger the amount transferred, the more important the fees .... and the reliability of the transfer company. If you were transferring the proceeds of a house sale, you wouldn't want to pay an extra 1% fee unnecessarily as it'd be thousands, nor would you want to risk losing it all.

Atlantic Money - never heard of them, but they have good reviews (but a limited number, being new). I don't see how a flat £3 fee is sustainable long-term - surely they must make money somewhere else in the process (can't see where), increase their fees in due course, or go bankrupt.

Re: Wise - fees going up
 

Most of us here only do pension transfers so will ultimately stick to the company they are used too.
Of course if doing a one time big move you would consider alternatives.
But its foolish to open accounts with lots of companies just to move a minimal amount around, bearing in mind you have to share sensitive information with them.

Ive just been to this comparison site and put £1000 to euros, which I assume is what a few people would transfer (its around my monthly pension amount).

https://www.monito.com/en/compare/tr...s/gbp/eur/1000

It puts Wise at no4 but says it takes 24 hours for transfers, which is frankly rubbish.
If done during normal working hours its almost instant..
The most Ive ever waited was 2 hours and that because my Uk bank faffed around by calling me to see if I was being scammed..
Only done this transfer every month for the past 3 years...

And I suppose if you take the top one out as its a sponsored link then wise is at 3.

The only other one I have used is XE and they managed to muck up two payments for a car so I stopped using them.

Again Wise also now has its card scheme and the fact you can hold currencies or use a pot. We will be travelling to Australia via three different countries later in the year for my daughters wedding.
I will move a nice chunk from my UK bank account to £ on the card. Then we can spend in various currencies all taken from the one pot at a low charge rate and I dont have to worry about converting too much cash into something I wont spend.
And as we will be away for a couple of months I can set some auto payments to my Spanish bank account to cover our outgoings and keep the Santander account free..
Everyones milage varies and each to their own but I retired for a simple life, not to watch currency rates etc.
And to be honest a penny here or there aint worth the hassle..

Re: Wise - fees going up
 

I've been using Currency Fair to transfer funds to my Spanish account for several years now. They charge a flat fee of €3 per transfer and it doesn't appear to have caused them to go bankrupt or increase their charge.

Re: Wise - fees going up
 

I've just made a comparison to transfer £1,000 / £10,000 to Euro;

Atlantic Money = EUR 1,131 / 11,342
Currency Fair = EUR 1,126 / 11,288
Wise = EUR 1,130 / 11,299

Atlantic Money & Wise have the same exchange rate (and different fees), Currency Fair has a worse exchange rate (of course, this may be different for currencies at different times).

I've only used Wise, which has worked well. But not the cards, I never investigated how these work and instead use a UK credit card that doesn't charge a forex conversion fee or cash withdrawal fee (I don't know if it's more or less expensive than the Wise card, but it's easy).

Re: Wise - fees going up
 

The cards allow you to either pay as you go and use the exchange rate posted at the time or to hold a balence in various currencies.
They have also recently started to pay "interest" on held balences.

I find it convenient as compared to a credit card the exchange rate is usually better. Although I no longer have a credit card anyway....

Re: Wise - fees going up
 

When we exchange money it is with the idea that you want the most new currency for the least old currency. Why get all hot under the collar about exchange rates and fees, just look at the bottom line. We are wise users and have never found that you get less for your money when you use them to exchange currency. Wise let you know how much currency you will end up with before you commit to the exchange, so try your preferred FX company first to see how much new currency you end up with.
As has already been mentioned, their new cashback system adds value to being their customers.
As we only exchange GBP to EUR, their new fees do not affect us anyway.

Re: Wise - fees going up
 

I have no problems with the increased charges.

The net 'cash in hand' is the important thing.
They are also paying a 'cashback' - a kind of interest on amount held. So it easily pays for the difference in the charge (in my case)

Their card is an excellent tool as well.

Im a big fan!

Jon

PS More on this thread

https://britishexpats.com/forum/fran.../#post13184990

Re: Wise - fees going up
 

Yes, my 'cashback' payments from Wise easily cover my fees with them and for their fast, reliable and fair service, I will be sticking with them.

Re: Wise - fees going up
 

I transfer GBP to my Wise Euro account and then send the euros to my Spanish bank account. The rate of exchange seems to be competitive so I cannot be bothered to hunt around for a better deal. As far as fees are concerned, a month or so ago I was pleasantly surprised to receive a small credit in my Wise account as a refund on fees previously paid. The explanation was the cost to Wise of moving money was less than expected hence the refund.