Wise (formerly TransferWise) is increasing fees.
- ACH transfer initiated at and sent from Wise to an external US bank in US dollars is increasing from $0.39 to $1.13
- Sending direct via ACH is increasing from 0.13% to 0.28%
Still cheaper than other alternatives as far as I know, but more than happy to be proven wrong.
Hat tip to mangorunner
Did a wise transfer this morning, still the old rate of $.39. I will be using my unexpected windfall to buy several pieces of gum!
I received this email. If you click the link from the email for the full list of fee changes, it will tell you the fee changes will start within 21 days of the date you received the email. This is only for the U.S., other countries have a different timeline I guess. I received my email on 5/13, so the fee increase should start on or around 6/3. If you have Wise transfers you need to send for triggering bank bonuses, get them in as soon as possible before the price increase. Wise will still be worth it for me to use even with the fee increase though.
Thanks,
Dominique . That was a most convoluted announcement and I didn’t dig deep enough for the effective date. Appreciate it!
• Reminder: you can “opt in” to earn interest on your Wise balance:
mothman69!)
https://www.doctorofcredit.com/contact-us/#comment-1829830
Last month, the interest earned offset the fees paid. (Thanks,
• I made a transfer out of Wise today and was charged the old fee, $0.39. Not sure when the new rates go into effect but nice to get one more at the lower rate.
Why would people use Wise and not revolut? Revolut is cheapest service for currency exchange.
its not though. Sending money from europe to the USA Atlantic money is the cheapest. Sending money from USA to Europe Wise still beats revolut. Only in small values sometimes revolut still wins. Once you hit 1400€ revolut is no longer cheaper.
Revolut definitely doesn’t have the best exchange rate at times. And I think they take a 1% fee if you try to exchange on weekends
Many DoC readers use Wise to satisfy DD requirements for bank bonuses.
Not a wise move
Having used Wise a few times for DD simulation, I’ve been very pleased with the results… so paying $0.74 more is negligible
Still quite a bit cheaper than Chase business checking payment services
Does it work as DD for SoFi?
No.
Thanks.
Would be nice to have a direct comparison between various methods of sending/receiving money in/out of US. E.g. for 1000USD how much EUR you would receive (excluding the bank fees themselves which of course vary)
Here you go: https://wise.com/gb/compare/
Thanks, but it doesn’t include the other providers mentioned in the other comments.. (e.g. IBKR, Schwab..)
Maybe because it’s biased?
I have been doing international transfers quite a lot in last 8-12 months. For me Xe is always cheaper than wise or remitly.
is that instant transfer? or takes days?
For small amounts, Wise is fine. But for larger amounts, it’s MUCH better to use IBKR for exchange due to their flat fee structure.
What is considered large?
Cheaper than revolut?