transfer to Wise virtual accounts
transfer to Wise virtual accounts
Quick question about Wise (Transferwise). I have a virtual accounts in several currencies. Will banks and other financial institutions (brokerages) wire money to these virtual accounts? Has anyone done this? I was told investment firms view these as third parties. Yet these accounts have my name on them.
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I have USD, AUD and GBP virtual accounts with Wise and have had no problem using any of them. The Bank of England deposited into my UK virtual account when I sent them off a UK ten pound note which is no longer legal tender but they will replace on demand. I've had friends wire me to my USD account from other US accounts and transfer to my AUD account from "normal" Australian bank accounts. How do you propose accessing the funds in Cambodia? Withdrawal at an ATM using the Wise debit Mastercard? I'm not sure why brokerage accounts would not wire to them as they're only sending to a series of identifiers; they know nothing about the account holder
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I do it with accounts in maybe half a dozen currencies.
I haven't had any issues all. I think it's a great service.
I haven't had any issues all. I think it's a great service.
Wise is now a fully-fledged and regulated bank with sort codes, account numbers etc. Not sure why any entity would object to sending money there. It's only virtual in as far as it doesn't have physical branches, but all banks seem to be moving this way.
And Wise is cool.....so far. No doubt they will be complete bastards when they gain more market share
And Wise is cool.....so far. No doubt they will be complete bastards when they gain more market share
I like the functionality of Wise Mastercard. You can turn off individual features, so the card cannot be used unless you turn that feature on in the app. Simply great for international use.
The big Q is: What exchange rate do they use, and what uplift and costs for an exchange ?ផោមក្លិនស្អុយ wrote: ↑Fri Dec 24, 2021 3:02 pmI do it with accounts in maybe half a dozen currencies.
I haven't had any issues all. I think it's a great service.
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A c.£5k transfer from UK has £20 fees, then you lose $20-$30 in fees along the way.
Exchange rate is fantastic, compared to any other service I have used.
Looking at rates now, live rate on xe.com is 1.3410625 - wise are offering 1.34111 (guaranteed for 2 hours)
So the rate right now for me is slightly better than live rate.
Exchange rate is fantastic, compared to any other service I have used.
Looking at rates now, live rate on xe.com is 1.3410625 - wise are offering 1.34111 (guaranteed for 2 hours)
So the rate right now for me is slightly better than live rate.
Tried to send money via ABA. Not possible as they have a minimum of $100 and charge $35 for the process. Wise was $5.
pew, pew, pew, pew!
ផោមក្លិនស្អុយ wrote: ↑Fri Dec 24, 2021 6:31 pmA c.£5k transfer from UK has £20 fees, then you lose $20-$30 in fees along the way.
Exchange rate is fantastic, compared to any other service I have used.
Looking at rates now, live rate on xe.com is 1.3410625 - wise are offering 1.34111 (guaranteed for 2 hours)
So the rate right now for me is slightly better than live rate.
I’m not sure why the fees are that high. Maybe it’s a Cambodia thing. I send around £1500 every month to Thailand and it costs around 7.50-8.00 every time with no fees lost in transmission or at the receiving bank.
As you say, the exchange rate is superb, invariably at or slightly above the live rate.
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The sending fees are dependent on the value. £1k is around £5, but yeah the 'invisible' other fees are a Khmer thing...intermediary fees and a tax on international incoming transfers.Guest wrote: ↑Fri Dec 24, 2021 8:01 pmផោមក្លិនស្អុយ wrote: ↑Fri Dec 24, 2021 6:31 pmA c.£5k transfer from UK has £20 fees, then you lose $20-$30 in fees along the way.
Exchange rate is fantastic, compared to any other service I have used.
Looking at rates now, live rate on xe.com is 1.3410625 - wise are offering 1.34111 (guaranteed for 2 hours)
So the rate right now for me is slightly better than live rate.
I’m not sure why the fees are that high. Maybe it’s a Cambodia thing. I send around £1500 every month to Thailand and it costs around 7.50-8.00 every time with no fees lost in transmission or at the receiving bank.
As you say, the exchange rate is superb, invariably at or slightly above the live rate.
Before COVID and travel restrictions I’d just bring a suitcase stuffed with cash and not declare it.
Nowadays I use Wise to transfer from my Venezuelan account.
Nowadays I use Wise to transfer from my Venezuelan account.
pew, pew, pew, pew!
Do you think Wise will withhold your transactions back to your tax agency if subpoena'd?
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Oh for the good old days... I normally had a roll of hundreds in a cigar tube stuffed up my bung hole every time I returned to Cambodia.
Not that I needed to mind you, I just kept losing my wallet.
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