transfer to Wise virtual accounts
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The demise of Wise seems to have been greatly exaggerated. Transfer made on Friday afternoon, arrived in my account today lunchtime.
To or from?ផោមក្លិនស្អុយ wrote: ↑Mon Jan 10, 2022 1:57 pmThe demise of Wise seems to have been greatly exaggerated. Transfer made on Friday afternoon, arrived in my account today lunchtime.
pew, pew, pew, pew!
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To my local ABA from UKYaTingPom wrote: ↑Mon Jan 10, 2022 2:19 pmTo or from?ផោមក្លិនស្អុយ wrote: ↑Mon Jan 10, 2022 1:57 pmThe demise of Wise seems to have been greatly exaggerated. Transfer made on Friday afternoon, arrived in my account today lunchtime.
1
1
I guess there is a problem with the banks they use in the US and ABA.
There are some items in here:RobW wrote: ↑Sat Jan 08, 2022 2:32 pmOK. Transfer done from sterling Wise account to dollar ABA account at 14.30 today.RobW wrote: ↑Sat Jan 08, 2022 8:04 amGood idea. I will do the same.ផោមក្លិនស្អុយ wrote: ↑Sat Jan 08, 2022 7:56 amFrom wiseI set up a small test transfer yesterday, it normally takes 24 hours or so during working days, but might take longer at weekends. If successful, then it should appear in my account some time today or Monday.Unfortunately we don't have explicit control over payment routes and which intermediary banks SWIFT transfers proceed through to their destination. This is up to our partner banking institutions and not something we can influence....
....We also don't know which intermediary banks transfers go through for a given route. The route taken is reliant upon our partner banks and the SWIFT network. Which banks these transfers proceed through is not reported to us.
If it fails then I'll contact them and ask them to investigate the reason.
- The Wise statement about "no control" is for the dummies. IF you can obtain the details I described earlier, you just go the old-fashioned way and can influence what route is being taken. IF you just initiate a transfer direct to Wise, you won't have any control.
- IF Wise does promote lower costs, when going through specific intermediate banks, they should be able to provide the following info:
= Which intermediate banks.
= What is the Wise account at those intermediate banks.
With that info, you can schedule the payment to go through a specific intermediate bank.
- When you transfer a non-USD amount, the transfer route will not go through the US. Since the US did start hitting on Cambodia, to make the China - Cambodia relationship more stressed, you can expect issues, when transferring USD into Cambodia.
(Oh, the "USD transfer through a US bank", is mandatory for USD transfers, since the US got their claws into the SWIFT system chopped off. The mandatory US route is an attempt to partially restore the US' opportunities to follow money trails).
- The transfer time is often determined by the time, the sending bank keeps sitting on the money (after the money left your account and before the banks sends it off, can easily be 2 days, kind of stupid these days with negative interest, but they still do so).
What exchange rate uplift did ABA charge for the arriving money ?
Banks are scared to get drawn into US-Cambodia sanctions (and punishments around that). It is pretty costly to investigate each and every transfer, so, the banks just decline the transaction.
Can you give a direct reference in this regard? Or did you just pronounce yourself the wise old village chief, or something like that? I admire your endless knowledge of almost everything we are dealing with here.
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The only person who doesn't use wise is a bloody expert in it.
What a tedious bore.
What a tedious bore.
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1:1v12 wrote: ↑Tue Jan 11, 2022 9:38 amWhat exchange rate uplift did ABA charge for the arriving money ?RobW wrote: ↑Sat Jan 08, 2022 2:32 pmOK. Transfer done from sterling Wise account to dollar ABA account at 14.30 today.RobW wrote: ↑Sat Jan 08, 2022 8:04 amGood idea. I will do the same.ផោមក្លិនស្អុយ wrote: ↑Sat Jan 08, 2022 7:56 amFrom wiseI set up a small test transfer yesterday, it normally takes 24 hours or so during working days, but might take longer at weekends. If successful, then it should appear in my account some time today or Monday.Unfortunately we don't have explicit control over payment routes and which intermediary banks SWIFT transfers proceed through to their destination. This is up to our partner banking institutions and not something we can influence....
....We also don't know which intermediary banks transfers go through for a given route. The route taken is reliant upon our partner banks and the SWIFT network. Which banks these transfers proceed through is not reported to us.
If it fails then I'll contact them and ask them to investigate the reason.
Your question demonstrates that this 'expert' doesn't understand the service/process.
Any chance you could stop giving advice on things you don't know about?
This overview does not give the information needed to find out about the costs:
- How much GBP did you sent out ?
- Which bank did do the currency swap GBP -> USD ?
- What costs were specified on the Wise/GBP side ?
- What costs were specified on the ABA/USD side ?
The latter two might be just "hidden" for the dummies. Some banks just include these "costs" in an elevated exchange rate (the dummies approach), some banks just specify the costs separately.
My knowledge: 25 years of dealing with banks and finding out ways to circumvent their elevated costs. Once you know how it works, this can save you easily 3% on deals of (for example) USD 10K. And, that's often more than the remaining margin on the business deals you make, so lowering the bank costs is essential for your business.
Banks don't "publish" these circumvent mechanisms, since it does eat out their margin on multi-currency transfers. Banks not even WANT you to know about these things, because it's a main source of their income.
Oh, and, yep, I still get "surprised" occasionally by the new tricks banks do find out to cheat on the low percentage amount they make on these transactions.
Sure, you show to belong to the dummies category. Maybe just stick there, no need to read this stuff over here, it does not make a difference for you.ផោមក្លិនស្អុយ wrote: ↑Tue Jan 11, 2022 11:32 am1:1
Your question demonstrates that this 'expert' doesn't understand the service/process.
Any chance you could stop giving advice on things you don't know about?
For the others: Read my previous write-up.
Oh, and, when you "manage" these currency things properly, you will be the one getting the revenues and not the bank. Over the years, it will bring you a fortune when doing these things properly.
That's how I can to "retire" early and not have financial worries
That's how I can to "retire" early and not have financial worries
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