You can ignore authors, whether they are producing too much noise or being needlessly provocative, by clicking the yellow unhappy when reading their post.
- Manlobbi
Stocks A to Z / Stocks B / Berkshire Hathaway (BRK.A) ❤
No. of Recommendations: 4
I seem to recall some discussion on the old BRK board (Mungo?) about using Wise to transfer funds internationally. I'm hoping someone here can answer my question.
I'm want to rent a vacation apt. in Florence from a friend there. She requests a 200 Euro deposit and says she has a Wise account in Euros. I've never used Wise, but I downloaded the app and opened an account (unfunded, so far) in USD. Will I be able to use this to send 200 Euros to my friend? That is, will it make the conversion, deduct the appropriate amount in USD from my account (plus a fee, of course), and deposit 200 Euros in my friends account?
Mille grazie.
No. of Recommendations: 3
I've never used Wise, but I downloaded the app and opened an account (unfunded, so far) in USD. Will I be able to use this to send 200 Euros to my friend?
Yes, Wise is ideal for that. The exchange rates are fair and fees are minimal. Just tap on "send" and select the recipient's currency and amount, and your currency. Then there are different funding options with different fees, the best is usually to use your Wise balance.
If the recipient has enabled receiving funds directly to their Wise ID it can also work similar to PayPal, where you can pay by just entering their email address. Otherwise, you will have to enter their Euro account data (IBAN).
No. of Recommendations: 1
Moneycorp is another online option, part of BAC. I use it all the time for USA france, though it is internatioal. you do need the IBAN number though. the thing I like about moneycorp, is if needed, someone is on the telephone in seconds to help you, but unlike WISE it does not (yet) issue a debit card for travel where I could pull my euros direct from my euro account.You can hold multicurrencies.
No. of Recommendations: 7
An update: I used Wise today to transfer the equivalent of 200 Euros (in USD) to my friend in Italy as a deposit on a fall vacation rental in Florence. My friend also has a Wise account. It could not have been easier, faster, or cheaper.
First, I opened a Wise account online. Took a couple of minutes. To make the transfer, I entered my friend's email address, and it asked if [name] was the right person. I confirmed. I could then have deducted the funds from my bank account, a credit card, funds already on deposit in my Wise account, or one or two other options. I followed the instructions to connect Wise to my bank account. (I can disconnect it later, if I wish).
I then entered that I wanted my friend to receive 200 Euros and that my account was in USD. It told me the (entirely fair) exchange rate, the (small) fee to make the transfer, and the total amount in USD to be deducted from my account. I pressed OK, and that was that. Transfer completed.
Amazing.
No. of Recommendations: 2
moneycorp charges no fees, exchange rates fine, and electronically transferred immediately. part of BofA. dont need a BofA accountn onlinein 30 seconds.. Can also hold multicurrencies. Prefer this one.customer service is excellent, phones answered in seconds, try that with wise if something goes wrong...
No. of Recommendations: 0
Did your friend have to pay any fee at their end to receive the transfer?
I'm curious if it would work if both accounts were in the same name, so that it could be used to move funds from one country to another without the bank fees.
I have an account in Canada (which is duly reported via FinCen and to the IRS) but transferring to my US account invokes fees that add 3 - 6% to such transactions either way.
It would be great to simply deal with the exchange rate plus a small fee (say 1%?) instead (or even a flat fee).
No. of Recommendations: 2
No,
I send money to France and UK regularly, I send direct via IBAN number / SWIFT to their bank accounts. I hold dollar , EURO and Sterling balances , which I top up as convenient or opprtunistically on favourable currency moves. In 3 years I have never paid a fee and neither has any counterparty. I pay my french utilites and various tradespeople through it as well., and on a very significant amount once. Moved it at the push of a button. I had informed them about a month prior this was going to happen, but I think it would have worked on that move as well , without the heads up...
when you need to speak to someone, the phone/text/email is answered almost immediately. A family member has WISE, she is also happy with it,but is not based in USA.
I hope this helps.
No. of Recommendations: 0
I have also been looking at Revolut lately. Very popular with the "yoof"....it has an IBAN , but is registered in Lithuania. it is pursuing a more mainstream IBAN lregistration in former west europe countries. Its the newer kid on the block and has lots of nice features. I have no knowledge of customer service in the event things go wrong .......so I'm holding off on Revolut for now, but it is gaining traction as bank fees in many EU countries are horrific !
No. of Recommendations: 2
Did your friend have to pay any fee at their end to receive the transfer?
I'm curious if it would work if both accounts were in the same name, so that it could be used to move funds from one country to another without the bank fees.
Friend did not pay any fee.
I'm 99% sure it would work for transferring money from one of your bank accounts to another one. You can go to wise.com to read about it, including the fee structure.
No. of Recommendations: 6
Since this is an investment forum, some of you might be interested in a "Business Breakdown" podcast, where they interviewed a business analyst and discussed the business Wise is trying to disrupt.
https://podcasts.apple.com/us/podcast/wise-moving-...If you'd rather skim the transcript,
https://steno.ai/business-breakdowns/wise-moving-m...Here's the intro paragraph.
This is Zack Fuss, an investor at Irenic Capital, and today we're breaking down Wise. Wise helps individuals and small businesses move money across borders. It offers significantly faster and cheaper international transfers than traditional banking routes because of its innovative closed-loop system. Twelve years after its founding, Wise serves six million customers and earned close to £1 billion in income last year. Investors currently value the business, which is listed in London, at £6 billion.
To break down Wise, I'm joined by former payments exec and now investor at Sydney-based TDM Growth Partners, James Revell. We cover the broken system of correspondent banking, which has led to slow, opaque, and expensive transfers and then explore how Wise has counter-positioned itself to take advantage of this large market. Please enjoy our breakdown of Wise.
