Wise/Transferwise still good value/safe to use?
Jun 10, 2023 | 2:59 pm
#1
Original Poster
FlyerTalk Evangelist
Join Date: Nov 1999
Programs: FB PLT again afater a decade as plebian
Posts: 22,946
Wise/Transferwise still good value/safe to use?
I need to transfer a significant amount of money (CAD => SGD) on a one-time basis. Have been a recipient of funds from Transferwise in the past. Is it still o.k./safe to use?
Jun 10, 2023 | 3:09 pm
#2
Join Date: Jun 2008
Location: GLA
Programs: BA Silver
Posts: 3,233
I've no idea - never heard of them. But, if you don't mind me offering a sense check, for what you describe as a significant sum of money, is it really sensible to consider using a company about which you're asking strangers on the internet if it's safe?
Jun 10, 2023 | 5:12 pm
#3
Original Poster
FlyerTalk Evangelist
Join Date: Nov 1999
Programs: FB PLT again afater a decade as plebian
Posts: 22,946
Was recommended here in the past but just haven't heard much lately. Regulated (by money laundering authorities) in Canada. It's the FX fee savings that is attractive over normal channels.
Jun 10, 2023 | 9:46 pm
#6
Join Date: Jul 2013
Location: Europe
Programs: KLM Platinum for Life, BA Gold for Life, BA GGL, LH Senator, Hilton Diamond
Posts: 13
I use Wise a lot, both for my company as in my private life.
The other day, I had to move money from my European bank account to my American bank. Since most banks rip you off with FX, I used wise. After I transferred money into my wise, they were asking a million questions where the money is coming from. Whatever you submit (official tax filings, invoices, bylaws), it's not enough and they want more. So they won't release the money to you until they are satisfied.
All these documents have to be emailed and there is no transfer portal.
Wise has good rates, but be aware of their KYC practices.
The other day, I had to move money from my European bank account to my American bank. Since most banks rip you off with FX, I used wise. After I transferred money into my wise, they were asking a million questions where the money is coming from. Whatever you submit (official tax filings, invoices, bylaws), it's not enough and they want more. So they won't release the money to you until they are satisfied.
All these documents have to be emailed and there is no transfer portal.
Wise has good rates, but be aware of their KYC practices.
Jun 11, 2023 | 12:31 am
#7
FlyerTalk Evangelist
Join Date: Jan 2010
Posts: 10,059
I use them at least once per month and have done for a few years. For my transactions they offer the best exchange rate and fees combination and I would have no hesitation in recommending them. As you mention "a significant amount" I would always shop around, but Wise is still OK and safe to use.
Jun 11, 2023 | 3:50 am
#9
Join Date: Feb 2004
Location: Malaga, Spain
Posts: 1,091
I use Wise a lot, both for my company as in my private life.
The other day, I had to move money from my European bank account to my American bank. Since most banks rip you off with FX, I used wise. After I transferred money into my wise, they were asking a million questions where the money is coming from. Whatever you submit (official tax filings, invoices, bylaws), it's not enough and they want more. So they won't release the money to you until they are satisfied.
All these documents have to be emailed and there is no transfer portal.
Wise has good rates, but be aware of their KYC practices.
The other day, I had to move money from my European bank account to my American bank. Since most banks rip you off with FX, I used wise. After I transferred money into my wise, they were asking a million questions where the money is coming from. Whatever you submit (official tax filings, invoices, bylaws), it's not enough and they want more. So they won't release the money to you until they are satisfied.
All these documents have to be emailed and there is no transfer portal.
Wise has good rates, but be aware of their KYC practices.
Jun 11, 2023 | 6:39 am
#12
Join Date: Dec 2016
Location: Long Island, NY
Programs: AA EXP, Hyatt Explorist, Marriott Gold
Posts: 1,088
Been using Wise for a few years.
no issue to report for amount ~ 10,000
I, too, would be interested in the documents required to release (I assume) larger amounts.
same for SWIFT: do we know the flat fee applied?
thanks
no issue to report for amount ~ 10,000
I, too, would be interested in the documents required to release (I assume) larger amounts.
same for SWIFT: do we know the flat fee applied?
thanks
Jun 11, 2023 | 6:53 am
#13
Join Date: Jan 2020
Location: FLL
Posts: 544
https://wise.com/us/blog/wise-vs-int...bank-transfers
International bank (SWIFT) charges : Varies: often ranges from 10 USD - 35 USD
Wise charges 0.5%- 2.5%
International bank (SWIFT) charges : Varies: often ranges from 10 USD - 35 USD
Wise charges 0.5%- 2.5%
Jun 11, 2023 | 7:03 am
#14
Join Date: Dec 2016
Location: Long Island, NY
Programs: AA EXP, Hyatt Explorist, Marriott Gold
Posts: 1,088
https://wise.com/us/blog/wise-vs-int...bank-transfers
International bank (SWIFT) charges : Varies: often ranges from 10 USD - 35 USD
Wise charges 0.5%- 2.5%
International bank (SWIFT) charges : Varies: often ranges from 10 USD - 35 USD
Wise charges 0.5%- 2.5%
would you recommend any other fintech app?
is MoneyCorp a viable alternative?
Jun 11, 2023 | 7:06 am
#15
Join Date: Dec 2016
Location: Long Island, NY
Programs: AA EXP, Hyatt Explorist, Marriott Gold
Posts: 1,088