How to optimize Wise for the US

[RethairedJarhead]

 

 

PS to my my question above- HERE'S HOW THE (other) COMPARED USERS RANKED IN ORDER OF COST- with WISE ranked 5 of 7:

1. XE
2. NOVO powered-by WISE
3. Stanford FEDERAL CREDIT UNION powered-by WISE
4. Andrews powered-by WISE
5. WISE
6. MoneyGram
7. WESTERN UNION

 

 

[TWS60]

On 5/1/2023 at 2:22 PM, RethairedJarhead said:

PS to my my question above- HERE'S HOW THE (other) COMPARED USERS RANKED IN ORDER OF COST- with WISE ranked 5 of 7:

1. XE
2. NOVO powered-by WISE
3. Stanford FEDERAL CREDIT UNION powered-by WISE
4. Andrews powered-by WISE
5. WISE
6. MoneyGram
7. WESTERN UNION

Been meaning to try XE.  Just created account (from USA at the moment), sent $100 test transfer from Schwab Bank.  No fee for ACH pull, take it from the FOREX spread.  Mid-market was 34.38 at that time, transfer slip was 34.1xx.  I can live with that.  Nice to have another xfer tool in the tool box.  Thanks.

[RethairedJarhead]

Cool- look forward to hearing your results. 

Apparently using VENMO to push funds to your Wise account is FREE... simple catch is you need to have the Venmo Debit Card to add funds to Venmo. I'm a long time Venmo user but never had need for their debit card until now... I ordered the card and connected Venmo to Wise. Takes 3 to 5 days to add funds to Venmo... but apparently now I can push funds to Wise with no fee... I'll update after my trial as well.

Concur- always good to have tools in the bag just in case... especially no-fee!!!

Cheers

 

 

Edited May 19, 2023 by RethairedJarhead

[RethairedJarhead]

Additional:

In Venmo add/connect your Wise (Evolve Bank) account to 'payment methods'.

Once connected, in Venmo simply 'transfer money' to Wise account (takes 3-5 biz days). 

 

[RethairedJarhead]

So my test is complete- transferred funds from Charles Schwab to Wise account via Venmo… ZERO fees!

From my Wise account to Bkk Bank… Wise wire transfer & admin fee total comes to less than 1% ($17.29) for a transfer of $2000… better than the alternatives I have seen up to this point. 

Cheers

 

 

Edited May 23, 2023 by RethairedJarhead

[Marc26]

2 hours ago, RethairedJarhead said:

So my test is complete- transferred funds from Charles Schwab to Wise account via Venmo… ZERO fees!

From my Wise account to Bkk Bank… Wise wire transfer & admin fee total comes to less than 1% ($17.29) for a transfer of $2000… better than the alternatives I have seen up to this point. 

Cheers

I am a bit confused

 

I sent right from my bank, RBC Canada, and it is right around 1%

 

Last transfer I sent was 1,524cad and paid 15.89 in fees

[RethairedJarhead]

Venmo charged fee to transfer from your bank to Wise account? No fee for me in US

[Marc26]

9 hours ago, RethairedJarhead said:

Venmo charged fee to transfer from your bank to Wise account? No fee for me in US

No I am confused what the advantage is??

 

We don't have Venmo in Canada

 

I just sent the money from Wise to my wife's Thai bank account and they take it out of my RBC bank account

 

And the fee(see above) is right around the same 1% you mentioned

 

 

Not trying to "best" you or anything, just confused on what the advantage is

[RethairedJarhead]

The advantage is Venmo- a way around transfers from bank to Wise… no Venmo, no advantage.
 

In my Wise account under “other ways to pay” Venmo was listed with zero transfer fees to Wise… the reason for this post. 
 

Cheers  

 

[TWS60]

On 5/20/2023 at 12:00 AM, TWS60 said:

Been meaning to try XE.  Just created account (from USA at the moment), sent $100 test transfer from Schwab Bank.  No fee for ACH pull, take it from the FOREX spread.  Mid-market was 34.38 at that time, transfer slip was 34.1xx.  I can live with that.  Nice to have another xfer tool in the tool box.  Thanks.

Took a bit longer, weekend involved as well, but the $100 finally showed up on Bangkok Bank at the rate mentioned at time of transfer.  I'll still use the ATM as primary but good to have XE set up and on tap if needed.