WISE transfer service

@ Enzyte Bob

Are you sure your figures are correct? If they are I'm glad I simply go bank to bank, example a couple of weeks ago I transferred AU 40K and it cost me AU 5 bucks for the privilege and .11% below the live market rate so AU 49 bucks total. Been doing it for years and never a problem bank to bank aside from the tsismis this end, sir did you know etc.

We did use a broker when we purchased this house 6 years ago but now bank to bank. Follow the live market rates and any one that wants up to .12 % is fine, over that and they are taking the piss.

Only my experience Bob.

Cheers, Steve.

@bigpearl That's awesome Bigpearl, I checked with my bank for 75k and it would have been over 2k for a bank to bank transfer. Different banking systems and regulations I guess? I will make inquiries when I get home soon, maybe I'm doing something wrong.

Also Steve 8-)

@bigpearl That's awesome Bigpearl, I checked with my bank for 75k and it would have been over 2k for a bank to bank transfer. Different banking systems and regulations I guess? I will make inquiries when I get home soon, maybe I'm doing something wrong.
Also Steve 8-)
-@Dude55

Change your bank mate, that's ridiculous and then some. My bank Westpac in Australia has live rates  available to lock in within 5 minutes for between .1 to .11% below, Maybe Aussie banks are more efficient, who knows.

Cheers, Steve.

Dude55 & bigpearl. . . . .

I ran the numbers on AUD & CAD the results:

AUD Guaranteed Rate P36.9680 per one AUD Guaranteed for 26 Hours

$50 AUD ($1.54)

$500 AUD ($4.14)

$5,000 AUD ($30.09)

$50,000 AUD ($289.58)

$500,000 AUD ($2576.04)

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CDN Rate P41.4419 per one CDN

$50 CDN ($2.13)

$500 CDN ($6.15)

$5,000 CDN ($30.09)

$50,000 CDN ($289.58)

$500,000 CDN ($4142.44)

My method for these numbers, I checked into my Wise account. I chose the currency I wanted to use, AUD and CDN dollars converted to Philippine Pesos. (Dollars to Pesos)

Also their method, they deduct the fee from the originating amount, for example on $500,000 AUD, $2576.04 AUD deducted from the $500,000 and the amount sent would be $497,423.96

With current AUD exchange rate that would be P18,388,769.

Steve you said Change your bank mate, that's ridiculous and then some. My bank Westpac in Australia has live rates available to lock in within 5 minutes for between .1 to .11% below, Maybe Aussie banks are more efficient, who knows.

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I don't know what below means, what are you referring to? Below what?

I posted my fees Bob, I have no complaints after all its all digital, perhaps look at live banking? Seems Wise are making more money for some reasons than the banks.

Cheers, Steve.

I posted my fees Bob, I have no complaints after all its all digital, perhaps look at live banking? Seems Wise are making more money for some reasons than the banks.
Cheers, Steve.
-@bigpearl

That's fine,

But I'm trying to understand the definition of Below. You mentioned Below .1 to .11,  so if it is Below something, what is that something?

You are an adult Bob, read. My posted rates are what I lose on the current live market exchange rate and not hypotheticals plus a 5 buck AU fee for the transaction. Works for me.

Cheers, Steve.

You are an adult Bob, read. My posted rates are what I lose on the current live market exchange rate and not hypotheticals plus a 5 buck AU fee for the transaction. Works for me.
Cheers, Steve.
-@bigpearl

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Steve in all your posts you said Below, so your exchange is .11 below market rates.

To make it clearer to me the market rate as I type this is $1 AUD is P36.87. Supposed you transferred the $40,000 now, what would your exchange rate be using the .11 figure?

Bob, are you dim? The exchange rate is .1 to .11 lower than the live market rate from my bank in Oz, get your calculator out and do the sums, Wise and the likes are taking the piss and probably making more money on international transfers than any reputable bank. Thats why they are in business. Research and research saves pesos.

Cheers, Steve.

bigpearl said . . . Bob, are you dim? The exchange rate is .1 to .11 lower than the live market rate from my bank in Oz, get your calculator out and do the sums, Wise and the likes are taking the piss and probably making more money on international transfers than any reputable bank. Thats why they are in business. Research and research saves pesos.
Cheers, Steve.
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Maybe I am DIM, but you avoided answering my question and told me to figure it out myself.

The market rate is P36.876 per $1 AUD. Using your number $5 and .11 what is the rate of exchange on the $40,000 you sent to the Philippines?

There are several good companies besides Wise and on some days they are even better. I feel it's hard to believe that you have a method that is 90/95 % cheaper.

Looking at my particular bank to bank rate I guess Wise will be good enough for sending monthly expenses at £6 per £1,000 but if I have to transfer very large amounts then the bank to bank rate from my bank is a fixed fee of £25.

FindlayMacD said . . . . Looking at my particular bank to bank rate I guess Wise will be good enough for sending monthly expenses at £6 per £1,000 but if I have to transfer very large amounts then the bank to bank rate from my bank is a fixed fee of £25.

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Before you make any large transfer ask the bank what their Exchange rate is. The Official Exchange market rate, One GBP equals P69.92

So if you transfer 25,000 GBP to Pesos you would receive P1,748,000.

If your bank exchange rate is one measly Peso less, you would receive P1,723,000

That one measly peso equals P25,000 or 357.55 GBP

Before you make any large transfer, check online what the real exchange rate GBP to Peso is.

Then ask your bank what their exchange rate is. One Peso difference means hundreds of GBP's

Bob, your questions were simply answered in my Earlier posts, POINT 1 to POINT 11 below the live market rate that moves every 5 minutes. Depends on the moment.

Just say the live market rate was 40 pesos to 1 AUD that means my banks offering rate for my transfer will be say @ POINT 1% lower, my bank will give me 39.9 Pesos for my 1 Aussie dollar so an AUD transfer of 40K costs me AUD 40 bucks and a 5 buck fee.

Sounds a lot more sensible than many companies.

I have no idea where you got your figures from Bob in post #44 but they are taking the piss, I have been doing this for years and those are my fees as posted to move cash from an Australian bank to our Philippines Bank, the biggest bug bear is the tsismis and questions when drawing the money out, Ben went through it again today drawing PHP 800K and he told them that if they keep giving him a hard time given years of dealing with them then he will move banks,,,,, which brought the manager out to apologize and that's the protocol Sir.

If I shift a million Aussie bucks from one bank to another there are no questions asked.

Cheers, Steve.

bigpearl said . . .Just say the live market rate was 40 pesos to 1 AUD that means my banks offering rate for my transfer will be say @ POINT 1% lower, my bank will give me 39.9 Pesos for my 1 Aussie dollar so an AUD transfer of 40K costs me AUD 40 bucks and a 5 buck fee.
Sounds a lot more sensible than many companies.
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Sounds like a lot of hokum

The exchange rate of AUD to Peso is P36.84 . . . .

If your bank is paying P39.9, that's P3.06 above the market today.

So 40,000 AUD results in a windfall of P122,400 for you.

How does your bank stay in business?

Better bet the farm on this one.

bigpearl said . . .Just say the live market rate was 40 pesos to 1 AUD that means my banks offering rate for my transfer will be say @ POINT 1% lower, my bank will give me 39.9 Pesos for my 1 Aussie dollar so an AUD transfer of 40K costs me AUD 40 bucks and a 5 buck fee.
Sounds a lot more sensible than many companies.
************************************Sounds like a lot of hokum

The exchange rate of AUD to Peso is P36.84 . . . .
If your bank is paying P39.9, that's P3.06 above the market today.

So 40,000 AUD results in a windfall of P122,400 for you.
How does your bank stay in business?

Better bet the farm on this one.
-@Enzyte Bob

Bob - Big Pearl was just using an example with the 40 pesos to 1 AUD so if the rate at the time was P36.84 and if his banks rate at the time was 1% lower then the rate with his bank would be 36.47 then minus the 5 buck fee.  I make 1% of 40,000 bucks to be 400 so by my reckoning he would be getting a return of 39,600 less the 5 buck fee but if the percentage was .1 then 40 bucks would be correct.

Cherryann01 said . . . Big Pearl was just using an example with the 40 pesos to 1 AUD so if the rate at the time was P36.84 and if his banks rate at the time was 1% lower then the rate with his bank would be 36.47 then minus the 5 buck fee. Although I make 1% of 40,000 bucks to be 400 so by my reckoning he would be getting a return of 39,600 less the 5 buck fee.

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I get your drift, by using your figures his cost is $400 AUD + $5 AUD?

Cherryann01 said . . . Big Pearl was just using an example with the 40 pesos to 1 AUD so if the rate at the time was P36.84 and if his banks rate at the time was 1% lower then the rate with his bank would be 36.47 then minus the 5 buck fee. Although I make 1% of 40,000 bucks to be 400 so by my reckoning he would be getting a return of 39,600 less the 5 buck fee.
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I get your drift, by using your figures his cost is $400 AUD + $5 AUD?
-@Enzyte Bob

Yes 400 AUD but that is for a 1% fee so if it is ,1 it would be 40 AUD

Obviously some are not real good with Math but Cherry is correct and I stated the same 2 or 3 times earlier, quite simple really, POINT 1 TO POINT 11 PERCENT below the live market rate is what my bank makes plus their 5 buck fee.

5 or 6 years ago maybe longer they wanted a 20 buck fee for anything over AU 3K, they changed the fees to compensate for the complaints I suppose as there are some 410 thousand Filipinos and descendants  living in Australia and they make up one fifth of the largest ethnic group living in Australia.

Wise and the likes use live market rates the same as banks but given your figures Bob they are taking the piss big time and then some.

OMO.

Cheers, Steve.

I will stick with my bank

            I have a US Bank account where my monthly Social Security check is deposited automatically.  My wife has a dollar savings account with BDO.  I write a check to her from my US account and she deposits it in her account for a $5 fee.  The fee is the same when we deposit $5,000 or less, see no reason to get the money to the Philippines any faster.  Check clears my bank in 4 days, but BDO does not say it is available for 30 days.  I actually like that,makes my wife budget better, no quick fixes.  We withdraw three 100 dollar bills at a time and take them to a local merchant (Two Brothers)and get a rate for the dollars that is usually.25 to .35 more pesos/dollar than any bank rates of exchange.

Hey guys please don't shoot the messenger, I simply relate my fee and charge when I move bank to bank, Australia (Westpac) to BDO Philippines.

OMO but given the Wise figures they are making a hell of a lot of money at the expense of their customers.

I had a run in with the BDO manager here,,,, well Ben did 3/4 years ago, I worded him up, every time we transferred funds from Australia to PH, BDO would slug us two hundred pesos, Told Ben they are taking the piss, typical here but he manned up and fronted the manager and queried the charges,,,, with records and the manager tried to tell him that there must be an intermediary handler of the money, no Ben told him it's bank to bank and if you charge that fee on the next transfer then we will move banks,,,,, never happened again, as said taking the piss.   

Cheers, Steve.

How often does an Expat transfer large amounts of money?

Probably very few and not often.

Before moving to the Philippines I transferred $10,000 USD twice. Dollar to Dollar accounts.

My fee for both transfers/costs were ZERO.

Explanation: I had a working relations with Citibank. The firm I worked for in Las Vegas was responsible for nightly deliveries of important paperwork paperwork, Citibanks Las Vegas to Citigroup in San Francisco.

Each evening after closing hours I entered Citibank locations, I had the keys and alarm codes, turning off the alarm upon entering and resetting when leaving.

I then would proceed to the North Las Vegas Airport where they were sent on a private aircraft. I had a personal relationship with the branch manager where my banking was done. So my two large transfers were done Dollar to Dollar with no fees.

Back to my original question how often do large

transfers occur among Expats, Seldom.

Since living in the Philippines (five years) I've never had a large transfer. I keep my money in the states not in my BDO account. My typical transfers of $500 USD cost me $4.79 to my BDO Peso account. BDO does not charge any fees when receiving the money, which arrive in a matter of minutes.

Side note:

At one time every weekday I would go to the cargo area of the Las Vegas airport and pickup a shoe box size box sent from the Federal Reserve (San Francisco) . I would deliver this box to a bank in Lake Havasu Arizona. The company provided a company car and charge card for gas. If the plane was late I really had to hussle as the bank closed at 2:30 MST and Nevada was on PST.

In the winter I really had to put the peddle to the floor when returning to Las Vegas because I didn't want to cross large expanses of the desert at night time.

Have another drink Bob you have gone way off the original post and are simply blurting. Is this your way of saving face? You posted Wises costs and any one stupid enough to go with them at your posted rates obviously didn't do their homework. For your 4 0r 5 buck fee US what was the exchange rate, told to my fee and losses on the live market rate but you never tell we have had this dilemma before over this.

Read back the prices you suggest/quote to the gullible #44.

Remember the English comedy Some mothers do have em?

I'll stick with my bank and as far as expats transferring  large sums? We do, Ben has just withdrawn 1.5M pesos for wages and materials, 4 months ago the same.

Is it any different to me having large amounts of cash invested at 5% return, watching the exchange rate can earn another, and I'll spell it out for you Bob another POINT1 OR POINT 3% gain. The old saying, look after your pennies and the pounds look after themselves.

Paying the fees that you posted #44 is total B/S. Never heard anything more ludicrous and I do shop around, never seen costs like that.

OMO.

Cheers, Steve.

Have another drink Bob you have gone way off the original post and are simply blurting. Is this your way of saving face? You posted Wises costs and any one stupid enough to go with them at your posted rates obviously didn't do their homework. For your 4 0r 5 buck fee US what was the exchange rate, told to my fee and losses on the live market rate but you never tell we have had this dilemma before over this.
Read back the prices you suggest/quote to the gullible #44.

Remember the English comedy Some mothers do have em?

I'll stick with my bank and as far as expats transferring large sums? We do, Ben has just withdrawn 1.5M pesos for wages and materials, 4 months ago the same.

Is it any different to me having large amounts of cash invested at 5% return, watching the exchange rate can earn another, and I'll spell it out for you Bob another POINT1 OR POINT 3% gain. The old saying, look after your pennies and the pounds look after themselves.
Paying the fees that you posted #44 is total B/S. Never heard anything more ludicrous and I do shop around, never seen costs like that.

OMO.

Cheers, Steve.
-@bigpearl

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Steve I've been civil to you without insults or innuendos.

You have your opinion and I have mine. The far and away majority on this forum don't move large some of monies and if they do it's not often.

I would dare say those that who use Wise or similar are not getting a hose job as you suggest. Moving $500 for $4.79 in minutes appeals to a lot of Wise users on this forum. I don't think the Wise cost are unrealistic and members certainly are not stupid for going along as you suggest.

And frankly a teeny-weeny percentage of members on this forum use your bank to get your extraordinary low rates.

There are a lot of people on this forum I have respect for, many who I've poked with a stick and later realized later they are informative and worth listening to. You are one of them and I can't understand your implied insults.

Bob, stop it, though you and I have had our disagreements over the years there seems to be a middle ground,,,, somewhat / somewhere.

Firstly bob/members no insults but simply facts and my fees for shifting money from Australia to our home here. If you took my posts as an insult Bob/members then perhaps look in your own back yards first. Get your calculators out, I do it in my head.

Bob the rates you posted #44 are ludicrous/ridiculous based on live market rates and your/my banks fees. 500K Aussie dollars I would lose "point 1 %" meaning it would cost me AU 500 bucks in losses on the live exchange rate plus 5 bucks not the AU 2,575,04 dollars  from your institution as you claim.

We all find our way but I am savvy when it comes to investments and cash and live market rates are what you need to look at, not the 5 buck fee. Nor five times the rate because you didn't do your research. 13 years ago drawing money out from a hole in a/the wall the exchange rate was crap/abysmal plus fees both sides but no choice as a newbie here until I opened a bank account.

Bob, I'm happy paying my loss of "POINT 1 percent" on a live market rate and a 5 buck fee AU. I shift funds when the exchange rate is favorable to what I see and learn over the years, better in my pocket.

Those funds pay for developments here as well as our workers wages/materials and the balance sits in the safe.

Bob please do your figures.

Cheers, Steve.

      I have a US Bank account where my monthly Social Security check is deposited automatically. My wife has a dollar savings account with BDO. I write a check to her from my US account and she deposits it in her account for a $5 fee. The fee is the same when we deposit $5,000 or less, see no reason to get the money to the Philippines any faster. Check clears my bank in 4 days, but BDO does not say it is available for 30 days. I actually like that,makes my wife budget better, no quick fixes. We withdraw three 100 dollar bills at a time and take them to a local merchant (Two Brothers)and get a rate for the dollars that is usually.25 to .35 more pesos/dollar than any bank rates of exchange.
-@mugteck

That seems to be a 'round the block' arrangement. The best exchange rate you will get is through your ATM. So why not just draw the money directly from your US account as and when you need it? I was using my HSBC premier card but got fed with being screwed by their terminal fees. So opened up an account with the US bank JP Morgan Chase who do not charge for withdrawals. Moreover they use Mastercard which has a better rate than Visa (not many people know that - you heard it first from LE HSBC lost so much business because of this that they now do not charge terminal fees. Nothing like a bit of competition

@Enzyte Bob

I had a personal relationship with the branch manager where my banking was done

Just to be clear Bob was that a during office or after office hours relationship.. ?

Matters little, we all see the picture.

Cheers, Steve.

Bob, stop it, though you and I have had our disagreements over the years there seems to be a middle ground,,,, somewhat / somewhere.
Firstly bob/members no insults but simply facts and my fees for shifting money from Australia to our home here. If you took my posts as an insult Bob/members then perhaps look in your own back yards first. Get your calculators out, I do it in my head.
Bob the rates you posted #44 are ludicrous/ridiculous based on live market rates and your/my banks fees. 500K Aussie dollars I would lose "point 1 %" meaning it would cost me AU 500 bucks in losses on the live exchange rate plus 5 bucks not the AU 2,575,04 dollars from your institution as you claim.
We all find our way but I am savvy when it comes to investments and cash and live market rates are what you need to look at, not the 5 buck fee. Nor five times the rate because you didn't do your research. 13 years ago drawing money out from a hole in a/the wall the exchange rate was crap/abysmal plus fees both sides but no choice as a newbie here until I opened a bank account.

Bob, I'm happy paying my loss of "POINT 1 percent" on a live market rate and a 5 buck fee AU. I shift funds when the exchange rate is favorable to what I see and learn over the years, better in my pocket.
Those funds pay for developments here as well as our workers wages/materials and the balance sits in the safe.
Bob please do your figures.

Cheers, Steve.
-@bigpearl

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Greetings Steve. . . .Time for this to end.

OPO and time for some to look and listen, we went through this cr@p with power bills and you are still at it, like a terrier that wants to gnaw on ankles and and and.

Sorry Bob but my math is simple and legit all my life but you don't seem to follow/get the reality of the factual numbers and then question me and I think it's because you can't secure a similar deal from your suppliers so question/criticize my math because it seems to me,,,, not going there. As said Bob, stop it and learn to appreciate members contributions as none are here to bull sh1t but to help each other, isn't that what an open forum is for? Share and learn especially if you are an alien in a different country.

Cheers, Steve

OPO and time for some to look and listen, we went through this cr@p with power bills and you are still at it, like a terrier that wants to gnaw on ankles and and and.
Sorry Bob but my math is simple and legit all my life but you don't seem to follow/get the reality of the factual numbers and then question me and I think it's because you can't secure a similar deal from your suppliers so question/criticize my math because it seems to me,,,, not going there. As said Bob, stop it and learn to appreciate members contributions as none are here to bull sh1t but to help each other, isn't that what an open forum is for? Share and learn especially if you are an alien in a different country.
Cheers, Steve
-@bigpearl

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Steve please read my previous post, thank you.

Yes and time to respect others experience and not pushing it aside because it doesn't suit your rhetoric. You give it up Bob and learn to admit when and if you are wrong/out of line and respect others opinions and experiences, this is an open forum not a dictatorship.

Cheers, Steve.