Question about WISE

hi, it is one time deal, Wise is great

It's a one off to set up the account. Any verification for transactions afterwards is done with either your account password,  a texted passcode, or they are now using biometrics (fingerprint/face recognition) with your phone technology of you turn it on.

What the others said!

I had a bit of hassle getting approved initially, it took a few days, but it's a one-time thing. No problems at all since then and I'm very happy with Wise.

@TonyFF

yes just the once  i have used them for years

Can I use it without my phone? I do not use apps on the phone. Calls, texts only.

I would like to use WISE  only on my computer.  They can send me a text to my phone number.

Will that work?

I'm not sure. I did when I first got my account, it was at least a year before I installed the app. It should still be possible to use it without the app, but a lot of banks seem to be moving more toward pushing apps on customers. My main UK bank (not Wise) are implying it will soon be impossible to online bank apart from in the app.

@TonyFF  No, as far as i'm aware it's once only , and a very useful app it is

Hi TonyFF :

The passport picture etc. is just in the sign up process.

I suggest to you to have BOTH your cell phone and one email address in your WISE account for two way verification.

When sending out money, for instance, it might ask you to type in your password AND/OR to confirm with

typing an SMS number code sent to your email or cell phone.

Some cell phone services let you to use SMS codes in another country, for an small extra fee. Don't need a foreign SIM card.

I think WISE will let you to select cell phone or email for extra verification ( two way verification ).

RN.

@TonyFF

Just use your mobile to register and that will be it. My dad sends me my family money for birthdays and Christmas and uses Wise.

He has a mobile, can't think why as it's always off and never takes it out with him. But like you he does does everything online.

So just just use it to register and leave it at that and you will be good to go.

It's just a security thing, when transferring money, these money companies have to be secure. That's all.

Thank you all. I will use e-mail and text only. I keep my US phone service wherever I am  since it is super low cost and a very good deal, so texts are no problem. My main US bank is the same- everything can be done online. I will finish the registration soon. I am glad this is a good service.

I just finished opening the WISE account- yeah! A little challenging but i got instant verification and I am in business- THANK YOU ALL- you provided great help !!!!!

@TonyFF

I think it's getting tougher to just use a website online and not have your cell phone. More and more sites (especially anything finance related) are moving to multi factor authentication (MFA), especially two factors (2FA). So it might be time to join us on the Dark Side, Luke. :-)

I have several accounts that already insist on communicating with the app and I have to use that to confirm a transaction. But some are still happy with an SMS to confirm.

Wise online has both options. The Wise app allows a simple confirmation. The SMS option requires that you pass a security check (based on recognizing recent transactions).

I am lucky my US bank is one of the best in the US in regards to options. Everything is done instantly. No wait.  No fees. The only fee is for international money wire ( which I do not use anyway). Verification is done  via text( or e-mail if I chose that options). So are my credit cards.

So far I am surviving without phone banking. Security is also my priority. If someone hacks my phone - he/she will regret the effort

@TonyFF

It's a one-off, unless you choose to use face-recognition to authorise transactions. Hint: it's not a good idea if, like me, you've had white hair since your early twenties....

I have  more questions please.

On my profile I have some money in $.

1. Do I need to change all the money in BG leva( for ex.) and if I do so do I need to recharge the balance in dollars?
2. How do I exactly shop using leva in a supermarket?
3. How does the card know that I have money in dollars too?

I am quite bad with technology I admit, but I plan to get the hang of it.

Many thanks to all of you.

You can leave currency pots empty, my GBP one is empty at the moment.

I don't know how the currency works if you spend in one currency (say leva) but your money is in another currency pot (GBP for instance). I assume they would use the GBP and convert it at their conversion rates. When I used my wise card in the UK you could choose the currency they used when they did the transaction on the card reader. I'd just got it so wasn't entirely sure how it worked, and still aren't now

    I have  more questions please.
On my profile I have some money in $.

Do I need to change all the money in BG leva( for ex.) and if I do so do I need to recharge the balance in dollars?
How do I exactly shop using leva in a supermarket?
How does the card know that I have money in dollars too?

You can keep your money in many different jars, some can be empty as well. If you spend more than you have in a jar, or the jar is empty, money will be converted from the jar with cash that gives the best exchange rate.

You use the card exactly the same for leva, either contactless or chip and pin. The payment will be made from the appropriate currency jar, unless more is needed (then it will be converted, as mentioned earlier).

I seem to remember you don't use a smart phone, so instead of seeing the transactions as they happen on your phone, you should get emails and a transaction history in your online account.

The card also has a mechanism for paying interest on USD, GBP and EUR. If I am not mistaken you have to manually move money in and out of these jars, as they are more like a savings account, and the system will not automatically access them for payments.

What @porridgeandprunes said!

I do keep balances in individual currencies, so I can transfer between currencies when the rates are good, but there's no need to, they'll draw from whatever currency you have available.

The Interest and Investment pots are quite separate, money needs to be manually moved in and out of those and they won't be drawn against for spending or ATM withdrawals. These are both Blackrock managed investment funds, the Interest ones labelled very low risk are invested in US government bonds, the Investment one much higher risk.