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Wise for Money Transfers

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bigrod:
Been using Wise for a couple years now, best rates I have found.

Using stateside ATM  card is a last resort for me!  If I use it is at an HSBC ATM which allows php 40K or BPI which allows php 20K per withdrawal.  othbanks allow me to withdraw php equal to my card limit of $1500.

Chuck

Kano:
Chuck,

  Whereas I have to agree, that Wise is the most inexpensive way to transfer money, I just watched a couple of videos this evening explaining their business model.  The mechanics of transferring money through them seems a bit Rube Goldbergish to me.

  I'm an adherent to the Keep It Simple Stupid theory.  If I was to use Wise, to make a bank-to-bank transfer, there are four financial institutions involved.  To me, this increases the likelihood of a glitch.  There are the banks at both ends, Wise's bank, and then I need a means to transfer money from my bank to Wise's bank here in the U.S., in which, I believe I'd have to use Zelle.

  It's not undoable, and probably bottom line I'd profit by all of these financial gymnastics, but I'm a bit squeamish when my hard earned has to pass through this many financial institutions.

  With Xoom, you establish a link, via PayPal now that I think about it, to fund the account with your bank, then provide the details of your recipient's bank account.  What I like is that they maintain a database of all of the financial information of your recipients.

  Now that I've typed out this post, I guess the only objection I have to Wise, is having to manual do the transfers between my bank in the U.S. and Wise's bank.  After the first transfer, does it get simpler?

-Mike

JoeLP:
Worldremit is what I am currently using.

bigrod:

--- Quote from: Kano on September 01, 2022, 12:42:26 PM ---Chuck,

  Whereas I have to agree, that Wise is the most inexpensive way to transfer money, I just watched a couple of videos this evening explaining their business model.  The mechanics of transferring money through them seems a bit Rube Goldbergish to me.

  I'm an adherent to the Keep It Simple Stupid theory.  If I was to use Wise, to make a bank-to-bank transfer, there are four financial institutions involved.  To me, this increases the likelihood of a glitch.  There are the banks at both ends, Wise's bank, and then I need a means to transfer money from my bank to Wise's bank here in the U.S., in which, I believe I'd have to use Zelle.

  It's not undoable, and probably bottom line I'd profit by all of these financial gymnastics, but I'm a bit squeamish when my hard earned has to pass through this many financial institutions.

  With Xoom, you establish a link, via PayPal now that I think about it, to fund the account with your bank, then provide the details of your recipient's bank account.  What I like is that they maintain a database of all of the financial information of your recipients.

  Now that I've typed out this post, I guess the only objection I have to Wise, is having to manual do the transfers between my bank in the U.S. and Wise's bank.  After the first transfer, does it get simpler?

-Mike

--- End quote ---

My BoA and BDO accounts are loaded on Wise. From the wise screen I choose ACH transfer from my  BoA account and that is it.

Chuck

codefreeze:
My other half has been using Wise for quite some time now (a few years at least I think). She swears by it and uses it pretty much all the time. She only ever transfers money to Phils now using Wise. She also has some kind of Wise contactless card with it I believe which she uses all the time here (UK) too. She likes the way you can top it up with a certain amount. I will check the details with her and report back, but I've only ever heard her say good things about Wise. By the way, it used to be called TransferWise, and she was using it back then too.

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