Wise Users Quick Question: Fees to Transfer $ from Wise to Local Account

Sweet3st on 24/07/2022 - 21:30

Hi Wise users,

Hope you can help because I can't find the answer to this anywhere!
I'm looking at Wise to receive USD on a regular basis. All good, but how to I access the funds once they have arrived?
It's very difficult to find the answer to this, but seems like they charge a fee if you want to transfer funds out into another of your own local bank accounts.
Despite being 'transparent' I can't find out this fee?
I understand I can get a card and spend the funds that way, but that's a bit too restrictive.
Can't get Support to answer without signing up, so hoping for an answer from the community :)

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Comments

  • prplrabbit on 24/07/2022 - 22:09

    Small fee that makes up for slightly better exchange rate/spread compared to competitors. Less than 1%. Also another small fee (cents) to withdraw to local account.

  • AustriaBargain on 24/07/2022 - 22:42

    You can also convert it to AUD it to an Australian Wise account for a fee, and just spend it from there with your Wise card or through Apple Pay. I don't know what that fee is off the top of my head but I'd assume it's cheaper than transferring to another Australian bank.

  • foxmulder on 24/07/2022 - 23:35

    I set up Wise account for multiple currency bit not yet know. But here is what I assume it will be.

    To receive money I'm USD is free. Note it's only free if the sender does a non wire transfer (ach transfer). If you don't understand google wire vs non wire.

    Then to transfer from USD to AUD use their calculator. For every $1000 USD it will cost you 6.49 USD, again with ach - nom wire.

  • Sweet3st on 25/07/2022 - 00:05

    Thanks.
    So, if I want to take advantage of the better fx conversion rate with Wise, I need to try as much as possible to spend from Wise rather than shift to another account? Or the fee to withdraw (cents) is inconsequential?

    • foxmulder on 25/07/2022 - 00:20

      I used to use Payoneer before. I notice they will use the exact amount in USD if I pay things in USD with their credit card with PayPal only. Thus personally I only can spend without any fees if I pay in eBay. If I just use credit card directly in either Amazon.com or eBay.com - they will charge 1%.

      Not 100% sure what happen with Wise as haven't really use them yet - soon I will. They do specify it will be free if the same currency. You can see it here: https://wise.com/au/pricing/card-fees?sourceAmount=1000&sour…

  • scotty on 25/07/2022 - 05:09
    +6

    Once you've received USD in your Wise USD account

    1. Go to your USD account page, click on "Convert", and convert to AUD in your Wise AUD account. Cost is US$4.18 per US$1000 (0.418%)
    2. Go to your AUD account page, click on "Send", and transfer your AUD to your Australian bank account. Cost is A$0.57 per transaction regardless of the amount.

    Or otherwise just use Wise's debit card and spend your USD in places that charge USD.

    • Sweet3st on 25/07/2022 - 09:25

      Thanks!

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