Just signed up with Wise after getting a quote of about $444 AUD to send $300 USD. Not much of a saving but $4 cheaper than Citi.
About to make the transaction and being SWIFT they wanted $2.50 more it some how ended up being about $16 more than Citi.
Don't understand why Wise is mentioned here a lot when Citi are cheaper.
Any other better options?.
Citi was $448.66 0.68865
Wise wanted $464.xx
That's good if the countries on their list who they send to. Mines not
$444 with Wise. No transfer fees as it's internet banking. Wahts with the swift cost?
Sending USD outside the US is more expensive as we will cover intermediary fees and ensure your recipient gets exactly the amount sent.
Transfer detailsEdit
You send
464.81 AUD
Total fees (included)
23.44 AUD
Total amount we'll convert
441.37 AUD
Guaranteed rate (51 hours)
0.679700
gets exactly
300 USD
HMMMM Citi are paying 0.6686629 and no $23 fee
@jizmo: So you see $444 initially (as that's really the first step) with $2.74 as initial fee - then it changed to $464 (with$23.44 fees)? The only extra fees was the free transfer which can change to $4.40 if paid with credit card. In your case it is a lot higher.
I read a page mentioning this Swift thing. In this case, the recipient actually receive USD (as bank account is in USD) rather than AUD.
As an aside, do not do transactions over the weekend as with the global FX markets closed you will get a comparatively poor fx rate.
With the markets closed, the FX provider will build a buffer into the conversion rate as some sort of protection until the markets reopen and they can cover the risk.
There's technically no such thing as FX markets closing. Trading for forex is 24/7, but I get your drift all the same as clearly there's very little trading happening between when the US packs up for the weekend and NZ wakes up for a monday morning. Yesterday evening I transferred money from our sterling account with HSBC to my daughters sterling account in the UK, different bank, so not forex - just kids christmas money. This morning she messaged me to say thanks funds received.
I think that after being employed as a professional FX trader by an international bank for over 30 years I am qualified to say the markets do close. You may get an operator "open" but they will not offer inter-bank pricing to another party.
Wiae have always a competitive forex rate.
Worldremit?
I stopped sending Wise money to my bank account and now just spend it all on my Wise card instead.
This is privatization!
The mass media made the stupid believe to have a better life by dumbing down the masses.
Workers vote left, pay union dues and get ripped off by unions.
Been promised a better life and get more privatization.
Brace for new bank fees and thank all who voted for a vacuumhead as head of state!
I could be wrong, I get confused with the FX, but I recall Swift being expensive with Wise. I think you do the exchange into USD within your local Wise account then send it OS not by Swift, by the other method offered.
$300 is a very small amount. The savings compound when you start transferring thousands.
Compare with Citi for $3,000.