Has anyone used Wise to send money to Australia

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Forums › Finance and wealth management › Has anyone used Wise to send money to Australia

quebec

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Ultimate Geek

#289108 12-Aug-2021 18:51

Would like to know if the other side received exactly what the Wise website said they will receive and how long did it take? Planning to transfer 10k, have used Orbit in the past but even with fees Wise is slightly cheaper. Hopefully it’s safe and no other fees is deducted on the other side. I believe it will be a local clearing, can someone who has actually transferred please share their experience?

hobsonlea

281 posts

Ultimate Geek

#2759293 12-Aug-2021 19:28

I’ve used wise to send and receive monies from Oz, UK and France. Works a treat.
wise is integrated with my euro N26 Bank service, they choose wise for their forex

quebec

852 posts

Ultimate Geek

#2759316 12-Aug-2021 19:48

hobsonlea: I’ve used wise to send and receive monies from Oz, UK and France. Works a treat.
wise is integrated with my euro N26 Bank service, they choose wise for their forex

How long did it take to Oz and did the other side receive exactly the same amount as shown on Wise website?

Handle9

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#2759334 12-Aug-2021 20:20

For 10k currency fair will be better value. The recieving party will get exactly what they say they will when the exchange is made, the rates can move while you send the money in.

quebec

852 posts

Ultimate Geek

#2759339 12-Aug-2021 20:28

Handle9: For 10k currency fair will be better value. The recieving party will get exactly what they say they will when the exchange is made, the rates can move while you send the money in.

Currency fairs showing AUD 9497 & Wise showing AUD 9502 for 10k NZD so how is currency fair better value?

hobsonlea

281 posts

Ultimate Geek

#2759340 12-Aug-2021 20:28

Handle9: For 10k currency fair will be better value. The recieving party will get exactly what they say they will when the exchange is made, the rates can move while you send the money in.

yes the receiving party got what I expected.
the transfer speed depends on when you do the transfer, for example I've managed to.do.a.transfer in under 6 hours from nz to.uk and.nz to.europe.. transaction at end of day.nz can be there by late morning Europe time... wise help.desk.has always been helpful. I've done.about 50 transfers in.all.

Handle9

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#2759341 12-Aug-2021 20:31

quebec:
Handle9: For 10k currency fair will be better value. The recieving party will get exactly what they say they will when the exchange is made, the rates can move while you send the money in.

Currency fairs showing AUD 9497 & Wise showing AUD 9502 for 10k NZD so how is currency fair better value?

For.quotes of greater than a couple of thousand dollars currency fair normally works out better. They have a fixed fee whereas wise has a commission based fee structure.

I make around 15 transfers a year, currency fair always works out better when I get quotes. YMMV

hobsonlea

281 posts

Ultimate Geek

#2759347 12-Aug-2021 20:44

hi just compared currency fair with transfer wise and
wise for 1000,000 euro gave me $nz 166261
currency fair gave me $nz 165935

they're similar and.much.much better than the bank.

I may have made a mistake. happy to.learn

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quebec

852 posts

Ultimate Geek

#2765800 24-Aug-2021 10:53

Me again. Used Wise for a small transaction and all good then came across CurrencyFair where you get 50 EUR on first transfer if equivalent to 2000EUR so made account but verification was a pain as they wanted license, passport and two address proof documents. Once all that was sorted I discovered they don’t have NZ account and want me to transfer to a UK account in NZD. How do you do that? Is it worth the effort for getting 50EUR. Is copy of passport safe, just wondering now as don’t really like the idea of my passport copy sitting in some insecure server somewhere in Europe. Thoughts?

hobsonlea

281 posts

Ultimate Geek

#2765871 24-Aug-2021 11:37

re copies of passport, all the forex traders along with many others are required to comply with the KYC (Know your Customer) component of the AML legislation. this requires specific compliance, this compliance can vary by jurisdiction / country. I can't speak for currency fair but I worked in the AML sector for a while providing an verification service, all the identification documents provided for authentication were discarded permanently when identification was confirmed (or denied).

nz banks have these kyc processes in.place for new customers and sometimes new services to existing customers. last i understood is that the banks are having to retrospectively authenticate their existing customers... big job. they were starting on the more interesting clients such as trusts first.

freitasm

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Geekzone

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#2765907 24-Aug-2021 11:41

For EUR 50 I wouldn't give my personal details (even though required by law). Just keep using the Wise account.

quebec

852 posts

Ultimate Geek

#2765934 24-Aug-2021 12:11

freitasm:
For EUR 50 I wouldn't give my personal details (even though required by law). Just keep using the Wise account.

Thanks. I’ve already given details to verify as I wasn’t aware they don’t have NZ bank account and my bank doesn’t let you send money overseas in NZD, at least not online and they want money in NZD which can only be done at branch or by filling out a form so not worth it I guess. Will ask them to close account and delete my personal info.