Should I transfer money via WISE to Spain in Euros or Pounds to pay a bill charged in Euros

Leodogger

Exodi said:

Leodogger said:

Exodi said:

Frequentlyhere said:

How can we say without the figures?  Get a quote from wise and compare it to the sterling amount it will cost you, and there's your answer.

Though, if it's a Spanish bill, I'm surprised they accept sterling (?)

In any case, unless your bill is 5 figures or more, the difference here is probably going to be negligible. 

I think (not certain) that he's saying paying the Euro bill in Euros using his sterling account (having his bank do the conversion?) If my assumption is right, to do a true comparison, we'd need the amount and the OP's bank account type (e.g. Nationwide FlexDirect or whatever).

(My first impression was as you said, but I'm guessing what the OP really means... it's not very clear and I may be wrong).

Agree with the bottom bit - if the bill is less than a couple of hundred quid, we're likely talking about a couple of pound difference in fees.

I have to pay 1900 euros for the Spanish service I am using but they gave me an equivalent £1660 in sterling if I wanted to transfer from my Santander UK Bank Account.  I have now set up an account with WISE and just wondered if it was cheaper to send the 1900 euros with a 9 euro fee or send the £1660 in sterling from the WISE account or is it always cheaper to send the Euros instead of Sterling.   My UK Santander bank would charge me £25 telegraphic transfer, so I am presuming it will be cheaper to transfer the money in euros through WISE?

You can check this yourself:

https://wise.com/gb/send-money/?sourceCurrency=GBP&targetCurrency=EUR&targetAmount=1900

£1,635 (when I check but will always be changing) vs £1,660+£25=£1,685.

I still don't really understand the situation but I hope that helps.

That's exactly what I wanted to know, it is obviously cheaper for me to send the money in euros.

Leodogger

Leodogger said:

Exodi said:

Leodogger said:

Exodi said:

Frequentlyhere said:

How can we say without the figures?  Get a quote from wise and compare it to the sterling amount it will cost you, and there's your answer.

Though, if it's a Spanish bill, I'm surprised they accept sterling (?)

In any case, unless your bill is 5 figures or more, the difference here is probably going to be negligible. 

I think (not certain) that he's saying paying the Euro bill in Euros using his sterling account (having his bank do the conversion?) If my assumption is right, to do a true comparison, we'd need the amount and the OP's bank account type (e.g. Nationwide FlexDirect or whatever).

(My first impression was as you said, but I'm guessing what the OP really means... it's not very clear and I may be wrong).

Agree with the bottom bit - if the bill is less than a couple of hundred quid, we're likely talking about a couple of pound difference in fees.

I have to pay 1900 euros for the Spanish service I am using but they gave me an equivalent £1660 in sterling if I wanted to transfer from my Santander UK Bank Account.  I have now set up an account with WISE and just wondered if it was cheaper to send the 1900 euros with a 9 euro fee or send the £1660 in sterling from the WISE account or is it always cheaper to send the Euros instead of Sterling.   My UK Santander bank would charge me £25 telegraphic transfer, so I am presuming it will be cheaper to transfer the money in euros through WISE?

You can check this yourself:

https://wise.com/gb/send-money/?sourceCurrency=GBP&targetCurrency=EUR&targetAmount=1900

£1,635 (when I check but will always be changing) vs £1,660+£25=£1,685.

I still don't really understand the situation but I hope that helps.

That's exactly what I wanted to know, it is obviously cheaper for me to send the money in euros.

It's now asking me to send the money manually from my UK bank account, how can I send euros from my UK bank account without incurring a currency conversion fee to do it !   I thought if I provided my bank details on the Wise Account they took it themselves automatically after my authorisation???

I am now utterly confused !

Exodi

Leodogger said:

Leodogger said:

Exodi said:

Leodogger said:

Exodi said:

Frequentlyhere said:

How can we say without the figures?  Get a quote from wise and compare it to the sterling amount it will cost you, and there's your answer.

Though, if it's a Spanish bill, I'm surprised they accept sterling (?)

In any case, unless your bill is 5 figures or more, the difference here is probably going to be negligible. 

I think (not certain) that he's saying paying the Euro bill in Euros using his sterling account (having his bank do the conversion?) If my assumption is right, to do a true comparison, we'd need the amount and the OP's bank account type (e.g. Nationwide FlexDirect or whatever).

(My first impression was as you said, but I'm guessing what the OP really means... it's not very clear and I may be wrong).

Agree with the bottom bit - if the bill is less than a couple of hundred quid, we're likely talking about a couple of pound difference in fees.

I have to pay 1900 euros for the Spanish service I am using but they gave me an equivalent £1660 in sterling if I wanted to transfer from my Santander UK Bank Account.  I have now set up an account with WISE and just wondered if it was cheaper to send the 1900 euros with a 9 euro fee or send the £1660 in sterling from the WISE account or is it always cheaper to send the Euros instead of Sterling.   My UK Santander bank would charge me £25 telegraphic transfer, so I am presuming it will be cheaper to transfer the money in euros through WISE?

You can check this yourself:

https://wise.com/gb/send-money/?sourceCurrency=GBP&targetCurrency=EUR&targetAmount=1900

£1,635 (when I check but will always be changing) vs £1,660+£25=£1,685.

I still don't really understand the situation but I hope that helps.

That's exactly what I wanted to know, it is obviously cheaper for me to send the money in euros.

It's now asking me to send the money manually from my UK bank account, how can I send euros from my UK bank account without incurring a currency conversion fee to do it !   I thought if I provided my bank details on the Wise Account they took it themselves automatically after my authorisation???

I am now utterly confused !

You are confusing everyone. Wise works as follows:

You send GBP from your UK bank account to their UK bank account.

After they receive it, they send EUR from their Spanish bank account to your recipient.

(By doing two domestic transfers like this, they are able to keep costs low. The GBP you sent them will later be used to facilitate another customers transfer.)

The amount you send to them/your recipient receives is entered by you during the transfer process. All you have to do is send the money to Wise to complete the transfer on your end, they don't just 'take it'. You can do this with your banking app on your phone quite quickly, or by Google/Apple Pay, or by debit card, or you can do a manual transfer where they provide you their bank account details.

You can't send Euros from your UK GBP bank account without fees unless you have a bank account that allows you to do so (and these accounts usually charge monthly fees - I asked what bank account you have, but you didn't answer).

Rheumatoid

Leodogger said:

Exodi said:

Frequentlyhere said:

How can we say without the figures?  Get a quote from wise and compare it to the sterling amount it will cost you, and there's your answer.

Though, if it's a Spanish bill, I'm surprised they accept sterling (?)

In any case, unless your bill is 5 figures or more, the difference here is probably going to be negligible. 

I think (not certain) that he's saying paying the Euro bill in Euros using his sterling account (having his bank do the conversion?) If my assumption is right, to do a true comparison, we'd need the amount and the OP's bank account type (e.g. Nationwide FlexDirect or whatever).

(My first impression was as you said, but I'm guessing what the OP really means... it's not very clear and I may be wrong).

Agree with the bottom bit - if the bill is less than a couple of hundred quid, we're likely talking about a couple of pound difference in fees.

I have to pay 1900 euros for the Spanish service I am using but they gave me an equivalent £1660 in sterling if I wanted to transfer from my Santander UK Bank Account.  I have now set up an account with WISE and just wondered if it was cheaper to send the 1900 euros with a 9 euro fee or send the £1660 in sterling from the WISE account or is it always cheaper to send the Euros instead of Sterling.   My UK Santander bank would charge me £25 telegraphic transfer, so I am presuming it will be cheaper to transfer the money in euros through WISE?

Not sure why you are paying a fee. Have you opened a Euro balance in your Wise account. I do not incur a fee if I pay someone in € from my € balance.

Leodogger

Exodi said:

Leodogger said:

Leodogger said:

Exodi said:

Leodogger said:

Exodi said:

Frequentlyhere said:

How can we say without the figures?  Get a quote from wise and compare it to the sterling amount it will cost you, and there's your answer.

Though, if it's a Spanish bill, I'm surprised they accept sterling (?)

In any case, unless your bill is 5 figures or more, the difference here is probably going to be negligible. 

I think (not certain) that he's saying paying the Euro bill in Euros using his sterling account (having his bank do the conversion?) If my assumption is right, to do a true comparison, we'd need the amount and the OP's bank account type (e.g. Nationwide FlexDirect or whatever).

(My first impression was as you said, but I'm guessing what the OP really means... it's not very clear and I may be wrong).

Agree with the bottom bit - if the bill is less than a couple of hundred quid, we're likely talking about a couple of pound difference in fees.

I have to pay 1900 euros for the Spanish service I am using but they gave me an equivalent £1660 in sterling if I wanted to transfer from my Santander UK Bank Account.  I have now set up an account with WISE and just wondered if it was cheaper to send the 1900 euros with a 9 euro fee or send the £1660 in sterling from the WISE account or is it always cheaper to send the Euros instead of Sterling.   My UK Santander bank would charge me £25 telegraphic transfer, so I am presuming it will be cheaper to transfer the money in euros through WISE?

You can check this yourself:

https://wise.com/gb/send-money/?sourceCurrency=GBP&targetCurrency=EUR&targetAmount=1900

£1,635 (when I check but will always be changing) vs £1,660+£25=£1,685.

I still don't really understand the situation but I hope that helps.

That's exactly what I wanted to know, it is obviously cheaper for me to send the money in euros.

It's now asking me to send the money manually from my UK bank account, how can I send euros from my UK bank account without incurring a currency conversion fee to do it !   I thought if I provided my bank details on the Wise Account they took it themselves automatically after my authorisation???

I am now utterly confused !

You are confusing everyone. Wise works as follows:

You send GBP from your UK bank account to their UK bank account.

After they receive it, they send EUR from their Spanish bank account to your recipient.

(By doing two domestic transfers like this, they are able to keep costs low. The GBP you sent them will later be used to facilitate another customers transfer.)

The amount you send to them/your recipient receives is entered by you during the transfer process. All you have to do is send the money to Wise to complete the transfer on your end, they don't just 'take it'. You can do this with your banking app on your phone quite quickly, or by Google/Apple Pay, or by debit card, or you can do a manual transfer where they provide you their bank account details.

You can't send Euros from your UK GBP bank account without fees unless you have a bank account that allows you to do so (and these accounts usually charge monthly fees - I asked what bank account you have, but you didn't answer).

Thanks for that explanation, I thought it worked like my Caxton account but obviously they are quite different I guess in what they do.   Anyway the good news is that I have managed the transfer (after having to contact my Bank Fraud office to get the transfer to go to WISE!)and saved myself £28 not including what I would have had to pay the bank for the international bank transfer fee of £25 !   So thanks everyone for the help!