We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Wise: sending money to other Wise Business accounts
koru
Posts: 1,541 Forumite
I'm thinking of setting up a Wise Business account to pay a supplier in the Netherlands. If you have used a Wise Business account to make payments overseas, I'm hoping you can explain a few things about their fees, which are not clear from their website.
1. https://wise.com/gb/pricing/business says there’s a 0.35% fee to send money and a 0.35% fee to convert money. Does that mean that if I use GBP to send euros to a supplier's euro bank account, I pay 2x 0.35% = 0.7% fees? Or if the conversion and transfer are done together, is it just one lot of 0.35%?
1. https://wise.com/gb/pricing/business says there’s a 0.35% fee to send money and a 0.35% fee to convert money. Does that mean that if I use GBP to send euros to a supplier's euro bank account, I pay 2x 0.35% = 0.7% fees? Or if the conversion and transfer are done together, is it just one lot of 0.35%?
So, if I get my supplier to set up a Wise Business account, then if I want to use GBP to send them euros, do I still pay 0.35% to convert to euros? (Depending on the answer to 1, this might not be any fee saving.)
3. If I persuade the supplier to let me pay their Wise Business account in GBP, would I pay no fee for sending or conversion?
4. Can I still send GBP if the supplier’s Wise Business account is a euro account, or would I need them to set up a GBP account?
4. Can I still send GBP if the supplier’s Wise Business account is a euro account, or would I need them to set up a GBP account?
koru
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards