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Is it normal to pay AUD 200 in fees when using Wise to transfer AUD 35K for a THB 800K visa requirement?
WiseAUD to THB transfer feesThai visa requirementsinternational money transferexchange ratesexpat finance
Mar 8, 2023
3 years ago
Russell *******
ORIGINAL POSTERWise fees AUD to THB. To send AUD35K for the THB 800K visa requirement the fee is ~AUD200.
Is this about normal using wise? First time sender here.
Is this about normal using wise? First time sender here.
TLDR : Answer Summary
The discussion revolves around using Wise to transfer AUD 35K for the THB 800K visa requirement. A user notes that Wise charges around AUD 200 in fees, which raises questions among commenters about whether this is normal. Many share their experiences with different banks and Wise, discussing the balance between transfer fees and exchange rates. Some users report lower fees from their banks, while others affirm that Wise's fees are reasonable given the exchange rates they offer, suggesting that the real cost often lies in less transparent bank rates.
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Chris ********
Ok there is a lot of confusion that revolves around foreign exchange.
Banks - Charge a low fee but terrible exchange rate
Wise - High fee but excellent exchange rate.
Today transferring AUD Wise Vs Commbank
Wise
$35k AUD
Exchange rate = 23.1576
Fee = AUD$213.62
Receive = THB 806,396.99
Commbank
$35k AUD
Exchange rate = 22.
Fee = $6
Receive = THB 771,617.70
The exchange rate is the killer. Commbank hidden fee by their crap exchange rate is nearly $1500.00
Banks - Charge a low fee but terrible exchange rate
Wise - High fee but excellent exchange rate.
Today transferring AUD Wise Vs Commbank
Wise
$35k AUD
Exchange rate = 23.1576
Fee = AUD$213.62
Receive = THB 806,396.99
Commbank
$35k AUD
Exchange rate = 22.
*****
Fee = $6
Receive = THB 771,617.70
The exchange rate is the killer. Commbank hidden fee by their crap exchange rate is nearly $1500.00
Paul *******
@Chris *******
Are you sure that the Commonwealth Bank allows you to transfer $A35K in one go? If you transfer online, the maximum is just A$5000. I guess if you're in Australia and go into a branch, it might be possible to transfer A$*****
though.Chris ********
@Paul ******
I'm not sure tbh. I was using their online calculator for this calculation.There would be a way to transfer large amounts but I'm not sure the details.
Reply to
Chris ********
Reply
Chris ********
@Graeme *********
- To answer your question further - I have the following with Wise Wise Personal Account
Wise Business Account
AUD Currency Account
USD Currency Account
THB Currency Account
EUR Currency Account
GBP Currency Account
So yes I use Wise very often and transfer globally and have to account for every $ of fees charges that I incur to balance my accounts.
So please stop trying to tell people information that is patently wrong.
Graeme **********
More than happy to trade insults mate, but you'd wanna be good. Let the games start.
Chris ********
@Graeme *********
I've literally shown you the wise website that clearly show the fees they charge. They are completely transparent about their fees, which is why I use them and support them. How is that bullshit opinions? That is nothing but facts.Now show proof that you supposedly don't pay any fees.
Graeme **********
@Chris *******
read my latest post. The answer is there. Conversation terminatedChris ********
@Alistair *********
Yeah people think wise is expensive. But they are cheap. It's that they are transparent with their fees. Banks hide them in the shite exchange rates.Reply to
Chris ********
Reply
Graeme **********
Mate. I can only explain how this works for me. Now stop trolling with your absolute bullshit opinions and stick with the facts. Good night and fuck off and get a hobby
Graeme **********
@Chris *******
well doneReply to
Graeme **********
Reply
Graeme **********
@Chris *******
mate…, do you have a Wise account and do you use Pay ID? Well if you do have an account, maybe you don't, so again I would ask you to show me when using Wise to transfer money from Aussie to a Thai bank account that they charge you a fee or is the transfer based on the mid market rateChris ********
@Graeme *********
Ok I see your not the sharpest. So I've highlighted just for you.Reply to
Chris ********
Reply
John *******
Not which Aus bank you are transferring from but my Aus bank charge me absolutely zero when I tranfer funds to Philippines and or Thailand not matter the amount and only just last they Baht rate on offer from my bank was 24.60 the next best rate I could find was 23.20 you should always check the depth of the water before you jump
Alistair **********
@John ******
what bank in Australia?Reply to
Alistair **********
Reply
Neil ******
Crypto
Donna ***************
We just did that exact thing this morning using our Charles Schwab account, it cost $15usd!! Wise would have cost a LOT more!
Chris ********
@Donna **************
what exchange rate though? That's the killer with banks.Graeme **********
@Chris *******
the mid market rate is the mid point between the buy and sell rates of the particular currency. Therefore it's usually the best exchange rate available to us punters. I think you find the banks exchange rate will pay you less.Reply to
Graeme **********
Reply
Jacob *******
Same experience. Wise estimate was around 180usd. Wire from Schwab was 15usd. Kasikorn gave a great exchange rate and 500thb fee on a similar amount of money.
Graeme **********
@Donna **************
well it must be the way you make the payments through Wise. It costs me absolutely nothing, nil, zip, freeLincoln *******
@Graeme *********
there's always a fee with wise, but its reasonable and get a much better rate and they are very transparent with their fees upfront. What method do you use to have 0 fees?Reply to
Lincoln *******
Reply
Phil ******
@Russell ******
yes....try breaking it up into 9,999 Aud. Everyone gets notified********************************************************************************************************
Graeme **********
@Phil *****
probably only a problem if you’re a money launderer. I’ve been moving 65,000 baht and often much more into my Thai account every month for the last seven years. I go back to Aussie at least once a year and I’ve not been arrested by the AFP yet😂😂😂.Phil ******
@Graeme *********
thanks Graeme. Many processes happen and being arrested isn't one of them 😂🤣😂🤣😂.Graeme **********
Remember, you not technically moving the money over seas directly. You're transferring the money to Wise Australia (registered office in Sydney) and they're transferring the money overseas on your behalf
Phil ******
@Graeme *********
absolutelyReply to
Phil ******
Reply
Bill *********
Actually seems low. I pay usually a little under 1%
Graeme **********
@Bill ********
latest mid market rate. Obviously subject to regular changeGraeme **********
@Bill ********
I use PayID and receive the mid market rate and no bank fees…perfectGraeme **********
If you use PayID the money is usually in my Thai bank in a matter of minutes, at most an hour or two. I think bank transfer is slower and may take a day or so, but I’ve never used that method so I’m not 100% sure
Bill *********
@Graeme *********
I'll have to check it out. How fast does the money arrive?Reply to
Bill *********
Reply
Graeme **********
Usually with Wise, if you do Pay ID or bank transfer there are no actual transaction fees. But Pay ID is best because usually the money arrives in your Thai account within minutes, if not seconds. I just checked and the Aus $200 only applies if you use a transfer method other than the two listed above
Graeme **********
Show the whole screen shot. It is $7.47 minus $7.47 equals ZERO. Where is the fee I am paying? When I make these transfers the amount shown in Aussie $ is the amount I pay. The amount shown in Thai Baht is the amount I receive. So please show me where the Wise fee is incurred.
Graeme **********
Good night and good luck with your tranactionst
Graeme **********
Can you see what the Pay ID fee is? It's zero
Graeme **********
MATE have another long long look. There is no fee. What do you not understand? I can't show you this in a more simplified format. Yes there is a fee, but because Pay ID is used, the fee doesn't apply.
Graeme **********
Whatever…but I shall conclude this conversation. Facts are facts and it’s very hard to argue with this sort of illogical logic. I hope you never have to pay a fee for your transfers😜😜😜
Chris ********
@Graeme *********
- The charge is clearly shown in your post.
$1000.00 sent to Wise
-$7.47 fee that wise take
$992.53 is the amount that Wise convert to THB
If wise converted $1,000 @ 23.1689 you'd receive THB 23,168.9
But due to the fee you only receive THB 22,995.83
I don't know how else to show you maybe reach out to Wise and ask them if they charge a fee as it's clear you don't believe anyone else.
Graeme **********
Now I suggest everyone have a nice cup of Bonox and an early night😜😜
Russell ***********
@Graeme *********
you are a special case of stupidRussell *******
ORIGINAL POSTER@Graeme *********
lol you are paying a fee of $7.47. On a 30k send it will be ~$200Graeme **********
@Russell ******
sorry mate, but you give me nothing to work with. Maybe run this by a friend in real time and have them explain to you. End of conversationChris ********
@Russell ******
don't worry bud. Can't fix stupid.Reply to
Chris ********
Reply
Graeme **********
So can you see in this example there is no FEE because I use Pay ID. I rest my case
Alistair **********
@Graeme *********
I was so confused trying to work out how you weren't paying fees, but its literally in your photo.payID fee - $0, Our Fee - $7.47
You're only avoiding the poli or whatever other methods fee. You're still paying the wise exchange fee
Reply to
Alistair **********
Reply
Graeme **********
Posts on social media are not authoritative.
Graeme **********
Fake
Up to you but please…. Please post your factually correct information including its source so we will all be educated on this matter
Up to you but please…. Please post your factually correct information including its source so we will all be educated on this matter
Russell *******
ORIGINAL POSTER@Graeme *********
Chris already posted the relevant screen shots proving the current situation.Reply to
Russell *******
Reply
Russell *******
ORIGINAL POSTER@Graeme *********
yeh after researching this unfortunately Graeme’s information is not factually correct as of today. Appreciate everyone’s replies.Brett **********
@Graeme *********
if he's transferring Aussie dollars directly to baht in a Thai bank account, the "transfer" fee is the conversion charge. If he exchanges the the dollars to Thai baht in his wise account there will be no transfer fee but he will have paid the conversion fee alreadyReply to
Brett **********
Reply
Graeme **********
Wise will not charge you fees if as I said you use Pay ID or Bank Transfer. Also, Wise converts the currency using the mid market rate. About the cheapest way to do it
Graeme **********
Go and read the FAQ for Wise
Reply to
Chris ********
Reply
Chris ********
@Graeme *********
completely wrong. There is always a fee for currency conversion. There are just additional fee if you use other payment options.Graeme **********
@Chris *******
incorrect, please advise me of what additional fees you think I am paying and I'll have a lookReply to
Graeme **********
Reply
Graeme **********
It's just sooooo easy. Once you have your Wise account set up with all the necessary details, you just log onto Wise and go through the send process. So what happens is you transfer your money to your Wise account and then Wise gives you the option ‘I have Paid’ or I will pay. Ince houve paid into your Wise account the money then goes into your Thai account. I do this at least every two weeks and it takes minutes
Russell *******
ORIGINAL POSTERAre you sure about that? I am sending AUD and receiving THB how can that be done using Pay ID to a bank in Thailand? Or is your suggested method converting to THB first (in wise) and then deposit to my Thai bank account?
Graeme **********
@Russell ******
yep I'm sure. I just looked on my Wise Account. What you need to do is go into your Australian Bank account and add Wise to your payees in your Make Payments. Then when send you just select Wise. But some Thai banks will only allow you to transfer 50,000 baht at a timeRussell *******
ORIGINAL POSTER@Graeme *********
Yes I understand your point and have Wise as a payee for from my Aus bank account. So my AUD is in wise. What is the process you use to move it to your Thai bank account? Do you convert to THB in wise and then deposit THB from wise directly to your Thai bank account? Does this process meet the overseas deposit requirement for the Retirement visa?Reply to
Russell *******
Reply
Carsten ************
Your bank might charge a much lower fee. You need to check their Xchange rate. That's where you might save money with Wise.
Graeme **********
@Carsten ***********
perhaps, but I think unlikely. Bank fees for international transfers can be fairly high. Remember it’s the banks exchange rate which isn’t the mid market rate usually plus the associated bank transfer feesLincoln *******
@Graeme *********
yeah banks make their money on crap exchange rates. Wise is more transparentReply to
Lincoln *******
Reply
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