Must be something wrong with that being reported. It hit 72.5018 within the last 24 hours, I was going to set 72.5 a few days ago but just edged it up a little to 72.55 the other day, so sadly still not triggered. I think the Phils is defending the rate at the moment I don't think they want it moving much above 72.5 just now. Not sure it will reach my trigger rate this month but at least I'm earning 3 pence a day on my GBP
Well it did reach my trigger point today I got 72.5504 on £200 for 14,434.63 after fees. Whew just saw it at 72.57 a moment ago! edit: now 72.5989 these figures today are a 6 year record, last time this high was May 2018. edit: eeek 72.6138 now, I've got another conversion of £500 set for 73.5 which I considered stupidly optimistic, set it months ago but I don't have any GBP in Wise now !
Every time I draw money out of my UK bank I get a letter (3 months late) telling me My account has been restricted. Money Laundering I suppose. How much can you send to yourself with Wise?
I send thousands, averaging over £1000 a month split between rent, support and extras for the kids, when I am there I sometimes send more, but these days I send the cash to Wise then I convert to PHP at what I think is an ok rate and I have a constant decent buffer of peso available in Wise. I drip feed around 10,000 a week to the kids but send extra a couple of times a month so my sending is constant but it's constant dripfeed from that buffer which is about 260,000 PHP at the moment it's down a bit as a result of the last two months that I spent in the Phils. The kids are still young so I would rather they learn to manage money weekly at first before they get to the point of having to manage a monthly salary. Once the money is in Wise and converted it's pretty easy to send it on cheaply to your Philippine Bank whenever you want, my family are all Metrobank but I might get them additional accounts with another bank soon. Wise will have done all the security and money laundering checks when you signed up originally, do you have a Wise card and the phone app yet Jim or only the website? And who do you bank with in the UK Jim?
I'm with Santander, pain in the butt. I used Wise a lot when I was living in the UK but since living over here, Santander keep giving me a hard time transferring money over here. Fed up with all the phone calls to them explaining that I live here. Then they want proof of my oversea address and much more. Last time I tried to use Wise I got another letter saying was it me who tried to use a third party to make a withdrawal, they declined my Wise attempt to draw money.
Expect you'll have received one of these from WISE about the changing fees: Our fees calculator will tell you if your route was impacted by this change... You previously sent 2000 from GBP to PHP. It cost 10.97 GBP and will now cost 13.24 GBP*. This is because the fees for sending GBP to PHP have gone from 0.61 GBP + 0.52% to 0.71 GBP + 0.63%. So, about 20% increase for £2000 band... translates to:
Got it today but they're still reliable and cheaper than most and quicker than they were last year. This transfer was at the end of April around the 26th. The sending fee for me from my peso jar is a fixed fee of 43.92 peso it's doesn't matter how much I send 10,000 11,000 20,000 60,000 it's always 43.92 peso. The majority of the cost is in the conversion which as you say they have now changed the price. Interestingly I have a Revolut Account I might look into their remitance facility I just don't really trust them with large amounts of money though, they like Wise are not a bank but unlike Wise they tried to become a bank and so far have failed because their accounts don't add up so using them could be dangerous.
Tried again with Wise last night. It was going good until Santander UK never sent my OTP. Possibly Globe telecom not playing ball.
Yep, they reopened my account. Don't know what's the best thing to do, keep with Santander or wire all of my money over here.
I would never close a UK bank account Jim, it might be a pain but it's still a secure store of protected value. I believe it is now possible to open a Wise account from the Philippines. Just a question when you send from Santander are you sending to a Philippine account in your own name? It would seem ridiculous for them to complain when you are transferring to an account that is clearly you? edit: also is your Wise account in the exact same name as your Santander account?
@oss Just a question when you send from Santander are you sending to a Philippine account in your own name? My name and the wife's (Joint account) also is your Wise account in the exact same name as your Santander account? Yes. I got the OTP from Santander. 2 hours later, by then Wise canceled the transaction. Only a test with a small amount. So I recon this time it was globes telecom's fault. I have sent large size amounts in the past to our joint account using Santanders bank to bank but 25 GBP fee.
"I would never close a UK bank account Jim, it might be a pain but it's still a secure store of protected value." Nor would I unless I really had to... in the end I got so ff'd off with them bugging me I closed mine and put most of the money in UK premium bonds
