Wise vs Banks | Is an Easy Choice
HTML-код
- Опубликовано: 16 янв 2021
- Here's the Wise (formally TransferWise) link you need: transferwise.prf.hn/click/cam...
What do you get with this link? Your first transfer up to £500 will be free.
Conditions apply! What are the conditions for this offer?
1. It is available for new customers to TransferWise only. The link won't work if you are an existing customer or have already registered. You can create a new account though to get the free transfer!
2. This is for a one time use only. For example, if you send £300 in your first transfer, you won't be able to use the £200 remaining credit in a secondary transfer.
3. This is valid on your first transfer only. So if you set up a transfer, cancel that, and then reset a new one, then this would invalidate the transfer.
4. This is only available for the TW 'send money' feature. It won't work on multi-currency account balance conversions or on a card application.
Josh and Kalie from ExpatsEverywhere personally use TransferWise and they are here today to explain how you can use it too. What is TransferWise? It's a cheap, fast way to send money abroad using the real exchange rate. Choose from a variety of different currencies, open several wallets with actual bank info, don't get hit with hidden fees from the bank using their interbank rate, and more! You can also get a debit card to use at an ATM and as long as you've opened up the currency in your account, you won't have to worry about TW charging you a withdrawal fee. Join over 9 million users and choose a better exchange rate today!
FinCen Form 114 www.fincen.gov/resources/fili...
Questions? E-mail us at info@expatseverywhere.com
Want more? Go to www.expatseverywhere.com
Follow us on Facebook: / expatseverywhere
Follow us on Instagram: / expatseverywhere
Follow us on Twitter: / expert_expat
Check out our Patreon page: / expatseverywhere
#ExpatsEverywhere
Need a VPN? SurfShark | VPN Partner (affiliate link) Get 40% off subscription at get.surfshark.net/aff_c?offer...
Awesome finding your channel! Thank you for walking us through each step in your journey and really looking forward hearing more about your adventures in Portugal!! Makes me wish I was retiring sooner!
Welcome aboard! Thanks for letting us know that you found us! Ed, you can probable get to Portugal before retirement 😉 We're not retiring any time soon. We appreciate the support. Our next video about Portugal is actually going to be on Amelia & JP's channel and we're putting out an interview with them on Ecuador. It's a double feature Premier so we'll have a live chat and big ole "socially distanced" party. Are you in?
The best fund transfer company. I use this all the time and it's really fast. Been using this between Singapore, Australia and here. Now called Wise. I use XE app to track the rates (mid market).
Thanks for sharing, Alan. We completely agree. Nice comment. - Josh & Kalie
I heard it was possible to have an account in a different currency using Transferwise, but I had no idea about getting a debit card. That's awesome! Thanks for the video 😀
We didn't either until that phone call. It's a game changer and going to be a big game changer when we can travel again! Let's go!!! - Josh & Kalie
Thank you for the great information! You guys rock!
Our pleasure. Thanks for watching and supporting us! You're awesome!! - Josh & Kalie
I just realized that Transferwise is part of the Co that owns Travelex( which is out of business) the place I would buy foreign currency when I'm traveling. The exchange rates were always good. Plus I got United Airline bonus miles for using the service.
We didn't know that! - Josh & Kalie
Transferwise is awesome! Thanks for the great tip!!!
It really is! Thanks for the comment, Rafael!
Great video and love the channel. Couple things tho. The Interbank rate and the mid market rate are actually the same thing. Banks (such as BoA) mark up that rate for consumers. That's why their rate is higher.
Transferwise gives you the actual interbank/mid market rate like you said tho, and then charge a fee. Will DEFINITELY save you money if you transfer frequently or large amounts.
Yea, we realized that we didn’t articulate that well but hoped people realize that the interbank rate or mid market rate is 1-2% or more different. We realized this after the fact. You know? We knew we’d get ourselves in the weeds talking bid and offer price. 😂 it’s our fault but we hope it was clear in the video how we saved money.
Thanks for the kind comment and gentle criticism 😊 and of course your love for the channel. - Josh & Kalie
Thanks for the tips guys. Would you believe I had to do some money transfer this morning? I turned on my YT channel (as you do first thing in the mornings 😅) and for some divine intervention, this episode appeared. Haha! Watched the vlog and did my transfer with TransferWise. I thought you guys were natural and did great on the screenshare. There's always a first time for everything 😃 Thanks guys and have a productive week ahead. Was nice having that wee hello on Expats Portugal 👍🏻
You're absolutely welcome. We're always glad for a little divine intervention! We could use a little more of that these days 😁
Did you already have a TW account or were you able to use the link and save extra?
Thanks for the compliment. There's definitely a first time for everything and that's generally when things are the hardest.
Great to hear from you all too on Expats Portugal. We were supposed to be in Lisbon at the end of the month beginning of Feb, but we need to push that back because of the lockdown. We'll have to meet up at some point though. Blessings. Have a great day. Let's Get Movin' - Josh & Kalie
@@ExpatsEverywhere Haha...yeah, would be nice in receiving an intervention for lockdown to end sooner and things go back again to the new norm. 😅 I was gonna set up a new account and TW reminded that I have an existing account. I prob did a transfer a few years ago which I forgot. But I might set up another account using the link to transfer larger funds soon.
Yes, would be great to say hello if you guys are visiting Lisbon. I was actually planning a day trip to Porto for my vlog at the end of this month but will have to do it after lockdown. Stay safe guys and look forward to your next vlog! Have a great week 👍🏻
Sorry, we missed this one. Keep us posted if you come up here. We'll try to make it to Lisbon in April. Have a great rest of the weekend - Josh & Kalie
Thanks for the heads up. You guys are awesome.
You’re welcome. Save that money, sir! Thank you. We’re honestly just trying to bring you all the best info we can and we appreciate your support. - Josh & Kalie
@@ExpatsEverywhere All your information and experience in your move is what we need for our future plans. Thanks again.
@@luisrivas3509 Fantastic! That’s our aim. - Josh & Kalie
Great job explaining that.
Thank you. We know it wasn’t perfect but hey, it really does save 💰 We appreciate you digging into our comment section so much. Thanks for the support. 🙏 - Josh & Kalie
Thanks for the great video. I also had no idea about being about being able to transfer US$ into different currencies, ie; EURO, etc. and not pay the "Interbank", just the ACH fee, which in most cases is minimal.
Thank you. We appreciate the comment. Yea, we’re really excited for the card’s features too. When we can actually get to take advantage of them. 😊 You’re right those ACH fees are way better. Just takes a little longer sometimes with large amounts we think. - Josh & Kalie
ruclips.net/video/bT5hDtoWQFM/видео.html
Thanks for this feature. Transferwise is very convenient!
Would you be able to make a future vid about Fincen or FATCA rules?
Thanks, Georg D. We appreciate the comment and support. TW is definitely a very convenient service especially for us, expats.
Hmm 🤔 Well have to give that a thought about how we would create something watchable about FinCen because it’s not necessarily our wheelhouse. We’re afraid we’d create a video to rival Ambien. You know? - Josh & Kalie
@@ExpatsEverywhere Ha ha, I see your point. You’re right, I’m sure there’s someone in the RUclips sphere that has discussed these boring but necessary financial topics.
@@georgd3013 😂 Have you seen out interview with Stephen about US Taxes? He does briefly mention the FinCen form 114.
Great video with outstanding info! Yeah, nothing is for free, there's always a trick. If you move $10,000 or more at any given time, its always sends a flag to the IRS, Federal Govt (USA). Look it up if you have questions. If it doesn't look legitimate, you will audited! Have fun! LOL! Again thanks for that tip!
Thanks, Melinda! We appreciate the comment. We used to actually only transfer amount less than $10k from our foreign accounts back to our US account for that reason you mentioned. - Josh & Kalie
Yes great info, very useful service and saves $
Thanks, Jeff! We appreciate it. Very useful to us, expats. - Josh & Kalie
Hi Kalie & josh! Again great information as always! You guys are awesome!!! I have a question regarding your BOA account. Do you have an address still in USA to keep that account? I also have an account with them, but they informed me I would have to maintain a US address to keep the account. Thanks! and have a great day!
Hi, Ruth. Good to hear from you. Yes, we have a US mailing address that we use. We actually have 3 depending on what it is! Expat problems. I know. Thanks for the question. We hope you have a great day as well. - Josh & Kalie
I'm just starting the process the move to Portugal for an early retirement... and I'm hoping to be there come September or October of 2021. So this video was very useful!
Just a question, do you know what sorts of credit cards are used most frequently in Portugal? Is it Visa and Mastercard, or are their Europe-wide credit cards not known about in the United States?
Thanks, jetfowl. Congratulations on getting started.
Honestly, they’re the same. Amex is used less and not as wildly accepted thought. - Josh & Kalie
Thank you for such a helpful video! I was just going to ask how you were going to transfer money especially if one is buying property in Portugal! :)
Glad it was helpful! You can certainly send a good chunk of money via Wise. If you sign up for Wise, use that code to get money off your first transfer. Make it a big one (at least £500) to get the full discount. - Josh & Kalie
@@ExpatsEverywhere I already did it! Thank you! BTW, which real estate agency/broker did you use to find a place? Do you need to have more than one broker when buying a place?
@@bencruzsf Great! It doesn't hurt to have a couple brokers. We've worked with a few realtors. If you email info@expatseverywhere.com Kalie can send you several contacts that might help. These people are used to working with foreigners. Whatever you do, save your time and don't reach out to Remax folks, they're so slow and not very professional. - Josh
@@ExpatsEverywhere Thank you so much and I will send the email tomorrow! BTW, since you folks are more into the digital world, have you heard some rumors about Transferwise and a Brazilian bank?
@@bencruzsf You’re welcome. The only thing we know about TW is they’re now called Wise because they do more than just transfers. - Josh
Hi, great info!! Did it cost anything to transfer the money from your US account to Transferwise?
Thanks, Mrs. Natalie Cruz. That was the $3 ACH fee from BOA. Sometimes ACH isn't an option but for this one it was. So $3 from BOA to TW USD account then TW USD to TW Euro $70ish. Had we sent the money via wire transfer from BOA to TW USD it would have been $30. If we sent it BOA to TW Euro, there would have been $0 transfer fee, but we would have lost a lot in the foreign exchange at the interbank rate (the hidden fee). Does that clear things up? - Josh & Kalie
Hi Josh and Kalie,
Really enjoying your videos - I’m learning a lot. We are in true research stage of planning our move to Portugal and have a trip planned later this month.
After watching this video, I think I am going to open a Wise account and get the card for our trip. It looks like the cash withdrawals are a little pricey, so I am still going to get cash ahead of time.
But for using for purchase in Portugal, it seems to make sense to leave all the money in USD, pay in Euro, and let Wise to the conversion as I use it. That way if I don’t spend all the money I deposit, I can spend it in the US, and I wont have plaid any conversion fees.
Does that make sense? Or is it better to transfer some money ahead of time into the Euro account?
Thanks for the great tip!!!
Steve
Hi Stephen, we're glad you're enjoying them.
There's a limit on how much you can withdraw in cash from a bank without being charged but what we can say is that the society here has certainly moved from a cash based to more cards being used. Places will post if they are cash only but it's not uncommon to see people using debit cards for very small purchases. They tap and go on €2 or 3 euros.
We tend to convert a chunk of money and have it in the target account when we travel.
Who has never heard of TransferWise? Who already uses TW? Edit March 18th They are now called Wise because they're more than just transfers.
Thanks for the tips - looking into this! Is it possible to open an account and not fund it just yet? I want to prepare but don't need to send any money yet.
You're welcome. Yes, we don't think there is a penalty or requirement to fund the account straightaway. We use Wise even more today than ever. - Josh & Kalie
@@ExpatsEverywhere thanks again, and just to idiot proof this for myself - this is most likely the lowest fee way to take funds from our US account and put into our Euro Bank? (haven't moved yet just preparing for the process)
@@crammia In general, yes. You'll move money from your US bank account into your US Wise account and then inside Wise, you'll do the conversion from Wise USD to Euro. When you're ready, you can move your money from your Wise Euro account to your European bank account. Does that answer your question?
Josh, can you do a video again on Wise? I heard there have been some changes, and now they charge to hold money in the account? And also their fees have gone up? thanks
Hey, I didn't know how else to reach you. We can confirm there are Apple keyboards in Portuguese in Coimbra. - Josh
@@ExpatsEverywhere thanks.
If you can use TW to pay bills and have a debit card, why even get a bank?
Right? Some countries require it for immigration purposes so in our case, we needed to fund our PT bank account so that we could show SEF that we have a certain amount of money held in Portugal. Makes them look better, right? - Josh & Kalie
PS- In saying that, we would use TransferWise anyway because there are a variety of ways to use them not just funding a foreign bank account. They don't have every currency available with bank details but they have a lot of the major ones and all the ones we would need at the moment.
Do you have to individual open each bank account? us, eur etc
In Wise? It's kind of like wallets but you'll get individual bank account information for each currency you open. So you'll sign in and see all of your wallets and the balances and then you can click on them and see the bank details for each. - Josh & Kalie
@@ExpatsEverywhere Thanks
Hey guys as a software developer and security enthusiast you should not have shown how many chars your password has. But great video. Please change the password to a password of greater length.
😁It's been changed. 😊 Thanks for the message and concern. - Josh
How to top up the money
What do you mean? We'll try to answer your question if we know how. - Josh & Kalie
Are you still using this service to transfer USD to Euro?
Yes. For big transfers, we use SpartanFX. - Josh & Kalie
''awesome this, awesome that '' , '' HUGE benefits '' ... * has 87 euros in his account *
HAHA, that's a funny catch. It's because we transferred nearly all of it over into our Portuguese bank account to "fund" our account for our SEF appointment.