I thought that they still had it - their help still mentions it - but I was unable to see it on the app earlier. Maybe it's a feature of a business or other paid account? Or is this it?TransferWise (now known as Wise) used to have a rate alert feature that would alert you when the exchange rate reached a two-week high but they seem to have removed that for some reason which is a shame.
Yes that's it but no longer shows the option to be alerted when the rate reaches a two-week high. I've emailed Wise to query it as from reading old reviews it definitely used to be a feature so it would be a shame if it's totally removed given how useful it would be.Or is this it?
The clever new way to send money abroad
Banks sting you with hidden charges when you send money abroad. But that’s yesterday’s problem. Say hello to Wise, the clever new way to move your money.wise.com
I understand what you are saying but I just found that there are loads of platforms offering rate alerts yet very little information or advice on how to best select an ideal rate whilst still remaining realistic and obtainable.Speculating on currency movements is pointless.
Exchange the currency when you need it.
Unless, you have a very large exposure which you might like to hedge.
Brendan
I'm not sure that you do...I understand what you are saying
but I just found that there are loads of platforms offering rate alerts yet very little information or advice on how to best select an ideal rate whilst still remaining realistic and obtainable.
Wasn't this how McManus made his millions? Soros too? I agree ordinary-Joe's have no business speculating here but those with certain expertise can find it useful.Speculating on currencies is a mugs’ game.
Hmmmmm…Wasn't this how McManus made his millions? Soros too? I agree ordinary-Joe's have no business speculating here but those with certain expertise can find it useful.
When we transfer money from our UK accounts to here we use CurrencyFair which works, I think, in a similar way to TransferWise. We have a CF account each and assuming we're re not in a hurry we'll choose a higher, more favourable exchange rate to the current one and just wait.
It's never ever failed, usually only takes a day or two, and obviously the more money you're shifting, the more you'll gain.
You got me thinking about how I decide what rate to choose. I don't know about the other platforms but CF makes it simple by doing the math for you. Let's assume I want to move £10k from the UK bank account where my pension accumulates to my BOI account. Here is CF's current exchange rates table.@mct1 do you have any methodology when choosing a higher rate? How much higher than the current rate is realistic and achievable? Given the amount of these platforms that offer rate alerts functionality, I'm just surprised there isn't more guidelines and advice out there to help people make an informed decision on choosing their ideal rate rather than potentially targeting unrealistic rates.
Seems precisely like speculation to me.As you see, it's not very scientific, far from being "speculation"
€100 is 1% and it's actually no effort at all after the first couple of transfers. I move it mostly to keep my UK funds within the bank guarantee so 'when I need it' doesn't usually apply. I appreciate that it's not for everyone - and that there are other ways to view this. I was merely responding to Poundman's question.Seems precisely like speculation to me.
And all to get maybe an additional c. 0.1% on the transaction.
As others have said, better to just convert the money when you need it.
You got me thinking about how I decide what rate to choose. I don't know about the other platforms but CF makes it simple by doing the math for you. Let's assume I want to move £10k from the UK bank account where my pension accumulates to my BOI account. Here is CF's current exchange rates table.View attachment 6997
If I want the money quickly I would choose the current exchange rate, or near to it, and take €11,295.
If I'm happy to wait a few days I might, for example, opt for, say, 1.1395 which gives me an additional €100
If there's slightly less hurry I could go for 1.145 which is €150 on top of the current rate. Or choose any rate above that and just wait it out knowing that at any time I can change my choice to higher or lower with just a few clicks. Sometimes I might take the amount of currency waiting for exchange at a particular rate into account (right hand column). That's always higher at the weekend when markets are suspended.
I might keep my eye on it for a day or two, but mostly I just wait for the notification that my rate has been matched. As you see, it's not very scientific, far from being "speculation", and my choice of rate comes mainly from my experience of using the platform. I can see all the transactions I've made with CF over the past 8 years and I'm satisfied I've always got a better deal than I would via the bank for minimal effort (and minimal expertise).
CurrencyFairThat’s a pretty cool app.
What is it ?
Excuse my ignorance but I've never used Currency Fair.If I'm happy to wait a few days I might, for example, opt for, say, 1.1395 which gives me an additional €100
If there's slightly less hurry I could go for 1.145 which is €150 on top of the current rate.
Not exactly. Here's how CF say it works.Excuse my ignorance but I've never used Currency Fair.
Does it guarantee you a certain rate at a future point?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?