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What I like about them for forex is that they're publicly traded, so I can take a look and see if they're at risk of disappearing anytime soon. And assume they
by Scoundreller 3y ago
What I like about them for forex is that they're publicly traded, so I can take a look and see if they're at risk of disappearing anytime soon. And assume they have some good auditing.
https://www.londonstockexchange.com/stock/WISE/wise-plc/company-page https://www.londonstockexchange.com/stock/WISE/wise-plc/comp...
Only takes one horror story to read about a currency exchanger taking your wire and then going bankrupt before wiring you funds back to want to avoid private currency exchangers forever.
My other method in Canada for conversions between US$ and CAD$ is to buy an "inter-listed" stock that trades in both Toronto and New York City. My stock broker will sell me a bank/telecom/whatever in CAD$ in Toronto, and then let me sell it for US$ in NYC. Hedge funds, etc. keep the two stocks in lockstep with exchange rates. Tis called "Norbert's Gambit". Cheaper than Wise (basically $20 flat rate for me and about 0.02% in spread if I take a bit of risk with a real stock).
I suspect this might be possible in Europe if you have access to different markets across the continent.
- jddj 3y agoCan also just buy the target currency directly as a normal trade somewhere like IBKR
- Scoundreller 3y agoIf they didn't have the $50/yr RRSP admin fee (and had RRSPs when I started them...), I'd probably be with them. I don't trade much though.
- aDfbrtVt 3y agoFYI, they recently removed the annual RRSP admin fee. https://www.interactivebrokers.ca/en/index.php?f=rsp_tfsa_information https://www.interactivebrokers.ca/en/index.php?f=rsp_tfsa_in...
- matwood 3y agoI believe if you put your money in the recently added interest accruing accounts, it will be FDIC insured. They just expanded those types of accounts from USD to also include EURO and GBP.
- toomuchtodo 3y agoCitations: https://wise.com/us/blog/how-we-work-to-keep-your-money-safe-and-available-at-wise https://wise.com/us/blog/how-we-work-to-keep-your-money-safe... https://wise.com/help/articles/50VrYRVwHcsYeKzvWbjf3n/how-our-eu-entity-wise-europe-sa-safeguards-customer-funds https://wise.com/help/articles/50VrYRVwHcsYeKzvWbjf3n/how-ou... https://wise.com/help/articles/4IusAofIppsIGPcs7sEIXI/how-our-uk-entity-wise-payments-ltd-safeguards-customer-funds https://wise.com/help/articles/4IusAofIppsIGPcs7sEIXI/how-ou...