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Wise demands a massive fee through bid-offer spread, they're more expensive than many regular retail banks for FX conversion. They're basically running a decep
by energy123 4mo ago
Wise demands a massive fee through bid-offer spread, they're more expensive than many regular retail banks for FX conversion. They're basically running a deceptive advertising campaign due to customers not knowing about bid offer spread.
Wise is even worse than "zero-fee" stock trading platforms like Robin hood who do payment for order flow. At least PFOF is more competitive and regulated and you're only getting a few basis points stolen from you instead of like 80 basis points.
- notpushkin 4mo agoWise fees are sometimes big, but I find them fairly transparent about it.
- FredFS456 4mo agoFrom my own comparisons, when converting, say, $1000 USD with Wise the spread+fee is about half of any of the banks that I have accounts with. Where Wise takes a huge cut is if you convert $10 at a time.
- energy123 4mo agoThen I suppose it depends on the FX pair and the bank. I was looking at $8k USD equivalent and the bid offer was worse than my retail bank