wise.com - currency exchange
Hi all,
I just checked CAD to EUR rate on wise.com. Using “add EUR” option I see “Guaranteed rate (for 78 hours)”. 78 hours may be due to the weekend.
1. If I place an order now how long do I have to go to my CAD bank account to initiate the bill payment? Do they need to receive the funds in 78 hours or can I initiate it on the 77th hour?
2. If I don’t have to initiate the transfer immediately, if I check the rate 2 days later, and it is better, then can I ignore the first order and just fullfill the second order, keep repeating until the rate goes worse than the last time? Part of this question is do I need to cancel the order actively once I decide not to fulfill, i.e. I’m obligated to fulfill all orders until I cancel them.
3. Before I can use the “convert” option, I need to transfer some CAD, to convert CAD to EUR, correct? (i.e. I have to wait my CAD funds to arrive at Wise before initiating an order.) Does “send” option also work the same way?
4. It seems that Wise charges for converting CAD to EUR is 0.51%, fees for adding is 0.52%, not sure what the rate is for sending, plus fixed amount for each transaction. I would like to hear which Wise option (Add, Convert, or Send) you prefer and why.
Thank you
I just checked CAD to EUR rate on wise.com. Using “add EUR” option I see “Guaranteed rate (for 78 hours)”. 78 hours may be due to the weekend.
1. If I place an order now how long do I have to go to my CAD bank account to initiate the bill payment? Do they need to receive the funds in 78 hours or can I initiate it on the 77th hour?
2. If I don’t have to initiate the transfer immediately, if I check the rate 2 days later, and it is better, then can I ignore the first order and just fullfill the second order, keep repeating until the rate goes worse than the last time? Part of this question is do I need to cancel the order actively once I decide not to fulfill, i.e. I’m obligated to fulfill all orders until I cancel them.
3. Before I can use the “convert” option, I need to transfer some CAD, to convert CAD to EUR, correct? (i.e. I have to wait my CAD funds to arrive at Wise before initiating an order.) Does “send” option also work the same way?
4. It seems that Wise charges for converting CAD to EUR is 0.51%, fees for adding is 0.52%, not sure what the rate is for sending, plus fixed amount for each transaction. I would like to hear which Wise option (Add, Convert, or Send) you prefer and why.
Thank you