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Post by leclairon on Jul 15, 2023 20:27:58 GMT 1
I have been with CF for years and it works well. They have now written to say they don't want 'aged' balances. I liked to transfer some to CF,leave it there, and then move it when the rate went up. I have a small amount which I sent 3 weeks ago (not that 'aged') which they say I must now transfer before the end of July or the account will be closed! I have written to them to query this. Apparently, I have either got to transfer it out or transfer it back, then transfer in again when I want to exchange!
My question is, does Wise work the same way as CF always have in the past, that you can leave a sum there, pick the rate you want, and then wait for someone to buy it? This has always worked well and I have always got a good rate. Or, does Wise work like other exchange companies where you transfer in at the point when you want to exchange?
I can't seem to find a way to contact Wise to ask how they work, without opening an account. I don't want to do that in case they have the same policies as CF do now, in which case I might as well stay where I am.
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Post by chrisell on Jul 15, 2023 20:46:09 GMT 1
If you simply use them as a currency exchange then no you can't leave money sitting there. If you open a "bank" account - set up your sterling and euro accounts - then yes you can.
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Rob24
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Post by Rob24 on Jul 16, 2023 5:20:31 GMT 1
If you simply use them as a currency exchange then no you can't leave money sitting there. If you open a "bank" account - set up your sterling and euro accounts - then yes you can. And will Wise will pay interest on £ or € balances as well as let you hold the balance in Assets ( a share based account ) where your balance goes up or down based on stock market performance.
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Post by lapourtaider on Jul 16, 2023 6:00:34 GMT 1
As has been said, with the wise banking account you can hold money in Euros, Sterling or any other currency you choose. You do all the banking on line and choose when to transfer from one currency to another. You can hold each currency balance as long as you like. When you pay, you choose which currency to pay in. If accidentally you don't have enough in that currency to pay, the account automatically transfers money from on of the other currencies. I can't give the details of how to set it up as it was my wife who has one. I do recall it being relatively straightforward and her receiving her card quickly.
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JohnnyD
Member
Mayenne (53) When Covid allows..........Which isn't very often these days........
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Post by JohnnyD on Jul 16, 2023 8:50:17 GMT 1
Wise offers interest on both my UKP and Euro accounts so leaving money in there is fine I believe. If you want a referral for Wise I have one wise.com/invite/dic/johnd160
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Post by leclairon on Jul 16, 2023 11:33:55 GMT 1
Thanks for the info and for the referral. I have been quite happy with the CF system so am a bit irritated that I may have to go another route for my small transfers. I have read from other posters that the Wise exchange rate is usually the best so maybe it is the time to change. I am wondering if CF have a problem . I can't think why they would complain about keeping funds for a few weeks which would be a bonus for them as they pay no interest - it suited me to do that. Thanks again all.
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Post by annabellespapa on Jul 16, 2023 12:41:41 GMT 1
Thanks for the info and for the referral. I have been quite happy with the CF system so am a bit irritated that I may have to go another route for my small transfers. I have read from other posters that the Wise exchange rate is usually the best so maybe it is the time to change. I am wondering if CF have a problem . I can't think why they would complain about keeping funds for a few weeks which would be a bonus for them as they pay no interest - it suited me to do that. Thanks again all. My thought entirely LC, poor business model especially with interest rates rising, maybe they will disappear or are being lined up to be absorbed into another organisation. Wise have been good for me in recent years.
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suein56
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Southern Morbihan 56 Brittany
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Post by suein56 on Jul 16, 2023 15:02:15 GMT 1
Thanks for the info and for the referral. I have been quite happy with the CF system so am a bit irritated that I may have to go another route for my small transfers. I have read from other posters that the Wise exchange rate is usually the best so maybe it is the time to change. I am wondering if CF have a problem . I can't think why they would complain about keeping funds for a few weeks which would be a bonus for them as they pay no interest - it suited me to do that. Thanks again all. Having started with CF I moved over to Wise for exchanging £ to € years ago. Mostly for speed and value for money. OTOH I believe CF doesn't have the appropriate licence or legal approval to hang on to their clients money except in the very short term hence their letter to you. They could be in serious trouble with the Financial authorities if they started behaving as a 'deposit holder'. Wise does seem to have all the necessary approvals in place.
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Post by leclairon on Jul 16, 2023 16:45:47 GMT 1
Thanks for that. I'm thinking it is a good move to change over. I did think of it once before when I read that the rates were better, but, like a lot of people, I just hate change and familiarity won. Time to bite the bullet! Very interesting about not having approval to hang onto funds - that could well be the problem.
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Post by another on Jul 17, 2023 8:03:22 GMT 1
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Post by leclairon on Jul 17, 2023 9:33:54 GMT 1
Thanks ANO. very interesting comparison.The P2P has worked well for me but everything has its day and the signs seem to indicate it would be a good move to change.
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Post by jardiniere on Jul 18, 2023 12:46:43 GMT 1
like a lot of people, I just hate change and familiarity won. Time to bite the bullet! I've been with CF for many years and have been thinking of changing as it doesn't seem as efficient as at the beginning. But I'm worried about how much paperwork is required to start with a new company. Once you've made the change, could you let us know how easy/difficult it was to set up?
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Post by Sizewell on Jul 19, 2023 7:24:08 GMT 1
I have been with Wise for about a year now and found it very easy to set up, all done on line. They pay interest monthly on both stg and euro accounts. Some members of my family found the security set up a bit of a problem, they had to present a photo ID several times before being accepted, not sure if it was just the quality of the upload.
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Post by another on Jul 19, 2023 18:22:33 GMT 1
Wise is easy peasy to sign up to, all online and the card usually arrives in 2-3 days. In addition to the comparison I posted Wise now pay interest on balances. Also, although they don't do joint accounts, along with the normal debit card you can apply for their so called 'eco' card which in practice works exactly the same as the main one so can be used by a spouse or partner etc. Furthermore they have a 'virtual' or digital card aimed at using for online purchases where you might have doubts about a seller, it cannot be stolen or cloned and you can freeze or activate it at will so you can keep it frozen until you need to use it, unfreeze for a purchase, then immediately freeze again. You can do the same for all their cards in fact and everything can be done in the Wise app. What's not to like Recent review here. airlapse.net/blog/wise-review
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garbo
Non-gamer
Posts: 118
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Post by garbo on Jul 19, 2023 21:29:39 GMT 1
What’s not to like. They are not a bank or part of the financial services compensation scheme which protects the first £85,000 of any UK deposits. That’s what is not to like.
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