Yes, but they’re a lot lower. The way they operate is that they don’t ever actually change one currency into another. If one person has £ and wants to pay in €, they take the payment and then wait for someone else to make a payment in € and then make the first person’s payment from that instead of from the money they paid in. So there can be a delay of a day or two between you paying in and them paying out, but their commission is far lower than a bank’s would be.
Interesting business model.
Sounds a bit sketchy, like fractional-reserve banking.
Everything is fungible!
That additional cost for me is 32€
These transaction fees are definitely not acceptable
You can wait for the proper launch later. We understand this isn’t a solution for everyone. Most initial sales will likely be from the UK.
How long does it take to acknowledge payment received ? I have purchased one device.
Is there a new email confirming above ?! Thanks
It depends how quickly the funds are transferred. Once received, your order will change to Processing under My OSMC instead of On Hold.
Ok I assumed funds would be available straightway , as its transfer within UK.
But still on hold …
If the name is not an exact match, I have to clear the payment manually. I’m doing this periodically (every few hours).
I know your very busy, but thats good.
Your comment about processing changing under My OSMC, where does one see the status, I’ve checked My OSMC on the Vero 4+K, nothing there.
Once my Vero V ships, will I receive notification?
Click My Account on the top of this page, then orders.
Yes – with tracking #
Took the system 3 hours from my payment to receive a order confirmation and receipt.
For those curious, my fees for Wise in Singapore was relatively low. The bank transfer definitely gives a better margin since Sam doesn’t have to absorb the cost of the credit card processing fee, but yes I reckon most of the soft launches would be UK orders.
For me in Singapore, Wise had very low fees and all I had to do was do a local bank transfer to Wise after setting up the transfer and the money was sent in less than a minute.
Perhaps it is different in Wise for different countries - in that case just wait for the proper launch where you will be able to pay with credit cards.
I think it depends a little bit on what currency you’re trying to convert to. Plenty of people are paying in for currencies like UK pounds, US dollars, and Euros, so they can pay out in those currencies almost immediately. But if you wanted to convert to (say) Guatemalan Quetzals, you would likely have to wait for a while before enough people in Guatemala paid money in for your transaction to be able to be paid out.
As I assume you have quite some customers from EU, are you a registered webshop which has “adapted to the new EU legislation” and implemented the European One-Stop Shop (IOSS) system, which means the webshop includes the VAT and import charges at point of sale.
If not, EU users will get charged import duties + duty handling fees by the post or shipping companies, on top of the purchase price… Some post companies charge outrageous to “handle the import duty process”. All this can be avoided if you are IOSS certified… or alternatively, set up a point of sales inside the EU.
We do not implement IOSS because it ends up double taxed by greedy companies like GLS. Instead customers can purchase from EU resellers if they don’t wish to pay customs.
Normally the price ends up the same as buying from us, but some customers feel that the experience is easier.
Yes. Wise charged me ~ 1% of purchase amount.
I tried to use my local bank for the transfer, but, as mentioned by a few people above, tons of hoops to jump though (they required me to make an appointment with a bank manger in the morning, then I come back and the bank manager says I need yet more information such as recipient’s address, recipient’s bank’s address, etc. They did not say it to my face, but I’m convinced they thought I was trying to finance a drug deal or something.
I did some googling on Wise, but it has mixed reviews, and a lot of complaints about wise taking the money, then canceling the transaction, and canceling the person’s account without refunding the money… The general recommendation was to use something more reputable such as an actual bank, or a well established service such as western union.
I went with western union. Went pretty smoothly, and if you pay via debit card or direct bank withdrawal, there are no transfer fees (there’s a fee if you pay via credit card). I’m pretty sure they add a fraction of % to the exchange rate for their cut, because everyone does that, but it was still less than what google was telling me the current exchange rate is.
For those in Ireland, Revolut transferred the money within minutes (no fees) and then customs charge via An Post was €6.18
Wise has been in a business for a long time, and its very cheap and very fast.
No reason not to use it…
When it comes to Western Union, ofcourse there is a fee and its incorporated into exchange rate. But some people feel better about paying “no fees”.