Save Money on Currency Exchange with Wise
Tired of your bank’s outrageous foreign currency fees? Learn how Wise gives you access to the elusive mid-market exchange rate banks keep for themselves. I’ll explain how to set up your own European bank account and move money internationally while keeping more cash in your pocket.
Here is my Wise referral link to join (get a free transfer):
wise.com/invite/dic/geoffreyneilp1
Here is my Tangerine referral code:
Open a Tangerine account with my Orange Key 39199195S1 and get a $50 bonus!
www.tangerine.ca/
Please subscribe :) youtube.com/geoffmobile
Hi there everyone on YouTube! This is Geoff from geoffmobile.com
Today I’m back with another video talking about some interesting ways to save money when receiving money in different currencies using the Wise app and Wise website.
Wise.com (formerly TransferWise) excels at international money transfers and handling different currencies. I’ll explain how you can receive money from companies via direct deposit in a foreign currency and transfer it to your local bank with minimal fees.
Let’s use this example: receiving euros in a European bank and transferring that money to a Canadian bank cheaply.
When selling European stocks or options in euros, you’d typically provide your Canadian bank account for the deposit. The problem? Canadian banks like BMO, RBC, and Scotia charge hefty markups when converting foreign currencies.
What makes Wise special is they offer the mid-market exchange rate – essentially the same rate you see quoted on currency exchange websites. This rate is significantly better than what traditional banks offer. While companies and big banks use the mid-market rate, Wise is one of the few services giving consumers access to it.
Instead of giving the paying company your Canadian bank details, you can provide them with a European bank account number connected to Wise. When paid in euros, the money goes to this account and appears in your Wise app as a euro balance. You can then easily convert it to Canadian dollars.
In my previous video (linked below), I explained how Canadians can connect Wise to Tangerine to pull money from Wise into your Tangerine account for free. Alternatively, you can pay about $2 CAD for Wise to send an e-transfer to any Canadian bank for faster access.
How to use physical Wise Card in Canada for tap and pay and how to get free Wise transfers in Canada
www.youtube.com/watch?v=wOuAhztzHXE
To use Wise for receiving money in different currencies:
1. Create a Wise account (use my referral link in the description for your first free transfer)
2. Click “get account details” and choose your desired currency
3. For a European bank account, select “get European bank/Euro bank account details”
4. After a day or two, you’ll receive proper banking details (mine is from a bank in Brussels)
5. Provide these details to the company paying you
6. When they transfer the money, it appears in your Wise app
7. Convert to your local currency and withdraw to your regular bank
This method can save hundreds of dollars on fees when transferring large amounts. In my next video, I’ll explain how to send or spend money using Wise, including using the physical Wise card for payments in different countries. This card works for chip insertion and tap-to-pay in Canada.
Wise is especially handy for travelers or anyone paying for items in foreign currencies. For example, I use my Wise card information to pay for Japanese toothpaste from Amazon Japan in yen, getting the mid-market rate instead of a huge currency exchange fee. Similarly, Canadians can use it when ordering from the US and paying in USD.
