sudoer
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I would encourage everyone to look at interactive brokers. I just spent time with another person in AFF comparing IB vs Wise vs Revoult (he has metal revolut which has better FX rates. The clear winner is IB. The only downside is that funds need to stay with IB for 3 biz days before they can be sent outSorry folks I was looking at the wrong fee calculator tab.
I think anyone paying their US card with Wise will be better off under these changes as we're loading USD instead of sending.
The Wise commission has dropped from 0.46% to 0.40% for 'adding money' (a 13% saving on fees)
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Sorry if it's been answered before but I don't recall seeing any DPs in recent times - is there a risk of IB locking the funds if there's no actual trading through them? Do they mind just acting as a currency converter?I would encourage everyone to look at interactive brokers. I just spent time with another person in AFF comparing IB vs Wise vs Revoult (he has metal revolut which has better FX rates. The clear winner is IB. The only downside is that funds need to stay with IB for 3 biz days before they can be sent out
The risk is very real if you only use ibkr for currency remittances, I’ll still personally advise only using the platform for the purpose currency remittance if you trade often/ generate a some trade monthly.Sorry if it's been answered before but I don't recall seeing any DPs in recent times - is there a risk of IB locking the funds if there's no actual trading through them? Do they mind just acting as a currency converter?
A side benefit to using IB is that, based on what I've been reading on DoC, a lot of these broker funds remittances to bank accounts count as eligible deposits for the purposes of savings/checking account sign up bonuses (even when they technically shouldn't), whereas Zelle/wires/personal ACH transfers don't typically count.
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How are you seeing this, do you add directly in USD, or load AUD then convert? I'm looking in Wise now, in the App, and loading directly in USD seems to have some incredible fees attached, unless by transfer or SWIFT (which defeats the purpose of Wise).Sorry folks I was looking at the wrong fee calculator tab.
I think anyone paying their US card with Wise will be better off under these changes as we're loading USD instead of sending.
The Wise commission has dropped from 0.46% to 0.40% for 'adding money' (a 13% saving on fees)
View attachment 384310