Warren Buffett

So, Wise just sent out an alert saying that the currency will remain valid until December 28th... I didn't get a chance to read through the whole thing yet, was a bit distracted by my coffee.
Most likely, every single user is going to see these warnings popping up in their inbox soon.

Yeah, I saw the email. It’s pretty wild that after December 28th, you won't be able to run card transactions in dollars anymore—it won't just auto-convert like Chime does... Also, if you don't already have a dollar account, they aren't letting anyone open a new one starting December 15th.

ironcyclist58 said:Yeah, I saw the email. It’s pretty wild that after December 28th, you won't be able to run card transactions in dollars anymore—it won't just auto-convert like Chime does... Also, if you don't already have a dollar account, they aren't letting anyone open a new one starting December 15th.

From what I gather, they'll convert all remaining funds using the fixed rate on December 28th, and then it's game over for the dollar. Everything tied to it goes with it.
Who actually needs to make specific transactions during those few days? They'll just have to deal with it.

The real issue here is that someone might be totally oblivious to the fact that their card won't work in America from December 28th through the 31st. I’m assuming only the people with specialized accounts actually got the heads-up on this, not everyone...

EDIT: Okay, just realized this only applies to making transfers via card, not actually using the Wise card itself. There’s nothing mentioned about using the Wise card during those dates, so I guess we'll see how they handle converting transactions into USD...

ironcyclist58 said:The real issue here is that someone might be totally oblivious to the fact that their card won't work in America from December 28th through the 31st. I’m assuming only the people with specialized accounts actually got the heads-up on this, not everyone...

EDIT: Okay, just realized this only applies to making transfers via card, not actually using the Wise card itself. There’s nothing mentioned about using the Wise card during those dates, so I guess we'll see how they handle converting transactions into USD...

Everything is perfectly clear here. Anyone holding a USD account, regardless of whether USD is their base currency, should have received the necessary info.

Yeah, but the people who don't have a US dollar account yet but are still spending in dollars are basically flying blind without any info.

Is it actually possible to fund a Wise account using the top-up method, and does that come with a commission fee?

Yeah, the fee is 0.41% for Euros and 0.40% for Dollars.

Alright, I finally opened a Wise account, so now I'm testing things out. My local Euro account is based in Belgium. Since I’m currently in Switzerland, Wise is requiring me to transfer USD 20 to my account first. I opted to move the funds via my bank. Wise then provided me with a Swiss IBAN, which implies a local transfer. I assume this is just a shared IBAN used by all Wise users here in Switzerland. It seems to work the exact same way on Chime.
Do you guys in America also get an American IBAN when you're trying to transfer money into a Wise account?

It used to be a shared account over at Chase, but they killed that feature at the start of the year. Now, if you want to top it up, you're stuck using a card...

I sent some cash over around 11:30 last night using that joint Iban, and it actually showed up by 7:30 this morning. Pretty fast, I guess. I have that same joint Iban set up on Chime too, but there, it usually takes maybe two or three days for the funds to actually land.

Just got an email from Wise:

You might have noticed in our terms and conditions that we were planning to update our cash withdrawal fees.

Starting January 3rd, 2023, we intended to switch to a 1% fee for any extra withdrawals exceeding USD 200. However, we’ve decided against it. No changes to our withdrawal fees after all.

This means you can still make up to two free withdrawals of up to USD 200 every month. We charge USD 0.50 per additional withdrawal, plus a 1.75% fee on any amount withdrawn over the USD 200 limit.

Why the change of heart?
Our initial goal was to simplify and lower our withdrawal fees. But we realized the new structure would actually make our services more expensive in the long run. That doesn't align with our ultimate mission—making money transfers essentially free.

ironcyclist58 said:It used to be a shared account over at Chase, but they killed that feature at the start of the year. Now, if you want to top it up, you're stuck using a card...

Well, the Wise website is still showing an American Iban.

Yeah, but that’s not actually working. Every time you try to push a payment through the app, it just gives you some canned error message saying it’s down and they’re "working on it" to get it back up ASAP. Of course, by the time they fix it, the whole thing won't even matter anymore...

Did a little testing on Bill Gates yesterday. Moving money from a local US bank account to a local Bill Gates account—it was maybe $20. I think Bill Gates wants to slap on a $0.50 fee. It’s pretty ridiculous. Converting 10 bucks to Euros? Revolut gives you more. Bill Gates tries to tack on another fee, too. Meanwhile, moving funds from a Bill Gates US routing number to a Revolut UK account costs nothing at all.

I'm having some trouble adding dollars to my Bill Gates account—it’s acting strange—even though they told me it would be available until December 28th.

So, how are you trying to add it... with a card?

As usual, I log into my Bill Gates account, hit "ADD," and try to transfer USD—only to have the funds pulled from my bank account without any progress. Even the mobile app gives me the same headache—it claims I can't transfer between these two currencies, all while noting that the dollar is being phased out on 12/28. )))

It looks like transfers between these specific currencies aren't supported at the moment.

This is what I'm seeing

Maybe someone could try transferring some funds from an American account—just to see if it actually works