Hi John - they were on trust pilot Wise Reviews | Read Customer Service Reviews of wise.com - it’s most probably unfair because everyone gets bad reviews, it was unfortunate that this was the first thing I saw. It seemed to be about customer service ?
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Thanks David, I’ll have a look at them
Thanks Porridge
@KarenLaV @AngelaR Thanks for that heads up. Maybe I won’t be so sanguine about leaving funds resting in my Wise account in future and just use them as a quick exchange vehicle.
You shouldn’t necessarily follow my example, John - I’m known for being very cautious! However, I would recommend perhaps not leaving a huge balance in there - I have a couple of hundred in each “account” just in case…
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I have used Wise and Revolut but I find Revolut easier to use. You can also have a French IBAN with Revolut so don’t have to declare it on your tax return, but with Wise it’s a Belgian IBAN so must go on your impots declaration under foreign accounts. Either way, whichever you choose, it’s a great way to use other currencies when and if you travel from the Euro zone.
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Each to their own but perhaps not prudent to discuss balances on a public forum?
Are you sure? Revolut is officially based in Lithuania, and so would count as a foreign bank, even if you have a French IBAN, IMO.
Yes, Revolut account needs to be declared, they even sent an e-mail earlier in the year advising that.
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I had the same Revolut email which went into a fair amount of detail about what info to put where. I found it very helpful.
I am absolutely certain as both my husband and myself now have French IBANS, firstly it was GB then after Brexit, LT and we had the option to change to FR so did so. (It’s been an option for well over a year, maybe 2).
It’s also a bank now so has the same guarantees as European Banks. I like the options of different cards including disposable that can only be used once, useful for online purchases.
Good point.
Yes, but the bank is based in Lithuania. The fact that you have a French IBAN doesn’t change this.
What implications are you suggesting about that?
I have just read the Wikipedia page and asked Google and it says it’s headquarters is in London. It is not registered as a bank in the UK but it is in the EU so monies deposited in the EU are guaranteed to the usual levels.
It has a banking licence in Lithuania, not in France. Lithuania is in the EU, and so it belongs to the European Bank Deposit Scheme. You have to declare your Revolut account as a foreign bank account.
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In any case not to detract too much from the original post, although some people have had blips, on the whole it’s a handy and efficient way to exchange foreign currency in smaller amounts. (Can’t comment on larger amounts) and would work well for the OP’s requested payment.
It’s also recently been refused a banking license in the UK due to misstated financial balances
I cannot understand why anyone thinks it’s a good idea to use either Revolut or Wise as banks, ie a place where money is held.
They are not - they are just fancy online forex traders - money in / different money out - much safer to think of them as just that (whatever they may be trying to persuade their customers).
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It is very convenient and service has been excellent with absolutely no issues from my experience.