Current rate on savings in Wise is an impressive 4.64% just now. Thats after all the fees have been removed. Interest is applied on a daily basis. Its so good, I'm wondering why I need a traditional bank account, if I can just save my money in a wise account and transfer it when needed.
Retired in Thailand. Looking at having an off shore account with Wise. Wise good at transfer small amounts, country to Country. Large amounts USA to Thailand took 4 and half days over the weekend. Caused great stress to me and my wife. Concerning her breast cancer operation. Which required Cash for her to be released from hospital. They knew over a period of years who the sender and receiver were. But seemed to have been doing back ground checks. NOT impressed with Wise over this long delay. Seemed to be scared of Thai banking system, which is one of the best in South East Asia. Wake up wise.
Dear Monito the wise Interest account is not free at all you have to pay fee's to have it this is what it says on the Website The variable rates we publish always include our fees. We charge a small service fee. It’s 0.29% annually, which is £2.90 for every £1,000 you hold in Interest. This includes both the Wise fee (0.19%) and the fund fee (0.10%). Its poor and no point having a saving interest account with wise?
Have over £12 000 In the interest account, and paid £1.50 in fees last month , it's nothing compared to what you earn in interest. If you had that money in banks, you would be lucky to earn that in interest alone.
Wise interest seems to be an investment type of account. Can you explain what's different vs typical savings? If you're a US citizen abroad, this is actually pretty important as you might end up being taxed to death if it's an investment vs regular savings account.
Hey. Thanks for your comment, I'm working on a video covering everything about WISE Interest. Will do my best to address your comment in the video. ^Jonny
Maybe one of you can explain the following on the wise home page on the bottom. "The Program is not intended to be a long-term investment option, checking or savings account, investment contract or security." I'm a lawyer and I contacted wise and they don't know either. This statement is highly problematic without further clarification. Just think about it for a second. What happens if you leave your money in there for too long and what is too long. Account closure? Locked account? What???
Hey Jadon. That's a good question. Given that it's basically 'easy-access' (WISE claims you can access up to 97% of your money at any time), the risk of the fund is very low AND it's FSCS-protected, to me the logical thing would be to convert the balance to WISE Interest instead of as cash. Especially while interest rates continue to rise. I don't think there's an argument for NOT converting but I don't think it's dumb. I really think a lot of people are uninformed or unaware of the current benefits of Wise Interest/Assets, hence why I included it in this month's update. ^Jonny
No worries. Cash or regular WISE balances are not FSCS-protected. That's because when you convert the balance to WISE Interest, the money is automatically deposited into a BlackRock (investment management company) fund that is FSCS-protected. Unless you wanted to be able to access 100% of your money at anytime, I don't think there are any benefits to keeping it in cash.
I don't know, Wise looks more like an investment service rather than a straight interest rate, what you failed to mention is the fees they charge you for the privilege of investing with them.
I have just opened an Wise account in GB and have opened two JAR In € &'$ but can't find any guide or clear full instructions how to fill these Jar from my GB balance They do not even have email to communicate (I have voice impairment ) Another Can I really get interest on my GB balance? How ?
Hey Stephen, if you're based in Europe and you are earning Wise Cashback then they will automatically deduct the tax for you. If you're in the UK then you'll be responsible for paying your own taxes. Check out this article for more: wise.com/help/articles/2932394/how-does-tax-work-with-my-wise-account - Thanks! ^Jonny
@@Monitodotcom jonny thanks mate love your channel. As i go abroad a few times a year wise starling and chase are perfect Shame that the pound is weak v euro since brexit. Also the interest jars seem really good Will build up the interest and then transfer to euros would be like a free fee transfer thanks steve
There's definitely tax to be paid, if you've passed the relevant threshold, what it's classified as I'm not 100% sure. WISE does have an article on this (wise.com/help/articles/4vA3EJSQTbRlgQTQpoVQUo/what-taxes-do-i-need-to-pay-when-i-use-interest-and-stocks) which may be useful to you. Great question though, I'm going to do a full overview of WISE interest and a walk-through guide on setting it up and this is something I'll look into for the video in greater detail. Cheers. ^Jonny
Hey Arham, I didn't think German WISE account holders had access to Wise Interest or Assets so I'm assuming you're referring to 'Balance Cashback?'. If you're referring to Balance Cashback then I spoke about this briefly (ua-cam.com/video/MK_WF1uJU1g/v-deo.html) when I reviewed the account recently. I've timestamped the video link in case you want to watch for yourself. Basically, if you are referring to 'Balance Cashback' then WISE automatically deducts the tax which you can claim back through 'Double Taxation Treaty Relief'. Hope that helps. ^Jonny
@@Monitodotcom thanks for reponding but german users do have access to interest ...they are giving 3.85% on usd holdings 😊...just wanted to confirm if i need to pay any tax on that bcz i am new in germany
Hey KB, unfortunately there isn’t.. You could upgrade to Metal, then cancel within the cooling off period, although you may be charged for the metal card and it would be deactivated. ^Jonny
@@Monitodotcom so if i get the metal plan for 1 year and after that downgrade to the standard, i can't use the metal card again? I mean im fine without the metal card services, i want standard plan with metal card 😁
Actually KB if you had the plan for a year I’m pretty sure you could continue using the metal card, even after cancelling. I think it’s potentially deactivated if you downgraded within the cooling off period. I currently use a gold metal card and I’m not on Metal anymore although I was for a year.
@@Monitodotcom amazing craftsmanship! Would you consider doing a walkthrough tutorial of your screen recording while you're editing your video, particularly how you put together the animations? I'd pay for that type of tutorial!
@@Katie-Lei Cheers man. I've thought about doing tutorial content in the past but the way I'd like to do it would be to time consuming and not feasible as I'm 100% focused on Monito. What software are you using to edit?
Current rate on savings in Wise is an impressive 4.64% just now. Thats after all the fees have been removed. Interest is applied on a daily basis. Its so good, I'm wondering why I need a traditional bank account, if I can just save my money in a wise account and transfer it when needed.
Retired in Thailand. Looking at having an off shore account with Wise. Wise good at transfer small amounts, country to Country. Large amounts USA to Thailand took 4 and half days over the weekend. Caused great stress to me and my wife.
Concerning her breast cancer operation.
Which required Cash for her to be released from hospital.
They knew over a period of years who the sender and receiver were. But seemed to have been doing back ground checks.
NOT impressed with Wise over this long delay.
Seemed to be scared of Thai banking system,
which is one of the best in South East Asia.
Wake up wise.
Dear Monito the wise Interest account is not free at all you have to pay fee's to have it this is what it says on the Website The variable rates we publish always include our fees. We charge a small service fee. It’s 0.29% annually, which is £2.90 for every £1,000 you hold in Interest. This includes both the Wise fee (0.19%) and the fund fee (0.10%). Its poor and no point having a saving interest account with wise?
Have over £12 000 In the interest account, and paid £1.50 in fees last month , it's nothing compared to what you earn in interest. If you had that money in banks, you would be lucky to earn that in interest alone.
Great content as always. Moving my money from Chase to Chip 🤜🏼🤛🏼
Cheers Diego! Can't fault your decision, perhaps I should take a closer look at Chip as well 👀 ^Jonny
Remember guys, interest is haram, stay on track and keep your deen brothers ❤
Wise doesn't allow a US tax payer to sign up for the interest. Do you have a bank to recommend that does allow a US tax payer to receive interest?
I don't suppose you have an iPhone? ^Jonny
Wise interest seems to be an investment type of account. Can you explain what's different vs typical savings? If you're a US citizen abroad, this is actually pretty important as you might end up being taxed to death if it's an investment vs regular savings account.
Hey. Thanks for your comment, I'm working on a video covering everything about WISE Interest. Will do my best to address your comment in the video. ^Jonny
Maybe one of you can explain the following on the wise home page on the bottom. "The Program is not intended to be a long-term investment option, checking or savings account, investment contract or security." I'm a lawyer and I contacted wise and they don't know either. This statement is highly problematic without further clarification. Just think about it for a second. What happens if you leave your money in there for too long and what is too long. Account closure? Locked account? What???
do you think it's dumb to keep your money in cash and not use the interest savings account with wise (if your money is just sitting in cash in Wise)?
Hey Jadon. That's a good question. Given that it's basically 'easy-access' (WISE claims you can access up to 97% of your money at any time), the risk of the fund is very low AND it's FSCS-protected, to me the logical thing would be to convert the balance to WISE Interest instead of as cash. Especially while interest rates continue to rise.
I don't think there's an argument for NOT converting but I don't think it's dumb. I really think a lot of people are uninformed or unaware of the current benefits of Wise Interest/Assets, hence why I included it in this month's update. ^Jonny
@@Monitodotcom Thanks for the reply! Would there be any benefits to keeping it in cash? If its just left in cash is it also FSCS protected?
No worries. Cash or regular WISE balances are not FSCS-protected. That's because when you convert the balance to WISE Interest, the money is automatically deposited into a BlackRock (investment management company) fund that is FSCS-protected. Unless you wanted to be able to access 100% of your money at anytime, I don't think there are any benefits to keeping it in cash.
@@Monitodotcom Thanks so much! I'll add my cash to the interest jar, thanks!
No worries Jadon! ^J
I don't know, Wise looks more like an investment service rather than a straight interest rate, what you failed to mention is the fees they charge you for the privilege of investing with them.
I have just opened an Wise account in GB and have opened two JAR In € &'$ but can't find any guide or clear full instructions how to fill these Jar from my GB balance
They do not even have email to communicate (I have voice impairment )
Another Can I really get interest on my GB balance? How ?
Hey! Do check out this video I made about WISE Interest: ua-cam.com/video/5ZrNEAI9ZHE/v-deo.html
Great video opening up diffrent saving jars. Just wondering will tax be automatically taken out
Hey Stephen, if you're based in Europe and you are earning Wise Cashback then they will automatically deduct the tax for you. If you're in the UK then you'll be responsible for paying your own taxes. Check out this article for more: wise.com/help/articles/2932394/how-does-tax-work-with-my-wise-account - Thanks! ^Jonny
@@Monitodotcom jonny thanks mate love your channel. As i go abroad a few times a year wise starling and chase are perfect Shame that the pound is weak v euro since brexit. Also the interest jars seem really good Will build up the interest and then transfer to euros would be like a free fee transfer thanks steve
Does this count towards personal saving allowance or is it consider capital gains/income? This is technically a fund so hard to say.
There's definitely tax to be paid, if you've passed the relevant threshold, what it's classified as I'm not 100% sure. WISE does have an article on this (wise.com/help/articles/4vA3EJSQTbRlgQTQpoVQUo/what-taxes-do-i-need-to-pay-when-i-use-interest-and-stocks) which may be useful to you. Great question though, I'm going to do a full overview of WISE interest and a walk-through guide on setting it up and this is something I'll look into for the video in greater detail. Cheers. ^Jonny
5.54% as of today 23rd July 2023👍
Maybe the ‘Ultra" card will be studded with gems like diamonds, sapphire or emeralds ;)
And all of a sudden people would be losing their Ultra debit cards and requesting new one 😂
@@Monitodotcom just an update. Wise interest is now at 3.81%.
@@driftertravels928 thanks for the update Drifter! Will share this next week in my monthly recap. ^Jonny
Great content .just wanna ask.
I am.from germany.
Wise gives me 3.84% interest per month.
Do i need to pay tax on that?
Hey Arham, I didn't think German WISE account holders had access to Wise Interest or Assets so I'm assuming you're referring to 'Balance Cashback?'. If you're referring to Balance Cashback then I spoke about this briefly (ua-cam.com/video/MK_WF1uJU1g/v-deo.html) when I reviewed the account recently.
I've timestamped the video link in case you want to watch for yourself. Basically, if you are referring to 'Balance Cashback' then WISE automatically deducts the tax which you can claim back through 'Double Taxation Treaty Relief'. Hope that helps. ^Jonny
@@Monitodotcom thanks for reponding but german users do have access to interest ...they are giving 3.85% on usd holdings 😊...just wanted to confirm if i need to pay any tax on that bcz i am new in germany
i have 200 euro in my jar. and interest rate is 3.67% can you guide me,how much i get after a month please? m also from germany
Only works for people in the US
What does David? ^J
Can I use this side to send money from Iraq to use IQD or USD?
Is it possible to get a metal card with a standard plans?
Hey KB, unfortunately there isn’t.. You could upgrade to Metal, then cancel within the cooling off period, although you may be charged for the metal card and it would be deactivated. ^Jonny
@@Monitodotcom so if i get the metal plan for 1 year and after that downgrade to the standard, i can't use the metal card again? I mean im fine without the metal card services, i want standard plan with metal card 😁
Actually KB if you had the plan for a year I’m pretty sure you could continue using the metal card, even after cancelling. I think it’s potentially deactivated if you downgraded within the cooling off period. I currently use a gold metal card and I’m not on Metal anymore although I was for a year.
I don't see any interest in my account. Is this an April fool?
Haha no it isn't an April fools. I've responded to your comment on my WISE Interest Review video. ^Jonny
Can I get a credit card with WISE ?
Hey Robert. No WISE do not current have credit cards. ^Jonny
Great video! I want to hire your video editor! 😂
Haha thank you, the video editor is only me! I script, shoot and edit all of our videos 😊 ^Jonny
@@Monitodotcom Oh my! I'm impressed! Just curious how long it took you to edit this particular video?
@@Katie-Lei thanks bud! This took me roughly 16 hours or two days. I try to do a minute of editing every 1 - 2 hours.
@@Monitodotcom amazing craftsmanship! Would you consider doing a walkthrough tutorial of your screen recording while you're editing your video, particularly how you put together the animations? I'd pay for that type of tutorial!
@@Katie-Lei Cheers man. I've thought about doing tutorial content in the past but the way I'd like to do it would be to time consuming and not feasible as I'm 100% focused on Monito. What software are you using to edit?
Hola hermana cómo