Hi,
I read at few places that for paying overseas suppliers or shopping, its better to use TransferWise debit card (wise). Anyone can shed some light on this ? How does that works and how much one can save and other benefits? Currently I just pay via my bank debit card.
And is TransferWise better or Revolut in this aspect ?
Thanks.
I am not talking about normal money transfer to overseas via TransferWise. I know most people use it for that purpose only.
I am asking about paying for overseas purchases via TransferWise Debit Card.
Lets suppose, i am looking to buy an item off AliExpress worth $1000. Is it beneficial to buy in AUD via my bank debit card or via TransferWise debit card in USD ?.
I cant compare rates until unless I have TransferWise debit card and its $10, that I don't want to waste for comparison only.
Also, when you say WE, what do you mean ? is this a company id you are using ?
Can't you use PayPal? What if they never post you your item. Aliexpress buyer support is pretty woeful from what I've seen on this forum
@Quantumcat I can use PayPal but thr exchange rates are not good AFAIK. That's what I am trying to understand as i saw some videos in which people mentioned to used TransferWise Debit Card for better rates. I couldn't find that video again.
AliExpress support for buyers with 0 purchase history is woeful I believe. I have 4 years long purchase history with them and always got full refund on 1st report without any questions asked, if it occurs.
I can use PayPal but thr exchange rates are not good AFAIK.
But PayPal's buyer protection is probably more than worth the small cost on these sorts of transactions.
@ChipsChicky: We use PayPal for foreign currency payments as a matter of course.
Our 28 degree card is linked to the PayPal account and when it comes time for payment we choose the credit card option, and also to have the credit card issuer make the conversion, that way you get the interbank fx rate
@Ocker: So if you are buying something from Alibaba, Aliexpress etc, you will pay in USD rather AUD, via PayPal and choose credit card option, likned to PayPal at checkout ?
@ChipsChicky: yes there's an option to allow your bank to do conversion. many debit cards have the fee free international purchases as well. ING, Macquarie, Up.
I have found Revolut to have the best rate by a small margin. Though they have conditions attached.
Have you actually bought from AliExpress? I buy little items now and then and I'm charged in AUD (+GST) as they have a presence in AU. So any AU card will work.
I was immediately refunded for some goods that arrived missing (empty pouch) so haven't experienced issues. Not that I'm risking much.
As for Wise, you can purchase in other currencies but I believe you have to hold some of the currency via conversion or credit.
ya, I have bought a lot from AliExpress. I now feel that seller also knows that they cant win case against old customers, maybe that's why I never received empty pouch or had any major issue.
@ChipsChicky: There was a hole in the plastic bag. Either the seller didn't include the tweezers when packing or somebody stole them in transit. Anyway that was settled in my favour as I included photos in my dispute.
i am using transferwise for small payment and they are instaneous. Also not sure which country and currency you are transferring.
I am happy with transferwise service and they are prompt with your queries and response.
Do yourselves hard work to compare exchange rates and charges as we have no idea what amount you want to transfer and where.