Wise currency exchange user question

Started by Perky, Apr 05, 2023, 05:13 PM

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Perky

I want to convert nzd to AUD on wise and put that into my Asb securities foreign currency account to buy some AUD shares.

It appears I can't do this on wise? It looks like they can only pay the AUD into a AUD domiciled account using a bank bsb code and account number.
Asb foreign currency account is nz domiciled has no bsb code but wise can't seem to use the swift code international money transfer payment system to make this payment.

Has anyone found this and a workaround.?

I also have OFX account and I can do the AUD to my Asb account using their system so that's one option. Other option is to send the money to my mates AUD account in australia from wise and he on sends to Asb for me.

I would prefer to use wise as I get more in my hand using them than OFX.

Im new to wise but their system seems good and great value but their customer service pretty average. I called them several times before someone told me they  can't do this transaction type but no reason why.

Only thing I can think of is maybe their is slight difference in their operational licences as wise are uk based and OFX australia?

KW

Quote from: Perky on Apr 05, 2023, 05:13 PMI want to convert nzd to AUD on wise and put that into my Asb securities foreign currency account to buy some AUD shares.

It appears I can't do this on wise? It looks like they can only pay the AUD into a AUD domiciled account using a bank bsb code and account number.
Asb foreign currency account is nz domiciled has no bsb code but wise can't seem to use the swift code international money transfer payment system to make this payment.

Has anyone found this and a workaround.?

I also have OFX account and I can do the AUD to my Asb account using their system so that's one option. Other option is to send the money to my mates AUD account in australia from wise and he on sends to Asb for me.

I would prefer to use wise as I get more in my hand using them than OFX.

Im new to wise but their system seems good and great value but their customer service pretty average. I called them several times before someone told me they  can't do this transaction type but no reason why.

Only thing I can think of is maybe their is slight difference in their operational licences as wise are uk based and OFX australia?

Give OFX a call, and ask them for a better rate and to match Wise. They will usually do it, especially if its a decent amount.  I always call them now, and don't use the online portal.  Unlike most companies, they still do pick up the phone. 
Don't drink and buy shares in a downtrend, you bloody idiot.

Perky

Thanks KW..good tip.
The nzd to AUD will be small amounts probably chunks of 20k when the exchange rate is good....like now....but I do have about £80k I need to bring back to nz from when I worked in uk and had a few investments.
In the past I used collinsons on big amounts as we had a business contact but used OFX for smaller amounts.

It works out for a $10k nzd/aud conversion wise gets me $106 more in the hand just using online portal.