Has anyone used Wise for foreign currency?

[Anonymous]

I'd like to have a small safety net of money in another currency. Has anyone used the Wise app before? It looks like it's usually used for wiring money internationally, but I just want to hold it in my account. Maybe if my DH and I both set up an account and send each other money?

[Anonymous]

We used for wiring money internationally, DC’s college is out of the country

[Anonymous]

We're French and use Wise to transfer euros from our French account into our American account. I haven't kept money in a Wise account, though. Not sure I'd feel comfortable doing that.

Also, US citizens and foreigners who are resident for tax purposes in the US (like us), have an extraordinarily difficult time opening accounts in foreign banks. This is because the US governments has imposed strict anti-laundering restrictions on foreign banks. This maybe helpful to fight international criminal gangs, but it ends up hurting innocent private individuals and international families who have multiple accounts in their home country and in the US. My French bank closed my account against my will because they didn't want to deal with the paperwork and compliance burden imposed by the US government. There are thousands of people who have had their accounts closed like me.

So long story short, best to keep your money in US banks. You can keep foreign currency in your American bank.

[Anonymous]

Revolut is better. Plus FDIC insured and in your wallet can keep money in all types of currencies.

[Anonymous]

Anonymous wrote:We're French and use Wise to transfer euros from our French account into our American account. I haven't kept money in a Wise account, though. Not sure I'd feel comfortable doing that.

Also, US citizens and foreigners who are resident for tax purposes in the US (like us), have an extraordinarily difficult time opening accounts in foreign banks. This is because the US governments has imposed strict anti-laundering restrictions on foreign banks. This maybe helpful to fight international criminal gangs, but it ends up hurting innocent private individuals and international families who have multiple accounts in their home country and in the US. My French bank closed my account against my will because they didn't want to deal with the paperwork and compliance burden imposed by the US government. There are thousands of people who have had their accounts closed like me.

So long story short, best to keep your money in US banks. You can keep foreign currency in your American bank.

How?

[Anonymous]

Anonymous wrote:I'd like to have a small safety net of money in another currency. Has anyone used the Wise app before? It looks like it's usually used for wiring money internationally, but I just want to hold it in my account. Maybe if my DH and I both set up an account and send each other money?

Revolut you just hit USD to the other currency and it converts. When I go to Europe I use my Revolut card. I can put money in Euros before I go if I want

[Anonymous]

Anonymous wrote:Revolut is better. Plus FDIC insured and in your wallet can keep money in all types of currencies.

Lol for now. Why do you think people are asking this question?

[Anonymous]

Yes, Wise is legit. We used it pretty regularly when posted overseas. It was the cheapest option a year ago, but check, because things may have changed.

[Anonymous]

Wise is pretty good I have used it for foreign vacations but would not keep a significant amount of money in there for long periods of time, I don’t even think it’s considered a real bank thus little to no protections if the company goes under.

[Anonymous]

Thanks everyone, this was really helpful! I will look into Revolut. Someone in another thread mentioned opening an account at HSBC in UK, but I don't have a justification other than "diversifying" so I'm not sure the account would be approved. The PP above makes it sound like a foreign account would be difficult to manage anyway.

If anyone else has ideas or suggestions, I'm all ears!

[Anonymous]

Anonymous wrote:Revolut is better. Plus FDIC insured and in your wallet can keep money in all types of currencies.

Trump is planning to eliminate the FDIC.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Revolut is better. Plus FDIC insured and in your wallet can keep money in all types of currencies.

Trump is planning to eliminate the FDIC.

Do you have a cite? That is concerning if it's true.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Revolut is better. Plus FDIC insured and in your wallet can keep money in all types of currencies.

Trump is planning to eliminate the FDIC.

Do you have a cite? That is concerning if it's true.

x, where he posts all his policy

[Anonymous]

Anonymous wrote:

Anonymous wrote:We're French and use Wise to transfer euros from our French account into our American account. I haven't kept money in a Wise account, though. Not sure I'd feel comfortable doing that.

Also, US citizens and foreigners who are resident for tax purposes in the US (like us), have an extraordinarily difficult time opening accounts in foreign banks. This is because the US governments has imposed strict anti-laundering restrictions on foreign banks. This maybe helpful to fight international criminal gangs, but it ends up hurting innocent private individuals and international families who have multiple accounts in their home country and in the US. My French bank closed my account against my will because they didn't want to deal with the paperwork and compliance burden imposed by the US government. There are thousands of people who have had their accounts closed like me.

So long story short, best to keep your money in US banks. You can keep foreign currency in your American bank.

How?

We have euros in our Schwab Global account. Ours were transferred from our French bank account, but you can buy foreign currency as well.

[Anonymous]

Anonymous wrote:Thanks everyone, this was really helpful! I will look into Revolut. Someone in another thread mentioned opening an account at HSBC in UK, but I don't have a justification other than "diversifying" so I'm not sure the account would be approved. The PP above makes it sound like a foreign account would be difficult to manage anyway.

If anyone else has ideas or suggestions, I'm all ears!

You mean investing. That's an acceptable reason, but as PP said, money laundering rules imposed by force from the US have foreign banks in a stranglehold. Good luck finding a foreign bank ready to welcome you. You're correct that the UK might be a good bet, and HSBC has an excellent track record of caring for its international clients. I inquired of UBS (in another country) and they wanted 5M min deposit for the hassle of dealing with me