MONEY MATTERS
I have personally used Wise since 2012. I transfer my pension from England to Vietnam. It takes 4 to 5 seconds and it is in my Vietnamese bank account. The costs are shown upfront and I save around £18.00 every time I send my pension by using Wise. I could not be happier with Wise.
The main benefit to having a Wise account, over a traditional bank account, is being able to manage your money without borders — without international transaction fees or outrageous exchange rates. You’ll always get the real exchange rate and low fees with Wise.
A big benefit of using Wise is its low and transparent fees. No extra costs are added to the exchange rate, and you can always see exactly how much each payment will cost before making it.
Wise, formerly known as TransferWise, is an incredibly effective financial tool for digital nomads travelling and living around the world. Wise allows nomads to use and get paid in multiple currencies. The benefits of Wise are unmatched by any competitor, as one of the biggest challenges for nomads is financial planning. Since nomads are continuously operating in multiple currencies, working with clients from various countries, and receiving international payments, Wise helps make this simple.
Wise was launched in 2011 with the vision of making international money transfers cheap, fair, and simple. Today, their multi-currency account helps millions of people and businesses manage their money across the world. Here’s how they got here.
Like many good stories, this one starts with two friends.
They are both from Estonia. Taavet, who was the first employee at Skype, lived in London but got paid in euros. Kristo worked for Deloitte, also lived in London, and got paid in pounds. But he had a mortgage in euros back in Estonia.
They both moved their money with their banks — which had expensive fees and bad exchange rates. They knew there had to be a better way. So they put their heads together and invented a beautifully simple workaround.
The technicalities can get a little confusing, but when you transfer money through Wise, you are not sending it directly to the recipient. Instead, you use your local currency to transfer into Wise’s account, which then gets sent to the recipient in their local currency. Although it feels much like Venmo or PayPal to the user, more is happening behind the scenes to make the process as seamless as possible.
Wise makes money through fees attached to these transfers, but these fees are laid out upfront and are not hidden like many other transfer services. They also use Reuters to calculate the exchange rate, so you can trust that it is always fair. You just need your bank info and your recipient’s bank info to send the money. You can currently send money to 160 countries. You can now set up an international business account with Wise, which is great news for freelancers and business owners who are digital nomads. You can pay employees, get money from clients, and manage accounts in various countries. It is approximately 6x cheaper than traditional banks and 19x cheaper than PayPal to use Wise Business.
The Benefits of Using Wise as a Digital Nomad.
You can hold over 40 currencies. You can add money to your account in 21 currencies, including USD, EUR, and GBP. You can hold 40 currencies in your account and convert between them using the real exchange rate. These currencies include the Argentine Peso, Hong Kong dollar, Australian dollar, and more. You can then receive money in 12 different currencies.
For digital nomads, this is very beneficial for working with international clients, as well as sending or receiving funds to or from friends from different countries. It makes it easy not only for the sender but also for the recipient.
Fees with Wise are where the company shines. Most international transfers from your bank account can cost 5% or more. With Wise, the fees are laid out, and you only pay for what you need. Opening an account is free, and sending money has a fee starting at 0.41%, but it depends on the currency. Getting the Wise debit card costs USD 9, but has no subscription fees. Holding money in 40+ currencies in your account is free up to 3,000 EUR, and then you get charged a mere 0.07% that accrues daily. Receiving wire payments has a fixed fee of USD 4.14, but non-wire payments for 10 currencies are completely free to receive. You will get the most bang for your buck when transferring between Wise accounts, so try to avoid using a credit card to send money if at all possible. These fees are higher and you might get stuck with double fees, as many credit cards will charge cash advance fees for using the service.
Wise uses the mid-market exchange rate from Reuters. They typically have the best conversion rates of any transfer service. Similarly, you can calculate conversion rates and fees in real-time before you send a payment. They will let you know if they are the cheapest option, and if they are not, they will tell you. However, even if they are not the cheapest, they are typically the fairest or the fastest. These mid-market exchange rates fluctuate every minute, so keep an eye on them to know when the best time to transfer is. You do not have to worry about a conversion rate markup that many services include.
Fast money transfers to international accounts
Usually, international transfers will take between 3 days to well over a week. With Wise, you can typically get the money on the same day or the next day. When using a debit or credit card with Wise, your recipient can get the money within minutes.
Just like Venmo, Wise has a physical card that you can use around the world to pay for things in the local currency. If you do not hold any of the local currency in your Wise account, it will automatically pull from the account with the most favourable conversion rate at the time. The cost of the card is only $9, and you can save up to 5x when you spend internationally. You can also take out up to $100 per month from ATMs for free.
One of the biggest mentions in reviews for Wise is how easy the platform is to use. Both the website and the mobile app are straightforward and guide you through the process of sending money between currencies. They have all the fees listed out for you to see, so you never have to guess and hope for the best.
Being a retired Englishman, I do not pay any taxes. all I receive from the UK is my pension. So, no forms to complete. Living in Vietnam, I would need a work permit if I wanted to work in Vietnam. However, I would not be allowed to work because I am over 65 years of age. They do not worry about teaching online as long as my students are not Vietnamese.
I was told about this company by three very good American friends. All of them could not praise TFX enough, one of them saved more than $5,000 in his first year of using them.
The words Pat used, were brilliant, fantastic, and amazing. Brad also raved about the service, telling me how smart the lady he dealt with was. She also saved him money, not as much as Pat but more than enough to put a big smile on his face
If I was an American, I would have to tell Uncle Sam about every penny I earn, because Uncle Sam would want as many of my pennies as he can get his hands on.
This is why all Americans need this Tax service. Without this competent company, you could be paying Uncle Sam thousands more than you need to.
When Tax is brought up in a conversation, I am pleased I am not an American.
Here are some reviews that I have taken from Trust Pilot.
Excellent, professional service
I’ve been using Taxes for Expats for many years and have found them consistently helpful, courteous, and efficient. Preparing taxes is stressful enough when you’re residing and working in the US, but it’s so much more complicated living abroad. I can recommend Taxes for Expats without hesitation if you’re at all concerned about staying compliant, especially if there’s any complexity at all in your income situation [for instance, until last year I co-owned a business in the US, which meant a mix of foreign and domestic income]
They make taxes so much easier
I’ve used Taxes For Expats (TFX) since 2018. Prior to TFX I used various other accountants and found their service frustrating and their questionnaires very difficult to understand, and as a result I found tax time incredible stressful. One previous accountant gave me incorrect guidance that almost cost me a huge fine. In contrast, TFX has never made a mistake, their advice is always very helpful, their questionnaires are very easy to understand, and the way it’s designed I can automatically fill in answers from previous years’ questionnaires which saves me so much time. My life is easier now. I will never use another tax preparer. Thank you TFX!
So grateful for TFX
We’ve done our taxes through Taxes for Expats for over 6 years now and continue to be thoroughly pleased with their thoroughness, professionalism, and competence. Once I thought I’d shop around a bit and looked at a couple of other providers. I immediately went back to TFX because of the ease of filling out the form and following their instructions, etc. They are clear and precise. They are worth every penny and I’m truly grateful to work with them!!
Being an expat abroad with dual…
Being an expat abroad with dual citizenship, US taxation and filing had become a nightmare. No company would help, until I found TFX. No flattery intended, but I have been beyond pleased with the quick, helpful responses, as well as their comprehensible and easy-to-navigate online interface.
I have been using TFX
I have been using TFX – Taxes for Expats services for roughly 4 years. Each year has been a pleasant experience. They are there to explain and ensure any questions I have are fully communicated and understood. Being a repeat customer has been a great experience. Information from previous filings are saved in the database, which allows for easy and fast filing each year. In addition, when I need to revisit some documents, I can always return to my portal and have a quick review.
They make taxes so much easier
I’ve used Taxes For Expats (TFX) since 2018. Prior to TFX I used various other accountants and found their service frustrating and their questionnaires very difficult to understand, and as a result I found tax time incredible stressful. One previous accountant gave me incorrect guidance that almost cost me a huge fine. In contrast, TFX has never made a mistake, their advice is always very helpful, their questionnaires are very easy to understand, and the way it’s designed I can automatically fill in answers from previous years’ questionnaires which saves me so much time. My life is easier now. I will never use another tax preparer. Thank you TFX!
TFX is awesome
TFX is awesome – a peace of mind saver.
Last year I turned to TFX after 2 different CPAs made costly mistakes on consultation and returns.
TFX worked with me and I was very happy and felt very much taken care of working with them. So this year I worked with them again and can only confirm my good impression I got last year. Working with my tax CPA Wendy as above and beyond on her part and I feel very relieved that the 2022 tax year is completed. They will definitely have my business again next year.
The people at TFX were very prompt, professional, and courteous
The people at TFX were very accommodating and prompt in their responses. Additionally, they were very patient with my queries. For the other potential clients out there, just make sure you have everything on hand. I received the refund promptly and got more than I was expecting. The guidance and exchanges of communications between me and TFX were great. I highly recommend anyone out there reading this to engage them. Thank you TFX!!!
Absolute Speed and Accuracy!
When I submitted my taxation data to TFX, I expected it to take normal time for processing. I was totally surprised when they contacted me telling me “It’s done.” I thought maybe I should check it further, but it was all correct and accurate with all that speed. Incredible! Thank you truly, TFX for all that serious effort and I hope that all those who are in need for trusted taxation business would try your services and tell their stories.