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Schwab and Millenium? Or Wise and Millenium?

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Posts: 36
Premium Member
Topic starter
(@mrsbrabbit)
Eminent Member
Joined: 3 months ago

Bom Dia Todos. Well, the amazing team at Bordr got us our NIFs in less than 5 business days. Shout out to them!

Now...we plan to use Bordr again to open our Portuguese bank account, but should we use Charles Schwab or Wise to transfer funds from the U.S. What have you all done that's worked?

Obrigada,

Anna

32 Replies




Posts: 22
(@jeffjackson)
Member
Joined: 8 months ago

You might also check with Spartanfx.co.uk. Carl has interviewed one of their team on the GMP show. Seem like a more personal version of Wise with some other services available. 

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1 Reply
Premium Member
(@cindyb)
Joined: 5 months ago

Trusted Member
Posts: 67

@jeffjackson I used Spartan FX for my initial transfer to fund my Millennium account. I can highly recommend! I felt I needed a bit of hand holding and they certainly came through!

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Posts: 188
Premium Member
(@hank_2021)
Estimable Member
Joined: 9 months ago

I've used both to move money around. 

I'd give the edge to Schwab since you get to use their card with anybody's ATM and Schwab reimburses you for all ATM fees.

I've also been told they have fantastic currency exchange rates.

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1 Reply
Premium Member
(@mrsbrabbit)
Joined: 3 months ago

Eminent Member
Posts: 36

@hank_2021 Thanks again. Bom dia!

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Posts: 182
Community Member
(@aspidistra)
Estimable Member
Joined: 3 months ago

I've just used Spartan FX but to my disappointment found that their rate was lower than Wise.

With Wise, will they handle large transfers okay, for say, house buying? I have used them for small payments but don’t know if there are many hoops to jump through.

Feeling a bit cross with my UK bank, which claims you can transfer a certain amount per day but when it comes to it, it blocks you. Good to be trying to stop fraud but a blinking nuisance when you are shifting money around, had to wait 45 mins in the phone this morning for them to clear sending a very small amount that they didn’t like.

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8 Replies
 tdn
Community Member
(@tdn)
Joined: 11 months ago

Estimable Member
Posts: 133

@aspidistra 

For house buying the transfers would need to be bank-to-bank. wise does not handle large sum transfers and limits transfers to 14k max.

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Community Member
(@aspidistra)
Joined: 3 months ago

Estimable Member
Posts: 182

@tdn oh that’s interesting. On their website they say it is unlimited. I wonder whether it just means you could only transfer 14k at a time, but if you wanted could do a series of transfers, one a day, up to the amount needed? 

If I add my bank details to Wise and then send to a bank account in Portugal, isn’t that bank to bank? I am still feeling a bit uncertain about what to do, it works out at quite a difference in rates over a large sum.

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 tdn
Community Member
(@tdn)
Joined: 11 months ago

Estimable Member
Posts: 133

@aspidistra perhaps, I have an outdated information and limits had changed? I apologize if so. One of our transfers back in January got held and was limited to 14K. It’s used to be called Transferwise back then.

it was very easy to get a hold of someone on the phone to clear that transfer, though. 

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Community Member
(@aspidistra)
Joined: 3 months ago

Estimable Member
Posts: 182

@tdn I have just checked and it does look like you can do large transfers with Wise? Like any organisation though they will need more details for a big transfer, such as proof of where the funds come from etc re money laundering rules. Also I guess it takes longer to go through with them, whereas SpartanFX was very fast.

The Wise limit thing may also depend on which country you are sending money from? I am doing UK to PT. 

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 tdn
Community Member
(@tdn)
Joined: 11 months ago

Estimable Member
Posts: 133

@aspidistra looks like they have change the rules for good. We were sending US-PT. Thank you for updates on their limits and timing. And others. Will keep it in mind, once we need to do large transfers. Obviously, their rates are better than sending from the bank direct.

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Premium Member
(@jgibson)
Joined: 9 months ago

Estimable Member
Posts: 238

@tdn very interested in your findings I will be  transferring funds to purchase a new home in December trying to work out the details of the money transfer an exchange rates etc.

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 tdn
Community Member
(@tdn)
Joined: 11 months ago

Estimable Member
Posts: 133

@jgibson What we found out is:

1. that the bank’ rates fluctuate on hourly bases depending on a market value. Whereas, Wise locks one of the best rates of the day for the whole day, so there are no fluctuations in a rate. typically, Wise’s rates are better comparing to the bank rates. it makes a huge difference, sometimes in hundreds of dollars, when you transfer large sums. Unless, you are lucky enough to catch the market fluctuation that sends the bank rates below Wise and lucky enough to make a transfer on time before rates change again. Good luck with that! 😀 Because of #2…
2. Large sums are easy to transfer directly from your bank to PT bank, especially, doing it in person. No questions asked. Just check with you bank the limits. 
when sending large funds via Wise, the transfer will be put on hold by you bank from which money being sent, in order to prevent a fraud. You will have to call the bank to approve the transfer, then, it might take a day or two for wise to to initiate that transfer. If it is around weekends, it might take longer. 
3. if you have a privilege bank account, the bank does not charge a transfer fee. 

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Premium Member
(@jgibson)
Joined: 9 months ago

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Posts: 238

@tdn thank you for the info

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Posts: 4
Premium Member
(@andrew-florida)
New Member
Joined: 4 months ago

I opened a bank account with Millennium bcp in August, after acquiring the NIF#.  I use Wise to transfer money from my Fidelity Investments brokerage account.  (No fee charged by Fidelity).

If I initiate the transfer early in the day, US eastern time, it often arrives the same day. 

You have to use the correct IBAN number (country code info followed by account number) and Bank code (Swift).  Your Portugal bank will provide these.

So far, I been pleased with Wise.  They debit your account, convert it to Euros and deposit it in your Portugal bank account.  If for some reason (my human error with the Swift code) they return the money to you.

As with anything, you should do a few small test transfers before going crazy with big amounts.

Wise also has a card that you can use while traveling.  Make sure you activate it before leaving the US.

I use the Wise and Millennium phone apps with face recognition.  You can use a VPN such as ExpressVPN if you want another layer of protection.  Especially if using a public WiFi.

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2 Replies
Premium Member
(@jgibson)
Joined: 9 months ago

Estimable Member
Posts: 238

@andrew-florida thanks  for the information

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Premium Member
(@mrsbrabbit)
Joined: 3 months ago

Eminent Member
Posts: 36

@andrew-florida This is outstanding information! Obrigada! Thanks for being so generous with your time. I’m copying this into my notes. 
Best,

Anna

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Posts: 141
Premium Member
(@paulr)
Estimable Member
Joined: 9 months ago

Spartat FX nobody beats them

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