p.1 #1 · Using Wise or PayPal for Overseas payments?
Hello,
Has anyone ever used Wise to buy a camera overseas rather than PayPal for large transactions?
A Leica dealer overseas said that most of his US customers use it over PayPal since it is safe and offers better exchange rates. It looks legit, but it’s more like a wire transfer, with little to no protection.
I’ve bought from this dealer for years, so I’m not too worried about safety.
p.1 #2 · Using Wise or PayPal for Overseas payments?
bherman wrote:
Hello,
Has anyone ever used Wise to buy a camera overseas rather than PayPal for large transactions?
A Leica dealer overseas said that most of his US customers use it over PayPal since it is safe and offers better exchange rates. It looks legit, but it’s more like a wire transfer, with little to no protection.
I’ve bought from this dealer for years, so I’m not too worried about safety.
Thoughts?
Thanks, Brad
Brad,
I have used "wire transfers" for overseas sales and buys with no problems at all. Overseas wire transfers are generally very safe and secure when sent through established banks or regulated transfer services, as they use secure, encrypted networks. However, they are highly risky if sent to unknown recipients because, once processed, international wire transfers are typically final and irrevocable. Key word "unknown recipients"....!
It appears you feel "safe" with the Leica dealer. Being a Leica dealer it would be in his best interests to make the transaction safe for both parties.
Talk to your banker....
Good luck!
Dan
Oh..in ALL my transactions( hi priced telescopes way back when and cameras), I sent NO money to any person(s) or financial institution I did not vet first.
p.1 #3 · Using Wise or PayPal for Overseas payments?
I’ve used Wise several times in the past. It used to be named “Transfer Wise” until about 5 or 6 years ago. That said I only used it for payments to a photo tour operator in Canada with whom I traveled with many times. It was much more efficient, faster, and saved a lot of money in foreign transaction fees. Wise would use the current exchange from US dollars to Canadian dollars (“Loonies”) at the time when I initiated the transfer. They added a small fee for the service but did not change the value of either currency. The money was withdrawn via ACH from my bank checking account and transmitted electronically to and deposited in the bank account of the tour operator who had an established, verified Wise account almost always within 24 hours.
It made payments easier and faster than sending a check via US mail which gets transferred to Canadian Post which was dreadfully slow - often two full weeks. Moreover each bank involved would takes a percentage off the currency exchange rate which turned out to be a significant added cost to any transaction. I used Paypal once when I first signed up for a tour and PayPal’s fee for international transaction was over 4%. Wire fees from my US bank were sky-high too. With Wise there was no bank fee. Only a small Wise handling fee which is how they make money. I think, but not 100% sure, the way it works is Wise receives your money from your US bank via ACH, goes into some kind of holding pool or whatever, and then gets sent to the merchant’s bank. Now, saying that, this is the way it worked US to Canada. For other countries, I am not sure. EDIT: This website - https://www.exiap.com/reviews/how-does-transferwise-work - explains how Wise works. Full Disclosure: I have NO vested interest in Wise or any kind of monetary transfer service whatsoever.
Bottom line, I found Wise to be safe, reliable and really efficient. I probably used them a dozen times over several years, but only from US to Canada transfers. I think my total cost for an international transaction above the cost of purchasing any goods or services was just under 1%. I don’t use them anymore because I don’t travel any more for family-related reasons.
