Kinda a weird one, been with wise for years, at one point had some high figures sitting in the account (without realising it was a EMI, not a bank)
Anyway received an email today:
I will be honest, i only keep a wise account open these days for ferrying money into the UK in an emergency (funerals, flowers, etc) or a monthly combined payment of 1,000 a month for a closed company that i legally have to retain records for 5-7 yrs for (they increased it recently, and i was up for the 5 yrs around the same time, i believe its 7 years now).
- its stupid if a company has been ceased that the former owner should pay for upkeep of record keeping (digital/physical) but thats another point to moan about elsewhere.
Anyway, i can certainly see periods where i'd spend in excess of 30,000 GBP personally, so this will likely have a impact as there's many expats that move their savings and pensions etc and buy property, etc via bank transfers with Wise, so i suspect wise has ceased it's purpose, in addition, will likely be REKT in the coming year (stock wise).
Anyway received an email today:
Your card spending limit is changing from 9 August 2023 onwards. |
We’ve heard your feedback on our card spending limit and are making three changes to simplify it for you. 1. Two limits instead of five Currently, there are five spending limits - one for each transaction type. We’re simplifying this and you’ll only have two types of limits from 9 August onwards: a. ATM withdrawal limit - this stays the same b. Spending limit - a combined limit that apply to Contactless, Magnetic, Online purchase, Chip and PIN/mobile wallet transactions 2. Customise your monthly spending limit We’re removing transaction and daily spending limits. Only a maximum monthly spending limit will apply. You’ll now be able to customise your monthly spending limit up to the maximum amount you’re allowed to spend. This way, you can take control and be comfortable with how much you want to spend with your cards throughout the month. 3. New maximum monthly spending limit Your new monthly spending limit on your personal account is 30,000 GBP. Your ATM withdrawal limit stays the same and you can find the latest here. Log in to web or app on 9 August to check your new monthly spending limit amount. Local regulatory limits still apply. |
I will be honest, i only keep a wise account open these days for ferrying money into the UK in an emergency (funerals, flowers, etc) or a monthly combined payment of 1,000 a month for a closed company that i legally have to retain records for 5-7 yrs for (they increased it recently, and i was up for the 5 yrs around the same time, i believe its 7 years now).
- its stupid if a company has been ceased that the former owner should pay for upkeep of record keeping (digital/physical) but thats another point to moan about elsewhere.
Anyway, i can certainly see periods where i'd spend in excess of 30,000 GBP personally, so this will likely have a impact as there's many expats that move their savings and pensions etc and buy property, etc via bank transfers with Wise, so i suspect wise has ceased it's purpose, in addition, will likely be REKT in the coming year (stock wise).
