Previously we’ve posted about how to get an International Bank Account where you could easily open an account with multiple currencies and have a dedicated bank account number just like a regular bank account at a physical bank branch.
We’ve been thinking about this new feature for a long time since we started learning and dabbling with the world’s stock markets and buying shares. As you would do with a stock or share price, you’ll have a preferred price you’ll like to buy the stock or a share.
Same concept goes here, except for you’re actually buying international currency to use on a physical card.
What if you can set a preferred FOREX conversion rate for example :
Auto-Convert GBP£1,000 to EUR€ when it reaches 1.20
Auto-Convert GBP£1,000 to MYR (Malaysian Ringgit) when it reaches 6.10
That would be great, isn’t it? You don’t have to be watching or chasing the FOREX rates on the daily or the hour. Just set it and forget it. When the conversion has been completed, the Wise app would send you a notification of the actual conversion amount.
To get a Wise account for easy foreign currency exchanges and spend it from a physical card, click HERE to go to Wise’s webpage.
What are Auto Conversions?
Auto Conversions allow you to pick your desired exchange rate and a specified amount to convert between two eligible currencies. We’ll watch the rate, and convert your money automatically when your desired rate – or an even better rate – is met in the market.
How do Auto Conversions work?
- You choose the currencies: Tell us which currencies you want to convert between.
- You control the rate: Tell us the desired exchange rate at which you’d like to convert.
- You pick the amount: Choose your amount of money to convert.
- Set it and forget it: We’ll keep watch and when your desired rate – or one that is better than your desired rate – is met in the market, we’ll convert your money. We’ll also send you a notification when your money converts, or if it fails for any reason.
Where can I set up an Auto Conversion?
When you’re logged into your Wise account, there are two places that you can create an Auto Conversion. The feature looks similar on both the web and the mobile app.
When converting from an eligible currency.
- Click on the balance of the currency you’d like to convert from.
- Select Convert
- Enter an amount of money to convert
- Select the option Auto Convert. Once you toggle Auto Convert on, you can then choose your desired FX rate and the amount of money you’d like to send between two currencies when your desired rate – or a better one – is met.
On the ‘Manage’ page when you’re logged in to Wise.
- Click on Manage
- Select Auto Conversions.
- Click Create Auto Conversion to create a new Auto Conversion. You can also manage your Auto Convesions from this page.
Do I need a Wise account to create an Auto Conversion?
Yes, you need to have a Wise account as well as money on the Wise balance you’d like to convert money from.
Can I send money to someone else or an account I own outside of Wise based on a desired exchange rate?
No. Today the Auto Conversion feature is only available to convert between different currencies’ you hold within your Wise balance.
Can I delete/ cancel an existing Auto Conversion?
Yes, you can delete any of your existing Auto Conversions and/or create a new one if you’d like. You can do this on the Manage page of your Wise account, under Auto Conversions.
Can I edit/ modify an existing Auto Conversion?
You cannot edit, change or modify an existing Auto Conversion, however you can delete any of your existing Auto Conversions and/or create a new one if you’d like. You can do this on the Manage page of your Wise account, under Auto Conversions.
Where can I see my pending, successful and cancelled Auto Conversions history?
You can see a history of all Auto Conversion transactions, including pending, successful and cancelled Auto Conversions on the Manage page of your Wise account, under Auto Conversions You will also see all successfully executed Auto Conversion transactions in the Activities page of the relevant currency in your Wise account.
How can I get access to Auto Conversions?
The Auto Conversion feature is now available for all customers.
Which currencies can I create an Auto Conversion for?
Today we support Auto Conversions to/from any pairing of the following 24 currencies: USD, CAD, GBP, EUR, AUD, JPY,CHF, NZD, SGD, MXN, HUF, NOK, SEK, DKK, PLN, CZK, RON, BGN, INR, BRL, THB, PKR, PHP, IDR.
If you don’t see a currency on this list, it means we do not support Auto Conversions for these currencies but you can make a live-rate conversion at any time between those other currencies.
How do I tell Wise how much money I want to convert?
Once you toggle Auto Convert on, you can then choose your desired exchange rate and the amount of money you’d like to send between two currencies when your desired rate – or a better one – is met.
Just like a normal live conversion, you decide the amount of money you’d like to convert based on the currency you’re sending from, or the currency you’re sending to.
What happens if I don’t have enough money in my balance when my desired rate is met in the market?
If you don’t have enough money in your Wise account for the currency you are converting from, then your Auto Conversion will fail and we will cancel the order. We will send you an email, and/or a mobile push notification if you have notifications turned on for your Wise account. You can then decide to create a new order and add money to your account, or create a new conversion at the live rate, if you so choose.
Can I set an Auto Conversion request to convert money when a rate falls below a specific rate?
No, we only offer the ability for customers to select a foreign exchange rate higher than the live rate at the point of creating the request.
What if the live FX rate goes above my desired rate? Will you still convert my money?
Yes. Your desired rate is the minimum FX rate at which we’ll convert your money. If the FX rate goes from below your desired rate to above your desired rate, we’ll convert it at whatever the rate is above your desired rate. This means you might get a rate that is even better than the desired rate you specified.
How long does my desired rate have to be live in the market in order for Wise to complete my order?
We will convert your order as long as your desired rate is live in the market for 1 minute.
We may need to extend this window from time to time to account for any fluctuations and volatility in the FX market.
Please remember: We will always do our best to ensure we execute your order but in case of times of extreme volatility or unforeseen issues we may run into, as explained per our Terms and Conditions, we cannot guarantee we’ll execute your order.
Are there any limitations / blackout periods in which you will not execute my order?
Yes, every Sunday for the time period between 20:00 UTC and 21:30 UTC, we will not execute any auto conversion orders, even if your rate is met during that time.
Are there any limits to the number of Auto Conversions you can have open / pending?
You can only have up to 15 pending Auto Conversions open at any time.
Are there any limits to the amount of money you can convert to or from a specific currency?
Yes, some currencies have a maximum amount of money you can convert to or from. Those limitations are explained inside of the product and you will see a message if you attempt to make an Auto Conversion for an amount greater than the current limits. These limits are the same as the limits in place today for normal live-rate conversions.
The bottom line
This is as easy as it gets to get your currency converted without the hassle of going to an exchange bureau, bargaining for a good rate, asking for discounts on commissions or carrying a load of foreign currency in hand while travelling -ended up with lots of change that you’ll leave in the bedroom drawer forever.
Wise also supports Google Wallet or Google Pay as a virtual card on your smart phone which makes it even easier to access your foreign currencies.