Hello all, I just PCS'ed to Germany this past week. I've quickly found that credit cards aren't frequently accepted off post and been told that an IBAN number is needed to deal with various bills (off-post)
The service credit union and community bank on post short change the conversion rate, and seeing as I'll be paying rent, phone bill, and considerable expendables in cash, that cumulative total will end up costing me quite a bit during my tour.
I've since turned my attention to apps like Wise, Revolut, Remitly, and N26. After doing research I think this is the better way to go. In regards to wise, which is seemingly the best option of the four at this point, I wanted to understand something from people who actually use it.
In this case, my paycheck will be in USD going into my American bank account. At that point, I can transfer it into Wise for a fee. Then once the USD is into Wise, I pay an additional fee to convert it to Euros? I was reading up and the website says something like:
"For all currencies except GBP, you can only receive payments in the same currency as your account details , so make sure you select the right currency and account details for the payment."
Can you help me understand what this means? Since I'm living in Germany but being paid in USD, does that mean I can't use it?
One last thing, Wise gives you up to 200EU withdrawls at ATMs without fees, if location is set to Europe but I'm afraid that benefit goes away if you set America as the home location (as a work around to my last question)
Is Wise the best way to deal with currency conversion OCONUS?
byu/Skeedalisk inMilitaryFinance
Posted by Skeedalisk
4 Comments
Wise+ a German bank, buy the dip hard when the euro drops against the dollar.
Use Schwab for the ATMs (no ATM fees, and an excellent exchange rate), and one of the DOD banks for IBAN payments.
Interesting, Charles Schwab I believe pays back atm fees at the end of the month. Then again, this is what I use when I travel to Europe. Good luck, hopefully I get an OCONUS assignment
You need to go see your pay office and fill out the paperwork to have your rent and utilities deposited directly into your international account (Wise or whatever you go with). That’s the best way to deal with the conversion…you don’t.