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<p>Let me give one example of how I think the Wise system has helped
me with client billing and accounting issues.</p>
<p>An invoice comes in from foreign counsel in (let's say) Poland.
The invoice asks us to pay some number of Euros (€). So I go into
Wise and I click to see the last time that I paid money to that
Polish firm. And there is a button to "send again". (This means
that if I somehow had avoided screwing up the IBAN and other
recipient information in the past, then I don't need to worry
about screwing it up this time.) Of course the source of the
funds is our US dollar balance with Wise. I click around and I
get to pick:</p>
<ul>
<li>I could pick to send some exact number of USD, in which case
the number of € that the Polish firm receives might be bigger or
smaller depending on currency exchange rates.</li>
<li>I could pick that I want the Polish firm to receive some exact
number of €. In that case, the number of USD that would get
deducted from our US dollar balance might be more or less,
depending on exchange rates.</li>
</ul>
<p>I choose the latter path because I want the Polish firm to be
paid the exact number of € that is the amount of their invoice. I
go to the invoice and copy the number of €, let's say it is €916.
The Wise system tells me that to make this happen, I will be using
987.38 USD of my USD balance. I keep clicking and eventually it
goes through.</p>
<p><br>
</p>
<p>Oh and by the way the fee charged to me for the money transfer is
zero because ... wait for it ... the Polish firm also uses Wise.
And they will not need to incur any fee to receive the money
because ... our firm and their firm are both using Wise. Oh, and
they receive the money within seconds.</p>
<p><br>
</p>
<p>Back to my main point. Our accounts-receivable department needs
to bill our client (which is located in the US) in USD. So our
accounts-receivable department wants to know just exactly, down to
the penny, how many USD were involved. The point here is I can
tell them in real time that it was 987.38 USD, not a penny more,
not a penny less. We can bill the client essentially instantly.</p>
<p><br>
</p>
<p>Second example. Suppose our client is the kind of client where
we want our (US-based) client to advance the funds to us (in USD),
before we authorize the foreign firm to carry out the work. What
we would prefer is that we ask our client for just exactly the
right number of USD, not too high, not too low. And the foreign
firm already told us it will cost (let's say) €916 to do the task.</p>
<p><br>
</p>
<p>And we know that there is a time gap. We might be authorizing
the foreign work a month from now. But we need to know right now
exactly how many USD to ask the client to advance to us. The
exchange rate will be different today than it will be for a month
from now. And our accounting department will go nuts if we ask
for an advance, and a month from now it turns out the advance was
not exactly the same. A true-up would be needed and our
accounting department hates that. Plus the money was going into
and out of our escrow account and the true-up makes it even more
complicated.</p>
<p><br>
</p>
<p>So what we do is, we use Wise to convert some of our USD into the
foreign currency involved (in this case €). We have a € balance
with Wise, and we do what it takes to add €916 to our Euro
balance. And we know, right now, exactly how many USD were
required to make that happen. So we can ask the client to advance
that number of USD (plus, if needed, the fee for the wire transfer
itself, which is completely predictable down to the penny). And
later when we pay the foreign counsel, we send that exact €916
that we have been holding in our € balance for these weeks.</p>
<p><br>
</p>
<p>No need for a true-up later because of changes in the $-and-€
exchange rate. <br>
</p>
<p>And we know exactly how much money got charged for converting the
$ to €.</p>
<p>So we never need to do true-ups.</p>
<p>Years ago we were constantly having to do true-ups, back when we
were using Reusch and then when we were using Travelex and then
when we were using Afex. Oh and heaven forbid for a while we were
actually using our local bricks-and-mortar bank for the foreign
money transfers (Wells Fargo). Boy that was a big mistake to use
our ordinary bank. Anyway, we were constantly having to do
true-ups because invariably when we quoted to the client how many
USD the task was going to cost, to do something in a foreign
country in Euros, the exchange rate would have later changed.</p>
<p><br>
</p>
<p>Yet another thing is that if we want, we can accept payments from
our European colleagues in Euros or pounds sterling or Polish
Zlotys. We have bank details that permit us to receive those
currencies.<br>
</p>
<p><br>
</p>
<p><br>
</p>
<p><br>
</p>
<p><br>
</p>
<p><br>
</p>
<p><br>
</p>
<div class="moz-cite-prefix">On 11/21/2023 4:57 PM, Scott Nielson
via Patentpractice wrote:<br>
</div>
<blockquote type="cite"
cite="mid:SJ0PR11MB6575174CE5C65653B954FF65B0BBA@SJ0PR11MB6575.namprd11.prod.outlook.com">
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<div class="elementToProof"
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How does Wise help large firm accounting departments in the way
you describe? As someone who has all those issues, especially
the wire transfer fees, I'm interested in knowing how you avoid
them.</div>
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style="font-family: "Aptos Serif", Aptos_EmbeddedFont, Aptos_MSFontService, serif; font-size: 11pt; color: rgb(0, 0, 0);">
<br>
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<div id="Signature">
<p
style="margin: 0in; font-family: Calibri, sans-serif; font-size: 11pt;"><span
style="font-family: "Aptos Serif", Aptos_EmbeddedFont, Aptos_MSFontService, serif; color: rgb(31, 56, 100);"><b>Scott
Nielson</b></span></p>
<p
style="margin: 0in; font-family: Calibri, sans-serif; font-size: 11pt;"><span
style="font-family: "Aptos Serif", Aptos_EmbeddedFont, Aptos_MSFontService, serif; color: black;">801-660-4400</span></p>
</div>
<hr style="display:inline-block;width:98%" tabindex="-1">
<div id="divRplyFwdMsg" dir="ltr"><font style="font-size:11pt"
face="Calibri, sans-serif" color="#000000"><b>From:</b>
Patentpractice
<a class="moz-txt-link-rfc2396E" href="mailto:patentpractice-bounces@oppedahl-lists.com"><patentpractice-bounces@oppedahl-lists.com></a> on behalf of
Orvis via Patentpractice
<a class="moz-txt-link-rfc2396E" href="mailto:patentpractice@oppedahl-lists.com"><patentpractice@oppedahl-lists.com></a><br>
<b>Sent:</b> Tuesday, November 21, 2023 4:52 PM<br>
<b>To:</b> For patent practitioners. This is not for
laypersons to seek legal advice.
<a class="moz-txt-link-rfc2396E" href="mailto:patentpractice@oppedahl-lists.com"><patentpractice@oppedahl-lists.com></a><br>
<b>Cc:</b> Orvis <a class="moz-txt-link-rfc2396E" href="mailto:orvispc@gmail.com"><orvispc@gmail.com></a>; Dineen Wasylik
<a class="moz-txt-link-rfc2396E" href="mailto:dineen@wasylik.net"><dineen@wasylik.net></a>; For trademark practitioners. This
is not for laypersons to seek legal advice.
<a class="moz-txt-link-rfc2396E" href="mailto:e-trademarks@oppedahl-lists.com"><e-trademarks@oppedahl-lists.com></a><br>
<b>Subject:</b> Re: [Patentpractice] [E-trademarks] Good,
Inexpensire service for bank wire payments</font>
<div> </div>
</div>
<div>
<div style="font-family:sans-serif"><span dir="ltr"
style="margin-top:0; margin-bottom:0">Wise is also great for
those at large firms who's accounting department says they
cannot figure out how to deliver a dollar certain to a
recipient and then tells you that you need to figure out
conversions and wire transfer fees along the way. </span>
<br>
</div>
<div>
<div dir="ltr" style="font-family:sans-serif">
<p>Nov 21, 2023 6:09:23 PM Richard Schafer via
Patentpractice <a class="moz-txt-link-rfc2396E" href="mailto:patentpractice@oppedahl-lists.com"><patentpractice@oppedahl-lists.com></a>:</p>
</div>
<blockquote
style="margin:0; word-wrap:break-word; border-left:3px solid #ccc; padding-left:10px"
lang="EN-US">
<div class="x_WordSection1" style="">
<p class="x_MsoNormal"
style="margin:0in; font-size:11pt; font-family:"Calibri",sans-serif">
<span
style="color:#1F497D; font-size:12.0pt; font-family:"Goudy Old Style",serif">Wise
has been a godsend for my solo practice. Highly
recommended.</span></p>
<p class="x_MsoNormal"
style="margin:0in; font-size:11pt; font-family:"Calibri",sans-serif">
<span
style="color:#1F497D; font-size:12.0pt; font-family:"Goudy Old Style",serif"></span></p>
<p class="x_MsoNormal"
style="margin:0in; font-size:11pt; font-family:"Calibri",sans-serif">
<span
style="color:#1F497D; font-size:12.0pt; font-family:"Goudy Old Style",serif">Best
regards,<br>
<b>Richard A. Schafer | Schafer IP Law</b></span><span
style="color:#1F497D; font-size:12.0pt; font-family:"Garamond",serif"><br>
</span><span
style="color:#1F497D; font-size:12.0pt; font-family:"Goudy Old Style",serif">P.O.
Box 230081 | Houston, TX 77223<br>
M: 832.283.6564 | </span><span
style="color:#1F497D; font-size:12.0pt; font-family:"Goudy Old Style",serif"><a
href="mailto:richard@schafer-ip.com"
moz-do-not-send="true"><span style="color:#0563C1">richard@schafer-ip.com</span></a></span></p>
<p class="x_MsoNormal"
style="margin:0in; font-size:11pt; font-family:"Calibri",sans-serif">
<span
style="color:#1F497D; font-size:12.0pt; font-family:"Goudy Old Style",serif"></span></p>
<div
style="border:none; border-top:solid #E1E1E1 1.0pt; padding:3.0pt 0in 0in 0in">
<p class="x_MsoNormal"
style="margin:0in; font-size:11pt; font-family:"Calibri",sans-serif">
<b>From:</b> E-trademarks
<a class="moz-txt-link-rfc2396E" href="mailto:e-trademarks-bounces@oppedahl-lists.com"><e-trademarks-bounces@oppedahl-lists.com></a> <b>On
Behalf Of
</b>Dineen Wasylik via E-trademarks<br>
<b>Sent:</b> Tuesday, November 21, 2023 11:14 AM<br>
<b>To:</b> For trademark practitioners. This is not
for laypersons to seek legal advice.
<a class="moz-txt-link-rfc2396E" href="mailto:e-trademarks@oppedahl-lists.com"><e-trademarks@oppedahl-lists.com></a><br>
<b>Cc:</b> Dineen Wasylik <a class="moz-txt-link-rfc2396E" href="mailto:dineen@wasylik.net"><dineen@wasylik.net></a>;
<a class="moz-txt-link-abbreviated" href="mailto:patentpractice@oppedahl-lists.com">patentpractice@oppedahl-lists.com</a><br>
<b>Subject:</b> Re: [E-trademarks] Good, Inexpensire
service for bank wire payments</p>
</div>
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</p>
<div>
<p class="x_MsoNormal"
style="margin:0in; font-size:11pt; font-family:"Calibri",sans-serif">
I agree with Carlk, though I think they now call it
just "wise" but <a href="http://wise.com/"
originalsrc="http://wise.com/"
shash="fCCmTXVHR+V5HqVCn7p+X1zfxsWNilMcR+5Nyb1VdVqUbgakEzI2jhl/nAR9bWW1jJ0t3g+PsAsHcFCGCmkAXUCGdK5Yx5s4BxNvQANGT1R4qdqCf2e4bhLDgbYiMUncQKDeUQn9u/bj9myUd2tfP0fcoJQVbBnXWjDOrqOLNcg="
moz-do-not-send="true">
wise.com</a> is what I have based on
recommendations from other practitioners. It is easy
and much less expensive than bank-based wires. It
handles currency conversion much better than my bank
folks did, too.</p>
<div>
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</p>
</div>
<div>
<p class="x_MsoNormal"
style="margin:0in; font-size:11pt; font-family:"Calibri",sans-serif">
Best,</p>
</div>
<div>
<p class="x_MsoNormal"
style="margin:0in; font-size:11pt; font-family:"Calibri",sans-serif">
Dineen</p>
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</p>
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On Tue, Nov 21, 2023 at 5:58 AM Carl Oppedahl via
E-trademarks <<a
href="mailto:e-trademarks@oppedahl-lists.com"
moz-do-not-send="true"
class="moz-txt-link-freetext">e-trademarks@oppedahl-lists.com</a>>
wrote:</p>
</div>
<blockquote
style="border:none; margin-left:4.8pt; padding:0in 0in 0in 6.0pt; border-left:solid #CCCCCC 1.0pt; margin-right:0in">
<p class="x_MsoNormal"
style="margin:0in; font-size:11pt; font-family:"Calibri",sans-serif">
See <br>
<a
href="https://blog.oppedahl.com/eventually-every-patent-and-trademark-firm-will-have-a-transferwise-account/"
originalsrc="https://blog.oppedahl.com/eventually-every-patent-and-trademark-firm-will-have-a-transferwise-account/"
shash="WhiiyD66lVhKzRFGpLx0krvGZJKYWuNmGq+D1HsGRUWZo+pu05nzigV3MuLeZlcPBqFbHUqY7Mut3Gy8495rakcbh0xdcf16p5wuuGpJDasEwFJ2Hlfg5sTFK96496dVvbKQQec1FzQhGXyC6QrRGHh6AJ7FcxOxikpTNAn4vcg="
target="_blank" moz-do-not-send="true"
class="moz-txt-link-freetext">https://blog.oppedahl.com/eventually-every-patent-and-trademark-firm-will-have-a-transferwise-account/</a><br>
<br>
On 11/20/2023 10:53 PM, voyer--- via E-trademarks
wrote:<br>
> A year or maybe more ago, there was elist
discussion of a good, inexpensive service for bank
wire services.<br>
> At least internationally, perhaps also
domestic. My saved copy is now hiding from me.<br>
> Would appreciate contact info for that service,
and it is stlil a good recommendation. Thanks,<br>
><br>
> Daniel Kegan * 847-452-2599<br>
> Baron Harris Healey, Of Counsel<br>
> <<a href="mailto:DKegan@BHHLawFirm.com"
moz-do-not-send="true"
class="moz-txt-link-freetext">DKegan@BHHLawFirm.com</a>><br>
> <<a href="http://www.bhhlawfirm.com/"
originalsrc="http://www.bhhlawfirm.com/"
shash="iyu7t2DNzdbrx06ffirLrnTzXF+TMHeZMqGosWcPb/t+bQLChzQiWMA+/r+LPdE+sYocNJbndd/DjiyiLyFTswUPFDkXMza3SIYrI1Us04AC1PVOjJml73lxDWYh5FJKkbeSjl5uFKJb5rp46kNVDFqFWJbwkbyBQuC/NGgkDxs="
target="_blank" moz-do-not-send="true">http://www.BHHLawFirm.com</a>><br>
> Balanced Counsel for Smart Clients®<br>
> 29 Kendal Dr<br>
> Kennett Square PA 19348-2323 USA<br>
-- <br>
E-trademarks mailing list<br>
<a href="mailto:E-trademarks@oppedahl-lists.com"
target="_blank" moz-do-not-send="true"
class="moz-txt-link-freetext">E-trademarks@oppedahl-lists.com</a><br>
<a
href="http://oppedahl-lists.com/mailman/listinfo/e-trademarks_oppedahl-lists.com"
originalsrc="http://oppedahl-lists.com/mailman/listinfo/e-trademarks_oppedahl-lists.com"
shash="Lk/RHKarl/7c9w8YN0SkoDABJv2cno8/RznKbBwtX04AcQixdwAVhPQtwfGW+Px10R3b1/kfvu2DBFh8taj9IMePyG8sFvRwONfMMjthLzNXuKjU/f2kLevtoOXLn1VJtPO4Mftviqgpn06LBfsB0FL0jhHu2vJvVGWsdVPoxh4="
target="_blank" moz-do-not-send="true"
class="moz-txt-link-freetext">http://oppedahl-lists.com/mailman/listinfo/e-trademarks_oppedahl-lists.com</a></p>
</blockquote>
</div>
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