Bank transfers

[KannikaP]

I read a post yesteday from someone warning that international bank transfers will not complete until Wednesday 5th, due to holidays.

How will the holidays affect the posters who use Wise and claim almost instantaneous results? Obviously, there is no human intervention in these cases, but do the banks turn their computers off during holidays? The answer being NO, as local inter-bank transfers will still work. Cannot understand, somebody inform me please.

 

Mods, please move this to the appropriate forum.

[CharlieH]

MOVED to Banking

[anchadian]

The latest you can transfer funds from Wise to reach your Thai bank account is next Thursday or early Friday morning (usually within hours).  Otherwise transferring monies late on Friday wont arrive to a Thai bank account until after the bank holidays, i.e. on Wednesday 05 May.

[KannikaP]

39 minutes ago, anchadian said:

The latest you can transfer funds from Wise to reach your Thai bank account is next Thursday or early Friday morning (usually within hours).  Otherwise transferring monies late on Friday wont arrive to a Thai bank account until after the bank holidays, i.e. on Wednesday 05 May.

Yes I know that, but can anyone explain WHY when some members get instant transfers?

[Brierley]

I don't know the full answer but I'm pretty sure this has something to do with BAHTNET and BOT - EFS, the internal funds transfer and settlement systems.

 

system. https://www.bot.or.th/English/PaymentSystems/PSServices/bahtnet/Pages/default.aspx

[anchadian]

4 hours ago, KannikaP said:

Yes I know that, but can anyone explain WHY when some members get instant transfers?

I don't really understand what you're saying.

 

Interbank transfers, Thai bank to Thai bank are instant transfers.

 

International transfers to Thai banks are not instant.  In some cases they have to go through a correspondent bank and finally processed at the receiving end of the Thai bank on the next business day after a bank holiday.

 

I'm sure somebody will come along to fully answer your query.

[KannikaP]

14 minutes ago, anchadian said:

International transfers to Thai banks are not instant.  In some cases they have to go through a correspondent bank and finally processed at the receiving end of the Thai bank on the next business day after a bank holiday.

Many posters have said that their Wise transfers are instantaneous, although I personally have never experienced it in over three years.

[sanuk711]

5 hours ago, KannikaP said:

Yes I know that, but can anyone explain WHY when some members get instant transfers?

Everyone gets instant transfers from Wise---because they do not transfer money. That's the whole idea of their operation . However only their partner banks can directly put into your account- BKK bank being the best.  What bank are you with.

[KannikaP]

10 minutes ago, sanuk711 said:

Everyone gets instant transfers from Wise---because they do not transfer money. That's the whole idea of their operation . However only their partner banks can directly put into your account- BKK bank being the best.  What bank are you with.

I am with Bkk Bank, and NEVER in 3 years has it been less than 2pm the same day if I initiate the transfer early, but usually next day 2pm.

So I am sorry ,but EVERYONE does not get instant transfers.

[sanuk711]

Just now, KannikaP said:

I am with Bkk Bank, and NEVER in 3 years has it been less than 2pm the same day if I initiate the transfer early, but usually next day 2pm.

So I am sorry ,but EVERYONE does not get instant transfers.

They do KannikaP, because as I stated the money isn't transferred, they have 3 main banks which they wire what amount of money they quoted you, (not the money) that is then put into your account. If its not one of the 3 banks, then there is a small delay as it comes from one of them to the other bank. If your with BKK I don't know why you have a delay--sorry.

 

If you want to view why some people have problems with Immigration doing it this way, its in one of the pension threads. or I can PM you a paper on how Wise works. hope it all works out for you.

[KannikaP]

17 minutes ago, sanuk711 said:

They do KannikaP, because as I stated the money isn't transferred, they have 3 main banks which they wire what amount of money they quoted you, (not the money) that is then put into your account. If its not one of the 3 banks, then there is a small delay as it comes from one of them to the other bank. If your with BKK I don't know why you have a delay--sorry.

 

If you want to view why some people have problems with Immigration doing it this way, its in one of the pension threads. or I can PM you a paper on how Wise works. hope it all works out for you.

Thanks, but as I have said, I have never had an instant transfer even to my Bkk Bank.

Fortunately I have my finances organised so that a day or two delay will not affect my Immigration requirements, with whom I have had no problems at all using Wise.

[Brierley]

International transfers into Thailand use the SWIFT system, once the instruction is received here it then moves to either a) the receiving banks own branch network, b) BAHTNET if another bank is used and the receiving bank was an intermediary, c) the transfer takes place via the ATM or VISA networks. 

 

Wise says:

The Delivery Time/Date Depends On:

- The countries you are sending to and from

- Your payment method

- What time you pay for your transfer

- Security checks

 

I think the process looks like this: The UK customer remits funds to WISE in the UK because he wants to receive Baht in his account upcountry. WISE then notifies their counterparty bank in Thailand and authorizes a transfer from the WISE account at that bank, to the customers bank account. 

 

Factors that may delay that process include:

- the time of day the customer in the UK initiated the WISE transfer because Thailand and the UK are in different time zones.

- the time of day the funds transfer authorization is received by WISE's bank in Bangkok, if it's after hours the customer transfer portion will wait until next day.

- whether or not WISE's Bangkok bank has a relationship with the customers bank which allows an immediate transfer or whether a transfer via BAHTNET is required or other means is required.

- whether security checks are completed quickly.

 

 

 

 

[sanuk711]

Just now, KannikaP said:

Thanks, but as I have said, I have never had an instant transfer even to my Bkk Bank.

Fortunately I have my finances organised so that a day or two delay will not affect my Immigration requirements, with whom I have had no problems at all using Wise.

No I agree I also have often used Wise--and between the 2 banks Them-BKK I am sure all is safe with your transfer, just an annoying delay.

 

The Immigration problem for some pensioners was that because Wise work this this way (doesn't  transfer money) it is put in most Bank books as domestic Deposit. (Except for

BKK Bank who mark it as a foreign transfer) So some people have had problems . Or have to chase up the paper work.

[anchadian]

Regardless of which country bank you use, including Wise which is not classed as a bank, there is no such thing as an instant international money transfer from your home bank to a Thai bank and certainly you wouldn't be credited with the monies on a Thai bank holiday.

[CharlieH]

9 minutes ago, anchadian said:

Regardless of which country bank you use, including Wise which is not classed as a bank, there is no such thing as an instant international money transfer from your home bank to a Thai bank and certainly you wouldn't be credited with the monies on a Thai bank holiday.

I would call 3 seconds, pretty much instant.

[Brierley]

5 minutes ago, CharlieH said:

I would call 3 seconds, pretty much instant.

Can you explain please, 3 seconds from what point, when you notify WISE of your wish to transfer? In/from which country and typically, what time of day?

[KhunBENQ]

18 minutes ago, anchadian said:

there is no such thing as an instant international money transfer from your home bank to a Thai bank

You overlook the fact that the money is technically transferred from a Thai bank account.

Nothing to compare with SWIFT.

Thai bank holiday is a separate topic.

Transfer from my WISE Euro account is credited next day.

Not instant but reliably next afternoon (about 2 PM).

Transfer times seem to differ.

Maybe I will try a transfer from credit card balance and see a difference.

 

[anchadian]

I still stick to my previous post.

 

There is no such thing as an instant international money transfer.

 

Yes, a credit or debit card transfer is instant at any time.

Edited April 25, 2021 by anchadian

[anchadian]

49 minutes ago, KhunBENQ said:

You overlook the fact that the money is technically transferred from a Thai bank account.

Nothing to compare with SWIFT.

Thai bank holiday is a separate topic.

Transfer from my WISE Euro account is credited next day.

Not instant but reliably next afternoon (about 2 PM).

Transfer times seem to differ.

Maybe I will try a transfer from credit card balance and see a difference.

 

Yes of course initiating a Wise transfer will be credited to your bank account the following day or the next business day if a bank holiday.

 

I believe what Charlie is referring to is that you are able to action a wise transfer in the morning till about 10:30 with times varying from a few hours to a few seconds and yes, if you get your timing right, it could take just seconds.  Although I've never tried it.

Edited April 25, 2021 by anchadian

[Moonlover]

1 hour ago, Brierley said:

1 hour ago, CharlieH said:

I would call 3 seconds, pretty much instant.

 

1 hour ago, Brierley said:

Can you explain please, 3 seconds from what point, when you notify WISE of your wish to transfer? In/from which country and typically, what time of day?

I've been using Wise for over 2 years now and just like many others the transfer takes generally 4 to 6 hours. (weekends and public holidays expecting) I've read about 'instant transfers' many times and I've asked the same question that you have @Brierley and no one has ever come up with the answer.

 

So @CharlieH let's hear it. How do you manage to get an instant transfer using Wise?

[Susco]

2 minutes ago, Moonlover said:

I've read about 'instant transfers' many times and I've asked the same question that you have @Brierley and no one has ever come up with the answer.

 

Instant transfers are only if pay with credit or debit card, and of course also only during business hours of the Thai bank

[Brierley]

I can imagine a scenario where, the WISE customer is an existing customer who doesn't need to go through any checks and his bank account is at the same bank in Thailand that WISE uses, say Bangkok Bank in Bangkok. If the customer already has funds in his WISE account and then notifies WISE to make a transfer, I guess that could be pretty quick although 3 seconds, dunno. EDIT: Oh yes, the time of day has to be right also.

Edited April 25, 2021 by Brierley

[anchadian]

15 minutes ago, Brierley said:

I can imagine a scenario where, the WISE customer is an existing customer who doesn't need to go through any checks and his bank account is at the same bank in Thailand that WISE uses, say Bangkok Bank in Bangkok. If the customer already has funds in his WISE account and then notifies WISE to make a transfer, I guess that could be pretty quick although 3 seconds, dunno. EDIT: Oh yes, the time of day has to be right also.

Yes, let's say the cut of time is 10:30am and you placed the transfer with Wise at 10:27am, would it hit your bank account almost instantly?  As I've said, I've never tried it although I doubt it would happen. Did it happen for you Charlie?

[CharlieH]

1 hour ago, Moonlover said:

 

I've been using Wise for over 2 years now and just like many others the transfer takes generally 4 to 6 hours. (weekends and public holidays expecting) I've read about 'instant transfers' many times and I've asked the same question that you have @Brierley and no one has ever come up with the answer.

 

So @CharlieH let's hear it. How do you manage to get an instant transfer using Wise?

Call it luck call it what you want, but I suspect its because I move into a Kasikorn account and Wise is a Kasikorn account, but using TMB its usually longer.

The most recent transfer Apr 22 was done at 3.30pm local time. My funds are already sat in my wise Uk account and I use the app and just hit "send".

[offset]

I bank with Kbank and all my transfers with Wise only takes seconds but I only transfer no more than 2000 sterling I would guess that larger sums maybe different

[CharlieH]

7 minutes ago, offset said:

I bank with Kbank and all my transfers with Wise only takes seconds but I only transfer no more than 2000 sterling I would guess that larger sums maybe different

Good point, mine are always under 2k too, if that matters.

[Moonlover]

17 minutes ago, CharlieH said:

Call it luck call it what you want, but I suspect its because I move into a Kasikorn account and Wise is a Kasikorn account, but using TMB its usually longer.

The most recent transfer Apr 22 was done at 3.30pm local time. My funds are already sat in my wise Uk account and I use the app and just hit "send".

Thanks. So clearly it's one's local bank that is the most important factor. Like you say Kasikorn is one of Wise's agency banks which must 'oil the wheels' so to speak.

 

And I presume you always choose the 'funds for long term stay in Thailand' option.

 

Thanks again.

[ripstanley]

4 hours ago, sanuk711 said:

Everyone gets instant transfers from Wise---because they do not transfer money. That's the whole idea of their operation . However only their partner banks can directly put into your account- BKK bank being the best.  What bank are you with.

Bangkok bank will not credit your account until after 1400

[CharlieH]

13 minutes ago, Moonlover said:

Thanks. So clearly it's one's local bank that is the most important factor. Like you say Kasikorn is one of Wise's agency banks which must 'oil the wheels' so to speak.

 

And I presume you always choose the 'funds for long term stay in Thailand' option.

 

Thanks again.

Yes, I have the funds already in Wise Uk too so its not like I am using a card to drag it into Wise then bounce it on. Yes I always select "funds for extended stay" which of course it is.????

[LomSak27]

I wonder if certain countries, or their banking hours related to Thai hours, cause delays in completing the transaction. Transfer-WISE has always been correct, happy with their service. 

However, like the OP I never get it instantaneous or anywhere near that. This last year, 2020, I did see improvements in speed, to say twelve hours, on occasion. Hey that's fast! I have had two days, one longer. And no weekends or holidays, in either country, caused that. I expect at least 12-24 hours when I make a transaction and I am not surprised if it takes longer.