Speed of Transferwise/Wise from UK

[RAZZELL]

Right...

 

I have been using Transferwise/Wise for a few years.

 

It has always taken two days from my Nationwide Account to Bangkok Bank account.

 

I have read how people from other banks receive their funds "in seconds".

 

So posting on a Facebook Group there seems to be no rhyme to reason to this.

 

 "Bangkok Bank is TW's primary banking partner in Thailand. If the transfer needs to show up as foreign/international in the bank book with the bank code FTT, you must use the correct reason for the transfer, which is "Funds for long term stay in Thailand". To be 99,99% sure, you must contact TW and tell them to tag the account to Bangkok Bank. Then they will always use Bangkok Bank as receiving bank instead of their other 2 banking partners, Kasikorn Bank and Thai Military Bank. I have used TW since 2017 and Bangkok Bank is the receiving bank. My deposits always shows up as "International Transfer" = FTT in my bank book and in my bank account online. If using other banks than those 3 banking partners, then every single deposit will show up as an "Interbank Transfer" or the equivalent terminology at other banks."

 

So - it appears that if you have Kasikorn or Thai Military Bank you will get a FTT/International transfer. - I assume the speed is also due to the way that these two banks fulfil their payments.

 

Sofar - There is no-one who has come up with a specific reason if BANGKOK BANK transfers can be done more quickly using Transferwise.

 

 

RAZZ

 

 

Edited May 19, 2021 by RAZZELL

[KannikaP]

I am in exactly the same position as you, ie Wise to Bkk Bank on 1st of every month, THB to THB as I have already converted my GBP during the month when rate looked good. The Nationwide to Wise part of it is instant, UK fast payment system.

I always tick reason for long stay. It has always been 2pm the following day when it arrives. Quite a few TV posters say they have had 'instantaneous' transfers, which infers that there is no human intervention, the computer says Yes!

Fortunatley, I am organised so that if it does take a few days longer because of Bank holidays etc, it doesn't bother me.

Edited May 19, 2021 by KannikaP

[Henryford]

If i initiate the transfer early in the morning say 7am it comes to my account at 2pm the same day. If i do it later in the day it comes at 2pm the following day (if a bank working day). I have never had it done in seconds.

[Rampant Rabbit]

I've  used them a bout 3-4  times and they are  pretty  quick same or next day, never  had a  delay yet, Into Kasikorn Bank 1-2 million per  time if that makes any difference I don't know although I did for the first time test them with 100quid  only.

[pagallim]

I opened a Wise account yesterday and used it for the first time.   Transferred 1000 pounds from my UK bank using my debit card details (slightly higher fee) into my SCB account here.   Within seconds, usual text of account movement from SCB showing the credit.   Rate was 44.61.

 

Previously I've been doing online transfers from my UK bank to SCB, transferring pounds.   Usually takes a couple of hours.  Wise transfers are cheaper, much faster, and a significantly better exchange rate.

[KannikaP]

19 minutes ago, pagallim said:

I opened a Wise account yesterday and used it for the first time.   Transferred 1000 pounds from my UK bank using my debit card details (slightly higher fee) into my SCB account here.   Within seconds, usual text of account movement from SCB showing the credit.   Rate was 44.61.

 

Previously I've been doing online transfers from my UK bank to SCB, transferring pounds.   Usually takes a couple of hours.  Wise transfers are cheaper, much faster, and a significantly better exchange rate.

What did YOU do which all the responders on this thread have not done in order to get instant transfer? It baffles me.

[pagallim]

4 minutes ago, KannikaP said:

What did YOU do which all the responders on this thread have not done in order to get instant transfer? It baffles me.

 

No idea, as I said, I only signed up yesterday so have no previous experience to go by.   I signed up via their website, and installed their app on my phone.   On this first occasion, I used the option of paying by my UK bank debit card, transferring into my SCB account.   For future ease, both my UK and SCB debit card numbers have been saved for future use, and also the fingerprint option for use in logging in.   As I said, transfer was pretty instantaneous.

[AlfHuy]

41 minutes ago, Rampant Rabbit said:

I've  used them a bout 3-4  times and they are  pretty  quick same or next day, never  had a  delay yet, Into Kasikorn Bank 1-2 million per  time if that makes any difference I don't know although I did for the first time test them with 100quid  only.

1-2 million a time?

What? Baht or £

You will definitely be the Hero of Immigration.

[Rampant Rabbit]

20 minutes ago, AlfHuy said:

1-2 million a time?

What? Baht or £

You will definitely be the Hero of Immigration.

  The  millions refers  to BAHT not  pounds, hey I'm  not that stupid to invest  millions of  pounds here. Nothing to do with immigration and they won't  know  I have a seperate  account for  immigration to see.

Edited May 19, 2021 by Rampant Rabbit

[treetops]

(Transfer)Wise now use Dee Money as a transfer partner too, although I don't know if that is in addition to or as a replacement for any of the original partners.

 

As per previous reports, when the reason for transfer is selected as funds for long stay in Thailand, it takes longer but gives the  international transfer notation at BBL.  Selecting monthly expenses as the reason results in instant transfers IME.  Funding is by bank transfer from my UK bank.

 

OP.  How old were the Facebook posts?  All 3 appear old/out of date/wrong to me.

[RAZZELL]

2 hours ago, Henryford said:

If i initiate the transfer early in the morning say 7am it comes to my account at 2pm the same day. If i do it later in the day it comes at 2pm the following day (if a bank working day). I have never had it done in seconds.

 

To Bangkok Bank?

 

If I send from Nationwide, bizarrely it always seems to arrive the next day at around the same time 2.07pm in the afternoon.

 

I will do a test and send in the AM and also using direct bank transfer to see if I can get the fabled "in seconds".

 

RAZZ

[RAZZELL]

9 minutes ago, treetops said:

(Transfer)Wise now use Dee Money as a transfer partner too, although I don't know if that is in addition to or as a replacement for any of the original partners.

 

As per previous reports, when the reason for transfer is selected as funds for long stay in Thailand, it takes longer but gives the  international transfer notation at BBL.  Selecting monthly expenses as the reason results in instant transfers IME.  Funding is by bank transfer from my UK bank.

 

OP.  How old were the Facebook posts?  All 3 appear old/out of date/wrong to me.

 

Facebook posts are within last 24 hours - I just started the thread.

 

Do you have any evidence to believe to takes longer for "funds for long stay in Thailand" takes longer?

 

RAZZ

[RAZZELL]

1 hour ago, KannikaP said:

What did YOU do which all the responders on this thread have not done in order to get instant transfer? It baffles me.

Me too.

 

RAZZ

[phetphet]

If you really want to get it quickly, use the "pay by debit card" method. It is a little more expensive, but because your funds are transferred to Transferwise within seconds, the whole process starts more quickly. Time of day can also help.

Edited May 19, 2021 by phetphet

[RAZZELL]

2 hours ago, Henryford said:

If i initiate the transfer early in the morning say 7am it comes to my account at 2pm the same day. If i do it later in the day it comes at 2pm the following day (if a bank working day). I have never had it done in seconds.

 

To Bangkok Bank?

 

RAZZ

[RAZZELL]

6 minutes ago, phetphet said:

If you really want to get it quickly, use the "pay by debit card" method. It is a little more expensive, but because your funds are transferred within seconds, the whole process starts more quickly. Time of day can also help.

 

99% of the time I use a debit card. Never had instantaneous payout at this end.

 

I "think" it might be the way Bangkok Bank process the International payments - as other posters seem to have success with different banks.

 

RAZZ

Edited May 19, 2021 by RAZZELL

[RAZZELL]

Poster on Facebook:

 

"I always select the "funds for long stay" even when transferring to my Kasikorn account."

 

(And gets instantaneous pay out)

 

 

RAZZ

[Moonlover]

16 minutes ago, phetphet said:

If you really want to get it quickly, use the "pay by debit card" method. It is a little more expensive, but because your funds are transferred to Transferwise within seconds, the whole process starts more quickly. Time of day can also help.

I do an on-line transfer from my Nationwide account to my borderless account. The transfer is instantaneous and within 10 seconds I've received an email from Wise confirming the deposit.

 

For the last 3 years I've initiated the transfer at around 7:30am (creature of habit, some call it OCD ????) and I have always received the payment into my Krungrsi account by 2:00pm.

 

So I see no advantage in paying the extra for a debit card transfer.

[KannikaP]

23 minutes ago, phetphet said:

If you really want to get it quickly, use the "pay by debit card" method. It is a little more expensive, but because your funds are transferred to Transferwise within seconds, the whole process starts more quickly. Time of day can also help.

Disagree. I am transferring THB which already have in my Wise account. Still takes time. Also tried with GBP I already have in Borderless Account. Never mind.

[RAZZELL]

3 minutes ago, Moonlover said:

I do an on-line transfer from my Nationwide account to my borderless account. The transfer is instantaneous and within 10 seconds I've received an email from Wise confirming the deposit.

 

For the last 3 years I've initiated the transfer at around 7:30am (creature of habit, some call it OCD ????) and I have always received the payment into my Krungrsi account by 2:00pm.

 

So I see no advantage in paying the extra for a debit card transfer.

 

Krungsri - not Bangkok Bank.

 

RAZZ

Edited May 19, 2021 by RAZZELL

[KannikaP]

40 minutes ago, treetops said:

(Transfer)Wise now use Dee Money as a transfer partner too, although I don't know if that is in addition to or as a replacement for any of the original partners.

 

As per previous reports, when the reason for transfer is selected as funds for long stay in Thailand, it takes longer but gives the  international transfer notation at BBL.  Selecting monthly expenses as the reason results in instant transfers IME.  Funding is by bank transfer from my UK bank.

 

OP.  How old were the Facebook posts?  All 3 appear old/out of date/wrong to me.

WISE is to send from abroad to Thailand, or wherever.

Dee Money is to get THB out of Thailand. Partners?

Have you any evidence of this please?

Edited May 19, 2021 by KannikaP

[treetops]

Just now, RAZZELL said:

Facebook posts are within last 24 hours - I just started the thread.

 

Then I would take no notice of these respondents.

 

1. doesn't know Dee Money is a partner and since the addition of the long term stay reason accounts no longer need tagged.  I'm doubtful of the comments on the other banks too, but as I only have a BBL account I can't be 100% sure.

2.  Appears to be responding to 1.

3. A poster here did numerous trials (maybe Pib?) with adjusted timings and reasons (and maybe banks) to work out the flow.  All of my transactions (to BBL only) agree that timing and reason for transfer are the  influencers which is what he came up with IIRC.

 

 

1 minute ago, RAZZELL said:

Do you have any evidence to believe to takes longer for "funds for long stay in Thailand" takes longer?

 

(Transfer)Wise introduced it as a transfer option in response I believe to an uproar when they had some kind of system crash that screwed up many people who required the International Transfer annotation for visa extensions.  They don't guarantee it 100%, but I've never seen a report yet where people transferring money using that reason to a BBL account haven't had the FFT description and these are the ones that land at approx 2:00pm so kind of a "built in" delay.  All of mine have behaved in this way, whereas others are instant (I haven't tried every reason).

 

Note:  This is always transferring directly, not using a (Transfer)Wise Borderless account, which is what I think you're asking about.

[KannikaP]

1 hour ago, pagallim said:

 

No idea, as I said, I only signed up yesterday so have no previous experience to go by.   I signed up via their website, and installed their app on my phone.   On this first occasion, I used the option of paying by my UK bank debit card, transferring into my SCB account.   For future ease, both my UK and SCB debit card numbers have been saved for future use, and also the fingerprint option for use in logging in.   As I said, transfer was pretty instantaneous.

And what reason for transfer did you tick please?

[RAZZELL]

3 minutes ago, treetops said:

 

Then I would take no notice of these respondents.

 

1. doesn't know Dee Money is a partner and since the addition of the long term stay reason accounts no longer need tagged.  I'm doubtful of the comments on the other banks too, but as I only have a BBL account I can't be 100% sure.

2.  Appears to be responding to 1.

3. A poster here did numerous trials (maybe Pib?) with adjusted timings and reasons (and maybe banks) to work out the flow.  All of my transactions (to BBL only) agree that timing and reason for transfer are the  influencers which is what he came up with IIRC.

 

 

 

(Transfer)Wise introduced it as a transfer option in response I believe to an uproar when they had some kind of system crash that screwed up many people who required the International Transfer annotation for visa extensions.  They don't guarantee it 100%, but I've never seen a report yet where people transferring money using that reason to a BBL account haven't had the FFT description and these are the ones that land at approx 2:00pm so kind of a "built in" delay.  All of mine have behaved in this way, whereas others are instant (I haven't tried every reason).

 

Note:  This is always transferring directly, not using a (Transfer)Wise Borderless account, which is what I think you're asking about.

 

All neither here nor there with regards to the posters.

 

It's all quite simple really - have you experienced INSTANTANEOUS transfers to Bangkok Bank? If so, how?

 

RAZZ

Edited May 19, 2021 by RAZZELL

[treetops]

1 minute ago, KannikaP said:

WISE is to send from abroad to Thailand, or wherever. Dee Money is to get THB out of Thailand. Partners?

 

Yes, partners.  (Transfer)Wise a while back had 3 banking partners as mentioned above that they used to facilitate their service.  Dee Money have historically been mainly for moving money out of Thailand but now seem to be in bed with Wise and incoming Wise transfers may be routed via Dee Money.

[Stocky]

I use my UK Monzo account to make transfers rather than my Nationwide account. Monzo you can link to your Wise account for seamless international transfers. Money I sent last week to my Krungsri account was near instantaneous.

 

[RAZZELL]

Just now, Stocky said:

I use my UK Monzo account to make transfers rather than my Nationwide account. Monzo you can link to your Wise account for seamless international transfers. Money I sent last week to my Krungsri account was near instantaneous.

 

 

Thanks, but again Krungsri.

 

NOT Bangkok Bank.

 

 

RAZZ

[KannikaP]

1 minute ago, Stocky said:

I use my UK Monzo account to make transfers rather than my Nationwide account. Monzo you can link to your Wise account for seamless international transfers. Money I sent last week to my Krungsri account was near instantaneous.

 

Monzo, Nationwide, HSBC, all UK banks do Fast Transfers to any other UK bank including Wise. I have my Wise account linked to my Nationwide account.

[sammieuk1]

Under a minute for the last two transfers I sent the Mrs ????

[RAZZELL]

Just now, sammieuk1 said:

Under a minute for the last two transfers I sent the Mrs ????

 

Yes, very illuminating but to what bank?

 

RAZZ