Speed of Transferwise/Wise from UK

[RAZZELL]

2 minutes ago, KannikaP said:

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.

 

Looks like the bottle neck might be Bangkok Bank.

 

There is a Bangkok Bank Director here on TV. I will try and get him involved.

 

RAZZ

[treetops]

4 minutes ago, RAZZELL said:

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

 

UK bank direct transfer using on-line banking to Wise then on to BBL using reason for transfer as monthly living expenses.  100% success for me over recent months.

 

I've even mentioned on here that the time stamps of the notifications from Wise and BBL have indicated the money arrived a minute before it was sent!  A quirk in the system obviously, but you can't get much more instant than that.

[KannikaP]

5 minutes ago, sammieuk1 said:

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

So obviously, not for long time stay in Thailand was ticked. Maybe that's the trick.

But no good if you need it to be an FTT transfer for Mr IO.

[phetphet]

39 minutes ago, RAZZELL said:

 

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

I don't think it's that. I use Bangkok Bank and have had funds arrive from the UK in literally seconds using the "Faster Payments" bank transfer system. 

Now, due to my internet banking being suspended in the UK I have to use my debit card to transfer funds to T'wise. Now the "We have received your funds and can start the transfer" message comes up almost immediately. The process then starts and can take seconds, minutes or hours, but as previously stated, the day and the time of day can make a big difference.

I have often had the money in the bank almost immediately. I find early morning here is good for me from UK.

You say from Nationwide so you are sending from UK too so don't know what else might be causing it.

 

I have sent for long term stay, but usually just put for travel expenses. Have you tried doing that?

[treetops]

15 minutes ago, KannikaP said:

Have you any evidence of this please?

 

Nice edit.  Do you think I make this shlt up?

 

[KannikaP]

2 minutes ago, treetops said:

 

Nice edit.  Do you think I make this shlt up?

 

You'd be surprised at some of the fake stuff posted on here. But thank you very much for your very helpful reply.

So what does it mean to us who want our money via Bkk Bank? Just asking you or anyone.

[RAZZELL]

I have sent a PM to the Bangkok Bank contact.

 

Hopefully, he will respond.

 

RAZZ

[treetops]

4 minutes ago, KannikaP said:

So what does it mean to us who want our money via Bkk Bank? Just asking you or anyone.

 

As above:

 

UK bank direct transfer using on-line banking to Wise then on to BBL using reason for transfer as monthly living expenses.  100% success for me over recent months.

 

Note:  I don't have a Borderless account so can't comment on that.

[RAZZELL]

13 minutes ago, treetops said:

 

As above:

 

UK bank direct transfer using on-line banking to Wise then on to BBL using reason for transfer as monthly living expenses.  100% success for me over recent months.

 

Note:  I don't have a Borderless account so can't comment on that.

 

Instantaneously?

 

Monthly living expenses - again not "funds for long term stay in Thailand"?

 

What time of day did you send?

 

RAZZ

 

 

 

 

[pagallim]

58 minutes ago, KannikaP said:

And what reason for transfer did you tick please?

 

I genuinely can't remember, I could have used several of the options.

 

Just looking at the text from SCB, the time was 11.50 a.m. yesterday.   I used 1000 pounds from my debit card to Wise (rate quoted was 44.61 baht/pound) so 44,610 baht less fees.   Amount credited to SCB was 44,221.99 baht, so Wise charges equivalent of 389 baht.

 

As I mentioned previously, in the past I've just done online transfers from my UK bank to SCB.   The transfer always seemed to happen once the UK bank was open, so if I did the transfer in the morning, I would get SCB notification mid/late afternoon.   Transferring in the afternoon it would happen within minutes.

 

I should add that I use the lump sum method for my visa extension, so it's immaterial to me how the transfer appears in my SCB statement.

 

Just took a photo of the transaction history.

 

 

 

and a copy of the SCB text:

 

18/05@11:50 44,221.99 จากCIMB/x269114เข้าx641097

[treetops]

13 minutes ago, RAZZELL said:

Instantaneously?

 

Monthly living expenses - again not "funds for long term stay in Thailand"?

 

What time of day did you send?

 

Yes, instantaneously using monthly living expenses.  Next day at 2:00pm using funds for long term stay.

 

I'll have to check on timing but I'm off out now.  I'll  try and look up a few examples later/tomorrow.  I've been here a while now waiting for Covid to subside in the UK so have a few examples.

[RAZZELL]

11 minutes ago, treetops said:

 

Yes, instantaneously using monthly living expenses.  Next day at 2:00pm using funds for long term stay.

 

I'll have to check on timing but I'm off out now.  I'll  try and look up a few examples later/tomorrow.  I've been here a while now waiting for Covid to subside in the UK so have a few examples.

 

That's great.

 

Hopefully, we can get to the bottom of what ensures a quick "instantaneous" transfer. (Just noticed monthly living expenses is quicker than funds for long term stay? ???? Yet members using other banks have had instant transfers choosing that option - all very odd)

 

Many thanks ????

 

RAZZ

 

 

[Stocky]

1 hour ago, KannikaP said:

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.

You misunderstand me.
Sure, I can set up a transfer in Wise and then send the money from my Nationwide account with a fast transfer. But from Monzo I just make an international transfer, Wise do the international bit but it's all done within the Monzo app. You just need to link your Wise account to your Monzo account, they then work together. 

[RAZZELL]

On further reading - I can't see how the method of payment to Wise makes any difference as the GPB never leaves the UK. The Thai baht are just paid out from the partner financial institution in Thailand?

 

 

RAZZ

[Stocky]

1 hour ago, RAZZELL said:

On further reading - I can't see how the method of payment to Wise makes any difference as the GPB never leaves the UK. The Thai baht are just paid out from the partner financial institution in Thailand?

 

 

RAZZ

I guess that's the potential bottleneck with the peer-to-peer 'transfer' method. Wise needs to match money coming in, with money going out. No doubt they have some sort of credit agreement with their financial partners, but there are no doubt busy periods, like month ends, when demand one way outstrips that going the other. Beyond a certain limit transfers will need to wait until there's a matching requirement going the other way.

[CharlieH]

My last few transfers have all been 3 seconds. Or pretty much instantaneous. The last transfer actually stated 5 hrs, but again seconds.

 

I always use "funds for long stay" etc and the money is/was sat in my Wise uk account. Transferred to my Kasikorn account.I usually do this around 3.30 pm Thai tme (if that helps)

The only time I have encountered hours rather than seconds was when transferring to TMB.

 

Thats my experience.

[RAZZELL]

2 hours ago, CharlieH said:

My last few transfers have all been 3 seconds. Or pretty much instantaneous. The last transfer actually stated 5 hrs, but again seconds.

 

I always use "funds for long stay" etc and the money is/was sat in my Wise uk account. Transferred to my Kasikorn account.I usually do this around 3.30 pm Thai tme (if that helps)

The only time I have encountered hours rather than seconds was when transferring to TMB.

 

Thats my experience.

 

Many thanks - so 3.30 pm Thai time means the UK Banks are open?

 

I have certainly seen a load of "know it alls" on the Facebook group say they get it in seconds - the common denominator seems to be they are NOT using  Bangkok Bank.

 

Have you always transferred it from your Wise Multi-currency account?

 

I tried today (admittedly it was 5.30 pm Thai time) twice:

 

£20 sent from my Bank account to my multi-currency - arrived in minutes - sent to Bangkok Bank - arriving tomorrow for "Funds for long term stay" (when I selected  another option still said the 20th ie didn't change.

 

Sent just over £2k - "fast and easy transfer" for "long term stay in Thailand" - again will arrive tomorrow.

 

The Thai Visa member who is high up in Bangkok Bank has very kindly replied and asked me to email him with the details/problem - someone who knows the system and how it works will get back to me.

 

RAZZ

[Henryford]

21 hours ago, sammieuk1 said:

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

 

I thought Wise used a system whereby you paid them the money in say the UK then they instructed their bank in Thailand to issue the funds to your thai bank. I can't see how that can be done instantly.

[CharlieH]

14 hours ago, RAZZELL said:

 

Many thanks - so 3.30 pm Thai time means the UK Banks are open?

 

I have certainly seen a load of "know it alls" on the Facebook group say they get it in seconds - the common denominator seems to be they are NOT using  Bangkok Bank.

 

Have you always transferred it from your Wise Multi-currency account?

 

I tried today (admittedly it was 5.30 pm Thai time) twice:

 

£20 sent from my Bank account to my multi-currency - arrived in minutes - sent to Bangkok Bank - arriving tomorrow for "Funds for long term stay" (when I selected  another option still said the 20th ie didn't change.

 

Sent just over £2k - "fast and easy transfer" for "long term stay in Thailand" - again will arrive tomorrow.

 

The Thai Visa member who is high up in Bangkok Bank has very kindly replied and asked me to email him with the details/problem - someone who knows the system and how it works will get back to me.

 

RAZZ

To answer your questions.

Yes it would be morning in the Uk, around 9.30

 

I dont know if this has an implication but the money is NOT transferred from a UK  bank account on the day of the transfer. The money is already in the Wise account for atleast a week or more.

Possibly those bouncing through get slightly delayed for some kind of clearance ? Thats just a guess.

[Stocky]

39 minutes ago, Henryford said:

I can't see how that can be done instantly.

Obviously without human intervention. These are the sms notifications last week for a Wise transfer from HSBC Singapore to Krungsri, they arrived within seconds of each other. 

 

[RAZZELL]

3 hours ago, Stocky said:

Obviously without human intervention. These are the sms notifications last week for a Wise transfer from HSBC Singapore to Krungsri, they arrived within seconds of each other. 

 

 

Krungsri certainly seems to be a bit swifter with the most reports of instantaneous transfers.

 

Can you share what methods you used?

 

1) was the money already in a Wise account?

2) or did you pay by debit card/bank transfer?

3) did you select "fast and easy" transfer?

3) did you select "funds for longterm stay in Thailand"

4) is the krungsri a deposit or current account?

 

TIA.

 

RAZZ

 

 

RAZZ

[Stocky]

1 hour ago, RAZZELL said:

Can you share what methods you used?

 

1) was the money already in a Wise account?

2) or did you pay by debit card/bank transfer?

3) did you select "fast and easy" transfer?

3) did you select "funds for longterm stay in Thailand"

4) is the krungsri a deposit or current account?

1) No
2) Bank transfer
3) Fast transfer

4) No, 'monthly living costs'

5) Krungsri savings account

[RAZZELL]

3 hours ago, Stocky said:

1) No
2) Bank transfer
3) Fast transfer

4) No, 'monthly living costs'

5) Krungsri savings account

 

Many thanks for that.

 

It seems a possible hold-up could be "funds for long-term stay in Thailand".

 

And Krungsri definitely has faster payouts.

 

Hopefully, I will get around to writing and sending that email to Bangkok Bank tomorrow.

 

RAAZZ

[mfd101]

Here's what I received from Wise 3 days ago as part of their quarterly report (never received one before but I had complained about the 2 days it takes to receive funds from them starting from Oz). The email didn't source itself geographically so I guess many people here on TV should have received it too.

My judgment on the basis of this is that (a) they are working hard to improve their systems for all countries (b) the issue is one of systems interface, not some lazy good-for-nothing bureaucratic idiocy (which people are all too fast to assume).  Many people on this thread seem also not to understand that no funds actually move between your home country and Thailand. It's simply a swap deal with their Thai Wise branch in BKK (actually a separate entity) and then the partner Thai banks.  We can all hope to be beneficiaries soon of improving systems.

Speed

We got faster: this quarter, 38% of all transfers happened instantly, i.e. arriving in the other bank account in less than 20 seconds. This is up from 34% last quarter. It's a huge achievement and now we are focused on hitting our next milestone of 50% of all transfers being instant. We also saw 62% of all remaining payments arriving within 1 hour.

How did we do this? Great work done by the teams in South-East Asia during March is already showing positive impact –– the full effect will be seen in the coming months.

• In Singapore, integration with Fast network helped increase speed of payouts to SGD; 50% of transfers to SGD are instant now. We also fixed a few bugs that were slowing down payments from SGD which helped us increase instant payments from SGD from 3% last quarter to 14% this quarter and we expect it to increase further in Q2 2021.
• In Malaysia, as a result of more customers opting to use FPX as a pay-in method and technical optimizations on Wise’s end, 20% of transfers from MYR are now instant.
• We reached 11% of all transfers from Indonesian Rupiah being instant and 4% to Indonesia being instant; all of these achieved with technical integrations with new local partners.

In Europe, we were able to launch instant transfers to the 4 largest banks in Romania for transfers below 50,000 RON.

 

[treetops]

On 5/19/2021 at 7:02 AM, RAZZELL said:

Hopefully, we can get to the bottom of what ensures a quick "instantaneous" transfer.

 

Not a lot of data as some emails have been deleted and BBL only let me see 6 months of records, but for what it's worth:

 

Money in/out TW at 10:42 GMT.  Into BBL instantaneously.

Money to TW at 02:58, delayed 3 days.

Money to TW at 05:08 BST, sent 05:27 BST.  Into BBL instantaneously.

 

The  last one indicates it's not reliant on UK normal working hours.

 

My feeling from some of the replies here is that the use or not of the Borderless Account is throwing another factor into the mix which is giving different results.  Mine do not use a Borderless Account.

 

Other transactions I noticed when digging out the above was the deposits arriving at 2:00pm Thailand time were all the ones marked as International Transfers and sent with the Long term stay reason.  This has been the case for me since that option was introduced.

[RAZZELL]

16 hours ago, treetops said:

 

Other transactions I noticed when digging out the above was the deposits arriving at 2:00pm Thailand time were all the ones marked as International Transfers and sent with the Long term stay reason.  This has been the case for me since that option was introduced.

 

I might send a small amount with another reason and then "long term stay" and see if that is the reason.

 

 

RAZZ

[treetops]

6 hours ago, RAZZELL said:

I might send a small amount with another reason and then "long term stay" and see if that is the reason.

 

Don't use the Borderless Account if you're trying to simulate my conditions - I don't have one - and the only other reason I use is monthly living expenses (or words to that effect).

[RAZZELL]

17 hours ago, treetops said:

 

Don't use the Borderless Account if you're trying to simulate my conditions - I don't have one - and the only other reason I use is monthly living expenses (or words to that effect).

 

Right...

 

Miracle of miracles...

 

I have just sent £7k this morning at around 8.15am Thai time.

 

Firstly, I tried £1k paying by debit card, which came up as "will arrive in hours" which shocked me...

 

Then did another two for £1k and finally one for £4k. All from my Nationwide Savings Account, all "long term stay in Thailand", all paid by debit card, all to a Bangkok Bank, all "low cost transfer" via the phone app.

 

All truly bizarre.

 

Will see if it arrives this afternoon? ???? ????

 

RAZZ

[RAZZELL]

All the £ arrived in my account just after 2pm ????

 

 

RAZZ

[treetops]

6 minutes ago, RAZZELL said:

All the £ arrived in my account just after 2pm ????

 

As expected, and presumably showed as International Transfers.