Wise transfer from EU (transferwise money transfer), how does it work ? 50000 euros transfer possible ?

[shex]

hello,

 

can you tell me what documents wise ask you when you open an account, and if you can easily transfer 50000 euros to Kasikorn in Thailand ?

 

how does it work ? I have read that you must wire the money from your bank in EU to Belgium Wise account, then they send it to your bank in Thailand ?

 

But how do they know that my money transfer arrived in Belgium, can they see exactly from which account and from where in EU the money has been transferred to them ?

 

Also, we can choose to transfer to Thai bank directly of they can keep the money on your wise account if you prefer ? Then transfer later what you need to your Thai bank ? You do not need to transfer all in one time ?

 

Thank you for your help.

 

 

 

 

 

[CharlieH]

MOVED to Banking forum

[2 is 1]

Wise have own bank account almost every country , reason they get your tranfer right away. Yes you can transfer money in Wise account and keep money there. I dont know if there is limit how much can put or move. If bigger amount then they want see some documents what they ask from you.

[sanuk711]

Peter Denis was kind enough to send this to me some time ago, when I was inquiring about "Wise"

 

 

1654158884_TransferWiseandprovingtheforeignoriginsofyourtransfers_rev3dd2020-10-31.pdf

[Chivas]

You should be able to do the 50,000 Euro in one hit as maximum landing via Transferwise is 2 Million Baht

[KhunBENQ]

22 minutes ago, Chivas said:

You should be able to do the 50,000 Euro in one hit as maximum landing via Transferwise is 2 Million Baht

Interestingly: if you enter 50000 Euro to their rate/fee checking website, you are hinted to contact a support team specialized in transferring high amounts.

Maybe you can get a "better deal" in terms of fees?

For the rest just confirming:

if you register with WISE you can get a WISE account in the Euro area (mine is in Belgium) where you can "park" money and wait for best moment to transfer.

Is also the cheapest in fees.

 

But for such amount it might really be worth to contact them. No company is interested in parking high amount of Euro in their accounts. Nowadays some banks start taking "negative interest" (covered up as fees) from as low as 50000 Euro.

[thailandbeachisland]

the problem is more often the euro banks, it is more and more difficult to move your money from these dictatorship.

Your money is yours only if they decide that it is, even if it's on your account.

I cannot stand anymore those euro rules.

Does your bank allow you to transfer 50000e in one time ?! Seems impossible.

 

 

[lkn]

On 9/12/2021 at 6:31 AM, KhunBENQ said:

Maybe you can get a "better deal" in terms of fees?

You may also want to check with your bank. For large transfers to Thailand I have gotten an exchange rate ~0.1% worse than Google’s rate plus a fee of 550 baht. Wise currently gives you a rate 0.57% worse than Google’s rate (for EUR → THB).

[jwest10]

On 9/7/2021 at 7:38 PM, 2 is 1 said:

Wise have own bank account almost every country , reason they get your tranfer right away. Yes you can transfer money in Wise account and keep money there. I dont know if there is limit how much can put or move. If bigger amount then they want see some documents what they ask from you.

Yes was just checking my UK statement and saw this 20.06 pounds debit and saw it today after checking my on line account  and did actually request a transfer from my debit card to Wise and that of course was setting up some monies to cover their bank fee
The incoming Thai bank would still charge about 500 Bant just for crediting to your account.
The  big advantage is quite a swing in the exchange rates and Wise used the actual mid market rate and by about 2 Baht
Yes amended my original post as indeed Lloyds do not charge a fee to transfer the 20 pound to cover transfer fee from Wise.
At the time it cam within one day and it coincided with my Frozen state pension but could not quite work it out but the pension amount appears to be transferred at the mid market rate as well and very small consolation for our fixed frozen pension

On e bit of caution and likely on transferring funds you might have to use 2 lines of proving your identity and a couple of codes but basically extra security.

Cheers all