Transferwise money transfer now called Wise money transfer but still so slow

[William C F Pierce]

The problem may not be with Wise. It could be your US Bank releasing the funds to Wise. The reason you give for sending the money may or may not give suspicion for money laundering by your own bank. Wise has bank accounts in over 100 countries, because of this; as soon as they receive the money from you. They electronically transfer it in the destination country straight to your chosen account. My own experience is it arrives in a few hours. Even though they say up to 8 hours. My own bank used to take over a week and charge £30 for a slow poor service. Wise charges me less than £3 for an 8000B transfer every month. Wise is the greatest banking innovation since sliced bread.

Edited September 23, 2021 by William C F Pierce

[Yellowtail]

I've used Wise for small transfers, but for bigger transfers it's cheaper to just use the bank.

[Tracyb]

8 hours ago, Moonlover said:

That is a very valid point. When you read praise for Wise, it's often from the UK. There we can transfer funds into Wise in a matter of seconds. I can complete the whole process, on my mobile within 5 minutes and I always receive my funds the same day.

 

I understand that it isn't that simple from 'across the pond' and we don't have an 11 hour time difference plus 6 times zones to contend with in the UK. It's bound to make a difference.

 

I xfer from USA and it takes seconds when I use ACH and do NOT select funds for long term visa

[hotandsticky]

4 hours ago, KannikaP said:

Sorry, I was talking cobblers!   You are correct.   Free for Bank Transfer, £3.60 via Debit Card, probably because they have to pay some sort of commission charge.  

No problem....thanks for confirming.

 

(not that you were talking cobblers, but re the card fee ????)

[Yellowtail]

"Free", that's hilarious 

[Maybole]

I transfer from Clydesdale to Wise to KrungThai every 2 months. It has been taking less than 2 hours except on a Thai bank holiday when it can hang up in Bangkok head office until the next day.

[hotandsticky]

12 minutes ago, Maybole said:

I transfer from Clydesdale to Wise to KrungThai every 2 months. It has been taking less than 2 hours except on a Thai bank holiday when it can hang up in Bangkok head office until the next day.

 

 

Have you actually worked out how much you would save by using Wise ?

[treetops]

It might help if the OP and other posters mentioned whether they're using a Wise Borderless account or not.  In some instances it's obvious, but often when people are saying Wise has their money it's not clear IMO, and could affect how things are processed at Wise and the responses here.

[Andycoops]

Never had a transfer take more than 7 hours from UK to Kasikorn or Bangkok Bank, usually arrives in seconds or minutes.

[KannikaP]

5 hours ago, treetops said:

It might help if the OP and other posters mentioned whether they're using a Wise Borderless account or not.  In some instances it's obvious, but often when people are saying Wise has their money it's not clear IMO, and could affect how things are processed at Wise and the responses here.

I use Wises' Borderless accounts, GBP, USD, THB, AED, EUR. Have used it for online purchases and convert GBP to THB when rates are good, then send THB to Bkk Bank once a month. Avoids having to use the exchange rate on the day I want to send THB.

[KannikaP]

46 minutes ago, Andycoops said:

Never had a transfer take more than 7 hours from UK to Kasikorn or Bangkok Bank, usually arrives in seconds or minutes.

But if you say/need the reason is for long term stay in Thailand, it takes longer, maybe 24 hours, as it then has to be classified as an FTT = Foreign Transfer.

[RocketDog]

On 9/22/2021 at 8:00 PM, Moonlover said:

Because every time you read that, the poster will be sending money from the UK or Europe, from where the service is excellent.

 

Whenever I read on this forum that the service is unreliable my immediate thought is 'this must be an American' and I'm always right.

 

I'm sorry, I know that's not very helpful, but I suspect that the most likely cause of these delays is time difference between Thailand and the US.

Apparently it is much faster from EU or UK than America after reading replies here.

 

I transfer from USA Bank to Bangkok Bank here. It typically takes 1-2 days at most.

If setting up a new account the first transfer takes longer.

The OP should just call them.

[Yellowtail]

I never really understood why it is so critical that a money transfer be so fast, what difference does a few days make?

 

Unless you're trying to male bail, the important things to me are are that:

A. I get the money.

B. I get a good rate.

C. It's easy.

 

For smaller transfers, Wise provides all three. 

 

 

[DPKANKAN]

On 9/24/2021 at 7:47 AM, KannikaP said:

But if you say/need the reason is for long term stay in Thailand, it takes longer, maybe 24 hours, as it then has to be classified as an FTT = Foreign Transfer.

I use 'Long term stay' as my reason and it arrives in seconds still!!????????????????

[Stocky]

23 hours ago, Yellowtail said:

For smaller transfers, Wise provides all three.

Depends on the currency, in my case, moving Singapore $ to Thai Baht the difference in exchange rate still more than compensates for Wise's fees regardless the amount in question. Wise above SGD20,000 has a flat charge of 0.6% whilst the disparity between exchange rates Wise to Kasikorn (in my case) is around 1.4%. So regardless the amount (>20k) there is a 0.8% benefit, not huge, but not insignificant. The highest fee Wise impose on small amounts is 0.74%, but at the bottom end this additionally compensated by the bank and intermediary charges. 

 

However, I'm sure on currency transfers with US$, Euro and possibly GBP, the more competitive market probably makes for a cut-off point. But as always it's best to do your own research. 

 

.

Edited September 25, 2021 by Stocky

[KannikaP]

1 hour ago, DPKANKAN said:

I use 'Long term stay' as my reason and it arrives in seconds still!!????????????????

To which Thai bank please?

[Yellowtail]

1 hour ago, Stocky said:

Depends on the currency, in my case, moving Singapore $ to Thai Baht the difference in exchange rate still more than compensates for Wise's fees regardless the amount in question. Wise above SGD20,000 has a flat charge of 0.6% whilst the disparity between exchange rates Wise to Kasikorn (in my case) is around 1.4%. So regardless the amount (>20k) there is a 0.8% benefit, not huge, but not insignificant. The highest fee Wise impose on small amounts is 0.74%, but at the bottom end this additionally compensated by the bank and intermediary charges. 

 

However, I'm sure on currency transfers with US$, Euro and possibly GBP, the more competitive market probably makes for a cut-off point. But as always it's best to do your own research. 

 

.

In the US banks typically charge a flat rate ($45 at Chase last time) to transfer dollars, and then the Thai bank converts to Baht at a good rate.

 

I think the break-even was about $8-10K last time I transferred . 

[DBath]

I used Wise when I lived in LOS and typically it took a day or two to complete my transfers, but I was executing larger than normal xfers. I recently moved to Spain and it took 3 days for my xfer from BofA to Wise ($19,000 USD). I tried to do another xfer a day or two later for the same amount and it wouldn't allow me (I'm trying to buy a car here). I suspect there is just so much fraud going on that they are struggling to keep up. It's my  money, so I find that pretty frustrating.

[treetops]

6 hours ago, DPKANKAN said:

I use 'Long term stay' as my reason and it arrives in seconds still!!????????????????

This is the first time I recall anyone posting this.  Can you tell us how you fund the transaction, the recipient bank, whether you use a Borderless Account, what the transaction code is in the receiving account, the Wise partner in Thailand, how often you've experienced this etc.

[KannikaP]

14 hours ago, DPKANKAN said:

I use 'Long term stay' as my reason and it arrives in seconds still!!????????????????

Sorry, treetops already asked. 

Edited September 26, 2021 by KannikaP

[DPKANKAN]

19 hours ago, KannikaP said:

To which Thai bank please?

Kasikorn

[DPKANKAN]

14 hours ago, treetops said:

This is the first time I recall anyone posting this.  Can you tell us how you fund the transaction, the recipient bank, whether you use a Borderless Account, what the transaction code is in the receiving account, the Wise partner in Thailand, how often you've experienced this etc.

I use the Twise phone app and my Halifak UK phone app. All geared up now with Twise as a receiver. They have a London sort code!!

So start the process in Twise app with the amount etc all the way up to 'Money Sent' or similar. Then to my Halifax app and set up transfer in £ to Twise with instant send. Back to Twise app press money sent. I hear ping ping ping as money in baht hits my Kasikorn Account.

Have helped several of my friends to set up their systems too!! ????????????????

[KannikaP]

1 hour ago, DPKANKAN said:

I use the Twise phone app and my Halifak UK phone app. All geared up now with Twise as a receiver. They have a London sort code!!

So start the process in Twise app with the amount etc all the way up to 'Money Sent' or similar. Then to my Halifax app and set up transfer in £ to Twise with instant send. Back to Twise app press money sent. I hear ping ping ping as money in baht hits my Kasikorn Account.

Have helped several of my friends to set up their systems too!! ????????????????

I do exactly the same using Nationwide & Bkk Bank, but in three years I never got it before 14.00 that day or the next. 

Do you put 'long stay in Thailand' as the reason, and does it arrive as a foreign transfer, which for me and anyone doing it for a Retirement extension, is the most impotant thing, not when it actually arrives, instant or a day or two?

Edited September 26, 2021 by KannikaP

[treetops]

5 hours ago, DPKANKAN said:

Kasikorn

This gets even weirder.  I don't have a Kasikorn account, but in another current thread it's mentioned that Kasikorn never show up Wise transfers as international.

 

https://aseannow.com/topic/1232702-visa-renewals-not-accepting-wise-transfers-on-bank-statements-unless-it-says-international-transfer/?do=findComment&comment=16852059

 

[DPKANKAN]

5 hours ago, KannikaP said:

I do exactly the same using Nationwide & Bkk Bank, but in three years I never got it before 14.00 that day or the next. 

Do you put 'long stay in Thailand' as the reason, and does it arrive as a foreign transfer, which for me and anyone doing it for a Retirement extension, is the most impotant thing, not when it actually arrives, instant or a day or two?

Yes I put 'long stay' in the Twise app. Dont have to on my Halifax as it is just a local transfer. My Kasikorn account does not say international transaction, just 'Dummy Branch' 5555. That is why I get a letter from Kasikorn's International branch confirming it, which is what our local 'Irritation' office require anyway!????????????????

[DPKANKAN]

53 minutes ago, treetops said:

This gets even weirder.  I don't have a Kasikorn account, but in another current thread it's mentioned that Kasikorn never show up Wise transfers as international.

 

https://aseannow.com/topic/1232702-visa-renewals-not-accepting-wise-transfers-on-bank-statements-unless-it-says-international-transfer/?do=findComment&comment=16852059

 

They don't. It shows as 'Dummy Branch' but I get a letter done from their International branch confirming the monthly income.????????????????

[Rinrada]

5 hours ago, KannikaP said:

I do exactly the same using Nationwide & Bkk Bank, but in three years I never got it before 14.00 that day or the next. 

Do you put 'long stay in Thailand' as the reason, and does it arrive as a foreign transfer, which for me and anyone doing it for a Retirement extension, is the most impotant thing, not when it actually arrives, instant or a day or two?

Did a small TF with Wise on Friday..via NW...to SCB..about 555 pounds...26K bt...took a total of just under 15 seconds...in account...sanuk

[treetops]

43 minutes ago, DPKANKAN said:

They don't. It shows as 'Dummy Branch' but I get a letter done from their International branch confirming the monthly income.????????????????

<deleted> - this side conversation started as you replied to a post about a longer transfer time being required (or not) to get the FTT - Foreign Transfer annotation and now you tell us you don't have that at all.

Edited September 26, 2021 by treetops

[KannikaP]

Proved beyond doubt. Did two transfers at 5.00 this morning, Bht5000 each to same Bkk Bank. One I put for Medical Expenses which arrived in seconds as a local transfer, the other for Long Term Stay will arrive at 14.00 today as a Foreign transfer, FTT.

Edited September 27, 2021 by KannikaP

[DPKANKAN]

9 hours ago, treetops said:

<deleted> - this side conversation started as you replied to a post about a longer transfer time being required (or not) to get the FTT - Foreign Transfer annotation and now you tell us you don't have that at all.

You missed part of the many responses and details I have provided.

 

"Might depend on your Bank Account where your funds come from. Mine is UK and Twise have a London sort code so I just do a transfer. Also on the Twise app they show the transaction to/from and you can print off a receipt. Contact Twise and get them to confirm that they must send direct to Kasikorn. Then ask Kasikorn how they will confirm your monthly income to Immigration. I provide them with a draft letter that I want!! 

I also give Irritation, sorry Immigration, 5555 an Excel spread sheet, showing the transactions from start to finish for the year!!"

 

That comes through the various systems of different Thai Banks. I only use 1 and dont know how the others work. ????????????????

Edited September 27, 2021 by DPKANKAN
Extra