Wise transfers not being processed as International (Specifically Bangkok Bank)

[scubascuba3]

7 minutes ago, Pib said:

That third bank was Thai Military Bank (TMB) which I saw on my Wise PDF Receipt once or twice years back when I did a few transfers.   However, TMB merged with Thanachart Bank over the last year  to form a new bank called TMBThanachart Bank (a.k.a. TTB).    I don't know if Wise and TTB have a partnering relationship. 

 

I've also seen a few forum posts where people said DeeMoney appeared as the partner bank on their Wise PDF receipts. 

 

But when you look at some of Wise Help Q&A they only mention Bangkok Bank and K-bank.

 

I expect Wise partner banks will periodically change if Wise can get a better/cheaper deal (more profits for them) like how DeeMoney is apparently used sometimes.

 

But Bangkok Bank customers should have a Plan B if their Wise transfers stop getting international Transfer/FTT coding because someday Wise and Bangkok Bank may part ways.....or Bangkok Bank just changes its policy in providing FTT coding for Wise transfers.  Stuff happens!

 

I included Ian in a post further up the thread, apparently he is an executive at BB, but no reply so far, radio silence

[scubascuba3]

4 minutes ago, KannikaP said:

The article says that '

• Your bank will likely charge a fee to make a SWIFT transfer to Wise.

Why would someone want to transfer TO Wise via SWIFT, what we want is WISE to make a SWIFT transfer to Bangkok or other Thai bank. It doesn't make sense, does it?. 

They aren't going to use swift from UK to Thailand, that's not how the model works

[KannikaP]

3 minutes ago, scubascuba3 said:

They aren't going to use swift from UK to Thailand, that's not how the model works

Yes, I know that, but have a look at what it says on this article. It's a clear as mud.

https://wise.com/help/articles/2932335/guide-to-thb-transfers

 

I looked on my Nationwise account, and a SWIFT from them to my Bkk Bank will cost £42 more than Wise, but will definitely arrive as an International transfer.

Anyone can tell me, is it better for Nationwide to send GBP or THB to my Bkk Bank Savings account, ie do the exchange in UK or over here. Thanks.

Edited October 11, 2021 by KannikaP

[norbra]

19 minutes ago, scubascuba3 said:

That is the purpose of this thread, to find out, many people have raised with Wise with no decent response yet. Ignore the Kasikorn off topic stuff

I notice that you are providing heaps of informative input any thing you garnered from the facebook group might assist other posters,please share

Edited October 11, 2021 by norbra

[lopburi3]

8 minutes ago, KannikaP said:

Anyone can tell me, is it better for Nationwide to send GBP or THB to my Bkk Bank Savings account, ie do the exchange in UK or over here. Thanks.

Send GBP - almost never a good idea to send baht from overseas - also remember the exchange rate will be what the Thai bank says for the date - not what Wise would have used - so it may be a bit more than 42 pounds more expensive - also there will be a fee in baht of couple hundred baht at Thai end.

 

Would be much better if we can get immigration to accept Wise PDF along with deposit proof than return to the days of SWIFT.

Edited October 11, 2021 by lopburi3
Add comment

[scubascuba3]

8 minutes ago, KannikaP said:

Yes, I know that, but have a look at what it says on this article. It's a clear as mud.

https://wise.com/help/articles/2932335/guide-to-thb-transfers

 

I looked on my Nationwise account, and a SWIFT from them to my Bkk Bank will cost £42 more than Wise, but will definitely arrive as an International transfer.

Anyone can tell me, is it better for Nationwide to send GBP or THB to my Bkk Bank Savings account, ie do the exchange in UK or over here. Thanks.

always better sending GBP, not THB

[scubascuba3]

5 minutes ago, norbra said:

I notice that you are providing heaps of informative input any thing you garnered from the facebook group might assist other posters,please share

if you'd read the Facebook group you'd realise no answers yet, at least people aren't banging on about Kasikorn and irrelevant stuff

[KannikaP]

2 minutes ago, lopburi3 said:

Send GBP - almost never a good idea to send baht from overseas - also remember the exchange rate will be what the Thai bank says for the date - not what Wise would have used - so it may be a bit more than 42 pounds more expensive - also there will be a fee in baht of couple hundred baht at Thai end.

My question was using Nationwide, excluding Wise, so it's irrelevant what Wises' rate is. But Nationwide's rate is 1 baht per GBP lower than Wise plus a £20 fee, and I think a receiving fee at Bangkok Bank's end. .

[KannikaP]

6 minutes ago, lopburi3 said:

Send GBP - almost never a good idea to send baht from overseas - also remember the exchange rate will be what the Thai bank says for the date - not what Wise would have used - so it may be a bit more than 42 pounds more expensive - also there will be a fee in baht of couple hundred baht at Thai end.

 

Would be much better if we can get immigration to accept Wise PDF along with deposit proof than return to the days of SWIFT.

Several posters have said that their IO has accepted the Wise pdf.

Why not, if one can show a debit from UK bank, a transfer document from Wise, and a credit to a Thai Bank, all on the same day, I would think it was pretty convincing, but...................TIT..

[norbra]

10 minutes ago, scubascuba3 said:

if you'd read the Facebook group you'd realise no answers yet, at least people aren't banging on about Kasikorn and irrelevant stuff

I resigned from this group years as they too only banged on about BBL.

Bye

Edited October 11, 2021 by norbra

[scubascuba3]

2 minutes ago, KannikaP said:

Several posters have said that their IO has accepted the Wise pdf.

Why not, if one can show a debit from UK bank, a transfer document from Wise, and a credit to a Thai Bank, all on the same day, I would think it was pretty convincing, but...................TIT..

why do you think many of us have switched to 800k in the bank, avoids all the uncertainty

[scubascuba3]

1 minute ago, norbra said:

I resigned from this group years as they too only banged on about BBL.

do you actually understand what the problem is? i still don't think you get it, maybe your brains pickled?

[Pib]

22 minutes ago, scubascuba3 said:

I included Ian in a post further up the thread, apparently he is an executive at BB, but no reply so far, radio silence

He was/is an IT executive at the bank. He stopped getting involved is such issues based on one of his posts from years back since AseanNow post requests from  everybody and his brother were trying to resolve their Bangkok Bank issues via public AseanNow posts versus using normal Bangkok Bank channels   Although he may still be listening in I wouldn't  expect a response from him. 

[KannikaP]

9 minutes ago, scubascuba3 said:

why do you think many of us have switched to 800k in the bank, avoids all the uncertainty

I did that until a couple of years ago. Maybe I'll go back. But I shall of course still need say 50k a month to live on, and I would be very pee-ed off if every transfer came through as an FTT  !  555.

[scubascuba3]

5 minutes ago, Pib said:

He was/is an IT executive at the bank. He stopped getting involved is such issues based on one of his posts from years back since AseanNow post requests from  everybody and his brother were trying to resolve their Bangkok Bank issues via public AseanNow posts versus using normal Bangkok Bank channels   Although he may still be listening in I wouldn't  expect a response from him. 

ok, he made quite a few recent posts in the "large transfers" thread, but maybe that's a one off

[scubascuba3]

1 minute ago, KannikaP said:

I did that until a couple of years ago. Maybe I'll go back. But I shall of course still need say 50k a month to live on, and I would be very pee-ed off if every transfer came through as an FTT  !  555.

Maybe what's best for you and others is send one month transfer by swift to ensure it settled correctly, by next month hopefully Wise has sorted the problem

[lopburi3]

16 minutes ago, KannikaP said:

My question was using Nationwide, excluding Wise, so it's irrelevant what Wises' rate is. But Nationwide's rate is 1 baht per GBP lower than Wise plus a £20 fee, and I think a receiving fee at Bangkok Bank's end. .

If you send GBP the rate is determined by receiving bank so should be less than the 42 pounds you figured it would be if sending baht.  Was not aware you had used baht rates in your calculation.  Believe the receiving bank fee is 1/4 of 1 percent in range 200-500 baht.

[Pib]

2 hours ago, bbko said:

Yes but read this off their website about using Wise and SWIFT;

Fees for SWIFT payments

• Your bank will likely charge a fee to make a SWIFT transfer to Wise. 

https://wise.com/help/articles/2553074/paying-by-swift?origin=search-international+wire

 

If I'm going to get charged twice for one transfer, I'll just contact my US bank directly and use them to send via SWIFT, Goodbye Wise you're no longer reliable or needed.

You can have Wise send your transfer via the SWIFT network for certain currencies such as USD and GBP vs their peer-to-peer network.  You can still fund the transfer the normal way (i.e., wire, ACH, debit card, etc) but the transfer actually goes out on the SWIFT system.    The  Wise fees and transfer times will be different from their normal peer-to-peer system.   And Wise does not do the currency conversion but the receiving Thai bank does.  

 

Now I'm "not" taking how your get money to Wise to fund the transfer; I'm talking about Wise sending your money via the SWIFT network just like a bank does.   To do so you set up the Wise recipient info a little differently than a normal Wise transfer recipient....it's explained in below partial quote and Wise weblink/sublinks.

 

This may ensure you always get international transfer coding regardless of Thai bank you send to since it's "really" flowing thru the SWIFT network.   But as mentioned the transfer time will be longer and a different Wise fee structure applies....plus the receiving Thai bank currency exchange rate will apply as will the receiving Thai bank typical receiving fee of 0.25% (Bt200 min, Bt500 max). 

 

So, when the SWIFT transfer dust settles considering exchange rate and fees you may not be better off than using your home country bank to directly initiate the SWIFT transfer.   But if for some reason you have a problem initiating a SWIFT transfer from your home bank but have no problem getting money to Wise to fund a transfer, then using a Wise SWIFT transfer may be to a person's advantage...like in getting international transfer coding.

 

Read below Wise webpage...and it's not only talking about funding a Wise transfer.....it's also talking how Wise can actually sending your transfer via the SWIFT network vs their peer-to-peer network where SWIFT codes are really only used to identify the receiving bank but not actually sent via SWIFT.  Be sure to read the Wise sublinks at the bottom of the article as the sublinks gives the details on sending via SWIFT.

 

https://wise.com/help/articles/2553074/paying-by-swift?origin=search-international+wire

 

 

Quote

 

Paying by SWIFT

SWIFT payments, also called international wires, are a type of international transfer sent via the SWIFT international payment network.   The SWIFT international payment network is one of the largest financial messaging systems in the world. Wise can send or receive certain currencies via SWIFT payment.

Fees for SWIFT payments

• Your bank will likely charge a fee to make a SWIFT transfer to Wise. 

• When the money is in transit, correspondent banks in between may also deduct their handling fees. Your bank should be able to advise what those would be.

• If money is sent directly to your multi-currency balance, there’s nothing extra you need to do - we’ll deposit whatever we receive into your balance.

• Try to make sure your bank will cover any fees associated with the payment so that we can receive the full amount for your transfer. This is known as an "OUR" SWIFT transfer.

Transfer times for SWIFT payments

SWIFT payments usually take 2–5 working days to reach their destination, however it is possible that they can take longer due to time differences between the sending and receiving country, or multiple intermediary banks involved with delivering your money to us.

We pay out via SWIFT when you send USD to countries outside the US, GBP to countries outside the UK, or EUR to banks that are not part of SEPA and countries outside of SEPA.

 

 

Edited October 11, 2021 by Pib

[KannikaP]

5 minutes ago, Pib said:

You can have Wise send your transfer via the SWIFT network for certain currencies such as USD and GBP vs their peer-to-peer network.  You can still fund the transfer the normal way (i.e., wire, ACH, debit card, etc) but the transfer actually goes out on the SWIFT system.    The  Wise fees and transfer times will be different from their normal peer-to-peer system.   And Wise does not do the currency conversion but the receiving Thai bank does.  

 

Now I'm "not" taking how your get money to Wise to fund the transfer; I'm talking about Wise sending your money via the SWIFT network just like a bank does.   To do so you set up the Wise recipient info a little differently than a normal Wise transfer recipient....it's explained in below partial quote and Wise weblink/sublinks.

 

This may ensure you always get international transfer coding regardless of Thai bank you send to since it's "really" flowing thru the SWIFT network.   But as mentioned the transfer time will be longer and a different Wise fee structure applies....plus the receiving Thai bank currency exchange rate will apply as will the receiving Thai bank typical receiving fee of 0.25% (Bt200 min, Bt500 max). 

 

So, when the SWIFT transfer dust settles considering exchange rate and fees you may not be better off than using your home country bank to directly initiate the SWIFT transfer.   But if for some reason you have a problem initiating a SWIFT transfer from your home bank but have no problem getting money to Wise to fund a transfer, then using a Wise SWIFT transfer may be to a person's advantage...like in getting international transfer coding.

 

Read below Wise webpage...and it's not talking about funding a Wise transfer.....it's talking Wise actually sending your transfer via the SWIFT network vs their peer-to-peer network where SWIFT codes are really only used to identify the receiving bank but not actually sent via SWIFT.  Be sure to read the Wise sublinks at the bottom of the article as the sublinks gives the details on sending via SWIFT.

 

https://wise.com/help/articles/2553074/paying-by-swift?origin=search-international+wire

 

 

 

That's great until you get to the bottom of the page from the sublink about sending GBP to other countries. Thailand IS NOT on that list.

[lexilis]

In the linked Help article Wise says that it can support doing SWIFT transfers from the US to Thailand. It says that there is uncertainty about the fees since it might go through several but says that for a fixed fee of $14 it will guarantee that the recipient receives the full amount originally transmitted. For us BBK users we may have to start doing this.

[racyrick]

1 hour ago, lexilis said:

I understood that Wise utilized three Thai banks and that they were BBK, KSK, and another one I forget. When you selected "funds for long term stay" then Wise routed those transfers to BBK only.  BBK then tagged them as FFT and everything was good. Perhaps Wise has dropped BBK as one of their local banks and are not using them anymore. Then any transfer to an account at BBK would have to come from one of the banks like KSK that Wise is now using and thus be domestic. Can anyone confirm that Wise is no longer using BKK? 

It would be greatly appreciated if you would call WISE as well to ask about our problem. The more calls they get, the better the chance we have them acknowledge and fix the problem. I have already called twice with no initial luck and waiting for a follow up email or call from them. Thanks for helping!!

[jmd8800]

I started a support email with wise a few days ago and this is the latest. I think it does shed some light on the situation. i.e that wise does flag some transactions so that they arrive in Thailand as foreign transactions.

 

Note  the none guarantee.

 

 

 

Edit: I will initiate a transaction tomorrow and see what happens.

Edited October 11, 2021 by jmd8800

[Pib]

46 minutes ago, KannikaP said:

That's great until you get to the bottom of the page from the sublink about sending GBP to other countries. Thailand IS NOT on that list.

Yea...that's why it says for certain currencies.  But if sending USD (like maybe from a person's Wise multicurrency acct) you can send USD to Thailand an a "lot" of countries....many more than trying to send GBP.

https://wise.com/help/articles/2974947/what-countries-can-i-send-usd-to

[scubascuba3]

13 minutes ago, jmd8800 said:

I started a support email with wise a few days ago and this is the latest. I think it does shed some light on the situation. i.e that wise does flag some transactions so that they arrive in Thailand as foreign transactions.

 

Note  the none guarantee.

 

 

 

Edit: I will initiate a transaction tomorrow and see what happens.

they seem to be referring to the old tag process, not the "long term stay" reason, worthwhile going back to them

[KannikaP]

3 minutes ago, scubascuba3 said:

they seem to be referring to the old tag process, not the "long term stay" reason, worthwhile going back to them

And tell them that you do not need next day delivery, it is more important that it goes via Bkk Bank as an FTT.

[jmd8800]

3 minutes ago, scubascuba3 said:

they seem to be referring to the old tag process, not the "long term stay" reason, worthwhile going back to them

It could be the 'long term stay' choice flagged that transaction for delivery to Bangkok Bank. It is entirely possible that an upgrade in the system rendered that useless. Time will tell.

[Pib]

I just did at 6pm Thailand time another low USD transfer to my Bangkok Bank acct...funded from my multicurrency balance...selected Long Stay Thailand...it did not receive Int'l Transfer/FTT coding....Wise PDF Receipt shows K-bank used as the partner bank....funds posted in 6 seconds which is 50% longer than the 4 second transfer done this morning.  Another almost instant transfer from US to Thailand.  But as mentioned I did not receive FTT coding. 

[racyrick]

30 minutes ago, jmd8800 said:

I started a support email with wise a few days ago and this is the latest. I think it does shed some light on the situation. i.e that wise does flag some transactions so that they arrive in Thailand as foreign transactions.

 

Note  the none guarantee.

 

 

 

Edit: I will initiate a transaction tomorrow and see what happens.

Many of us did ask to be tagged 2 years ago but now it is not working. We also use the long term stay option to be sure and it always worked until last Thursday for all of us whether you were tagged or not and no matter what country.

Please keep us posted on what happens tomorrow on your next transfer. Appreciate your help!

[racyrick]

8 minutes ago, Pib said:

I just did at 6pm Thailand time another low USD transfer to my Bangkok Bank acct...funded from my multicurrency balance...selected Long Stay Thailand...it did not receive Int'l Transfer/FTT coding....Wise PDF Receipt shows K-bank used as the partner bank....funds posted in 6 seconds which is 50% longer than the 4 second transfer done this morning.  Another almost instant transfer from US to Thailand.  But as mentioned I did not receive FTT coding. 

Obviously problem still exists and nothing has been done by WISE. Very scary and unsettling especially with all the complaints people said they made with WISE.

[Pib]

As mentioned in an earlier post years back I had my Wise acct tagged to use Bangkok Bank as the partner bank before Wise came out with the Long Stay Thailand reason for transfer.   And all my transfers to my Bangkok Bank acct, regardless of reason for transfer I used,  would get FTT coding as Bangkok Bank was always used as the partner bank along with my transfer always arriving around 2pm in the afternoon.

 

My wife who also has a Wise acct but never had her acct tagged like I did.  However, whenever she did a transfer (which are few and far in-between) and selected Long Stay Thailand reason for transfer her transfer would always receive FTT coding.  So, at least for her without no tagging by just using the Long Stay Thailand  reason she would get FTT coding. 

 

She don't plan to do another transfer anytime soon (last transfer was around 6 months ago) so I can't say if a current day transfer using the Long Stay Thailand reason will still get her FTT coding to her Bangkok Bank acct.  I just know I'm not getting now....but at least my last two transfers occurred within seconds versus a half day to next business day like before.  

Edited October 11, 2021 by Pib