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

[Pib]

1 minute ago, jmd8800 said:

With this good news I should open a multi currency account on my existing Wise account as backup. @Pib I remember you commenting on push versus pull with the multi currency account. Which was the better protocol? My banking is in the USA.

I prefer to push the money to my multicurrency acct, but you can also have Wise pull it for a small fee also. 

 

Usually U.S. banks do not charge anything to push or pull money (but a few of the more fee-evil ones like BOA do charge a small fee).   If letting Wise do an ACH pull then their fee to pull $2,100 would be $3.36...small, but still a fee. 

 

When I push money to Wise via ACH it arrives within one or two business days....how fast your U.S. bank pushes out ACH transfers will be a big factor in how fast the money arrives.   If a person was doing a monthly transfer from Wise to Thailand, they could setup an "automatic" ACH push for X-amount from their U.S. bank....and also setup a Wise "scheduled transfer (i.e., automatic transfer)." 

 

You can setup a reoccurring scheduled transfer buy using your muliticurrency acct balance.   Like say you automatically ACH push $2,100 from you U.S. bank to your Wise multicurrency acct say on the 7th of every month....it takes a day or two to post to Wise...and then say on the 14th of each month the scheduled (automatic) Wise transfer to Thailand occurs....it arrives in a few business days.  And then you Wise multicurrency acct balance is down to a low level.

 

And by the way, Wise sending fees are approx 30% lower when you fund a transfer from your multicurrency acct balance....basically you no longer incur their normal Bank Debit (ACH Pull) fee.

 

Yeap...activating a mulicurrency acct is a good thing....gives you more sending options and lower fees.  But keep in mind a Wise multicurrency acct does not provide any deposit insurance like the $250K FDIC deposit insurance when your money is in a U.S. bank acct.   A Wise multicurrency acct is "like" a bank acct but it's not a real bank acct.  Personally, I would only use a Wise mulicurrency acct for short term deposit of money to fund transfers but it can be used for other things like an acct for people to pay you money.   

 

 

 

[jmd8800]

12 hours ago, Pib said:

I prefer to push the money to my multicurrency acct, but you can also have Wise pull it for a small fee also. 

 

Usually U.S. banks do not charge anything to push or pull money (but a few of the more fee-evil ones like BOA do charge a small fee).   If letting Wise do an ACH pull then their fee to pull $2,100 would be $3.36...small, but still a fee. 

 

When I push money to Wise via ACH it arrives within one or two business days....how fast your U.S. bank pushes out ACH transfers will be a big factor in how fast the money arrives.   If a person was doing a monthly transfer from Wise to Thailand, they could setup an "automatic" ACH push for X-amount from their U.S. bank....and also setup a Wise "scheduled transfer (i.e., automatic transfer)." 

 

You can setup a reoccurring scheduled transfer buy using your muliticurrency acct balance.   Like say you automatically ACH push $2,100 from you U.S. bank to your Wise multicurrency acct say on the 7th of every month....it takes a day or two to post to Wise...and then say on the 14th of each month the scheduled (automatic) Wise transfer to Thailand occurs....it arrives in a few business days.  And then you Wise multicurrency acct balance is down to a low level.

 

And by the way, Wise sending fees are approx 30% lower when you fund a transfer from your multicurrency acct balance....basically you no longer incur their normal Bank Debit (ACH Pull) fee.

 

Yeap...activating a mulicurrency acct is a good thing....gives you more sending options and lower fees.  But keep in mind a Wise multicurrency acct does not provide any deposit insurance like the $250K FDIC deposit insurance when your money is in a U.S. bank acct.   A Wise multicurrency acct is "like" a bank acct but it's not a real bank acct.  Personally, I would only use a Wise mulicurrency acct for short term deposit of money to fund transfers but it can be used for other things like an acct for people to pay you money.   

 

 

 

Thanks for the info. This would be a back up plan and no I'm not likely to keep any money there.

[jmd8800]

I opened a multi currency account on Sunday night.  I hope it is multi currency it did not say so. For expediency I pulled $20 into the account. Then I transferred it to "myself" .. i.e the myself profile on file. This profile has my address in the USA. I added the Bangkok Bank NY routing number and my Bangkok Bank account number and sent the $20. Today the money arrived in Bangkok Bank marked international transfer.

 

I may switch the Bangkok Bank account listed under myself to another recipient as I can see myself screwing up and selecting the wrong account in the future.

 

Thanks for all the info this thread has provided. While both ways for me to transfer money to Thailand that satisfies Immigration use Wise, I have more choices now in case one goes south.

[Pib]

1 hour ago, jmd8800 said:

I may switch the Bangkok Bank account listed under myself to another recipient as I can see myself screwing up and selecting the wrong account in the future.

 

Each can give each recipient a Nickname which can help a ton in identifying what acct is, what it used for, etc., especially if you have a certain acct entered more than once like for a regular transfer, again for a SWIFT transfer, etc.   So maybe add an Nickname for that acct like "Bkk Bk NY Branch"....just whatever like Nickname phrase that jogs your memory.   I got nicknames on all my recipients just to help me/jog my memory as to info associated with each.

[NoshowJones]

On 10/9/2021 at 6:58 AM, pablo el sueco said:

It happened to me at 5:45 am today.  Should have posted as "International Funds Transfer".  Posted instead as "Transfer from Account at Other Bank".  Instead of the normal wait time of 24 hours or so, it posted immediately.

"Transfer from Account at Other Bank".  That's what I do all the time, and it always posts immediately. Great service.

[lopburi3]

11 minutes ago, NoshowJones said:

"Transfer from Account at Other Bank".  That's what I do all the time, and it always posts immediately. Great service.

But this is not what people who use income for long term stay require.  Speed is not the issue.

[NoshowJones]

1 minute ago, lopburi3 said:

But this is not what people who use income for long term stay require.  Speed is not the issue.

I know, I have not read through all the 34 pages so far.

[lopburi3]

2 minutes ago, NoshowJones said:

I know, I have not read through all the 34 pages so far.