Are Wise transfers still doable in 6 seconds?

[KannikaP]

1 minute ago, ClaytonSeymour said:

I have just looked & no, it’s not coded as international but, isn’t this always the case with Krungsri, who aren’t a Wise partner bank?

 

Well that’s true however, based on the original posters comments, isn’t this thread about speed of transfer, rather than meeting immigration requirements?

Yes sorry Clayton, there is another one going about the coding of transfers, and at this time of the morning my brain is not fully awake yet.

[Pib]

Wise transfer to one of my "untagged" Bangkok Bank accts this morning...posted in around 6 seconds....K-bank used as the partner bank...no international transfer coding received. 

 

Also, a minute later I initiated another transfer to one of my other Bangkok Bank accts which is "tagged" (I.e., to use Bangkok Bank as the partner bank) and it showed the transfer will take approx 7 hours to post...will post this afternoon....and I have no reason to doubt that Bangkok Bank will not be used as the partner bank and I will receive Int'l Transfer/FTT coding.

 

Both transfers funded from my multicurrency acct....selected Long Stay Thailand reason for transfer for both.

 

So, yea, it appears as long as Bangkok Bank is not used as the partner bank then transfers can still occur within seconds.

[scubascuba3]

28 minutes ago, Pib said:

Wise transfer to one of my "untagged" Bangkok Bank accts this morning...posted in around 6 seconds....K-bank used as the partner bank...no international transfer coding received. 

 

Also, a minute later I initiated another transfer to one of my other Bangkok Bank accts which is "tagged" (I.e., to use Bangkok Bank as the partner bank) and it showed the transfer will take approx 7 hours to post...will post this afternoon....and I have no reason to doubt that Bangkok Bank will not be used as the partner bank and I will receive Int'l Transfer/FTT coding.

 

Both transfers funded from my multicurrency acct....selected Long Stay Thailand reason for transfer for both.

 

So, yea, it appears as long as Bangkok Bank is not used as the partner bank then transfers can still occur within seconds.

If your account is tagged why bother with long stay reason?

[Pib]

32 minutes ago, scubascuba3 said:

If your account is tagged why bother with long stay reason?

For testing purposes...to see if selecting the Long Stay Thailand reason for transfer would cause Bangkok Bank to be used as the partner bank to result in FTT coding like the Long Stay Thailand reason "use" to do up to about 2 weeks ago like being talked in the other Asean Now Wise thread.

 

Edit: in the near future I'll do another test with the tagged acct and not choose the Long Stay reason but I feel it will still result in FTT coding.  

Edited October 19, 2021 by Pib

[ClaytonSeymour]

16 hours ago, KannikaP said:

Yes sorry Clayton, there is another one going about the coding of transfers, and at this time of the morning my brain is not fully awake yet.

I know the feeling too well.

[KannikaP]

22 hours ago, Pib said:

For testing purposes...to see if selecting the Long Stay Thailand reason for transfer would cause Bangkok Bank to be used as the partner bank to result in FTT coding like the Long Stay Thailand reason "use" to do up to about 2 weeks ago like being talked in the other Asean Now Wise thread.

 

Edit: in the near future I'll do another test with the tagged acct and not choose the Long Stay reason but I feel it will still result in FTT coding.  

I have does several 'test' transfers in the past week or so, after the rumour that transfers were not being coded as FTT at Bangkok Bank, that they were being sent via Kasikorn, which the pdf receipts from Wise confirmed. I sent GBP transfers funded from my UK bank, transfers from my Wise GBP and THB balances, and all went via Kasikornand arrived instantly . Previously on 1st Sept & Oct, I did THB to THB transfers which went to my Bangkok Bank and took until 14.02 as usual ehither the same day if set up early morning or the next day, as they have always done for over two years.

I want to know whether it is Wise who have changed the system or the Thais. I suspect the former as has been said in emails form Wises' Customer Service. Has anyone any further information

[Pib]

7 minutes ago, KannikaP said:

 

I want to know whether it is Wise who have changed the system or the Thais. I suspect the former as has been said in emails form Wises' Customer Service. Has anyone any further information

It's Wise.  If you want transfers to a Bangkok Bank recipient to receive FTT coding you will need to request Wise "tag" the recipient acct(s) to always use Bangkok Bank as the partner bank.  Include a sentence or two of why it's important to you.  Send the request by message from within your Wise acct.

 

 

[KannikaP]

Just now, Pib said:

It's Wise.  If you want transfers to a Bangkok Bank recipient to receive FTT coding you will need to request Wise "tag" the recipient acct(s) to always use Bangkok Bank as the partner bank.  Include a sentence or two of why it's important to you.  Send the request by message from within your Wise acct.

 

 

From recent Wise emails. Make of these what you will.

 

We can't guarantee exclusive routing that will show the payment as an international transfer, It’s because of how we work: when you send money with us, we use our Thai banking partners to send out your money locally. It doesn’t cross any borders, so it doesn’t show up as a foreign transaction.

 

Your primary bank account - which is the account that transfers will automatically go to is indeed with Bangkok Bank

 

I already coordinated your question to our Payments team and they mentioned that transfers sent through Bangkok Bank and Kbank will arrive as local transfers. 

 

As per our Payments team, transfers that are sent out via KBank or Bangkok Bank will arrive as local transfers. If you need a FET form, you can ask the partner bank that we paid your money out from.

 

Yes, choosing your transfer doesn't automatically mean that  your payment  will be  routed to Bangkok Bank. 

 

There's no issue on our end. Wise is not authorized by the Bank of Thailand to issue FET forms. It’s because of how we work: when you send money with us, we use our Thai banking partners to send out your money locally. Unfortunately, we cannot guarantee that  your money will be sent out through your preferred partner bank. As a resolution to this, you can always ask our partner bank for the FET form directly. 

 

Unfortunately, we cannot guarantee that the money will be sent out to your preferred partner bank. 

If you know you definitely need a FET, it’s best that you send a SWIFT transfer with your bank this time. SWIFT is a more expensive method, because it’s not a local transfer. But it does mean you’ll be able to prove that the money came from abroad.

Yes, it can be routed to Bangkok Bank. However, as mentioned in my previous email, we cannot guarantee that the money will be sent out to your preferred partner bank. There are unforeseen scenario where a certain partner might be facing a technical/liquidity issue and the system will route the payment via another available partner to ensure same day delivery.

 

We used different partner banks to process your transfer but our transfer method is still the same. You can also choose "Buying Property Abroad" or "Funds For Long Term Stay in Thailand" as transfer purpose so that it can be routed through Bangkok Bank. 









 

[Pib]

The Wise response yesterday after they notified me they had tagged the recipient acct I requested to always use Bangkok Bank as the partner bank.  Very similar to their response around 2 years ago when I had another recipient acct tagged.  Where they say below "....our team..." they mean their payments sections.

 

Quote

Thanks for your patience!

We heard back from our team, and we were able to tag your transfers to that recipient account to always be routed through Bangkok Bank.

I hope this helps. Let us know if you have any questions.

 

[WorriedNoodle]

On 10/16/2021 at 4:20 PM, WorriedNoodle said:

I think you could be on to something. Your suggestion helped me with KBank yesterday. I needed some money for wife on the day, not next Monday so changing reason for transfer fixed it on the day inside 6 seconds.  I also did the same transfer on 1-Oct using the old reason 'Long term stay in Thailand' and it went in seconds. So maybe something has changed since before 15-Oct? Will see on my next attempt at the end of month.

I asked Wise support this week about why Wise to KBank takes until next bank day to transfer funds if choosing reason to transfer as 'Long Term Stay In Thailand' whereas simply changing reason to something else enables the transfer in 6 seconds. I have tried this many times lately and found it to be so. Their reply was not helpful so I will give up for now.

 

My question:

Does Wise offer any guidance on how the “Reason For Transfer” affects the speed of transfer to Thailand please?

 

Wise reply:

The "reason for transfer" shouldn't affect the transfer speed at all. As a financial institution, we have to collect information about our customers and transfers (such as transfer purposes). This is only needed for regulatory reasons -so we have it in our database.



 

[HappyGoLuckyLife]

What's the difference between an immediate transfer vs waiting a day?

[KannikaP]

1 hour ago, HappyGoLuckyLife said:

What's the difference between an immediate transfer vs waiting a day?

An immediate transfer will arrive today, waiting a day and it will arrive tomorrow.   LOL

 

Previously, if you put 'long stay' reason, the transfer arrived next day and was coded as an International transfer, BUT NOT ANY MORE, no matter what Wise say to the contrary.

[HappyGoLuckyLife]

7 minutes ago, KannikaP said:

An immediate transfer will arrive today, waiting a day and it will arrive tomorrow.   LOL

 

LOL, I get that. I mean, what's the big deal in waiting a day for the funds?

[WorriedNoodle]

2 hours ago, HappyGoLuckyLife said:

LOL, I get that. I mean, what's the big deal in waiting a day for the funds?

How should we know what the big deal is for you? Care to enlighten us?

[userabcd]

22 hours ago, WorriedNoodle said:

I asked Wise support this week about why Wise to KBank takes until next bank day to transfer funds if choosing reason to transfer as 'Long Term Stay In Thailand' whereas simply changing reason to something else enables the transfer in 6 seconds. I have tried this many times lately and found it to be so. Their reply was not helpful so I will give up for now.

 

My question:

Does Wise offer any guidance on how the “Reason For Transfer” affects the speed of transfer to Thailand please?

 

 

 

 

Wise reply:

The "reason for transfer" shouldn't affect the transfer speed at all. As a financial institution, we have to collect information about our customers and transfers (such as transfer purposes). This is only needed for regulatory reasons -so we have it in our database.



 

Seems your enquiries have notified wise of a difference in their systems.

 

What is the problem with receiving an international transfer the next day?

[uli65]

2 hours ago, userabcd said:

Seems your enquiries have notified wise of a difference in their systems.

 

What is the problem with receiving an international transfer the next day?

when the transfer is not completed on a friday, the next receiving day is monday,

so I always very dislike to transfer on friday, any other day I do not care

[userabcd]

15 minutes ago, uli65 said:

when the transfer is not completed on a friday, the next receiving day is monday,

so I always very dislike to transfer on friday, any other day I do not care

Same here, so only arrange to transfer monday to thursday.

 

Have to watch for the many Thai holidays as well, sometimes they can be 4 day long weekends.

[Chivas]

1 hour ago, userabcd said:

Same here, so only arrange to transfer monday to thursday.

 

Have to watch for the many Thai holidays as well, sometimes they can be 4 day long weekends.

So how come the last time I did a transfer on a Saturday morning the funds were in SCB within 5 seconds (early September)

[Chivas]

Yes absolutely...instant on the last 3 transfers of which the last one was on a Saturday morning

[HappyGoLuckyLife]

10 hours ago, WorriedNoodle said:

How should we know what the big deal is for you? Care to enlighten us?

6 seconds, minutes, hours, isn't a big deal. So why the concern over the speed of the transfer?

[Gottfrid]

53 minutes ago, HappyGoLuckyLife said:

6 seconds, minutes, hours, isn't a big deal. So why the concern over the speed of the transfer?

Because most people on this forum come to retire and relax in Thailand, but still fighting for every minute. Yeah, I know it sounds crazy! I am with you, and can not for my life understand what is so important with quick transfers. I have no problem to do regular bank to bank transfers. See it much more important with safety for transactions. In that case, there is no safer than a SWIFT transfer.

Moreover, everybody needs quick transfers and use Wise. After that they need to complain over the problem with not showing the right transfers for Immigration and visa extension. You know what I say? That´s what they pay for the need to hurry with everything. ????

[WorriedNoodle]

On 10/15/2021 at 5:43 PM, Moonlover said:

The next test will be to see if it still works on weekends and public holidays. As it worked for me outside of normal working hours of both here and the UK, it just might.

I tried this yesterday outside of KBank working hours (I think same as public holidays?) and did a Wise > KBank transfer in seconds (actually 19 seconds) when I sent money at 18:55hrs Thai time. I did not choose Long Term Stay reason.