Wise Gets It Wrong Again!

[Havenstreet1940]

I have made regular transfers throughout 2021 using Wise to transfer money to my Bank in Thailand which is Bangkok Bank.   January to September inclusive, there was a seemless transfer and all was well.  However, in October, Wise sent it to one of its other partner banks, the Kasikorn, who then did a SMMT transfer to Bangkok Bank, that was on 8 October.   I rang Wise to discuss the matter and Imight have been better advised to have talked to a 'brickwall'.    Unable to resolve the matter, I decided to make a further transfer on 29 October, but before making the transfer I called Wise and asked them to ensure that the new transfer was maede in accordnace with my instructions in that it was required for my long term stay in Thailand.  No problem was the reply.    Regretfully, the transfer was yet again made to Kasikorn who then effected an SMMT.

 

I wrote a formal complaint to Wise, and having just received their reply, seems their is nothing they can or maybe want, to do about it, and suggested I make contact with both banks, Bangkok and Kasikorn, to resolve the problem.

 

Bangkok Bank say 'sorry cannot help' and Kasikorn also say that and added that as I do not have an account with them, they are unable to trace the two transfers.  

 

I made the November transfer on 13 November and it was an FTT to Bangkok Bank.

 

Any suggestions how I might resolve the October issues.

 

My contacts with Bangkok and Kasikorn Banks were made at local level and NOT at their respective HQs.

 

[soi3eddie]

It's always a risk that something like this can happen. Things change. I wouldn't take a chance and it's for this reason that I (and many others) simply keep 800k THB untouched in a Thai account as part of cost of being able to secure extensions of stay and reside here. Hope it works out for you.

 

[theoldgit]

There's already a, very, long running thread on this problem https://aseannow.com/topic/1234763-wise-transfers-not-being-processed-as-international-specifically-bangkok-bank/page/34/?tab=comments#comment-17000368

 

With the help of a senior, and very helpful, bank employee I received this advice from Bangkok Banks senior management, which they asked me to share, it was actully posted in the depths of the long running thread, but it may be of help and negate the need plough through all 34 pages.

 

Have you asked Wise to tag your account to ensure that transfers through BKK Bangkok Bank, they still don't guarantee it 100% though?

Guideline for obtaining a Confirmation Letter of Int. Funds Transfer (1).docx

[Stocky]

If you absolutely need proof of an international transfer best to use SWIFT. Wise is a P2P banking, your money doesn't leave your home country. Wise just matches the amount with a partner bank in the destination country looking to make a transfer the in the other direction. Wise's partner bank makes a domestic transfer.

[KhunBENQ]

All I can contribute:

all transfers done to Bangkok Bank account, specified at WISE as expense for long term stay.

Always shown as international transfer at Bangkok Bank (FTT).

 

A separate topic is whether immigration will accept the transfer statements (downloadable PDF) from WISE as proof of international transfer.

 

[lexilis]

As those of us who suffered through through the 35 page thread on this topic can attest, there are two key pieces of information that are needed: 1. did you select "funds for long-term stay" as the reason?, and 2. have you instructed Wise to "tag" your account to Bangkok Bank?

[Havenstreet1940]

Yes and Yes.

[racyrick]

45 minutes ago, Havenstreet1940 said:

Yes and Yes.

That's why your latest transfer came thru directly to Bangkok Bank and you got the FTT coding.

[scubascuba3]

Once the account is tagged it will work fine, planning ahead required

[86Tiger]

 

 

In everything there is the exception.  And sympathies to all who have problems in any endeavor in this life.

 

 

However, Wise has worked flawlessly for me since the big dust up couple years back.  I can not give a higher recommendation.

 

 

YMMV

[JustAnotherHun]

I always wonder why people use Wise. Is it for saving a few THB?

Otherwise just transfer from the bank of your home country directly and never have a problem.

[lopburi3]

3 hours ago, lexilis said:

As those of us who suffered through through the 35 page thread on this topic can attest, there are two key pieces of information that are needed: 1. did you select "funds for long-term stay" as the reason?, and 2. have you instructed Wise to "tag" your account to Bangkok Bank?

Funds for long-term stay is what currently does not work - you must have your Bangkok Bank account tagged to use Bangkok Bank transfer account.

[GrandPapillon]

could WISE be "under review" with calling "international transfer" what is actually a "local transfer"?

 

There seems to be a lot of changes last October for international transfers and international banking, and compliance at WISE are probably under pressure to change things before they are accused of "mislabeling" transfers for compliance reasons.

[GrandPapillon]

7 minutes ago, JustAnotherHun said:

I always wonder why people use Wise. Is it for saving a few THB?

Otherwise just transfer from the bank of your home country directly and never have a problem.

it's usually very fast, sometimes a few seconds, and the exchange rate is known before the transfer, and it's also cheap

 

I usually use my credit card,

 

WISE is a smart business, they have identified 3 problems that "expats" were facing and provided the answer to them,

 

even though it wasn't probably not easy as a business to put in place with all the compliance burden

Edited November 25, 2021 by GrandPapillon

[Stocky]

3 minutes ago, JustAnotherHun said:

I always wonder why people use Wise. Is it for saving a few THB?

Otherwise just transfer from the bank of your home country directly and never have a problem.

Wise is significantly easier than using the banks, either from my UK or Singapore accounts. Wise tells me exactly how much I will get. Using the banks I'm invariable at the mercy of 'intermediary' bank charges that can appear weeks after the event, and then you never exactly know what exchange rate you'll get when the money arrives.

 

I don't need foreign transaction tagging, I just send money to cover living costs, so Wise is never an issue and just so, so convenient. 

[lopburi3]

1 minute ago, JustAnotherHun said:

I always wonder why people use Wise. Is it for saving a few THB?

Otherwise just transfer from the bank of your home country directly and never have a problem.

Actually it is a major issue doing SWIFT transfers from home country banks for some.  First they want to send baht as they make more money.  Or they want us to appear in person.  Or they change procedures and need personal visit to confirm or home country phone.  Or they use intermediate banks at high fees, in addition to their own fee.   

 

Yes SWIFT works for some but it can also be a nightmare for some others.  Wise is generally a good option that understands international banking.  

[scubascuba3]

22 minutes ago, 86Tiger said:

 

 

In everything there is the exception.  And sympathies to all who have problems in any endeavor in this life.

 

 

However, Wise has worked flawlessly for me since the big dust up couple years back.  I can not give a higher recommendation.

 

 

YMMV

you don't seem aware of the problem, may impact you soon

[86Tiger]

8 minutes ago, GrandPapillon said:

it's usually very fast, sometimes a few seconds, and the exchange rate is known before the transfer, and it's also cheap

 

I usually use my credit card,

 

WISE is a smart business, they have identified 3 problems that "expats" were facing and provided the answer to them,

 

even though it wasn't probably not easy as a business to put in place with all the compliance burden

 

 

Wise transfers are great but another option they provide is a Master Card debit card.  I can load my account with USD and their card will make transaction in any local currency while never charge fees, and no ATM fees (though the ATM owner will always take a nip).  It is so cool to make airport purchases for example and not be left with pocket full of local currency in change I will never use.  The card will operate as debit card or credit card so no pin required and can be used for internet purchases.

 

I like the transfers but I have really been impressed with the debit card.

 

YMMV

[JustAnotherHun]

14 minutes ago, Stocky said:

Wise is significantly easier than using the banks, either from my UK or Singapore accounts. Wise tells me exactly how much I will get. Using the banks I'm invariable at the mercy of 'intermediary' bank charges that can appear weeks after the event, and then you never exactly know what exchange rate you'll get when the money arrives.

 

I don't need foreign transaction tagging, I just send money to cover living costs, so Wise is never an issue and just so, so convenient. 

Might be different in your country.

My German bank takes 0.23 percent, no further fees from BKK Bank and the exchange rate is the noon fixing of the same day. Transfer takes one day to be booked in may Thai account.

[Havenstreet1940]

I have just come off the phone after speaking with a very helpful lady at Wise and I am better informed now.

 

Seems that at some point Wise changed the manner in which transfers were made.   Prior to the change the client sent GBP to their (Wise) UK Account and they (Wise) transferred the money from the UK to the clients Thai bank.   However, the current manner is that we still send GBP to them but the Thai Baht we received comes from one of their partner banks in Thailand.   Apparently they will aways try to take money from the Bangkok Bank but sometimes that may not be possible and that being the case, it is a local transfer.  Tagging an account 'Bangkok Bank' will not necessarily mean that the money will come from that bank.

 

Simple answer is don't risk it and have 400K THB in the bank for the rquired time.  Is it 2 or 3 months,, I'm not sure.

[clivebaxter]

50 minutes ago, JustAnotherHun said:

I always wonder why people use Wise. Is it for saving a few THB?

Otherwise just transfer from the bank of your home country directly and never have a problem.

I would never go back to swift from my bank in UK. Never know when it will arrive, not sure how much and it started to go through HSBC an intermediate bank with more charges. Once the bank here charged for the transfer when it had already been paid by the sending bank and another time hung onto a large amount until the rate went down claiming they had to put it in a holding account. Had the rate gone the other way of course it would have been different, as they pulled that one before as well. Wise took all those problems away.

[BritManToo]

34 minutes ago, JustAnotherHun said:

Might be different in your country.

My German bank takes 0.23 percent, no further fees from BKK Bank and the exchange rate is the noon fixing of the same day. Transfer takes one day to be booked in may Thai account.

Sounds unlikely.

More like BKB deduct 500bht without telling you and you haven't noticed.

[bbko]

6 hours ago, Havenstreet1940 said:

Any suggestions how I might resolve the October issues.

 

My contacts with Bangkok and Kasikorn Banks were made at local level and NOT at their respective HQs.

To get FTT paperwork for the October transfers you need to go to a Kasikorn International Trade Center (see the link), go there with your passport, a printout of the Wise transfer details/PDF receipt, and I think your Bangkok Bank book/information.  Kasikorn's International Trade Center will charge you 200b for a letter showing the money came from overseas and will pass Immigration's requirement.  A regular Kasikorn bank branch won't understand what's you're talking about and will say "sorry, can not do".

 

https://kasikornbank.com/en/branch/Pages/result.aspx?q=dummy&option=6&lat=12.910592&lng=100.9319936

 

 

Edited November 25, 2021 by bbko

[BritManToo]

47 minutes ago, scubascuba3 said:

you don't seem aware of the problem, may impact you soon

It hit me for the first time at the start of this month.

[scubascuba3]

14 minutes ago, BritManToo said:

It hit me for the first time at the start of this month.

It seems to be working fine once the account is tagged, the bleating from people on Facebook has died away

[lopburi3]

49 minutes ago, Havenstreet1940 said:

I have just come off the phone after speaking with a very helpful lady at Wise and I am better informed now.

 

Seems that at some point Wise changed the manner in which transfers were made.   Prior to the change the client sent GBP to their (Wise) UK Account and they (Wise) transferred the money from the UK to the clients Thai bank.   However, the current manner is that we still send GBP to them but the Thai Baht we received comes from one of their partner banks in Thailand.   Apparently they will aways try to take money from the Bangkok Bank but sometimes that may not be possible and that being the case, it is a local transfer.  Tagging an account 'Bangkok Bank' will not necessarily mean that the money will come from that bank.

 

Simple answer is don't risk it and have 400K THB in the bank for the rquired time.  Is it 2 or 3 months,, I'm not sure.

Sorry but that is flat out wrong - Transferwise (now Wise) has been using local currency accounts for years.  Tagging will in almost all situations result in using Bangkok Bank payment channel (but of course is not guaranteed).  

 

Most of us are using for retirement extensions which is 400k in bank all year and 800k required for 5 months.  

 

There is no risk - you can still prove funds came from outside Thailand (as in 3 posts above or even Wise PDF) - but may require extra work so understand some will indeed use bank account rather than face that potential issue.  

[Havenstreet1940]

2 minutes ago, lopburi3 said:

Sorry but that is flat out wrong - Transferwise (now Wise) has been using local currency accounts for years.  Tagging will in almost all situations result in using Bangkok Bank payment channel (but of course is not guaranteed).  

 

Most of us are using for retirement extensions which is 400k in bank all year and 800k required for 5 months.  

 

There is no risk - you can still prove funds came from outside Thailand (as in 3 posts above or even Wise PDF) - but may require extra work so understand some will indeed use bank account rather than face that potential issue.  

Whatever you say but don't shoot the messenger!

[JustAnotherHun]

51 minutes ago, BritManToo said:

Sounds unlikely.

More like BKB deduct 500bht without telling you and you haven't noticed.

Might be. I checked the booked amount a couple of times with the fixing rate of the day and it was ok. But that was many years ago. If they charged now, I wouldn't notice, I guess.

For me SWIFT is comfortable. I can order the transfer by a phone call. But Wise - if it works -  may be an option for those in other countries (GB?) having problems with SWIFT.

[Stocky]

1 hour ago, JustAnotherHun said:

Might be different in your country.

It certainly is.

 

Clearly your marvellous German banking system has blinded you to the fact that other countries are far less transparent when it comes to international money transfers - lucky you.

 

It's the transparency of Wise transactions that are the appeal to me; that I end up with more money is a bonus.

[lopburi3]

14 minutes ago, Havenstreet1940 said:

Whatever you say but don't shoot the messenger!

No shots fired.  ????  But often those we talk with only have part of the story and just as often two will have three stories.   For a time 'long stay in Thailand' was working to route money but now seems only tag of destination account seems to reliably result it FTT.