Wise Gets It Wrong Again!

[KannikaP]

Started a Bht 50k transfer at 6.30 this morning from my Wise THB account to my Bkk Bank. Arrived, as advised and as usual, at 14.04 as an International Transfer, FTT, and cost Bht 32.69. Happy bunny.

[mosan]

On 12/1/2021 at 8:34 AM, sandyf said:

And you know that how exactly? Never been a problem, you do not need to know what they are called, the piece of paper is self explanatory.

In the years that I have done marriage extensions, at no time have I ever been asked to show a bankbook. Would have been a waste of time anyway, I have consolidated entries, been using online banking since 2009. On my statements from the bank the deposit description is "Transfer in via EXIM", never been questioned.

Good for you. All Immigrations Offices and officers are not equal. Being you've been here for a while, you should know that. Amazing that people like you think that their process is exactly the same for everyone across the Kingdom. I seem you haven't learned much during your time here.

[ukrules]

On 11/25/2021 at 9:35 AM, soi3eddie said:

It's always a risk that something like this can happen.

I guess the simple solution is to never use 'Wise' until they fix it.

 

They will notice this and then perhaps do something about it if enough people stop using them.

 

[sniggie]

On 11/25/2021 at 3:14 PM, 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.

Sorry to reply after such a length of time. I am currently using Swift after having happily using Wise for all previous transfers. You talk about saving a few baht. The difference quoted for a 65000 baht transfer by Wise and the eventual cost of a Swift transfer through my money-grabbing UK bank is in excess of 40 GBP. That's around 1800 - 2000 baht.  That's hardly a 'few baht'. That's why people who use (or used) Wise are so disappointed at the recent changes.

[scubascuba3]

40 minutes ago, sniggie said:

Sorry to reply after such a length of time. I am currently using Swift after having happily using Wise for all previous transfers. You talk about saving a few baht. The difference quoted for a 65000 baht transfer by Wise and the eventual cost of a Swift transfer through my money-grabbing UK bank is in excess of 40 GBP. That's around 1800 - 2000 baht.  That's hardly a 'few baht'. That's why people who use (or used) Wise are so disappointed at the recent changes.

Wise should be ok to use now, do small test transfers

[billd766]

On 11/25/2021 at 4:12 PM, BritManToo said:

Sounds unlikely.

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

When I do a transfer with Wise, I know Wise costs, I know the forex rate I am given (much better than SWIFT rates), I know the amount in thb that I will get and when it will arrive. This is before I even complete the transfer at Wise.  I also know how much BBK charge in fees and equals zero baht, as shown on my BBK statement every month.

[hereforgood]

On 11/25/2021 at 11:28 AM, lexilis said:

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?

I have  good friend that did the above and like the OP all well till 1 month it came through Kbank despite him doing all needed to insure it was BBK. He contacted Wise and was told by the person that took his call there is no Guarantee that it will be going through BBK despite him using the long term stay option.

 

He asked to speak with a supervisor one was not available to talk his call but he was told they would return his call. They did shortly there after and the supervisor told him the exact same thing. 

[scubascuba3]

9 minutes ago, hereforgood said:

I have  good friend that did the above and like the OP all well till 1 month it came through Kbank despite him doing all needed to insure it was BBK. He contacted Wise and was told by the person that took his call there is no Guarantee that it will be going through BBK despite him using the long term stay option.

 

He asked to speak with a supervisor one was not available to talk his call but he was told they would return his call. They did shortly there after and the supervisor told him the exact same thing. 

all resolved now, search and you will find

[KannikaP]

But Eric got it correct!   LOL

[ukrules]

4 hours ago, sniggie said:

Sorry to reply after such a length of time. I am currently using Swift after having happily using Wise for all previous transfers. You talk about saving a few baht. The difference quoted for a 65000 baht transfer by Wise and the eventual cost of a Swift transfer through my money-grabbing UK bank is in excess of 40 GBP. That's around 1800 - 2000 baht.  That's hardly a 'few baht'. That's why people who use (or used) Wise are so disappointed at the recent changes.

It costs me £9.50 to do an international SWIFT transfer from Lloyds. This fee has been fixed for years now.

The problem is not with SWIFT, it's that your UK bank like to overcharge you for what should be a cheap service.

Lloyds must be making a profit on that £9.50 charge because they don't do anything for nothing.

[lopburi3]

4 minutes ago, ukrules said:

It costs me £9.50 to do an international SWIFT transfer from Lloyds. This fee has been fixed for years now.

The problem is not with SWIFT, it's that your UK bank like to overcharge you for what should be a cheap service.

Lloyds must be making a profit on that £9.50 charge because they don't do anything for nothing.

Actually cost is the 9.50 plus fee in Thailand to receive plus any exchange rate loss and possibility of intermediate bank fee if not a direct transfer.

[Chris.B]

3 hours ago, billd766 said:

When I do a transfer with Wise, I know Wise costs, I know the forex rate I am given (much better than SWIFT rates), I know the amount in thb that I will get and when it will arrive. This is before I even complete the transfer at Wise.  I also know how much BBK charge in fees and equals zero baht, as shown on my BBK statement every month.

I remember in the days before Transferwise when I use to do some Swift transfers, even the bank staff didn't know what the foreign transfer charges would be! True! ☹️

[Chris.B]

19 minutes ago, ukrules said:

It costs me £9.50 to do an international SWIFT transfer from Lloyds. This fee has been fixed for years now.

The problem is not with SWIFT, it's that your UK bank like to overcharge you for what should be a cheap service.

Lloyds must be making a profit on that £9.50 charge because they don't do anything for nothing.

You don't get it yet, do you?? Banks in the UK make money by offering a lower exchange rate.

 

Edited December 26, 2021 by Chris.B

[ukrules]

27 minutes ago, Chris.B said:

You don't get it yet, do you?? Banks in the UK make money by offering a lower exchange rate.

I don't know what you've been doing for the last decades but I've been sending my money in pounds sterling through SWIFT, it gets converted on arrival at the prevailing rate.

 

It is you who does not get it.

[ukrules]

40 minutes ago, lopburi3 said:

Actually cost is the 9.50 plus fee in Thailand to receive plus any exchange rate loss and possibility of intermediate bank fee if not a direct transfer.

If you use a 'real bank' on both sides of the transaction that have their own accounts with SWIFT then there is no 'intermediate bank'....there are no mysteries here, not all banks are equal.

 

[lopburi3]

11 minutes ago, ukrules said:

it gets converted on arrival at the prevailing rate.

Which will be less than the rate used by Wise and subject to additional fee in baht once exchange made.  For large transfers where the Wise charge is substantial this may be cost effective but for monthly living expense transfers it normally is not.

Edited December 26, 2021 by lopburi3

[sniggie]

39 minutes ago, ukrules said:

It costs me £9.50 to do an international SWIFT transfer from Lloyds. This fee has been fixed for years now.

The problem is not with SWIFT, it's that your UK bank like to overcharge you for what should be a cheap service.

Lloyds must be making a profit on that £9.50 charge because they don't do anything for nothing.

It's not the bank's actual charges.  My UK bank proudly states that they make no charges for international transfers. Then one looks more closely and finds that the bank's exchange rate is a whole baht less that that used by Wise. Then other charges, presumably from the Thailand end, are added, something that doesn't happen with Wise.

 

Next time you arrange a Swift transfer make a note of the cost of it. Then go on to the Wise site and see what they would have charged you for the same transfer. It will be much more that 9.50 GBP less. 

[ukrules]

10 minutes ago, sniggie said:

Then one looks more closely and finds that the bank's exchange rate is a whole baht less that that used by Wise.

One doesn't bother with such trivialities for the petty cash transfers.

 

[billd766]

On 12/2/2021 at 4:18 PM, mosan said:

 

Post deleted by me.

 

[billd766]

59 minutes ago, ukrules said:

I don't know what you've been doing for the last decades but I've been sending my money in pounds sterling through SWIFT, it gets converted on arrival at the prevailing rate.

 

It is you who does not get it.

I used to do that and I found that I had no idea when it would arrive in my bank account, how much I would get, what the charges would be or what forex rate I would get. After I started with Wise a couple of years ago I knew when it would arrive, how much I would get and what forex rate I would get. In addition I got a better rate than KBank offered and it was much cheaper and quicker than SWIFT.

 

So for me and probably other people Wise is a vast improvement and I see no reason to change from Wise.

Edited December 26, 2021 by billd766
Added extra text

[KannikaP]

53 minutes ago, sniggie said:

It's not the bank's actual charges.  My UK bank proudly states that they make no charges for international transfers. Then one looks more closely and finds that the bank's exchange rate is a whole baht less that that used by Wise. Then other charges, presumably from the Thailand end, are added, something that doesn't happen with Wise.

 

Next time you arrange a Swift transfer make a note of the cost of it. Then go on to the Wise site and see what they would have charged you for the same transfer. It will be much more that 9.50 GBP less. 

If GBP 9.50 is a significant amount, you should not be living here.

[GrandPapillon]

SWIFT is going to be a lot more than 10 EUR for larger transfer, banks will charge a variable fee based on amount sent. They might have a fixed charge until some limit. I think the standard fee for SWIFT is 25 USD.

 

I suspect some banks will charge a fixed fee but the actually SWIFT fees will not be "shared", but instead charged entirely to the "beneficiary" side. 

 

If you don't specify who is paying the SWIFT fee, most banks will use the "shared" code by default, but some will use the "beneficiary" code, and charge a cheap internal fee to the "sending" party.

[0james0]

On 11/24/2021 at 10:46 PM, scubascuba3 said:

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

I have an account with Bangkok Bank, does this account need to be tagged for 'long stay in Thailand' FTT?

[0james0]

On 11/24/2021 at 10:46 PM, scubascuba3 said:

 

 

Edited January 29, 2022 by 0james0

[scubascuba3]

2 hours ago, 0james0 said:

I have an account with Bangkok Bank, does this account need to be tagged for 'long stay in Thailand' FTT?

Wise made a recent change where tagging is no longer essential. To get FTT select reason for transfer long term stay or buying a property