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(Transfer) WISE problems....


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2 minutes ago, lopburi3 said:

Did it really say that?  Transferwise ceased being the name long ago.  It is Wise now.  Did someone really use "Transferwise" as the name in a receipt?

 

 

I organized a transfer thru Wise in Oz yesterday and the money will arrive in my Thai account at 1400 today. The receipt for the transfer which I received this morning does say (in the business details at the bottom of the 2nd page) 'TransferWise Ltd' and 'TransferWise Australia Pty Ltd'.

 

Obviously the new 'Wise' name is just a 'trading as' name, not the official or registered name of the company. At least in the case of Oz.

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3 minutes ago, RafPinto said:

I just I did send money through Wise to pay International school fees and it was at school's account in secondes.

 

Difficult to figure out how Wise works.

Most transfers as in seconds if funded and not to tagged Bangkok Bank account (which is only at about 1400 each day).

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1 hour ago, lopburi3 said:

Most transfers as in seconds if funded and not to tagged Bangkok Bank account (which is only at about 1400 each day).

I sent yesterday money and it will arrive on Friday.

Sent before yesteday and it arrived straight away. This one I wanted to take 1 day as usually for my monthly transfer for immigration.

Sent today and straight in schools account.

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5 minutes ago, lopburi3 said:

Total nonsense.

 

Your opinion. I won't detail because you do not deserve it, but their process suxx and as soon as there is anything a bit different, it fails.

They needed 3 weeks to be able to transfer me the money that was already in their account !!!

Then keep thinking as a champion who knows everything until life proves you different...

 

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2 hours ago, lopburi3 said:

Did it really say that?  Transferwise ceased being the name long ago.  It is Wise now.  Did someone really use "Transferwise" as the name in a receipt?

 

 

Kbank did last week 27nov credit advice doc

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Back to OP original problem:  Bank of America has evidently made changes.

 

I have had BofA visa card for over 30 years.  Used it extensively and exclusively overseas since 2004.  There would occasionally be a problem that could be resolved with simple phone call.  As I was overseas, they had given me a number a real person would answer that could fix whatever issue I had in couple minutes.  It had been dream service for many years.

 

As of May that number no longer rings a real person.  It goes to the recorded menu he!! of every other customer service number.  And of course, the person that eventually does answer the phone reads from script because every single one goes through the exact same steps.  Needless to say I can no longer get issues resolved in couple minutes.  As matter of fact my card has been locked since July.  I must go to a BofA branch with 2 forms of ID in order to get it unlocked.  They will not even discuss it any further.

 

So, I haven't been to US in over 2 years, don't have any idea when I will be back and there are no branches outside of US.  That card {may as well say that bank} is absolutely useless.

 

 

Moral of the story:  Get away from all the mega banks where you are nothing but another account number.  Use a small bank that wants your business.  Get to know the people that work there.  Send them Christmas gifts so they remember you.  Establish a relationship with small bank and you can do anything you need with a phone call.

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3 hours ago, mavi said:

 

Your opinion. I won't detail because you do not deserve it, but their process suxx and as soon as there is anything a bit different, it fails.

They needed 3 weeks to be able to transfer me the money that was already in their account !!!

Then keep thinking as a champion who knows everything until life proves you different...

 

And my transfer started yesterday morning at 06.30, arrived as an FTT in my Bangkok Bank at 14.02 as usual.

I would suggest there is something wrong on your bank or Wise account.

Edited by KannikaP
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On 12/1/2021 at 12:59 AM, pgrahmm said:

Does texting/sms - them to you work? For the OTC?

Yes, It seems that almost all my online accounts require double security now. It does support the 3 digit sms that I know some text services do not support.

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22 hours ago, KannikaP said:

And my transfer started yesterday morning at 06.30, arrived as an FTT in my Bangkok Bank at 14.02 as usual.

I would suggest there is something wrong on your bank or Wise account.

I have been using transferwise (wise) for years. I never had a problem until my transfer I sent yesterday from my Australian bank to my thai UOB account. It's been over 2 days now and I'm no closer to getting my money. Today, transferwise is saying a transfer sent today won't be paid out until 7 dec

Screenshot_20211203-143618_Wise.jpg

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47 minutes ago, johnno2 said:

I have been using transferwise (wise) for years. I never had a problem until my transfer I sent yesterday from my Australian bank to my thai UOB account. It's been over 2 days now and I'm no closer to getting my money. Today, transferwise is saying a transfer sent today won't be paid out until 7 dec

Screenshot_20211203-143618_Wise.jpg

Update, finally got my money just now, transfer took over 2 days. I emailed, used their chat facility, rang "australia WISE", (I think it's just a call centre) and their UK call centre. Just for a laugh, I went back to the WISE app and set up another transfer and the transfer time was "in seconds". The transfer I set up on Wednesday said 6 hours which changed to 18 hours after I funded it. Something very weird is going on with WISE

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  • 1 month later...

Time to make the monthly  WISE transfer. Went to the app and set it up, was advised it would be a "next day" transfer, 6 Jan. I can live with that. Went to my oz bank webpage and transferred the money to WISE as normal. Go back to the WISE app and notify them the money has been transferred and then the payment date changes to a 2 day transfer, I can't live with that. I ring the call centre, "oh yes, that first notification is just an estimate." Ummm no, that used to be the time the transfer will be completed by. I have had many previous transfers that were completed in seconds. I bank locally with UOB. Have for years without previous problems. Don't know if they are now the problem, I would appreciate hearing if anyone is having similar WISE transaction time problems. 

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  • 4 months later...

I usually use Halifax to transfer money to my Thai Bank and its about £9.95 standard fee for any amount but Wise is cheaper if your only sending £1000 but when you send about £2000 upwards it tends to charge more last time it was £16 but then Wise is super quick if you need cash quick

Is this what other people are finding as larger amounts are much cheaper using a bank even though Wise say i saved up to £72 total bs

 

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6 minutes ago, kwak250 said:

I usually use Halifax to transfer money to my Thai Bank and its about £9.95 standard fee for any amount but Wise is cheaper if your only sending £1000 but when you send about £2000 upwards it tends to charge more last time it was £16 but then Wise is super quick if you need cash quick

Is this what other people are finding as larger amounts are much cheaper using a bank even though Wise say i saved up to £72 total bs

 

True if:

You send foreign currency for exchange in Thailand rather than using normal very bad baht rate in home country.

 

Remember Wise exchange rate is normally higher than bank rate - there is no fee at Thai bank (other deposits attract 1/4 percent in range 200-500 baht normally) - there is no intermediate bank fee.  So actual break even point may be a bit higher than it first appears - but yes larger amounts are often best to send direct SWIFT.

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1 hour ago, kwak250 said:

I usually use Halifax to transfer money to my Thai Bank and its about £9.95 standard fee for any amount but Wise is cheaper if your only sending £1000 but when you send about £2000 upwards it tends to charge more last time it was £16 but then Wise is super quick if you need cash quick

Is this what other people are finding as larger amounts are much cheaper using a bank even though Wise say i saved up to £72 total bs

 

A SWIFT transfer is a fixed price from the sending bank, be it £1 or £100,000. Wise's charges are a percentage of what you send. And you are correct, there comes a point where the SWIFT is cheaper.

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12 hours ago, kwak250 said:

I usually use Halifax to transfer money to my Thai Bank and its about £9.95 standard fee for any amount but Wise is cheaper if your only sending £1000 but when you send about £2000 upwards it tends to charge more last time it was £16 but then Wise is super quick if you need cash quick

Is this what other people are finding as larger amounts are much cheaper using a bank even though Wise say i saved up to £72 total bs

 

Did you let Halifax do the currency exchange and have THB deposited in your Thai bank or did you send GBP and let the Thai bank do the exchange.  Either way there will be other costs over and above the £9.95 fee you mentioned.

 

There will likely be a point where Halifax will be cheaper, but I'm pretty sure it's a lot higher then £2,000.

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13 hours ago, treetops said:

Did you let Halifax do the currency exchange and have THB deposited in your Thai bank or did you send GBP and let the Thai bank do the exchange.  Either way there will be other costs over and above the £9.95 fee you mentioned.

 

There will likely be a point where Halifax will be cheaper, but I'm pretty sure it's a lot higher then £2,000.

The most Wise can do in a single landing transcation is 2 million baht so lets use £45,000 as a direct comparison

 

Now that gives a real time landing amount of 1,928,555 which includes the £233.58 fee....sounds high at first impression I agree

 

Now lets assume its my own bank SCB thats used for landing and we'll use that Halifax example of £10 to send no matter what the amount and maximum landing fee of 500 Baht (call it £12)  so in total £22 of fees

 

Remember with Wise there is no landing fee

 

If we go to SCB website and look for Telegraphic Transfer rate its 42.66625 thats close of business last night so direct comaprison with Wise's

 

Multiply the £44,978 (remember we've got £22 of fees) by 42.66625 and that equates to a landing of 1,919,042 Baht some 9,000 baht less than using Wise despite their fee of £233.58 as opposed to Halifax £10

 

Simple reason

Wise is using full interbank at 43.08

SCB/Halifax are using 42.66625 as standard TT rate always but always less than full interbank

 

So when you crunch the numbers (at £45,000) Wise still comes out about the equivalent of £200 better off on the bottom line

 

Its all about what lands in the receiving account not the fees

 

99.9% of all transfers most of us would do here on regular basis will be less that £45,000 as well

 

WISE WISE WISE every time

Edited by Chivas
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On 5/27/2022 at 7:34 AM, KannikaP said:

A SWIFT transfer is a fixed price from the sending bank, be it £1 or £100,000. Wise's charges are a percentage of what you send. And you are correct, there comes a point where the SWIFT is cheaper.

I refer you to the above post.....

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23 minutes ago, Chivas said:

The most Wise can do in a single landing transcation is 2 million baht so lets use £45,000 as a direct comparison

 

Now that gives a real time landing amount of 1,928,555 which includes the £233.58 fee....sounds high at first impression I agree

 

Now lets assume its my own bank SCB thats used for landing and we'll use that Halifax example of £10 to send no matter what the amount and maximum landing fee of 500 Baht (call it £12)  so in total £22 of fees

 

Remember with Wise there is no landing fee

 

If we go to SCB website and look for Telegraphic Transfer rate its 42.66625 thats close of business last night so direct comaprison with Wise's

 

Multiply the £44,978 (remember we've got £22 of fees) by 42.66625 and that equates to a landing of 1,919,042 Baht some 9,000 baht less than using Wise despite their fee of £233.58 as opposed to Halifax £10

 

Simple reason

Wise is using full interbank at 43.08

SCB/Halifax are using 42.66625 as standard TT rate always but always less than full interbank

 

So when you crunch the numbers (at £45,000) Wise still comes out about the equivalent of £200 better off on the bottom line

 

Its all about what lands in the receiving account not the fees

 

99.9% of all transfers most of us would do here on regular basis will be less that £45,000 as well

 

WISE WISE WISE every time

you can't accurately compare as exchange rates are on different days, usually a few days apart. Thing is chivas won't understand that

Edited by scubascuba3
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On 5/27/2022 at 1:34 PM, KannikaP said:

And you are correct, there comes a point where the SWIFT is cheaper.

Depends on the currency you are transferring.

I've run the numbers for both GBP and SGD - and Wise wins regardless the amount being transferred because of the difference in the x-rates offered. But for USD, yes there is a cut-off at 10k, above which SWIFT is cheaper; this time because the margin on USD x-rates gives Wise less advantage over the banks.

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1 hour ago, scubascuba3 said:

you can't accurately compare as exchange rates are on different days, usually a few days apart. Thing is chivas won't understand that

lol fella after 38 years in finance I think I know what I'm talking about

Now because you need educating sadly (yet again) of course its hard to give an absolute hard guarantee but the only way you can take a reasonable impression of the bottom line is to use the Live TT rate on any given day and time and compare it to Wise

 

Do it on Monday at 12 noon and report back.....

 

Of course using Swift it could be even worse should the TT rate decline in the interim although of course it could improve as well

 

TT rates are live when they're updated in real time and as we know Wise is live 24/7....thats the only comparison you can make

 

You're splitting hairs and you know it only too well

 

Out.....

 

 

Edited by Chivas
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On 12/1/2021 at 12:06 PM, pgrahmm said:

Wise cost about $27.00 - direct banking app bank to bank transfer $90.00....

Ok, I see the problem here - you need a new bank and almost certainly a working mobile phone number back in your origin country / countries.

Edited by ukrules
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26 minutes ago, Chivas said:

lol fella after 38 years in finance I think I know what I'm talking about

Now because you need educating sadly (yet again) of course its hard to give an absolute hard guarantee but the only way you can take a reasonable impression of the bottom line is to use the Live TT rate on any given day and time and compare it to Wise

 

Do it on Monday at 12 noon and report back.....

 

Of course using Swift it could be even worse should the TT rate decline in the interim although of course it could improve as well

 

TT rates are live when they're updated in real time and as we know Wise is live 24/7....thats the only comparison you can make

 

You're splitting hairs and you know it only too well

 

Out.....

 

 

Glad you agree, your example was flawed, different exchange rates different days, can only compare Wise Vs day swift would settle and that comparison will change everytime 

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1 hour ago, Chivas said:

lol fella after 38 years in finance I think I know what I'm talking about

Now because you need educating sadly (yet again) of course its hard to give an absolute hard guarantee but the only way you can take a reasonable impression of the bottom line is to use the Live TT rate on any given day and time and compare it to Wise

 

Do it on Monday at 12 noon and report back.....

 

Of course using Swift it could be even worse should the TT rate decline in the interim although of course it could improve as well

 

TT rates are live when they're updated in real time and as we know Wise is live 24/7....thats the only comparison you can make

 

You're splitting hairs and you know it only too well

 

Out.....

 

 

All that really matters is how much you finally get for your transfer, disregarding any charges, fees, exchange rates, time of day, years in the finance 'business' or the price of bacon! 555

So the only way to determine the best way is to do two simultaneous transfers, one with Wise and the other via Swift and see which comes out best. 

Edited by KannikaP
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