Wise - Transfer Limits To Thailand Effective 7th January 2022

[pagallim]

Looking at the current transfer rates in my account, and noted this message.   I'm SCB so apparently not affected.   I guess those most affected will be those who do the monthly income method for their retirement extensions and are not using the three detailed banks (though I guess multiple transfers would suffice).

 

 

Edited January 6, 2022 by pagallim

[Gsxrnz]

Wow!!  That's surprising but seems to agree with other posts in recent weeks regarding a 50K max.

 

What I don't understand is, if it is regulatory changes in Thailand then the regs would apply to all banks and present the same issues to them all, but being Thailand, I guess it's how each bank interprets the regulation.

 

These three banks must be interpreting the new regulations differently than the other banks to allow 50K+ transactions.  So is this a hiatus and eventually all banks will have to max out at 50K?  Or will the other banks re-interpret the regulation and permit 50K+ transactions again?

 

I'm with K Bank so OK for the moment.  It should be interesting to see how it all unfolds.

[RichardColeman]

Thailand don't arf make some nonsense up without thinking about the implications of it

[lkn]

1 hour ago, Gsxrnz said:

What I don't understand is, if it is regulatory changes in Thailand then the regs would apply to all banks and present the same issues to them all, but being Thailand, I guess it's how each bank interprets the regulation.

My former (European) bank terminated our relationship because new regulation made it too much of a hassle for them to deal with business customers, it was a smaller bank, so they decided that going forward, they would only serve customers with personal accounts.

 

So it might also be something like that, i.e. only “the big ones” are willing to spend the necessary resources to comply with new regulation, which presumably involve “costly” screening of money above 50,000 baht entering the country.

 

Edit: Although in this case, the money is sent from Wise, so one would think it falls upon Wise to do this AML/KYC screening. This is indeed a bit strange.

Edited January 6, 2022 by lkn

[lungbing]

When I transferred my pensions here a couple of days ago from HSBC UK there was a new notice on the page saying that that I could only transfer 50,000 GBP per day.  (I should be so lucky!)

[Caldera]

3 hours ago, Gsxrnz said:

These three banks must be interpreting the new regulations differently than the other banks to allow 50K+ transactions.

I think the difference is that Wise is working directly with those 3 banks. Maybe the regulatory change they mention is about one bank forwarding a transfer to another bank on behalf of a 3rd party.

 

Their announcement could have been a lot clearer, by citing the actual regulation! It's incredibly vague.

[treetops]

I know this is an old thread, but it seems there's now an upper limit for the 3 banks which were previously unaffected.

 

[sammieuk1]

Snail exchange I have recently found for transfers over 50k to any bank instant for under ????

[treetops]

4 minutes ago, sammieuk1 said:

Snail exchange I have recently found for transfers over 50k to any bank instant for under ????

Yes, up to 49,999 baht instantaneously, 50,000 and over next day to my BBL account.  Been like this for a while.