Wise - anyone else experiences delays on money transfers from UK

[userabcd]

5 hours ago, skorts said:

I agree. I have been a customer for years and recently their service has definitely deteriorated including their customer service. 

Hardly think its because their customer service has deteriorated, some people were just fortunate that the transfers were almost instantaneous.

 

Think most were using wise because it was cheaper to transfer money.

 

Updated bank regulations probably ensure that additional checks are being made on transfers or it could be possible that somehow wise do not readily have the cash amounts available in Thailand for their local bank to bank transfers and so probably need to make a consolidated swift transfer themselves to have enough funds available to complete customer transactions and probably have to undergo swift scrutiny of those transactions as well. They are also probably managing the transfers by exchange rates and what they can profit on.

 

Waiting a few days to receive money from international sources is normal.

 

Reminder the perceived number on your bank statement and money in your bank account belongs to the bank and government until you have the cash in your hand. Hence all the scrutiny about bank transfers because the governments controls everyones money.

 

Basically wise should just do what the banks via swift do and state it will take 1 to 7 days for the money number to appear in your local account.

 

 

Edited January 11, 2022 by userabcd

[RichardColeman]

Took wise a week to transfer some money (25k baht) recently. That said, wise has never been more than a day for me otherwise, if not hours or minutes.

[skorts]

16 minutes ago, userabcd said:

Hardly think its because their customer service has deteriorated, some people were just fortunate that the transfers were almost instantaneous.

 

Think most were using wise because it was cheaper to transfer money.

 

Updated bank regulations probably ensure that additional checks are being made on transfers or it could be possible that somehow wise do not readily have the cash amounts available in Thailand for their local bank to bank transfers and so probably need to make a consolidated swift transfer themselves to have enough funds available to complete customer transactions and probably have to undergo swift scrutiny of those transactions as well. They are also probably managing the transfers by exchange rates and what they can profit on.

 

Waiting a few days to receive money from international sources is normal.

 

Reminder the perceived number on your bank statement and money in your bank account belongs to the bank and government until you have the cash in your hand. Hence all the scrutiny about bank transfers because the governments controls everyones money.

 

Basically wise should just do what the banks via swift do and state it will take 1 to 7 days for the money number to appear in your local account.

 

 

I agree with you although my reference to customer service referred to the response I got from Wise when raising it with them. I have definitely seen a deterioration in their customer support services recently. 

Wise should not state the money will arrive in your account in seconds, minutes, hours or as last time 36 mins. 
Out of interest I checked sending money using Revolut earlier today. They state the money will be in my account tomorrow. 
This is all about managing customer expectations.  
Telling customers the money will be there in 1 or 2 days is not a problem. It only becomes a problem when you are told it will takes seconds, minutes or hours and it actually takes 1 or 2 days. 
I am a long term supporter of Wise and they are cheaper than their competitors. 
I will take the view that transfers will take up to 2 banking days and if the money arrives earlier it is a bonus. 

[skorts]

As the instigator of this original post, if anyone is interested - Wise have confirmed sending transfers to a Bangkok Bank account (depending on time sent) may result in delayed receipt of funds in Thailand. 
 

This is a message I received from Wise this evening in response to asking them if transfers to SCB would arrive faster:

 

“For Bangkok Bank recipients we send through Bangkok Bank which pays out once a day in a paying out window. For SCB most of the payouts are instant. So the funds should arrive faster than to Bangkok bank.”

 

This could be the reason why my transfers to Bangkok Bank are delayed. 
 

From previous comments it seems Kasikorn Bank transfers are also instant. 
 

I will try sending transfers to my SCB bank account in future and see what happens …..

[scubascuba3]

6 hours ago, skorts said:

As the instigator of this original post, if anyone is interested - Wise have confirmed sending transfers to a Bangkok Bank account (depending on time sent) may result in delayed receipt of funds in Thailand. 
 

This is a message I received from Wise this evening in response to asking them if transfers to SCB would arrive faster:

 

“For Bangkok Bank recipients we send through Bangkok Bank which pays out once a day in a paying out window. For SCB most of the payouts are instant. So the funds should arrive faster than to Bangkok bank.”

 

This could be the reason why my transfers to Bangkok Bank are delayed. 
 

From previous comments it seems Kasikorn Bank transfers are also instant. 
 

I will try sending transfers to my SCB bank account in future and see what happens …..

That doesn't explain why your transfers can take several days which is what was mentioned in the op

[skorts]

3 hours ago, scubascuba3 said:

That doesn't explain why your transfers can take several days which is what was mentioned in the op

No it doesn’t but it does offer me the chance to use an alternative recipient bank in Thailand which might speed up the receipt of funds. Will give it a try as nothing to lose. Time will tell.

[scubascuba3]

25 minutes ago, skorts said:

No it doesn’t but it does offer me the chance to use an alternative recipient bank in Thailand which might speed up the receipt of funds. Will give it a try as nothing to lose. Time will tell.

If using Bangkok Bank and don't select reasons long term stay or buying a property it should settle near instantly unless you have your account tagged. I can't see why your account would be different

[skorts]

6 minutes ago, scubascuba3 said:

If using Bangkok Bank and don't select reasons long term stay or buying a property it should settle near instantly unless you have your account tagged. I can't see why your account would be different

Thanks, will try that too. 

[skorts]

On 1/14/2022 at 9:00 AM, scubascuba3 said:

If using Bangkok Bank and don't select reasons long term stay or buying a property it should settle near instantly unless you have your account tagged. I can't see why your account would be different

I can finally draw a line under this. 
I have just transferred the same amounts from the same U.K. bank account to SCB and Bangkok Bank using Wise within minutes of each other using “General Living Expenses” on both transfers. 
Both transfers said before I confirmed the transfer they will arrive in seconds. 
SCB transfer arrived in seconds. 
Bangkok Bank transfer after confirming said the money is taking longer to pay out. 
This proves Bangkok Bank is the issue. 
My Wise account is not tagged as both transfers would have been delayed. 
Wise told me they use three processing banks and one has a cut-off time of 9:00 a.m. Bangkok time and the other two operate 24/7. 
They did not name which bank has the 9:00 a.m. cut off but it seems to be Bangkok Bank with SCB and Kasikorn operating 24/7.

I will only send funds to my SCB account now to avoid future delays. 
I hope this feedback may help others who have experienced delays like mine but appreciate there are others who say Bangkok Bank transfers work fine for them.

[scubascuba3]

6 minutes ago, skorts said:

This proves Bangkok Bank is the issue. 
My Wise account is not tagged as both transfers would have been delayed. 

Not so, the recipient account is tagged not the Wise account, i have two accounts, my BB is tagged Kasikorn isn't. Many people don't realise their account is tagged

[skorts]

17 minutes ago, scubascuba3 said:

Not so, the recipient account is tagged not the Wise account, i have two accounts, my BB is tagged Kasikorn isn't. Many people don't realise their account is tagged

No, I didn’t know my account was tagged so thanks for flagging. 
How do you know when an account is tagged and why do they tag accounts?

Now I know my account is tagged I can avoid transferring funds needed immediately in to the tagged account. 
The question still remains regarding Wise telling me that two of their three banks process 24/7 whereas the third bank has the 9:00 a.m. cut off. 
I now have a solution that works for me so thanks for your feedback. 
 

Edited January 17, 2022 by skorts

[treetops]

6 minutes ago, skorts said:

How do you know when an account is tagged and why do they tag accounts?

It's usually at the customer's request as it was the solution to get transfers to BBL marked as international before the reason for transfer solution was introduced.

[scubascuba3]

44 minutes ago, skorts said:

No, I didn’t know my account was tagged so thanks for flagging. 
How do you know when an account is tagged and why do they tag accounts?

Now I know my account is tagged I can avoid transferring funds needed immediately in to the tagged account. 
The question still remains regarding Wise telling me that two of their three banks process 24/7 whereas the third bank has the 9:00 a.m. cut off. 
I now have a solution that works for me so thanks for your feedback. 
 

As mentioned above usually triggered by customers contacting Wise about transfers being Intl, for some people Wise have made the change by tagging but customers unaware it was set that way. If you want to know for sure you just need to ask Wise but you have to explain what the tagging does otherwise many of the employees don't understand either

[OJAS]

On 1/17/2022 at 5:08 PM, skorts said:

SCB transfer arrived in seconds. 

Were SCB also Wise's "Banking partner" for this particular transfer, as reported on the second page of their Transfer Confirmation pdf?

 

Edited January 19, 2022 by OJAS

[skorts]

4 minutes ago, OJAS said:

Were SCB also Wise's "Banking partner" for this particular transfer, as reported on the second page of their Transfer Confirmation pdf?

 

Kasikorn was “banking partner” on both of these Bangkok Bank and SCB transfers. 

[Chivas]

I find all these threads about Wise extraordinary I really do. Not the posters I might add who say they are superb which they are

All my inbound transfers for a long long time have been instant bar one that took.....2 hours

 

They are the only remitter of funds at full Interbank (absolutely let me know if you have found another) fees are very low and yesterday did another dummy transfer using the landing TT rates on the SCB website

 

At £15,000 I gave up when the bottom line was still way lower using Transferwise

 

So what if it takes 2 days (which it doesn't lol)......if guys are desperate for money that quickly than I dont think anyone would disagree if I said they should be back in their own country anyway

 

If anyone can find another remitter that sends say £5000 gross (obviously not including opening account offers) that lands in Thailand with a better bottom line than Transferwise I'll buy them a case of coolies no problem.

Edited January 22, 2022 by Chivas

[treetops]

Just experienced an unexpected (to me) delay in a Wise transfer.  My BBL account is not tagged, I selected Monthly Living Expenses as a reason and the value was over 50,000 baht (not that it should make a difference AFAIK).  From my experience and from reading of others I would have expected it almost instantly, but no - tomorrow at shortly after 2:00pm Thai time.  It was funded from a UK account Faster Payment and receipt of my transfer was acknowledged almost immediately by Wise.

 

Unlike the OP I was informed of the expected time all the way through the process.

 

Has anything changed I'm not aware of?

 

[ivor bigun]

my daughter sends money to me through wise ,it always comes when it says ,sometimes straight away sometimes a couple of days.

[scubascuba3]

8 hours ago, treetops said:

Just experienced an unexpected (to me) delay in a Wise transfer.  My BBL account is not tagged, I selected Monthly Living Expenses as a reason and the value was over 50,000 baht (not that it should make a difference AFAIK).  From my experience and from reading of others I would have expected it almost instantly, but no - tomorrow at shortly after 2:00pm Thai time.  It was funded from a UK account Faster Payment and receipt of my transfer was acknowledged almost immediately by Wise.

 

Unlike the OP I was informed of the expected time all the way through the process.

 

Has anything changed I'm not aware of?

 

Unusual, see if others report it

[treetops]

10 hours ago, scubascuba3 said:

Unusual, see if others report it

It arrived at 2:00pm and was marked as an International Transfer.  Now did I select a different reason that would force that route and marking?  Perhaps as I was hungover but pretty sure not.  As you say, lets see if others report similar.

Edited January 25, 2022 by treetops

[scubascuba3]

3 minutes ago, treetops said:

It arrived at 2:00pm and was marked as an International Transfer.  Now did I select a different reason that would force that route and marking?  Perhaps as I was hungover but pretty sure not.  As you say, lets see if others report similar.

If you aren't tagged you either selected long term stay or buying a property

[treetops]

1 minute ago, scubascuba3 said:

If you aren't tagged you either selected long term stay or buying a property

As I say, I was hungover, but pretty sure I didn't hence my surprise.  I had a look at the receipt but it doesn't mention the reason given.

 

I wondered if it's to do with the > 50,000 baht limit and a dummy booking just now seems to confirm it.

 

Below 50,000 will arrive "in seconds" above will arrive tomorrow, with the reason monthly living expenses in both cases.  The new rule about transfers must force them to use the same transfer bank as the recipient bank or something similar.

 

I hope someone else can prove or otherwise my thought process.

[KannikaP]

27 minutes ago, treetops said:

It arrived at 2:00pm and was marked as an International Transfer.  Now did I select a different reason that would force that route and marking?  Perhaps as I was hungover but pretty sure not.  As you say, lets see if others report similar.

Not a good idea to do important financial processes after a night on the razz!    LOL

[treetops]

2 minutes ago, KannikaP said:

Not a good idea to do important financial processes after a night on the razz!    LOL

I'd never get them done if I used that rule. ????

 

[scubascuba3]

36 minutes ago, treetops said:

As I say, I was hungover, but pretty sure I didn't hence my surprise.  I had a look at the receipt but it doesn't mention the reason given.

 

I wondered if it's to do with the > 50,000 baht limit and a dummy booking just now seems to confirm it.

 

Below 50,000 will arrive "in seconds" above will arrive tomorrow, with the reason monthly living expenses in both cases.  The new rule about transfers must force them to use the same transfer bank as the recipient bank or something similar.

 

I hope someone else can prove or otherwise my thought process.

I've not read anything about a 50k cut off for timing. Maybe when sober send some test transfers

[treetops]

On 1/25/2022 at 9:45 AM, scubascuba3 said:

I've not read anything about a 50k cut off for timing. Maybe when sober send some test transfers

Neither had I but repeating the dummy bookings today gives the following which seems  to confirm it.  First under 50,000 baht arriving in seconds.

 

Then over 50,000 baht arriving tomorrow.

 

I won't be needing to transfer again until next month so need other users to chime in if they get similar results to those indicated by the dummy bookings.

[KannikaP]

On 1/17/2022 at 5:08 PM, skorts said:

My Wise account is not tagged as both transfers would have been delayed. 

Is it not eachThai (Bkk ) Bank which is tagged by Wise?

[taxout]

I've also had a standard transfer that used to take less than five minutes now take hours. Clearly something is gumming up the works there and I'm looking for an alternative. Get your act together. Wise up!

[scubascuba3]

1 hour ago, taxout said:

I've also had a standard transfer that used to take less than five minutes now take hours. Clearly something is gumming up the works there and I'm looking for an alternative. Get your act together. Wise up!

Bangkok Bank 2pm settlement?

[userabcd]

7 hours ago, taxout said:

I've also had a standard transfer that used to take less than five minutes now take hours. Clearly something is gumming up the works there and I'm looking for an alternative. Get your act together. Wise up!

Have you considered that transfers taking 5 mins was quite unusual and exception to the norm of bank and money transfer checks and the time taken for transfers.

Edited February 3, 2022 by userabcd