Wise Auto Conversion

[Oxx]

Just got an email from Wise announcing Auto Conversion.  (It's currently on limited access, so not everyone will have it.)  The email reads:

 

"We currently support any pairing of these currencies:  USD, CAD, GBP, EUR, AUD, JPY, CHF, NZD, SGD, MXN, HUF, NOK, SEK, DKK, PLN, CZK, RON, BGN, INR, BRL, THB, PKR, PHP, IDR"

 

Great, I though.  I can now transfer from THB to other currencies.

 

Not so fast:  you can only do so if you convert from another currency to THB first.  So, no direct adding of THB to your account and then converting.

 

So, totally useless, and a big disappointment.

[Moonlover]

1 hour ago, Oxx said:

Not so fast:  you can only do so if you convert from another currency to THB first.  So, no direct adding of THB to your account and then converting.

 

So, totally useless, and a big disappointment.

Wise cannot transfer monies out of Thailand. They are not licensed to do so, so why would anyone need to convert out of THB to another currency?

[Oxx]

34 minutes ago, Moonlover said:

why would anyone need to convert out of THB to another currency

In my case, my Thailand investments have done extraordinarily well.  I'd prefer to transfer the THB out into a more stable currency in a more stable regime.

[Bvor]

33 minutes ago, Moonlover said:

why would anyone need to convert out of THB to another currency?

in my case sale of condo, etc and leave TIT.

[lkn]

For others confused about what auto conversion is: It is limit orders.

 

For example sell 1,000 USD when price of one USD reaches 33 baht. So you get 33,000 baht or more, when the market rate offered by Wise reaches 33 THB per USD, rather than just accept the current rate.

 

Of course there is no guarantee that the rate you want is reached.

Edited January 27, 2022 by lkn