Wise - 5 days and still not received money.

[OneeyedJohn]

On Friday I transferred £7000 from HSBC UK to Wise for transfer to my SCB baht account here in Thailand, but as of today the money has still not arrived. All I see in Wise is 

Your money's taking longer to pay out

Sorry for the wait — we need a bit more time to process your transfer. We'll keep you posted.

Should I be concerned?

Is there a maximum that SCB allow to be transferred, I have only done multiple transfers before nothing higher than £3000. All were OK.

 

So this is unusual.

[phetphet]

It might be a money laundering check , seeing as you are sending £7000.

They admit its taking longer than normal, so I wouldn't be too concerned yet.

 

There was a report recently that only certain Thai banks can send larger amounts. than THB50,000. Bangkok Bank was one. I can't remember the other. Maybe other posters can provide more info.

Edited May 10, 2022 by phetphet

[LarrySR]

Did a test transfer to WISE last October $200 to Krungsri Bank. Completed in a few minutes.

 

Next transfer in January to Krungsri Bank $25,000 and they insisted on verifying my address and ID. Needed to see passport, and selfie photo along with an envelope addressed to my residence such as bank statement or utility bill. Took about 5 days. 

 

Soon after I read they are restricting transfer to 50,000BT unless I use Bangkok Bank or another bank I don't recall that name. Might have been SCB?

Last month transferred $20,000 to Bangkok Bank and it took around 4 days.

Noted in the bankbook FTT.

 

Seems they are going thru some changes in their procedures or Thai regulators are making them jump thru some hoops.

 

Edited May 10, 2022 by LarrySR

[Chris.B]

What reason did you give for the transfer?

 

[Chris.B]

1 minute ago, LarrySR said:

Did a test transfer to WISE last October $200 to Krungsri Bank. Completed in a few minutes.

 

Next transfer in January to Krungsri Bank $25,000 and they insisted on verifying my address and ID. Needed to see passport, and selfie photo along with an envelope addressed to my residence such as bank statement or utility bill. Took about 5 days. 

 

Soon after they I read they are restricting transfer to 50,000BT unless I use Bangkok Bank or another bank I don't recall that name. 

Last month transferred $20,000 to Bangkok Bank and it took around 4 days.

Noted in the bankbook FTT.

 

Seems they are going thru some changes in their procedures or Thai regulators are making them jump thru some hoops.

 

I understand there is no restrictions if using Bangkok, Kasikorn or SCB banks.

 

[OneeyedJohn]

I always select long term stay in Thailand, not that it makes any difference. Anyway the Thai law regarding transfers happened January 7th, and it only permits transfers of 50,000 + to Kasikorn, Bangkok and SCB.

I transferred £3000 on the 11th January - no problem.

Edited May 10, 2022 by OneeyedJohn

[CharlieH]

MOVED to BANKING .

[Chris.B]

7 minutes ago, OneeyedJohn said:

I always select long term stay in Thailand, not that it makes any difference. 

Selecting long term stay in Thailand does delay transfers to the following day usually. If you choose another reason, transfers should be fast.

 

[Chris.B]

If you did the transfer late on the Friday, it might have had to wait until Monday.

 

If you don't receive it tomorrow, then phone them direct.

 

[OneeyedJohn]

Yeah, the message once I transferred from HSBC was have received ur, it will be paid out on Monday and I will receive it on Tuesday. I was fine with that.

How do I phone them?

 

Is this the number +44 20 3695 0999 · Customer Service UK and is it free?

 

 

Edited May 10, 2022 by OneeyedJohn

[scubascuba3]

will be just additional checks, just be patient it will turn up

[userabcd]

Why need to be concerned?

 

Does the originating bank account reflect that the money has been transferred out of the account already and there are no holds on it by the originating bank.

 

Probably their (wise) algorithm has detected a transfer out of your usual max transfers and wise are now making additional checks.

Edited May 10, 2022 by userabcd

[Digitalbanana]

2 hours ago, OneeyedJohn said:

I always select long term stay in Thailand, not that it makes any difference.

I found it made a difference for me to KBank. If I chose long term stay the transfer came the next business day, whereas cancelling and re-choosing home expenses arrived in seconds.

[CharlieH]

4 minutes ago, Digitalbanana said:

I found it made a difference for me to KBank. If I chose long term stay the transfer came the next business day, whereas cancelling and re-choosing home expenses arrived in seconds.

Consistency  and experiences sem to vary alot.

I always use "long stay" into Kbank and for the last several months always 5 seconds or less .????(from uk)

[scubascuba3]

14 minutes ago, CharlieH said:

Consistency  and experiences sem to vary alot.

I always use "long stay" into Kbank and for the last several months always 5 seconds or less .????(from uk)

Kasikorn should settle almost immediately even if you select long term stay, it's Bangkok Bank which is delayed as they have a manual procedure to settle at 2pm  International

[RichardColeman]

My wise transfer took 6 days the other month, and there were no holidays in the period. I could only put it down - when wise said it was delayed - was over use by Russians moving their dodgy money about s it was just after blood thirsty crazy Putin's invasion. Since is has taken about a day. Not a big issue.

[kekalot]

12 minutes ago, scubascuba3 said:

Kasikorn should settle almost immediately even if you select long term stay, it's Bangkok Bank which is delayed as they have a manual procedure to settle at 2pm  International

that's true but the issue isn't Kasikorn or BKK Bank here but Wise holding payment for X and Y reasons, expecting checks..

 

basically all Wise is doing is taking your money from abroad and then transferring you the agreed upon amount from a local bank here, it literally takes seconds until they hold it.

 

in this case they take from HSBC and probably confirm on bigger amounts (slow) and then transfer from SCB to SCB (seconds)

 

I assume there is some kind of level of "trust" here as the money doesn't disappear from my  account until a day or two later on my online banking.. maybe they get it instantly and then do the transfer but I think they just trust it will come later and pay me first.

[scubascuba3]

Wise have started doing more checks recently so if planning to send a larger amount it's probably best to send a smaller amount early to iron out any new registration money laundering issues

[Everyman]

2 hours ago, OneeyedJohn said:

I always select long term stay in Thailand, not that it makes any difference. Anyway the Thai law regarding transfers happened January 7th, and it only permits transfers of 50,000 + to Kasikorn, Bangkok and SCB.

I transferred £3000 on the 11th January - no problem.

I wonder how long it will take these other banks to notice their lost revenue from international transfers.

 

Then again, I find banking somewhat mysterious in that they don’t seem to want to make money off of things you would think they would.

[OneeyedJohn]

Well, I'll never know why it took so long, but it has arrived. All I see on my SCB statement is X1 and ENET channel which basically means stuff all.

Thanks for your input everybody.

[CharlieH]

3 hours ago, OneeyedJohn said:

Well, I'll never know why it took so long, but it has arrived. All I see on my SCB statement is X1 and ENET channel which basically means stuff all.

Thanks for your input everybody.

 

Topic CLOSED