Using Wise to transfer to Siam Commercial Bank

[Nong Khai Man]

22 hours ago, thailand49 said:

Never had s problem but I've gotten 3 emails in last month that their service is changing read through it starting July 14th,  to use their service they need to start a new account?  To be more transparent with the transaction not sure about that? 

I Ain't had Any e-mails about this !!

[KhunBENQ]

1 hour ago, Nong Khai Man said:

My transfer to Bangkok Bank is usually next day 2 PM.....Yep That's Why I Changed to Kasikorn Bank, I Now get the Funds in My Account WITHIN 5 Seconds....

Couldn't bother less.

And the transfer to Kasikorn is shown as international (FTT)?

[EricTh]

On 7/14/2022 at 11:24 AM, KhunBENQ said:

Should I answer although doing it to Bangkok Bank?

There will be no fee from SCB as the transfer is technically domestic in Thai Baht.

You get what WISE shows you before hitting the send button.

SCB, Bangkok Bank and Kasikorn are NOT hit by some strange new rule limiting transfer to 50000 Baht.

 

My transfer to Bangkok Bank is usually next day 2 PM.

Reason behind: I specify the reason for transfer as living cost for long term stay which makes it look like a foreign transfer in the book.

Other posters report transfer in a few seconds.

Anything in between.

 

 

My transfer to SCB has never been on the same day. (I wonder how they could get it in seconds which is unbelievable) 

 

It's either one or two working days. Most times, it is two working days.

 

I put in the same reason as you.

 

 

 

 

[EricTh]

1 hour ago, Nong Khai Man said:

My transfer to Bangkok Bank is usually next day 2 PM.....Yep That's Why I Changed to Kasikorn Bank, I Now get the Funds in My Account WITHIN 5 Seconds....

Really? I get my transfer to SCB usually after two days. I complained to Wise and they just give me a link to general answer.

 

I wonder why Kasikorn is super fast....

 

Edited July 15, 2022 by EricTh

[peterfranks]

The speed of the transfer with wise depends on many factors.

 

• The amount you send.

 

• The country from which you send.

 

• The way you transfer to Wise. If you transfer by bank to Wise, they most likely don't receive the money instantly, and they also don't check every other minute. I think they check once a day.

 

• The reason you add for sending I heard also plays a role. Like if it has to be registered as an incoming foreign transfer, it also will take more time.

 

• then lately more checks have to be done, for Wise to comply with international monetary rules.

[billd766]

On 7/14/2022 at 11:24 AM, KhunBENQ said:

Should I answer although doing it to Bangkok Bank?

There will be no fee from SCB as the transfer is technically domestic in Thai Baht.

You get what WISE shows you before hitting the send button.

SCB, Bangkok Bank and Kasikorn are NOT hit by some strange new rule limiting transfer to 50000 Baht.

 

My transfer to Bangkok Bank is usually next day 2 PM.

Reason behind: I specify the reason for transfer as living cost for long term stay which makes it look like a foreign transfer in the book.

Other posters report transfer in a few seconds.

Anything in between.

 

Actually the next bank working day. I just transferred to Bangkok Bank and the money will be in my account on Monday afternoon at 2:15pm.

 

Transfer Friday, money arrives on Monday. Any day, Sunday to Thursday it arrives next working day UNLESS it is a bank holiday, then it is the next working day.

 

Songkran is usually the worst time of the year for transfers.

[Doctor Tom]

On 7/14/2022 at 11:22 AM, paulbl said:

Do it all the time takes seconds normally never had any problems

 

me too 

[billd766]

On 7/14/2022 at 3:30 PM, Jaxxper said:

I do transfers through Wise to Kasikorn. Very quick and you see what’s leaving your Wise account , the exchange rate and their fee. No fee at receiving bank.

 

1 hour ago, Nong Khai Man said:

My transfer to Bangkok Bank is usually next day 2 PM.....Yep That's Why I Changed to Kasikorn Bank, I Now get the Funds in My Account WITHIN 5 Seconds....

But IF you need to prove that the funds came from offshore you will need a credit advice note from Kasikorn. You can order them through the KBank call centre and they will email them to you,

[Doctor Tom]

On 7/14/2022 at 3:09 PM, petertucker48 said:

47 seconds

outrageously slow.  Mt transfer today took 4 seconds. ???? 

[scubascuba3]

9 hours ago, billd766 said:

 

But IF you need to prove that the funds came from offshore you will need a credit advice note from Kasikorn. You can order them through the KBank call centre and they will email them to you,

No need for credit advice anymore, Kasikorn recognise the Wise processing code and will provide the letter for International transfers if required

[thailand49]

14 hours ago, Nong Khai Man said:

I Ain't had Any e-mails about this !!

As noted I got three, Ive talked to a number of other expat that use Wise they too had no email. 

I read through the email agreement line by line thinking I might have missed something at the end to click agree but nothing.  Unable to fine s quick way to contact because clicking " Help Center "  basically came up busy,  So I took down their number and called a few days ago lady for wise said if you use after 14th you just automatically will agree to New terms?

[sometimewoodworker]

On 7/14/2022 at 4:49 PM, chilly07 said:

Do all my transfers Wise to Bangkok Bank with reason"for long term stay in Thailand".

Arrives next day at 2pm. My timing would be destroyed by an instant transfer as for Immigration I need to get the magic FTT on the same day each month. Do have to allow for W/E and bank holidays. Can't speak for SCB as they refused to open an account for me despite making mortgage payments for several years into my wife's account

There is no need or requirement for the transfer to happen on the same day of the month. The requirement is that the transfer happen each month

[sometimewoodworker]

16 hours ago, peterfranks said:

• The way you transfer to Wise. If you transfer by bank to Wise, they most likely don't receive the money instantly, and they also don't check every other minute. I think they check once a day.

That really depends on the country that you do the transfer in and the method used for the transfer.

In the U.K. there is a faster bank transfer option that is virtually instantaneous. There is also another bank transfer option that takes some time that can be days. Also as I have access to both my accounts (bank and wise) online I can see that the transfer is actually required instant.

 

You may not have the same kind of Wise account, so may not be able to see the transfer in virtually real time.

[peterfranks]

40 minutes ago, sometimewoodworker said:

That really depends on the country that you do the transfer in and the method used for the transfer.

In the U.K. there is a faster bank transfer option that is virtually instantaneous. There is also another bank transfer option that takes some time that can be days. Also as I have access to both my accounts (bank and wise) online I can see that the transfer is actually required instant.

 

You may not have the same kind of Wise account, so may not be able to see the transfer in virtually real time.

I have never heard of different kinds of Wise accounts, maybe you elaborate further on that?

 

If you transfer from Credit or debit card, Wise will receive your money instantly.

 

If you do a bank transfer to Wise, it will depend on when your bank executes your order to Wise.

 

Thai banks execute bank transfers instantly, in my home country most banks execute once a day, and not on weekends

[billd766]

51 minutes ago, peterfranks said:

I have never heard of different kinds of Wise accounts, maybe you elaborate further on that?

 

If you transfer from Credit or debit card, Wise will receive your money instantly.

 

If you do a bank transfer to Wise, it will depend on when your bank executes your order to Wise.

 

Thai banks execute bank transfers instantly, in my home country most banks execute once a day, and not on weekends

Quite often when you transfer funds from your bank they may go to a third bank on the way:=.

 

I had that problem before I went to Wise. My state pension was first transferred to Citibank in the UK, then to Citibank (in the US I think) and then to KBank head office before it turned up in my branch account. I know how much pension money was sent but I had only a rough idea when or the route. It seemed to progress 1 bank per day and overnight there before moving on.

 

I would get the forex rate of the day.

 

Using Wise and BBK I know how much I sent, when it will arrive in my back, I can track it all the way AND I get a better guaranteed forex rate.

[sometimewoodworker]

1 hour ago, peterfranks said:

I have never heard of different kinds of Wise accounts, maybe you elaborate further on that?

 

If you transfer from Credit or debit card, Wise will receive your money instantly.

 

If you do a bank transfer to Wise, it will depend on when your bank executes your order to Wise.

 

Thai banks execute bank transfers instantly, in my home country most banks execute once a day, and not on weekends

multi-currency account. Details 0n the website.

& as I mentioned the U.K. Banks do instant transfers

[Stocky]

19 hours ago, peterfranks said:

The way you transfer to Wise. If you transfer by bank to Wise, they most likely don't receive the money instantly, and they also don't check every other minute. I think they check once a day.

I use Wise from accounts in the UK and Singapore, and there are no people involved checking anything. Local bank transfers are instantaneous, and as soon as the money registers in the Wise account it triggers the corresponding bank transaction from Wise's Thai partner bank. Transfers from both UK and Singapore are usually completed in seconds.   

[Nong Khai Man]

22 hours ago, EricTh said:

I wonder why Kasikorn is super fast....

Because They are their PREFERRED Partner M8 !!

[EricTh]

1 hour ago, Stocky said:

I use Wise from accounts in the UK and Singapore, and there are no people involved checking anything. Local bank transfers are instantaneous, and as soon as the money registers in the Wise account it triggers the corresponding bank transaction from Wise's Thai partner bank. Transfers from both UK and Singapore are usually completed in seconds.   

 

Which Thai bank are you using? I use SCB and it takes 1 to 2 days.

 

[scubascuba3]

16 minutes ago, Nong Khai Man said:

Because They are their PREFERRED Partner M8 !!

Nah just a different process. BB can settle instantly also

[MrMilk]

What kind of information is shown on the receivers bank statement if I send to someone else? 

Does it show full personal details (name, address) of the sender or it only show up as "Wise"?

[scubascuba3]

34 minutes ago, MrMilk said:

What kind of information is shown on the receivers bank statement if I send to someone else? 

Does it show full personal details (name, address) of the sender or it only show up as "Wise"?

It doesn't say Wise or senders details, just shows which partner bank sent it. A separate credit advice may provide more info

[Stocky]

16 hours ago, EricTh said:

Which Thai bank are you using?

Krungsri and Kasikorn, though Krungsri is limited to transfers less than 50k.

[EricTh]

8 hours ago, Stocky said:

Krungsri and Kasikorn, though Krungsri is limited to transfers less than 50k.

Mine is more than 50k and I use SCB. It's extremely slow.

[Nong Khai Man]

On 7/16/2022 at 5:50 PM, scubascuba3 said:

Nah just a different process. BB can settle instantly also

Because They are their PREFERRED Partner M8 !!...I Was Actually TOLD That speaking to @Wise On the Phone When I Was complaining about BB Being so SLOW !!

[Nong Khai Man]

On 7/17/2022 at 6:22 PM, EricTh said:

Mine is more than 50k and I use SCB. It's extremely slow.

Use Kasikorn then, In Your Account in SECONDS !!

[hotandsticky]

6 minutes ago, Nong Khai Man said:

Use Kasikorn then, In Your Account in SECONDS !!

 

Yep. Just done one to K Bank 5.24 seconds.

[treetops]

47 minutes ago, hotandsticky said:

Yep. Just done one to K Bank 5.24 seconds.

Was it for 50,000 THB or more?  I and some others have noticed this apparently slowing down some transactions since the limit was imposed earlier this year.

[hotandsticky]

15 minutes ago, treetops said:

Was it for 50,000 THB or more?  I and some others have noticed this apparently slowing down some transactions since the limit was imposed earlier this year.

 

No. It was GBP 1,000.

 

 

[EricTh]

1 hour ago, Nong Khai Man said:

Use Kasikorn then, In Your Account in SECONDS !!

The problem is that Kasikorn doesn't have a 1.5 % interest rate unlike SCB online.

 

Opening a Kasikorn account just to transfer money is a bit overkill.

Edited July 18, 2022 by EricTh