WISE for Dummies

[StayinThailand2much]

Just downloaded the Wise app on my

phone. - The following questions came up...

 

1. Why is there no 'Thai baht' option, but instead only the remark: "When they go life you'll be the first to know."?

 

2. How can I transfer or receive Thai baht?

 

3. How can I transfer to overseas recipients (e.g. AUS, NZ, Malaysia)?

 

4. What does 'Account number', 'IBAN/SWIFT', etc., in 'Account details' mean? - Can I only receive that currency if I have a bank account in that country/region, e.g. US$ only with a bank account there?

 

5. How does receiving money in my bank account or debit card (as opposed to Wise app) work?

[KannikaP]

It is easier, in my opinion, to use the PC app, which you must confirm via the phone app.

 

I think you have to select which currencies you want to include. I have GBP, USD, EUR, THB and AED and can transfer/convert between them at will.

You can only receive THB into a Thai bank account. You can send from Wise to any Thai bank account although a limit of THB 50k to certain banks. I have sent AED to Dubai no problem.

Transferring to other recipients is simple. That's why many account holders use it to do their monthly THB transfer, ie to their own Thai bank.

'Account number' means exactly that, and IBAN is the International code for a bank. SWIFT is the code for making a transfer to that bank.

Receiving money into your bank account or debit/credit card works by someone sending you some money and it arrives in your bank, and you spend it!

 

[StayinThailand2much]

  On 8/11/2022 at 3:07 AM, KannikaP said:

It is easier, in my opinion, to use the PC app, which you must confirm via the phone app.

 

I think you have to select which currencies you want to include. I have GBP, USD, EUR, THB and AED and can transfer/convert between them at will.

You can only receive THB into a Thai bank account. You can send from Wise to any Thai bank account although a limit of THB 50k to certain banks. I have sent AED to Dubai no problem.

Transferring to other recipients is simple. That's why many account holders use it to do their monthly THB transfer, ie to their own Thai bank.

'Account number' means exactly that, and IBAN is the International code for a bank. SWIFT is the code for making a transfer to that bank.

Receiving money into your bank account or debit/credit card works by someone sending you some money and it arrives in your bank, and you spend it!

 

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Thank you. So, all I have to do now is buy a PC in order to be able to send or receive Thai baht...

 

In the meantime, can someone send me, say, US$, and I convert it in the app to Thai baht??

[KannikaP]

  On 8/11/2022 at 3:15 AM, StayinThailand2much said:

Thank you. So, all I have to do now is buy a PC in order to be able to send or receive Thai baht...

 

In the meantime, can someone send me, say, US$, and I convert it in the app to Thai baht??

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I did not say that you MUST use the PC app, I simply said that I personally find it easier.

Send me your Wise USD account details and I shall send you a dollar or two. 555

No, no ,no, YOU can fund your Wise USD account from your regular bank or credit/debit card. It is SO easy.

[StayinThailand2much]

  On 8/11/2022 at 3:17 AM, KannikaP said:

I did not say that you MUST use the PC app, I simply said that I personally find it easier.

Send me your Wise USD account details and I shall send you a dollar or two. 555

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Well, in the phone app there is no 'Thai baht' option. I guess, I'll just have to try things once I have a reason to transfer cash. (The minimum deposit of 880 baht to 'create a currency holding' is a bit annoying, if one doesn't know how to transfer the money back to one's bank account.)

[KannikaP]

  On 8/11/2022 at 3:23 AM, StayinThailand2much said:

Well, in the phone app there is no 'Thai baht' option. I guess, I'll just have to try things once I have a reason to transfer cash. (The minimum deposit of 880 baht to 'create a currency' is a bit annoying, if one doesn't know how to transfer the money back to my bank account.)

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Open the app, log in of course. An ACCOUNTS page should show, with say USD, GBP, EUR. At the far right is a box saying OPEN, 50+ currencies. Select THB in there and there you go. If it wants some money to open a currency, transfer it from say USD to THB, then send it back again.

[StayinThailand2much]

  On 8/11/2022 at 3:27 AM, KannikaP said:

Open the app, log in of course. An ACCOUNTS page should show, with say USD, GBP, EUR. At the far right is a box saying OPEN, 50+ currencies. Select THB in there and there you go. If it wants some money to open a currency, transfer it from say USD to THB, then send it back again.

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Thumbs up. After I verified my email, I could actually add THB!

[StayinThailand2much]

  On 8/11/2022 at 3:17 AM, KannikaP said:

Send me your Wise USD account details and I shall send you a dollar or two.

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Send me a penny. I wanna feel rich!

 

0619088087

[KannikaP]

  On 8/11/2022 at 3:41 AM, StayinThailand2much said:

Send me a penny. I wanna feel rich!

 

0619088087

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I tried but I need too many of your personal details.

Glad the app is working for you. I swear by it to send my monthly THB to Bangkok Bank, and to my sons in Dubai when they get short of the old Dirhams. Cheers.

[lujanit]

You can also use Dee Money to transfer THB to numerous other countries.  There is a thread somewhere on this forum, I think they are a forum sponsor.

[StayinThailand2much]

  On 8/11/2022 at 4:10 AM, lujanit said:

You can also use Dee Money to transfer THB to numerous other countries.  There is a thread somewhere on this forum, I think they are a forum sponsor.

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Problem is, always when you're offered a job online, the payment option mentioned is PayPal, and no other app accepted. (And people are very surprised that this is not an option in Thailand.)

 

There is a number of such apps, but I still have to find one, where I can send money online to myself abroad, getting it paid out in cash, if in an emergency, say, if my debit card stopped being accepted. What's the point of an app doing bank transfers if I cannot open a bank account in that country.

[KannikaP]

  On 8/11/2022 at 4:49 AM, StayinThailand2much said:

Problem is, always when you're offered a job online, the payment option mentioned is PayPal, and no other app accepted. (And people are very surprised that this is not an option in Thailand.)

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Have you tried Paypal using a VPN (free version if necessary)

[StayinThailand2much]

  On 8/11/2022 at 4:53 AM, KannikaP said:

Have you tried Paypal using a VPN (free version if necessary)

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Not yet. But what good is the VPN if someone tries to send me money to my Thailand bank account? 

[KannikaP]

  On 8/11/2022 at 4:57 AM, StayinThailand2much said:

Not yet. But what good is the VPN if someone tries to send me money to my Thailand bank account? 

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Sorry I thought you meant using Paypal app in Thailand.

[peterfranks]

  On 8/11/2022 at 3:27 AM, KannikaP said:

Open the app, log in of course. An ACCOUNTS page should show, with say USD, GBP, EUR. At the far right is a box saying OPEN, 50+ currencies. Select THB in there and there you go. If it wants some money to open a currency, transfer it from say USD to THB, then send it back again.

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So now you can send Thai baht out of the country using Wise?

[KannikaP]

  On 8/11/2022 at 5:15 AM, peterfranks said:

So now you can send Thai baht out of the country using Wise?

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I think not, but I've never tried. How do you put THB INTO your Wise account is what I don't know. It says on the App that you cannot 'yet' add THB directly.

From your THB Wise account you can click send and then designate a receiving bank. I just tried THB200 into my GBP account in UK. I would only get £4.50 via DeeMoney, and take seconds. I did not click OK though, but it can be done.

[The Hammer2021]

Of course there is a Thai baht option as there is for over 150 currencies!

'Go life'???

Nothing you describe bears any resemblance to what I use.

[billd766]

IIRC there are quite a few ways of sending Thai baht from Thailand to the RotW.

 

Most involve using your Thai bank account and bypassing Wise. Among the cheapest option is Dee money but you have to open an account at Dee money to do so.

 

It is also possible, but not so easy, to use Western Union (available at most Thai post offices).

 

Wise is IMHO the best way to transfer money INTO Thailand but it seems to be a 1 way system at the moment.

[StayinThailand2much]

  On 8/11/2022 at 5:08 AM, KannikaP said:

Sorry I thought you meant using Paypal app in Thailand.

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Transferring to me in Thailand from abroad. Didn't PayPal announce that this would not be possible anymore from 2022?

[StayinThailand2much]

  On 8/11/2022 at 5:39 AM, KannikaP said:

I just tried THB200 into my GBP account in UK. I would only get £4.50 via DeeMoney (...)

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Well, I googled the amount, and got £4.64, so it beats rates at the counter...

[StayinThailand2much]

If I'm overseas, say Oz, and I use the Wise app (signed up in Thailand), while in Australia, to 'deposit' Australian dollars from my Thailand-issued debit card in the app, then transfer this dollar amount to a recipient in Oz, should I expect to run into any 'hiccups' along the line?

[ThailandRyan]

Today I was notified that paypal is:

 

Amendments to the PayPal User Agreement and/or the PayPal Balance Terms and Conditions

Effective September 19, 2022:

• U.S. business accounts will not be able to receive personal transactions from PayPal accounts outside the U.S. starting October 31, 2022.
• U.S. PayPal accounts will not be able to send personal transactions to business accounts outside the U.S. starting October 31, 2022.
• The Agreement to Arbitrate will provide revised information on the process if disputes arise between you and PayPal, including additional information about arbitration, small claims disputes, and the payment of associated fees.
• If you integrate or reference PayPal services on your website, we are clarifying that PayPal may use automated technologies (e.g., website crawling) to assess your website to ensure compliance with the user agreement and to combat fraud.
• Pricing for sending and receiving certain donations is being updated. The new pricing will result in fee increases for some transactions. You can preview the Consumer Fees Page and the Merchant Fees page that will be effective following such changes.

[StayinThailand2much]

  On 8/13/2022 at 3:27 AM, ThailandRyan said:

Today I was notified that paypal is:

 

Amendments to the PayPal User Agreement and/or the PayPal Balance Terms and Conditions

Effective September 19, 2022:

• U.S. business accounts will not be able to receive personal transactions from PayPal accounts outside the U.S. starting October 31, 2022.
• U.S. PayPal accounts will not be able to send personal transactions to business accounts outside the U.S. starting October 31, 2022.
• The Agreement to Arbitrate will provide revised information on the process if disputes arise between you and PayPal, including additional information about arbitration, small claims disputes, and the payment of associated fees.
• If you integrate or reference PayPal services on your website, we are clarifying that PayPal may use automated technologies (e.g., website crawling) to assess your website to ensure compliance with the user agreement and to combat fraud.
• Pricing for sending and receiving certain donations is being updated. The new pricing will result in fee increases for some transactions. You can preview the Consumer Fees Page and the Merchant Fees page that will be effective following such changes.

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Rather than 'shutting down' piece by piece, why don't they just disolve the business?

[ThailandRyan]

  On 8/13/2022 at 3:44 AM, StayinThailand2much said:

Rather than 'shutting down' piece by piece, why don't they just disolve the business?

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They are in fear of being accused of assisting in Money Laundering transfers........can not wait to see what happens when all of the new IRS agents the US wants to hire start to audit everyone and there brother, especially all of us crypto speculator, and day traders in stocks.

[Stocky]

  On 8/11/2022 at 6:38 AM, StayinThailand2much said:

Thailand-issued debit card

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The debit card isn't available in Thailand. I get the following screen on the app when I click on cards.

 

 

.

[billd766]

I got this from Wise UK a couple of days ago.

 

Some of our fees are increasing on 01-10-2022 on routes to:

Send money from USD, CHF, CAD, JPY, HUF, MYR, TRY, INR, SEK, PLN, CZK, DKK, NOK and RON to any currency.
Send money to USD, INR, THB, PHP, IDR, MYR, MXN, PLN, PKR, KRW, VND, MAD and HUF from any currency.
Why is this happening?

Unfortunately, markets have been more volatile recently, which makes it more expensive for us to buy and sell currencies — so we need to raise our fees to cover those costs.
We continue to sustainably invest in our infrastructure so you can move money faster and more conveniently. We need to reflect this in our price today, to help us bring down the cost of moving money in the future.
We know that this isn't great news, and we're sorry about that. We'll try to bring our fees back down as soon as we can.

 

 

[Stocky]

  On 8/13/2022 at 6:26 AM, billd766 said:

I got this from Wise UK a couple of days ago.

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A fee increase of 0.05 to 0.06% depending on currency pair - hardly a deal breaker

[billd766]

  On 8/13/2022 at 7:07 AM, Stocky said:

A fee increase of 0.05 to 0.06% depending on currency pair - hardly a deal breaker

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10% or more would be a concern but not a fee increase of 0.05 to 0.06% depending on currency pair.

 

[The Hammer2021]

I just used wise to convert 450£ to baht. I got 42.9 baht for one pound.  It cost in fees about £2.50p

It took ten seconds. Who does it faster or cheaper?

That's all I want to know. Who does it cheaper and as  easy. I usually change 2k BPS a month

[Excel]

  On 8/13/2022 at 7:44 AM, The Hammer2021 said:

I just used wise to convert 450£ to baht. I got 42.9 baht for one pound.  It cost in fees about £2.50p

It took ten seconds. Who does it faster or cheaper?

That's all I want to know. Who does it cheaper and as  easy. I usually change 2k BPS a month

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Used them for years and as for speed and cost then I know no other, not forgetting the simplicity of the transactions either