TransferWise for business?

[fdsa]

Has anyone used Wise for a Thai company, to receive payments from USA/Europe?

 

Share your experience please - about onboarding/registration, transfers in and out, tax reports, etc.

Edited August 31, 2022 by fdsa

[Excel]

By using "WISE for a Thai company", are you enquiring as to whether or not you can pay a Thai company using WISE ?   If that is what you are asking then yes you can using the WISE debit card.. 

[fdsa]

2 minutes ago, Excel said:

By using "WISE for a Thai company", are you enquiring as to whether or not you can pay a Thai company using WISE ?   If that is what you are asking then yes you can using the WISE debit card.. 

no, I mean register in Wise as a legal entity (my Thai company) to receive payments from customers in Europe and America, then transfer the money from Wise to local bank account belonging to my Thai company.

 

[Excel]

5 minutes ago, fdsa said:

no, I mean register in Wise as a legal entity (my Thai company) to receive payments from customers in Europe and America, then transfer the money from Wise to local bank account belonging to my Thai company.

 

WISE are not registered as a banking or financial institution in Thailand so I doubt that would be possible. However no one on this thread I suspect can answer your question with any level of factual knowledge so perhaps the best way forward for you would either send them an email or else ring their  Singapore office and ask the question

Edited August 31, 2022 by Excel

[fdsa]

bump.

Any experience, reviews, opinions?

[ArnieP]

Seems unlikely that anyone here has a WISE business account connected with their Thai business/company.

 

As the previous poster suggested, may be best to contact WISE directly. This may be a starting point:

 

https://wise.com/help/articles/2977974/can-my-business-use-wise

[fdsa]

1 hour ago, ArnieP said:

As the previous poster suggested, may be best to contact WISE directly. This may be a starting point:

yes they do accept Thai companies. I am more concerned in transfers in/out and tax paperwork rather than onboarding.

Edited September 6, 2022 by fdsa

[DrJoy]

29 minutes ago, fdsa said:

yes they do accept Thai companies. I am more concerned in transfers in/out and tax paperwork rather than onboarding.

Why not use traditional SWIFT transfers? 

 

SWIFT transfers are as fast as wise.

[fdsa]

12 minutes ago, DrJoy said:

Why not use traditional SWIFT transfers? 

 

SWIFT transfers are as fast as wise.

SEPA costs 1 EUR and comes in 1 minute, SWIFT costs 50 USD and comes within 5 business days.

I need not exactly Wise, but a presence in European bank.

Edited September 6, 2022 by fdsa

[eisfeld]

9 minutes ago, DrJoy said:

Why not use traditional SWIFT transfers? 

 

SWIFT transfers are as fast as wise.

You can do SWIFT transfers with a Wise Business account. It's not either/or.

 

To the OP: I have not used Wise Business with a Thai company but in other countries and it worked pretty well. If your company does a lot of international transfers and foreign currency then I would suggest you give it a go, chances are it'll be much better than what Thai banks offer. At least my experience with Bangkok Bank was not good at all. It's night and day if you compare these two. For taxes you can hook it up to Xero for example.

[eisfeld]

3 minutes ago, fdsa said:

SEPA costs 1 EUR and comes in 1 minute, SWIFT costs 50 USD and comes within 5 business days.

I need not exactly Wise, but a presence in European bank.

If you open a EUR balance with Wise then your account will be in Belgium and have an IBAN. SEPA transfers work with it. https://wise.com/help/articles/2827505/how-do-i-use-my-eur-account-details

 

You can then convert the EUR to THB and pay it to your local Thai bank account if you want. It arrives within seconds and the exchange rate is the real market rate and much better than what you get from Thai banks.