Wise

[BritManToo]

3 minutes ago, hotandsticky said:

I don't recall seeing the message when I transferred GBP620 this morning.  Now the following message comes up on the quote page.

Yes, there's no warning if you send under 28kbht.

The pink warning only appears if you enter a higher figure.

[hotandsticky]

4 minutes ago, BritManToo said:

Yes, there's no warning if you send under 28kbht.

The pink warning only appears if you enter a higher figure.

 

 

Yes there is.

 

If you click on 'send money' the statement appears in red under the usual GBP1,000 quote box. It wasn't there first thing this morning.

[BritManToo]

5 minutes ago, hotandsticky said:

Yes there is.

If you click on 'send money' the statement appears in red under the usual GBP1,000 quote box. It wasn't there first thing this morning.

The quote box states your normal transfer amount.

If you normally send 500GBP, you see GBP500 in your quote box.

[hotandsticky]

31 minutes ago, BritManToo said:

The quote box states your normal transfer amount.

If you normally send 500GBP, you see GBP500 in your quote box.

My quote box always quotes GBP 1,000.  That is true of browser and the app.

 

I never send GBP 1,000

Edited October 1, 2022 by hotandsticky

[pgrahmm]

Has anybody tried to make 2 transfers with a small time gap to complete the 1st one first?

[KannikaP]

7 hours ago, JohnOFphon said:

Now this....come back Monday am...

You send exactly

USD

Sorry, this weekend we can only accept transfers from customers sending a maximum of 28 000 THB. To send more, please return on Monday 3 October.

 

What the heck??

Or I could send 25k x 2 to get 50k here..

[KannikaP]

8 hours ago, theoldgit said:

Sorry, for now we can only accept transfers from customers sending a maximum of 28000GBP.

Why does yours say GBP when mine says THB, and several others say THB. Mistake by WISE?

[Pib]

6 hours ago, Pib said:

I have an account with OFX also and I've been with them for around 3 years--and they have never allowed USD-THB transfers of any amount on the weekends/when FX markets are close.   The THB FX market is really very small....considered a minor/exotic world currency.   See Snapshot 2.

 

I doubt Wise is shifting to a policy of only small  or no THB transfers when FX markets are closed (i.e., weekends/holidays) but you never know.

And now that I'm back from the Saturday visit to the Thai mother-in-law I just wanted to add one thing and that's if Wise does the same thing next weekend to me this would indicate a policy change at Wise to minimize XXX-THB exchanges (i.e., allow small amounts but not large amounts) when FX markets are closed on the weekends/holidays.  This would reduce currency exchange risk/loss for Wise. 

 

As mentioned earlier the money transfer service OFX does the same thing by not allowing XXX-THB transfers when FX markets are closed on weekends....OFX has done this ever since I've had an acct with them for years. 

 

Heck, even the Mastercard and Visa card networks "flatline" their exchange rates over the weekend...well, more like a 72 hour period around/over the weekend.  Although card transactions can continue as normal....make them whenever you like 24 hours a day/7 days a week, Visa does "flatline" their exchange rate from Sat-Mon and Mastercard flatlines from Fri-Sun.   I expect this is to minimize their currency exchange risks.

 

If Wise does adapt a new policy to minimize XXX-THB transfers/exchanges when FX markets are closed (i.e., weekends), I see this more as an inconvenience for the great majority of folks.  But we'll need to wait and see if Wise makes an announcement on the subject and/or if we see Wise repeating this limitation on upcoming weekends.   Time will tell.

  

[scubascuba3]

1 hour ago, KannikaP said:

Why does yours say GBP when mine says THB, and several others say THB. Mistake by WISE?

Yes mistake, Wise changed to 28k THB

[theoldgit]

16 hours ago, KannikaP said:

Why does yours say GBP when mine says THB, and several others say THB. Mistake by WISE?

I think it shows the particular currency you input into the search, it also came up with 28,000 in Euros and US Dollars.

 

However they've changed the advisory again to Sorry, this weekend we can only accept transfers from customers sending a maximum of 28 000 THB. To send more, please return on Monday 3 October.

[KannikaP]

44 minutes ago, theoldgit said:

I think it shows the particular currency you input into the search, it also came up with 28,000 in Euros and US Dollars.

 

However they've changed the advisory again to Sorry, this weekend we can only accept transfers from customers sending a maximum of 28 000 THB. To send more, please return on Monday 3 October.

Mine always said 28000 THB

[Pib]

13 minutes ago, KannikaP said:

Mine always said 28000 THB

Depends on when you first noticed Wise's typo.  I first became aware of it when checking my Wise acct early in the morning (like around sunrise Thailand time) via their mobile app....the error/typo existed at that time. 

 

But about 30 minutes later when checking my Wise acct via my computer the typo had been fixed....it now said THB.  And when checking the mobile app again it also said THB....their typo fixed.

[bert bloggs]

Daughter just sent 600 pounds in thai baht maximum she could send until monday

[pontious]

Deleted

Edited October 2, 2022 by pontious
delete

[pontious]

32 minutes ago, pontious said:

Deleted

Start again - so the restriction should end at 0601 Thai time tomorrow as that will be 3 Oct in UK.?

[Pib]

3 hours ago, pontious said:

Start again - so the restriction should end at 0601 Thai time tomorrow as that will be 3 Oct in UK.?

Unless it's linked to Thai time since a person is sending THB.   When I log onto my Wise acct with a "U.S." IP address and start the process to send THB the exchange rate chart is synced to Thai time.  Or maybe it's linked to UTC vs UK DST.    

 

But I expect/guess you are right it will be around 0601 Thai time as that would be 0001 UK DST.  I say this because when looking at the Wise currency "chart" for the 48 hours it shows the currency flatlined for the weekend at 0600 Thai time so I would assume that time is when Wise considers the weekend starting and ending for THB.

 

If anyone is still up a little after midnight tonight (Thai time) maybe they could check their Wise acct to see if that 28K THB restriction notice still appears.   I expect I will be in dreamland by then.

Edited October 2, 2022 by Pib

[fdsa]

I've tried to send money from my Wise SEPA account to another bank in SEPA zone yesterday at the morning and the Wise website was telling "transfer will take a few seconds" before I've confirmed the transfer, but once I've confirmed and Wise took money from my balance their website said "transfer will be executed on monday 3rd October".

is that the Wise limitation that they work only Monday to Friday or all transfers in SEPA zone are executed on business days only?

 

Edited October 2, 2022 by fdsa

[pontious]

Just tried WISE again and the limit in pink GBP -THB is now 20,000 Baht. What is going on.?

[Pib]

20 minutes ago, fdsa said:

I've tried to send money from my Wise SEPA account to another bank in SEPA zone yesterday at the morning and the Wise website was telling "transfer will take a few seconds" before I've confirmed the transfer, but once I've confirmed and Wise took money from my balance their website said "transfer will be executed on monday 3rd October".

is that the Wise limitation that they work only Monday to Friday or all transfers in SEPA zone are executed on business days only?

 

 

See below Wise Help weblink for full details....partial quote also below.

https://wise.com/help/articles/2524078/how-long-does-a-transfer-take

 

Quote

 

How long does a transfer take?

We always move your money as quickly as possible. You can see an estimate of how long it’ll take by putting some basic details into our transfer calculator on our homepage.

But when you actually set up your transfer on Wise, your estimate will change. The reason for this is simple — the more information we have about your transfer, the more accurately we can tell you how long it’ll take.

 

What time you pay for your transfer. We can only move your money during normal banking hours. And things may take a little longer if the country you’re sending to has a national holiday.

 

 

[RichardColeman]

Sorry, this weekend we can only accept transfers from customers sending a maximum of 20 000 THB. To send more, please return on Monday 3 October.

 

Sure bet you have to pay multiple fees for sending it in bits ! Maybe wise know something we do not about a huge dip/rise on monday morning

Edited October 2, 2022 by RichardColeman

[Pib]

Yeap, now says a max of 20K THB vs the earlier 28K THB.  Says same 20K THB max whether doing a USD-THB, GBP-THB, EUR-THB, AUD-THB, etc., transfer.

[fdsa]

29 minutes ago, Pib said:

We can only move your money during normal banking hours.

yep I've googled that SEPA transfers work during business days only, same as SWIFT.

well, that's yet another argument in favor of using the cryptocurrencies.

Edited October 2, 2022 by fdsa

[pontious]

It would be helpful if Wise added to the warning the reason. Also what time zone they use for 3 Oct. If it stays at that limit it will take 4 days for immigration transfers.

[Pib]

3 minutes ago, pontious said:

It would be helpful if Wise added to the warning the reason. Also what time zone they use for 3 Oct. If it stays at that limit it will take 4 days for immigration transfers.

 

I don't remember seeing anything saying it was a max of 20/28K THB per day....just per transfer.    I expect it's like the 50K THB limit per transfer to Thai banks other than Bangkok Bank, K-Bank, and SCB....but you  can send as many 50K transfers per day as your funding will permit.

 

https://wise.com/help/articles/2932335/guide-to-thb-transfers

Quote

 

How much can I send?

You can send up to 2 million THB per transfer.

Please note that you’ll be able to send 50,000 THB or above per transfer only to the following banks starting from 7 January 2022 due to regulatory changes:

• Bangkok Bank Public Company

• Kasikorn Bank

• Siam Commercial Bank

You can still send money to recipient accounts that use other banks, but you’ll only be allowed to send them up to 49,999 THB per transfer. There’s no limit on how many transfers you can create.

 

 

[pontious]

14 minutes ago, Pib said:

 

I don't remember seeing anything saying it was a max of 20/28K THB per day....just per transfer.    I expect it's like the 50K THB limit per transfer to Thai banks other than Bangkok Bank, K-Bank, and SCB....but you  can send as many 50K transfers per day as your funding will permit.

 

https://wise.com/help/articles/2932335/guide-to-thb-transfers

 

But it says if you want to send more than 20000 Baht wait until Monday. Why would the restriction be eased after the w/e.? You cannot send more than 20000 Baht to the banks with the 50000 limit.?

Edited October 2, 2022 by pontious

[JohnOFphon]

Monday 6:06 Thai time and can't send. 

Will try again on the hour, but I expect it won't be until 9am or later.

That means no transfer will be completed today, Monday.

I always send to fund long stay.., so funds arrive at 2pm...or a bit after.

Stinks.

[pontious]

Has anyone tried multiple transfers of 20,000 - I assume not.

[scubascuba3]

1 hour ago, JohnOFphon said:

Monday 6:06 Thai time and can't send. 

Will try again on the hour, but I expect it won't be until 9am or later.

That means no transfer will be completed today, Monday.

I always send to fund long stay.., so funds arrive at 2pm...or a bit after.

Stinks.

9.30am seems to be the cut-off for Bangkok Bank 2pm settlement 

[Pib]

56 minutes ago, JohnOFphon said:

Monday 6:06 Thai time and can't send. 

Will try again on the hour, but I expect it won't be until 9am or later.

That means no transfer will be completed today, Monday.

I always send to fund long stay.., so funds arrive at 2pm...or a bit after.

Stinks.

Yea...I checked from 0558 to 0603, again at 0645, and again 0658 to 0703 Thai time and the 20K THB restriction still existed. 

 

0701 Thai time is 0001 UTC  (0101 UK DST) time so apparently removal of the restriction is not the start of the day based on UTC or Thai time.

 

We'll have to wait and see what time the restriction is lifted.  Maybe Bank of Thailand opening time which is 0830 like full service/stand alone banks in Thailand.  Time will tell.

[pontious]

1 hour ago, Pib said:

Maybe Bank of Thailand opening time which is 0830 like full service/stand alone banks in Thailand. 

0840 -Still restricted.