Receiving money with Wise

[STD Warehouse]

Someone wants to send me a payment and asked if I had Wise (transferwise) I said no but ill set one up.

 

So i go and set up a Wise account but I can see no option to receive Thai Baht, it seems I have to receive it in a foreign currency? Then what do I do? transfer it to my Thai account and get some weird exchange rate that will not really match the Thai Baht that the payment am am to receive should be?

 

All the information online seems to be about sending Thai Baht overseas not about receiveing Thai Baht

[scubascuba3]

Get them to send to your thai bank account via them using Wise or normal bank transfer - end of problem

[Photoguy21]

The sender has the option of what currency you receive. They need to select Baht and that is what you will get.

[STD Warehouse]

14 minutes ago, Photoguy21 said:

The sender has the option of what currency you receive. They need to select Baht and that is what you will get.

I understand that, but Im meant to set up a Wise account and they transfer to my Wise account, there is no thai baht receiving option on Wise

[Photoguy21]

6 minutes ago, STD Warehouse said:

I understand that, but Im meant to set up a Wise account and they transfer to my Wise account, there is no thai baht receiving option on Wise

You dont need it in your account. The sender can send Baht and that is what you will get

[Stocky]

16 minutes ago, STD Warehouse said:

I understand that, but Im meant to set up a Wise account and they transfer to my Wise account, there is no thai baht receiving option on Wise

No, just tell them which Thai bank and the account number. 

[STD Warehouse]

Just now, Stocky said:

No, just tell them which Thai bank and the account number. 

Why did they ask for my Wise account then?

[Stocky]

2 minutes ago, STD Warehouse said:

Why did they ask for my Wise account then?

Don't ask me ask them. You can't receive Thai Baht in a Wise account, USD, GBP etc yes, THB no. Wise can be used to send Baht to a Thai bank account.

 

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[Salerno]

1 minute ago, STD Warehouse said:

Why did they ask for my Wise account then?

A very good question. There is no need whatsoever for you to have a Wise account (in relation to this specific scenario).

[Liverpool Lou]

11 minutes ago, STD Warehouse said:

Why did they ask for my Wise account then?

Is there any chance that they just do not know their ar_se from their elbow?

[billd766]

36 minutes ago, STD Warehouse said:

I understand that, but Im meant to set up a Wise account and they transfer to my Wise account, there is no thai baht receiving option on Wise

You don't need to do anything other that provide your bank details. The sender should transfer the funds through THEIR Wise account in Thai baht to your nominated account.

 

If this becomes a regular occurance, them you might think about opening a Wise account in your own name. But for a one off payment it is their problem.

[lopburi3]

Is the person asking the same nationality by chance?  If you have a Wise account open they could just use local bank transfer - as Wise will be an actual account number.

[fdsa]

2 minutes ago, billd766 said:

You don't need to do anything other that provide your bank details. The sender should transfer the funds through THEIR Wise account in Thai baht to your nominated account.

☝️

[stupidfarang]

49 minutes ago, STD Warehouse said:

I understand that, but Im meant to set up a Wise account and they transfer to my Wise account, there is no thai baht receiving option on Wise

No need to set up wise, you get them to send to your Thai bank account. Simple as that

[CharlieKo]

58 minutes ago, STD Warehouse said:

Why did they ask for my Wise account then?

Because they don't know what they are doing! If this is a non Thai Bank Then ask them to send in their native currency and then convert to THB on wise. You would get a better exchange rate that way. Otherwise try Dee Money, they might be able to receive foreign currencies and convert to THB.

 

[Stocky]

5 minutes ago, CharlieKo said:

Because it's cheaper to send THB to wise than use their own bank to send THB to you. Just send USD, GBP or which ever currency you have to wise and convert that to THB. You now how a THB account with wise. You can then send that THB to your Thai bank. 

Wise will let you set up accounts in several currencies with banking details that allow others to pay to your Wise account, but the Thai Baht isn't one of those currencies.

 

 

Yes you can convert and hold Thai Baht, but that isn't the same as having a Thai Baht current account.

[CharlieKo]

14 minutes ago, Stocky said:

Wise will let you set up accounts in several currencies with banking details that allow others to pay to your Wise account, but the Thai Baht isn't one of those currencies.

 

 

Yes you can convert and hold Thai Baht, but that isn't the same as having a Thai Baht current account.

You are right. I realised that after posting. So corrected my post. 

[lkn]

On 1/6/2023 at 12:57 PM, STD Warehouse said:

So i go and set up a Wise account but I can see no option to receive Thai Baht, it seems I have to receive it in a foreign currency?

If they asked for your Wise account then likely they themselves have a Wise account where they have Thai baht, and they can transfer THB from their account to yours, i.e. you can receive THB from other Wise users, but not via the regular banking system.

 

Be aware that if you want to transfer this THB to a real Thai bank you will pay 31.70 THB. Alternatively you can get the Wise debit card and spend it via this card, but I think there is a fee to get this card.

 

Though if you have a Thai bank account, I and the sender needs to send you THB, have them send to your Thai bank account.

[Stocky]

17 hours ago, lkn said:

If they asked for your Wise account then likely they themselves have a Wise account where they have Thai baht, and they can transfer THB from their account to yours, i.e. you can receive THB from other Wise users, but not via the regular banking system.

You're correct, I hadn't realised that. Wise to Wise you can send any of the 50 currencies available and if the receiver doesn't have an account in that currency Wise opens one automatically. Can search for Wise friends via name, email or phone number.

 

https://wise.com/gb/blog/send-money-to-your-friends-on-transferwise

 

So the OP can receive Thai baht if they have a Wise account. You learn something new everyday.