Transferring money. Is 'Wise' reliable. What are the alternatives?

[DrCosmix]

Transferring  money to Thai bank account. Is 'Wise' reliable. What are the alternatives?

Recently Wise has been unreliable with delays in transfers.  Is Revoult any better or is it better to use  SWIFT straight from my UK account  to my Thai  account  more secure  and more accountability.

I'm thinking of  definitely  taking all  my money  out of  WISE- They are borderline ......pretty dodgy and could dissapear overnight. I used to recommend  them to everyone but now would suggest people stay  clear of them.

If you are only moving 50k baht a month i think  SWIFT is just as good and definitely not as scary! When the money  goes missing

 

[Stocky]

47 minutes ago, DrCosmix said:

I'm thinking of  definitely  taking all  my money  out of  WISE- They are borderline ......pretty dodgy and could dissapear overnight.

They're not a bank and you shouldn't use them as such, they are a P2P money transfer business and a good one at that. I've been happy to use them since 2018 and money is seldom delayed by much and more unusually arrives in seconds, they've saved me thousands.

 

I seriously doubt they will "dissapear overnight" and I have no idea what information you have that would indicate them as "borderline ......pretty dodgy". Care to explain?!

 

 

[Will B Good]

Used them for three years......never had a problem.

[simon43]

31 minutes ago, Stocky said:

They're not a bank and you shouldn't use them as such, they are a P2P money transfer business and a good one at that. I've been happy to use them since 2018 and money is seldom delayed by much and more unusually arrives in seconds, they've saved me thousands.

 

I seriously doubt they will "dissapear overnight" and I have no idea what information you have that would indicate them as "borderline ......pretty dodgy". Care to explain?!

 

 

AFAIK they are a bank, because I have an account with them with a UK banking sort code etc.  They also issue a hard-copy ATM card. Recently, transfers to Thailand take about 24 hours, as opposed to 24 seconds.

[London Lowf]

I don't have a Thai bank account (yet) but I have long holidays here and withdraw B50,000 a time (B100,000 when I paid my rent) from my fee-free UK Halifax Clarity card over the counter at my local Krungsri Bank. No fees whatsoever, no interest as I pre-load it the day before, I get the MasterCard ForEx rate and it takes as long as the time for the clerk to copy my passport, get a couple of signatures from me, and feed the notes through the counting machine. If I did have an account I could then deposit this cash.

 

The only problem I can foresee is if I needed proof of the import of funds for a long-term visa.

[Drumbuie]

18 minutes ago, simon43 said:

AFAIK they are a bank, because I have an account with them with a UK banking sort code etc.  They also issue a hard-copy ATM card. Recently, transfers to Thailand take about 24 hours, as opposed to 24 seconds.

"7.3 Your Wise Account is an electronic money account and is not a bank account. You acknowledge that the UK’s Financial Services Compensation Scheme does not apply to your Wise Account. However, we follow the requirements under the UK Electronic Money Regulations 2011 which are designed to ensure the safety of funds held in electronic money accounts like your Wise Account" [https://wise.com/terms-and-conditions]

I have used the Wise app and debit card for a year or two without any problems.  It provides transfer facilities for my Monzo account too. It's not only quicker, it's saved a great deal of money compared to transferring funds from my high street bank.

I'd be very interested to know why the OP thinks a company which has subsidiaries in UK, US, EEC, and at least 14 other countries is 'dodgy' and might be going to disappear overnight?

Edited March 10, 2023 by Drumbuie

[London Lowf]

27 minutes ago, simon43 said:

AFAIK they are a bank, because I have an account with them with a UK banking sort code etc.  They also issue a hard-copy ATM card. Recently, transfers to Thailand take about 24 hours, as opposed to 24 seconds.

From the Wise.com website:-

 

"Wise isn’t a bank. We hold different regulatory permissions in various countries that enable us to provide our services to you."

[DrCosmix]

41 minutes ago, Drumbuie said:

"7.3 Your Wise Account is an electronic money account and is not a bank account. You acknowledge that the UK’s Financial Services Compensation Scheme does not apply to your Wise Account. However, we follow the requirements under the UK Electronic Money Regulations 2011 which are designed to ensure the safety of funds held in electronic money accounts like your Wise Account" [https://wise.com/terms-and-conditions]

I have used the Wise app and debit card for a year or two without any problems.  It provides transfer facilities for my Monzo account too. It's not only quicker, it's saved a great deal of money compared to transferring funds from my high street bank.

I'd be very interested to know why the OP thinks a company which has subsidiaries in UK, US, EEC, and at least 14 other countries is 'dodgy' and might be going to disappear overnight?

 

Edited March 10, 2023 by DrCosmix

[sammieuk1]

If your transfer is under 50k its instant 4 seconds last week if its over it can take days then can get a delay on top Thai banking rules to blame according to Wise???? 

[DrCosmix]

I think anybody even considering opening an account  with Wise or Revoult should consider the following:

Where are they based?

What's their address?

What's their email address?

Does their UK support telephone support number  actually connect you to the UK or to a call centre else where in Asia?

Under what government  scheme  are they accountable and for what amount?

If your money  goes missing and you report  it missing how much help will  you  get?

In such a situation- what  is their response time?

Is it and other such non banks like Revoult an accident waiting to  happen?

How much money do you  actually save compared to using  SWIFT which cost £20  per transaction and takes three days.

Currently WISE is costed by percentage so can be expensive and can take  days especially  if near a weekend.

The fantasy  claims of moving  money to Thailand in seconds is not true not to most banks anyway......not anymore.

[DrCosmix]

13 minutes ago, sammieuk1 said:

If your transfer is under 50k its instant 4 seconds last week if its over it can take days then can get a delay on top Thai banking rules to blame according to Wise???? 

Who  cares who's to blame? The issue is does the system work? Its up to WISE to find a solution not play the blame game.  I suggest that for several  months transfers to Thailand  can take  days and WISE are in denial and mistaken bout transfer time taking seconds. I'm not talking  about the 50k limit issue. If the partner/ interbank in Thailand is holding the  money WISE should chase them up or provide  the customer  with the appropriate  number to make enquiries themselves. 

[Dan O]

29 minutes ago, DrCosmix said:

I think anybody even considering opening an account  with Wise or Revoult should consider the following:

Where are they based?

What's their address?

What's their email address?

Does their UK support telephone support number  actually connect you to the UK or to a call centre else where in Asia?

Under what government  scheme  are they accountable and for what amount?

If your money  goes missing and you report  it missing how much help will  you  get?

In such a situation- what  is their response time?

Is it and other such non banks like Revoult an accident waiting to  happen?

How much money do you  actually save compared to using  SWIFT which cost £20  per transaction and takes three days.

Currently WISE is costed by percentage so can be expensive and can take  days especially  if near a weekend.

The fantasy  claims of moving  money to Thailand in seconds is not true not to most banks anyway......not anymore.

Many of your points, while important to you, are really a non issue.  Use whoever you're comfortable with but as a money transfer facility they are as close to good and reliable as it gets.

 

One issue you've mentioned a couple times is the delay in delivery on occasion. Those delays happen with all transfer facilities from time to time and most often have nothing to do with the transfer company but the way the Thai Banking system is set up and how those banks deal with transfers internally coupled with holiday schedules in country, Its out of the transfer companies control once it hits Thailand. 

[Dan O]

1 hour ago, London Lowf said:

I don't have a Thai bank account (yet) but I have long holidays here and withdraw B50,000 a time (B100,000 when I paid my rent) from my fee-free UK Halifax Clarity card over the counter at my local Krungsri Bank. No fees whatsoever, no interest as I pre-load it the day before, I get the MasterCard ForEx rate and it takes as long as the time for the clerk to copy my passport, get a couple of signatures from me, and feed the notes through the counting machine. If I did have an account I could then deposit this cash.

 

The only problem I can foresee is if I needed proof of the import of funds for a long-term visa.

If your looking at getting a bank account Krungsri is probably the easiest bank to get an account with for the last couple years. Many have opened accounts with them (me included)  on  visa exempt or tourist visa without problem. 

[Scott]

Off-topic, troll post and reply reported and removed.

 

[DrCosmix]

9 minutes ago, Dan O said:

Many of your points, while important to you, are really a non issue.  Use whoever you're comfortable with but as a money transfer facility they are as close to good and reliable as it gets.

 

One issue you've mentioned a couple times is the delay in delivery on occasion. Those delays happen with all transfer facilities from time to time and most often have nothing to do with the transfer company but the way the Thai Banking system is set up and how those banks deal with transfers internally coupled with holiday schedules in country, Its out of the transfer companies control once it hits Thailand. 

"Its out of the transfer companies control"

Ah..thats OK then..LOL

[Dan O]

Just now, DrCosmix said:

"Its out of the transfer companies control"

Ah..thats OK then..LOL

No its not a matter of ok, it something that ALL transfer facilities are subject to not just Wise or any other method including wire and other bank money transfer routes. I've personally seen the exact same delays with bank to bank, wise, western union, etc.  so you cant really blame Wise unless its something they have done that causes the delay. Just trying to help you understand the process but up to you on how you use info you ask for. 

[DrCosmix]

I think the general  concensus is that SWIFT and REVOULT style online digital  banks  are trustworthy, reliable and econmical.

I have been using SWIFT for several years but for the  reasons Iboutlined will no longer do so and will close my  account. Its changed  recently. But I consider this discussion  closed now. 

[Scott]

//Closed//