Popular Post DrCosmix Posted March 10, 2023 Popular Post Share Posted March 10, 2023 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 2 1 5 Link to comment Share on other sites More sharing options...
Popular Post Stocky Posted March 10, 2023 Popular Post Share Posted March 10, 2023 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?! 5 1 5 4 Link to comment Share on other sites More sharing options...
Popular Post Will B Good Posted March 10, 2023 Popular Post Share Posted March 10, 2023 Used them for three years......never had a problem. 2 5 Link to comment Share on other sites More sharing options...
simon43 Posted March 10, 2023 Share Posted March 10, 2023 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. Link to comment Share on other sites More sharing options...
London Lowf Posted March 10, 2023 Share Posted March 10, 2023 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. Link to comment Share on other sites More sharing options...
Popular Post Drumbuie Posted March 10, 2023 Popular Post Share Posted March 10, 2023 (edited) 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 4 2 Link to comment Share on other sites More sharing options...
London Lowf Posted March 10, 2023 Share Posted March 10, 2023 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." Link to comment Share on other sites More sharing options...
DrCosmix Posted March 10, 2023 Author Share Posted March 10, 2023 (edited) 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 Link to comment Share on other sites More sharing options...
Popular Post sammieuk1 Posted March 10, 2023 Popular Post Share Posted March 10, 2023 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???? 3 Link to comment Share on other sites More sharing options...
DrCosmix Posted March 10, 2023 Author Share Posted March 10, 2023 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. 1 Link to comment Share on other sites More sharing options...
Popular Post DrCosmix Posted March 10, 2023 Author Popular Post Share Posted March 10, 2023 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. 4 Link to comment Share on other sites More sharing options...
Dan O Posted March 10, 2023 Share Posted March 10, 2023 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. 1 1 Link to comment Share on other sites More sharing options...
Dan O Posted March 10, 2023 Share Posted March 10, 2023 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. Link to comment Share on other sites More sharing options...
Scott Posted March 10, 2023 Share Posted March 10, 2023 Off-topic, troll post and reply reported and removed. Link to comment Share on other sites More sharing options...
DrCosmix Posted March 10, 2023 Author Share Posted March 10, 2023 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 1 Link to comment Share on other sites More sharing options...
Dan O Posted March 10, 2023 Share Posted March 10, 2023 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. Link to comment Share on other sites More sharing options...
DrCosmix Posted March 10, 2023 Author Share Posted March 10, 2023 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. 1 1 Link to comment Share on other sites More sharing options...
Scott Posted March 10, 2023 Share Posted March 10, 2023 //Closed// Link to comment Share on other sites More sharing options...
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