WISE Question

[Neeranam]

I get Euros put in my WISE account. When transferring to Thai bank, should I change to baht first or just send?

 

Also, does it matter the reason I say I'm sending? I work for a German company, I'm British/Thai.

[KannikaP]

From my past experience with Wise, it does not really matter whether you transfer EUR (or GBP) to Thailand in that currency or convert it beforehand into THB and then send. The charges add up to about the same.

You can keep an eye on the exchange rate and convert at a better rate than it will possibly be on the day you need to send it. But that of course is a gamble.

The 'reason for sending' depends on what YOU need. If it is for Retirement Extension purposes, or buying property, then that's what you put and it should arrive the following day tagged as a foreign exchange. For any other reason, it is usually instant.

[foreverlomsak]

IMO Wise have lower charges for the transfer and better exchange rates.

The reason certainly matters if you are going down the "Income" route for your annual extensions as you need to show the money has come from abroad (applicable to American, British and Australians as they are unable to get Income letters from their embassies), otherwise doesn't really matter.

[KannikaP]

15 minutes ago, foreverlomsak said:

IMO Wise have lower charges for the transfer and better exchange rates.

The reason certainly matters if you are going down the "Income" route for your annual extensions as you need to show the money has come from abroad (applicable to American, British and Australians as they are unable to get Income letters from their embassies), otherwise doesn't really matter.

Yep, glad you agree with my post a few minutes ago about the reason.

[NoDisplayName]

34 minutes ago, Neeranam said:

I get Euros put in my WISE account. When transferring to Thai bank, should I change to baht first or just send?

Wise uses the same realtime conversion rate (+/- a couple satangs) you'll see on XE.com, so compare that to what your bank charges for currency exchange.

 

Sent $1K last night, selected "funds for long term stay", received in my Bangkok Bank account in seven seconds.

 

You can get alerts from Wise to your email, daily baht rate or an alert when the conversion hits your target rate.

[KannikaP]

10 minutes ago, NoDisplayName said:

Sent $1K last night, selected "funds for long term stay", received in my Bangkok Bank account in seven seconds.

But not, I guess, showing as a Foreign Transfer, which needs some human intervention and hence takes a day or so more, and would normally arrive at 14.00 on Monday.

Did that transfer go directly to Bkk Bank or via Kasikorn?

 

You can set up Auto-Conversion to occur when your currency reaches your desired exchange rate.

Edited May 13, 2023 by KannikaP

[Neeranam]

2 minutes ago, KannikaP said:

But not, I guess, showing as a Foreign Transfer, which needs some human intervention and hence takes a day or so more, and would normally arrive at 14.00 on Monday.

Did that transfer go directly to Bkk Bank or via Kasikorn?

Interesting.

 

I put 'sending money home to family' and got it almost immediately.

[KannikaP]

Slightly off topic, I like the fact that if I use my Wise card to buy something at say Bht5000, but only have Bht3000 in my THB account, an automatic conversion at the current exchange rate will occur immediately to transfer the other Bht 2000.

[KannikaP]

1 minute ago, Neeranam said:

Interesting.

 

I put 'sending money home to family' and got it almost immediately.

Yes that is correct. Only 'Long Term Stay' and 'Buying Property' need to show as Foreign Transfer, and take that day longer.

[Pink Mist]

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[NoDisplayName]

15 minutes ago, KannikaP said:

But not, I guess, showing as a Foreign Transfer, which needs some human intervention and hence takes a day or so more, and would normally arrive at 14.00 on Monday.

Did that transfer go directly to Bkk Bank or via Kasikorn?

 

You can set up Auto-Conversion to occur when your currency reaches your desired exchange rate.

You are correct.

 

Last night "funds for long-term stay" arrived in seven seconds, listed as "transfer from a/c at other bank."  That is the first time in the past few years a transfer has been given that coding.

 

All other "long-term stay" transfers have shown as "international transfer."  No idea why this one is different.

 

Earlier transfers were mostly done in seconds, unless over a weekend, or last month which took four days due to songkran.

 

*edit*

Also noticed a change in the channel code.

 

Earlier transfers were "AUTO" (auto debit/credit), but this one was coded "MOB" (mobile banking).

 

 

Edited May 13, 2023 by NoDisplayName

[Neeranam]

11 minutes ago, KannikaP said:

Slightly off topic, I like the fact that if I use my Wise card to buy something at say Bht5000, but only have Bht3000 in my THB account, an automatic conversion at the current exchange rate will occur immediately to transfer the other Bht 2000.

Can you get a card in Thailand?

[KannikaP]

Just now, NoDisplayName said:

You are correct.

 

Last night "funds for long-term stay" arrived in seven seconds, listed as "transfer from a/c at other bank."  That is the first time in the past few years a transfer has been given that coding.

 

All other "long-term stay" transfers have shown as "international transfer."  No idea why this one is different.

 

Earlier transfers were mostly done in seconds, unless over a weekend, or last month which took four days due to Songkran.

I had exactly the same problem earlier this month,after years of FTT transfers to my Bkk Bank until 1st May's one went via Kasikorn so showed, as you say, 'from a/c at another bank'. Look on your transfer paper and it will probably say Kasikorn somewhere, with a Partner Bank Reference.

Wise advise that you go to that bank and ask for an FET, but Kasikorn do not seem to know what that means, and then suggested I go to my Bkk Bank, who do not have access to the document showing Wise-Kasikorn. It could be a Credit Advise which I need from Kasikorn, so another visit on Monday.

Failing all that I would hope that when I go to do my Extension in December and explain, the IO will be able to see that the money plainly went Wise-Kasikorn-Bangkok Bank. 

[KannikaP]

4 minutes ago, Neeranam said:

Can you get a card in Thailand?

Mine is registered at my UK address, but uses my Thai phone number for OTPs.

Is it not available in Germany?

[KannikaP]

15 minutes ago, NoDisplayName said:

Earlier transfers were "AUTO" (auto debit/credit), but this one was coded "MOB" (mobile banking).

That depends on whether you did from your PC, or phone app.

[Neeranam]

6 minutes ago, KannikaP said:

Mine is registered at my UK address, but uses my Thai phone number for OTPs.

Is it not available in Germany?

I am in Thailand, but I got another card delivered to my Mother's house.

[NoDisplayName]

8 minutes ago, KannikaP said:

I had exactly the same problem earlier this month,after years of FTT transfers to my Bkk Bank until 1st May's one went via Kasikorn so showed, as you say, 'from a/c at another bank'. Look on your transfer paper and it will probably say Kasikorn somewhere, with a Partner Bank Reference.

Wise advise that you go to that bank and ask for an FET, but Kasikorn do not seem to know what that means, and then suggested I go to my Bkk Bank, who do not have access to the document showing Wise-Kasikorn. It could be a Credit Advise which I need from Kasikorn, so another visit on Monday.

Failing all that I would hope that when I go to do my Extension in December and explain, the IO will be able to see that the money plainly went Wise-Kasikorn-Bangkok Bank. 

Fortunately not a problem.  I have 800K in the bank, and have already done a retirement extension, but I've switched bank branches and have a new fixed account covering the entire year for the next extension.

 

I'm just collecting FTT receipts at the new branch to avoid potentially having to go back to Bangkok some time in the future if/when immigration (incorrectly) asks for proof of foreign transfer.

[NoDisplayName]

6 minutes ago, KannikaP said:

That depends on whether you did from your PC, or phone app.

Always on PC for Wise, usually for Bangkok Bank.  Last night's transfer was on PC only.  Not sure why Bangkok Bank would code it as MOB, since I'm not involved with them in any way for the transfer from Wise.

 

Only use the phone app on rare occasions when I want to transfer cash from my main account without ATM card to my spending account with ATM card.

[KannikaP]

2 minutes ago, NoDisplayName said:

Fortunately not a problem.  I have 800K in the bank, and have already done a retirement extension, but I've switched bank branches and have a new fixed account covering the entire year for the next extension.

 

I'm just collecting FTT receipts at the new branch to avoid potentially having to go back to Bangkok some time in the future if/when immigration (incorrectly) asks for proof of foreign transfer.

There is no need to show Foreign Transfer for Extensions if you are using money in the bank method.

[KannikaP]

6 minutes ago, NoDisplayName said:

Always on PC for Wise, usually for Bangkok Bank.  Last night's transfer was on PC only.  Not sure why Bangkok Bank would code it as MOB, since I'm not involved with them in any way for the transfer from Wise.

 

Only use the phone app on rare occasions when I want to transfer cash from my main account without ATM card to my spending account with ATM card.

On which account was this AUTO or MOB shown, Wise or Bkk Bank?

Sorry, just looked........Bkk Bank statement. Coming FROM Wise says AUTO, then I transfer to my current account via MOBile app, as it then shows.

Edited May 13, 2023 by KannikaP

[NoDisplayName]

Just now, KannikaP said:

There is no need to show Foreign Transfer for Extensions if you are using money in the bank method.

Yes.  I know that, and you know that, and immigration "should" know it, too.

 

But switching bank branches and switching fixed accounts and switching immigration offices...........how you say, "Amazing Thailand."

 

Be prepared for anything.  It doesn't cost me anything, just may have to wait an extra day. 

[NoDisplayName]

Just now, KannikaP said:

On which account was this AUTO or MOB shown, Wise or Bkk Bank?

The coding information I gave was from Bangkok Bank.  I logged onto my account and viewed a statement of recent activity.   The transfers I made a day before Songkran and last night were coded differently.

[Neeranam]

Has anyone had a credit/debit card from WISE delivered to Thailand?

[KannikaP]

26 minutes ago, Neeranam said:

Has anyone had a credit/debit card from WISE delivered to Thailand?

Only via my brother in UK.

 

Why not email them the question?

Edited May 13, 2023 by KannikaP

[Neeranam]

27 minutes ago, KannikaP said:

Only via my brother in UK.

 

Why not email them the question?

The might say 'no'. Forums such as this are good for asking for others' experience. 

[KannikaP]

8 minutes ago, Neeranam said:

The might say 'no'. Forums such as this are good for asking for others' experience. 

And so if Wise say NO, I would take that as a definitive answer and ignore AN posters who tell you any different.

[Everyman]

I don’t understand why anyone would use Wise to hold currency. Why not just leave it in a real account in USD/GBP/EUR or whatever?

[Neeranam]

1 hour ago, Everyman said:

I don’t understand why anyone would use Wise to hold currency. Why not just leave it in a real account in USD/GBP/EUR or whatever?

I don't. I have to use it to get paid in Euros. 

[Neeranam]

3 hours ago, KannikaP said:

And so if Wise say NO, I would take that as a definitive answer and ignore AN posters who tell you any different.

If someone here can tell me they said 'no' to them, then I would ask for it in the UK. 

it would be a risk not getting it by writing them an email, unless I did it anonymously, ...... never mind. 

 

Has anyone here got a WISE card in Thailand?

[KannikaP]

3 minutes ago, Neeranam said:

If someone here can tell me they said 'no' to them, then I would ask for it in the UK. 

it would be a risk not getting it by writing them an email, unless I did it anonymously, ...... never mind. 

 

Has anyone here got a WISE card in Thailand?

www.kasareviews.com/wise-debit-card-review-pros-cons/

 

A simple question to Bingle.

Edited May 13, 2023 by KannikaP