Transfer from Wise Balance USD to Krungsri (Receive Thai Baht)

[RedReding]

Hi all,

 

I've been reading that Wise limits transfer to Krungsri (50k Baht limit) whereas for example Bangkok Bank and Kasikorn accepts incoming transfer from Wise up to 2 Million Baht.

 

I have two questions when withdrawing money from Wise to a Thai Bank Account :

 

- If I have USD in my Balance within Wise, should I first convert it to Thai Baht within Wise and then withdraw it to my bank in Thailand ?

- If I make a direct transfer from USD (without converting to Thai Baht beforehand) within my Wise Balance via SWIFT, does the the 50k Baht Limit to Krungrsi still apply ?

 

Thank you in advance

 

 

Edited August 16, 2023 by RedReding

[Ohyesuare]

Wise will automatically convert your USD to THB when transferring to a Thai bank. They will show you the complete breakdown of fees and exchange rate before you accept.

 

I'm not sure if the 50k limit still applies for SWIFT using Wise, their website isn't clear about it. https://wise.com/help/articles/2932335/guide-to-thb-transfers

[RedReding]

Quote

Wise will automatically convert your USD to THB when transferring to a Thai bank. They will show you the complete breakdown of fees and exchange rate before you accept.

Right I see. I checked, and it's basically the same fee from transferring USD directly to a Thai Bank account than converting your balance to Thai Baht beforehand within wise.

 

Quote

I'm not sure if the 50k limit still applies for SWIFT using Wise, their website isn't clear about it. https://wise.com/help/articles/2932335/guide-to-thb-transfers

It's indeed not clear at all.

 

I've got another question : Let's say I have a partner who has a Kasikorn account, could I send that partner money in Thai Baht from my balance knowing that the 50K Thai Baht limit doesn't apply to Kasikorn ? Also, would this be considered as a local transfer ?

 

Thanks a lot for your answers ! 

Edited August 16, 2023 by RedReding

[gamb00ler]

1 hour ago, RedReding said:

If I make a direct transfer from USD (without converting to Thai Baht beforehand) within my Wise Balance via SWIFT, does the the 50k Baht Limit to Krungrsi still apply ?

 

I'm confused why SWIFT is involved.  As far as I know Wise does not transfer any funds using SWIFT.

 

I'm guessing you are referring to a transfer using normal Wise transfer and funding it with funds held in US$ in a Wise multi-currency account.

 

I think it matters not wether you do the exchange separately or as part of a transfer transaction.  I believe the exchange rate that Wise has set at the time of the conversion or transfer will be used.  Wise only has a single exchange rate (for currency pairs) and uses it for conversions and transfers.

[RedReding]

I've definitely seen the SWIFT option before when I transferred USD from my balance to a classic bank abroad (not a Wise account).

[gargamon]

Only 3 banks in Thailand are preferred in wise, bb, kbank and scb if I recall correctly. Thats kasikorn, not krungsi.

 

That's likely why the 50k limit.