WISE

[KannikaP]

2 hours ago, Sigmund said:

So just because you did not, everybody else is supposed to abide ?

I am not 'abding' by anything, simply telling the Forum that I have had no problems with Wise, as many many others will not have. In fact, I just sent GBP to Dubai and it got there in 2 hours.

More often than not it is the Sender's mistakes which cause the delays. 

[Tom H]

23 hours ago, DPKANKAN said:

Incorrect. It is a registered bank and I have helped set up a bank account with them in London for a friend of mine here in Thailand. His 3 pensions are paid into it monthly. In fact they are in the process of setting up interest accounts too!!

Its not a bank for sure. Its just a financial service provider. Having an account does not mean its a bank:).

 

Check it out before you post nonsense. Therefore they are not under the 100.000 Euro umbrella scheme as well. Numerous links from Wise about their status as a “non bank”. Just google if you dont believe.

Edited August 28, 2023 by Tom H

[DPKANKAN]

On 8/27/2023 at 7:41 AM, hotandsticky said:

Incorrect.

 

We aren't a bank, which means we don't lend out our customers’ money to people or businesses. This also means our e-money and payment services aren't subject to the Financial Services Compensation Scheme (FSCS). 

 

In the UK, Wise Payments Limited is an authorised Electronic Money (e-money) Institution under the Electronic Money Regulations 2011 with permission to issue electronic money and provide payment services. TINV Ltd is regulated under the Financial Services and Markets Act 2000 for the provision of investment services. 

We follow a strict set of rules set by our regulators in each country in which we operate, such as the Financial Conduct Authority (FCA) in the UK, the National Bank of Belgium (NBB) in Europe and 48 state regulators in the USA. These regulators protect the markets in which we operate. 

 

https://wise.com/help/articles/4IusAofIppsIGPcs7sEIXI/how-our-uk-entity-wise-payments-ltd-safeguards-customer-funds

 

For USA:-

 

We are not a bank, which means we do not lend out our customers’ money to people or businesses. It also means our money transfer service and Wise account balances where you haven't opted into interest are not subject to FDIC insurance.

If you’ve opted-in to earn interest on your Wise account, you're able to take advantage of FDIC passthrough insurance on your USD balance up to 250,000 USD.

 

https://wise.com/help/articles/5toCJQjm9MkTs8bEKSm30O/how-our-us-entity-wise-us-inc-protects-customer-funds?origin=related-article-4IusAofIppsIGPcs7sEIXI

You can have a bank account with them.

[DPKANKAN]

1 hour ago, Tom H said:

Its not a bank for sure. Its just a financial service provider. Having an account does not mean its a bank:).

 

Check it out before you post nonsense. Therefore they are not under the 100.000 Euro umbrella scheme as well. Numerous links from Wise about their status as a “non bank”. Just google if you dont believe.

They comply with the banking rules and regulations and recently sent me an email where they advised they will soon be having accounts that pay you interest on in Europe and the UK at least.

[Tom H]

9 minutes ago, DPKANKAN said:

They comply with the banking rules and regulations and recently sent me an email where they advised they will soon be having accounts that pay you interest on in Europe and the UK at least.

Well I got interest at wise already 6 months or so. Wise is not a bank. Fact.

Money is not that protected as it is with a bank. Fact.

Conclusion: Dont park bigger money there.

[hotandsticky]

42 minutes ago, DPKANKAN said:

You can have a bank account with them.

Of course you can have an account with them  -  that doesn't make them a bank.

 

Read their small print and you might just start to understand the difference.

[Tom H]

On 8/27/2023 at 7:41 AM, hotandsticky said:

Incorrect.

 

We aren't a bank, which means we don't lend out our customers’ money to people or businesses. This also means our e-money and payment services aren't subject to the Financial Services Compensation Scheme (FSCS). 

 

In the UK, Wise Payments Limited is an authorised Electronic Money (e-money) Institution under the Electronic Money Regulations 2011 with permission to issue electronic money and provide payment services. TINV Ltd is regulated under the Financial Services and Markets Act 2000 for the provision of investment services. 

We follow a strict set of rules set by our regulators in each country in which we operate, such as the Financial Conduct Authority (FCA) in the UK, the National Bank of Belgium (NBB) in Europe and 48 state regulators in the USA. These regulators protect the markets in which we operate. 

 

https://wise.com/help/articles/4IusAofIppsIGPcs7sEIXI/how-our-uk-entity-wise-payments-ltd-safeguards-customer-funds

 

For USA:-

 

We are not a bank, which means we do not lend out our customers’ money to people or businesses. It also means our money transfer service and Wise account balances where you haven't opted into interest are not subject to FDIC insurance.

If you’ve opted-in to earn interest on your Wise account, you're able to take advantage of FDIC passthrough insurance on your USD balance up to 250,000 USD.

 

https://wise.com/help/articles/5toCJQjm9MkTs8bEKSm30O/how-our-us-entity-wise-us-inc-protects-customer-funds?origin=related-article-4IusAofIppsIGPcs7sEIXI

In case of a bank bancruptsy of a bank were Wise as a non bank is depositing our money I am unsure if this would not have any effect on the customer from Wise????

[hotandsticky]

1 hour ago, Tom H said:

In case of a bank bancruptsy of a bank were Wise as a non bank is depositing our money I am unsure if this would not have any effect on the customer from Wise????

 

 

Not being a bank, WISE is not part of the Financial Services Compensation Scheme. 

FSCS can pay compensation to customers of authorised financial services firms when they fail. Set up by parliament and funded by the financial services industry, FSCS is a completely independent and free service. This means FSCS can pay back any money you hold with a failed bank or building society, up to its compensation limit of £85,000 per person.

 

https://www.fscs.org.uk/industry-resources/deposit-protection-banks/#:~:text=FSCS protects you up to,you hold with the bank.

 

However:-

 

Is Wise FSCS protected?

 

One important thing to note is that Wise is not a bank, and as such is not part of the FSCS (Financial Services Compensation Scheme). Instead, as part of the conditions of maintaining a financial service licence in the UK and internationally, Wise must follow a different set of rules to keep customer money safe, known as safeguarding. We’ll explore how that works and how it’s different to FSCS in a moment.

How does Wise keep my money safe?

Wise is not covered by FSCS protection, but instead, as an Electronic Money Institution in the UK, Wise protects customer funds through safeguarding.

This means that Wise holds all customer deposits in either²:

Cash deposits with top tier financial institutions - like Barclays and Citibank

Secure liquid deposits - like government bonds in the UK, US or EU.

 

https://wise.com/gb/blog/is-wise-safe-uk#:~:text=Wise is not covered by,institutions - like Barclays and Citibank

[Tom H]

So when a cash deposit at i.e. Barclays is not available anymore due to whatever, your money by Wise is lost.

 

????

[HappyExpat57]

I just sent $500 from US credit union to SCB bank, damned near instant xfer. Said it was for rent.

[DPKANKAN]

On 8/26/2023 at 6:56 PM, Red Phoenix said:

I always tick 'Funds for long term stay' and the funds are on my Thai Kasikorn bank-account in seconds, when doing it during Thai banking-hours.

Yep. Usually 4 to 6 seconds. I always do mine early morning 7 - 9 am.

[wwest5829]

“Knock on wood” I have not had any problem using the Wise app. on my iPhone. Next monthly transfer will be ordered the first week in September.

[Jaggg88]

On 8/27/2023 at 7:23 AM, DPKANKAN said:

Incorrect. It is a registered bank and I have helped set up a bank account with them in London for a friend of mine here in Thailand. His 3 pensions are paid into it monthly. In fact they are in the process of setting up interest accounts too!!

Wise is not a bank but will supply you with an account number and sort code from a partner bank. Here is the statement from Wise 

https://wise.com/us/blog/wise-as-bank-account#:~:text=Does Wise count as a,but a Money Services provider.

[xxeo]

Had to do the same verification process these days. Went smoothly.

[RocketDog]

On 8/26/2023 at 5:24 PM, Tom H said:

Never had any problems with Wise. Just dont park too much money by them because its not a bank and not so much „secured“.

 

Just transfer:).

Maybe so but I'm currently making over 4% interest in a wise transfer holding account.

They offer it as a way to avoid a transfer from my bank every time I send money to Thailand.

Works for me.

[thailand49]

VPN? 

[giogio]

On 8/27/2023 at 10:59 AM, Eff1n2ret said:

If you really need an alternative, I have used  OFX  - https://www.ofx.com - for the last 14 years. Originally I knew them as UK Forex, but I am sure they operate in the USA as well. I just transfer funds when I need to top up my Thai accounts or when the exchange rate looks relatively favourable, and they quote for Thai Baht on the spot for whatever amount of GBP I am exchanging. The rate may be slightly less favourable than Wise, but there is no transfer fee. After I've paid them from my UK account the funds show up in my Thai account in 24 hours, unless I deal on a Friday, when it might be Tuesday before the money arrives. They use a correspondent bank in Thailand (which I think is SCB), so if showing income in your Thai account as an international transfer is important, this would be a problem for you; it doesn't bother me. SCB syphon off about 200 or 300 baht before the funds reach me.

As far as verification of identity is concerned, it was quite easy at the beginning because I was still registered as a voter at the address I had left in the UK. I had to re-confirm with them a few years back, which involved a phone call and a couple of emails, otherwise everything is very straightforward.

It works fine for me, but if I had to prove monthly income international transfers I would probably use WISE.

can i write you privately? if you can outline how the OFX platform works. thnx

[giogio]

On 8/29/2023 at 2:53 PM, xxeo said:

Had to do the same verification process these days. Went smoothly.

i dont have the same experience. can i write you privately?

 

[owl sees all]

Just a quick post, to show my last transfer, using WISE, and a debit card

 

[5davidhen1]

Firstly, I don't think that checking any particular box for "reasons for the transfer" influences the time factor of the transfer process. What DOES influence the time factor is which method one opts for to action the transfer.

I believe that the debit card method is instantaneous (I used it a couple of years ago) but if one opts for the bank transfer (UK sterling bank to Wise, then onto my BK bank) the money arrives about 1400hrs the next day. This is the cheapest method of transfer. I've recently been paying Wise about half a percent for this service.

Regarding the photo (selfie with I.D.) verification: The only time I have been asked to provide this was quite recently, but only because I was changing some personal detail (phone number I think). Wise quite prudently needed to satisfy themselves that it was indeed ME who was making the change.

[treetops]

8 hours ago, 5davidhen1 said:

Firstly, I don't think that checking any particular box for "reasons for the transfer" influences the time factor of the transfer process. What DOES influence the time factor is which method one opts for to action the transfer.

I believe that the debit card method is instantaneous (I used it a couple of years ago) but if one opts for the bank transfer (UK sterling bank to Wise, then onto my BK bank) the money arrives about 1400hrs the next day.

There's too much evidence to the contrary.  I can't comment on debit card payment as I've never used it, but when Wise is funded from my UK bank transfer the money is almost instantly in my BBL account, with monthly expenses selected as the reason.

 

It'll be a few weeks before I'm sending again but will try the long term stay and see it it still defaults to 2:00pm the next day and shows up as international.

 

[KannikaP]

9 hours ago, 5davidhen1 said:

Firstly, I don't think that checking any particular box for "reasons for the transfer" influences the time factor of the transfer process. What DOES influence the time factor is which method one opts for to action the transfer.

I believe that the debit card method is instantaneous (I used it a couple of years ago) but if one opts for the bank transfer (UK sterling bank to Wise, then onto my BK bank) the money arrives about 1400hrs the next day. This is the cheapest method of transfer. I've recently been paying Wise about half a percent for this service.

Regarding the photo (selfie with I.D.) verification: The only time I have been asked to provide this was quite recently, but only because I was changing some personal detail (phone number I think). Wise quite prudently needed to satisfy themselves that it was indeed ME who was making the change.

I do not think that Wise gives a monkeys where the money comes from, credit, debit, bank transfer etc.

As long as they get it, they will transfer/convert it.

[ripstanley]

I transfer from Australia. I use income method for my retirement extension. I select long term stay in Thailand. I use pay ID. If I transfer my money before 0900 Thai time it is in my Bangkok Bank at 1400 with the code of FTT. I am very happy.

[KannikaP]

15 minutes ago, treetops said:

It'll be a few weeks before I'm sending again but will try the long term stay and see it it still defaults to 2:00pm the next day and shows up as international.

 

You obviously have not been following or reading the many many posts regarding Wise over the past few years.

 

[owl sees all]

6 minutes ago, KannikaP said:

I do not think that Wise gives a monkeys where the money comes from, credit, debit, bank transfer etc.

As long as they get it, they will transfer/convert it.

Money doesn't get transferred anywhere as such. It is essentially a peer to peer service. Sometimes involving money from three or more countries.

Edited September 3, 2023 by owl sees all

[treetops]

27 minutes ago, KannikaP said:

You obviously have not been following or reading the many many posts regarding Wise over the past few years.

Please explain.  What I wrote is what I have experienced and what many posters have also reported (on the many many posts regarding Wise over the past few years).

 

I just haven't used it (the long term stay method) for a while so have no experience of any recent changes, but likewise I have never seen any reported, unless they're going to a different bank which doesn't support the arrangements Wise have with BBL for this.

 

When anyone reports it as "not working" it always seem to be for another reason.

[KannikaP]

8 minutes ago, treetops said:

Please explain.  What I wrote is what I have experienced and what many posters have also reported (on the many many posts regarding Wise over the past few years).

 

I just haven't used it (the long term stay method) for a while so have no experience of any recent changes, but likewise I have never seen any reported, unless they're going to a different bank which doesn't support the arrangements Wise have with BBL for this.

 

When anyone reports it as "not working" it always seem to be for another reason.

I shall explain. I transfer or convert GBP to THB depending on the exchange rate. This makes no difference to Wise...they have your money wherever it came from.

Then you transfer to your Thai Bank, Bangkok and Kasikorn being Wises's main banks.

Put any reason you want, and unless you put Long Term Stay or Buying Property, it is usually immediate.

Otherwise it will arrive at 2pm the next day. 

Proved beyond any doubt for several years.

[treetops]

9 minutes ago, KannikaP said:

Put any reason you want, and unless you put Long Term Stay or Buying Property, it is usually immediate.

Otherwise it will arrive at 2pm the next day. 

Proved beyond any doubt for several years.

Exactly what I said in disagreeing with 5davidhen1 who posted:

 

10 hours ago, 5davidhen1 said:

Firstly, I don't think that checking any particular box for "reasons for the transfer" influences the time factor of the transfer process. What DOES influence the time factor is which method one opts for to action the transfer.

I just added a proviso as I personally hadn't done it for a while but would next time to confirm with recent personal experience.

[hotandsticky]

28 minutes ago, KannikaP said:

I shall explain. I transfer or convert GBP to THB depending on the exchange rate. This makes no difference to Wise...they have your money wherever it came from.

Then you transfer to your Thai Bank, Bangkok and Kasikorn being Wises's main banks.

Put any reason you want, and unless you put Long Term Stay or Buying Property, it is usually immediate.

Otherwise it will arrive at 2pm the next day. 

Proved beyond any doubt for several years.

 

I don't actually believe that WISE send the payment to any bank in Thailand. This is how WISE word it:-

 

 "Our smart technology links local bank accounts in countries all over the world. So often we’re able to use money from a TransferWise user sending money the other way around. Once we get that sorted, we'll give you an estimate of when your money will arrive – usually it’s much faster than a bank transfer".

 

The whole point of WISE is they match currency requirements between countries i.e. I want to send GBP 5,000 to Thailand - WISE matches that with someone who wants to move Thai Baht into Sterling. I imagine that the reality is that WISE has accounts, or possibly agents, in each country and the payment to MY  Kasikorn account is made as a domestic transfer from WISE Payments in Thailand. That is how I think it works ...........but I will stand corrected.

 

My transfer of 65k on Friday  (with Funds for long term stay in Thailand as the reason for transfer) arrived instantly:-

 

 

Friday 12:26 am

You set up your transfer

Friday 12:26 am

You used your GBP balance

Friday 12:27 am

We paid out your THB

[chickenslegs]

Just to add my experience to the instant-v-next day discussion:

 

My wife and I each have Wise accounts.

 

My UK occupational pension is paid directly into my Wise account.

 

My UK state pension is paid directly into my wife's Wise account.

 

Any transfer from my Wise account to our joint BKK bank, regardless of the amount or option chosen, is received the next working day at 2.00pm local time (or a few minutes after). 

 

Any transfer from my wife's Wise account, regardless of the amount or option chosen, is received almost instantly into the same Joint BKK account.

 

We have tried many variations of amount and "reason for payment" but all my transfers are received next working day, and all my wife's are received almost instantly.

 

Some years ago I asked Wise to "tag" my account so that all my transfers would be shown as International (I use the monthly income for my extensions of stay). I can only conclude that this is the reason for the difference.

 

Edited September 3, 2023 by chickenslegs