Popular Post george Posted February 28 Popular Post Share Posted February 28 Much discussions is going on on the forum regarding regular bank alternatives. Let's take a closer look at Wise and Revolut's key features, and where they excel for ASEAN NOW members: Wise (formerly TransferWise) Core Strength: International Transfers Uses the mid-market exchange rate, the fairest rate available, resulting in lower fees compared to most banks. Transparent fee structure, you see upfront what you'll pay. Supports a massive range of currencies. Fast transfer speeds, often within a few seconds, up to a few days. Multi-Currency Account Hold balances in over 50 currencies. Get local bank details in 10 countries (US, UK, Eurozone, Australia, etc.) to receive money like a local, minimizing conversion fees. Debit Card Linked to your multi-currency account for spending abroad with low fees. Business Account Tailored features for businesses making international transactions. Revolut Financial Super App Traditional banking features: Accounts, debit cards, spending abroad Hold balances in over 50 currencies Budgeting and analytics tools to track your finances. "Vaults" for automated saving towards goals. Cryptocurrency trading (limited selection). Travel insurance, lounge access (premium plans). Junior accounts for kids (premium plans). Tiered Plans Free plan with basic features and limits. Premium and Metal plans increase limits, unlock perks like cashback, insurance, and more. Exchange Rates Uses a live exchange rate, but can add markups, especially on weekends or for less common currencies. When to Choose Wise: Prioritize low fees and transparent pricing for international transfers. You frequently work with multiple currencies. Need local bank details in various countries. When to Choose Revolut: You want a wide array of financial tools in one app. Budgeting features and saving tools are important. You might be interested in cryptocurrency (though do your research!) Premium features like travel insurance and lounge access appeal to you. Additional Considerations: User Interface: Both have user-friendly platforms, but the design may come down to personal preference. Customer Support: Both have support channels, but response times and quality can vary. It's worth checking online reviews. Ultimately, the best choice depends on your individual financial needs and priorities. It's always smart to compare their current features and fees on their websites before deciding. Websites: Wise Revolut 4 1 2 2 Link to comment Share on other sites More sharing options...
Greenwich Boy Posted February 29 Share Posted February 29 I only stay in any one country for a few months at a time (visa permitting) and have had a Revolut account for years. Until recently they applied a mark up on THB as an illiquid currency. That does not seem to be the case now. As a Brit I convert GBP to THB in the app at very close to the spot rate and send it to my Bangkok Bank account. Think I paid 30B or so for the last tranfer. Cash withdrawals in other countries is also free (up to a certain monthly limit) at the same exchange rate. Local bank fees obviously may apply. Over the years I have had my card skimmed twice. Fraudulent purchases were refunded quickly and a new card sent to my hotel (Vietnam and Indonesia) within 5 days. Many friends use Wise and I will open an account and get a card as back up when I go home in the summer 1 Link to comment Share on other sites More sharing options...
Popular Post Red Phoenix Posted February 29 Popular Post Share Posted February 29 And of course you can subscribe to BOTH at no cost. Opening a WISE-account is free of charge, and also the Revolut Standard plan is free. 1 2 3 Link to comment Share on other sites More sharing options...
Fat is a type of crazy Posted February 29 Share Posted February 29 (edited) So if I spend say 3 months in Thailand from Australia how I can I use and benefit from Revolut. Can I put money in it and then use it to pay for things in Thailand in thai baht I assume. Is the advantage that the transfer rate is better - I have an Australian card with no fees for foreign transactions and the Mastercard transfer rate which is good so not sure why I would use this. Can I access cash at ATM's. Don't need help with savings plans or travel insurance etc. Free credit card travel insurance for three month trips. Not sure how I would use it. Edited February 29 by Fat is a type of crazy Link to comment Share on other sites More sharing options...
Popular Post Andrew Dwyer Posted February 29 Popular Post Share Posted February 29 1 minute ago, Fat is a type of crazy said: So if I spend say 3 months in Thailand from Australia how I can I use and benefit from Revolut. Can I put money in it and then use it to pay for things in Thailand in thai baht I assume. Is the advantage that the transfer rate is better - I have an Australian card with no fees for foreign transactions and a the Mastercard transfer rate which is good so not sure why I would use this. Can I access cash at ATM's. Don't need help with savings plans or travel insurance etc. Free credit card travel insurance for three month trips. Not sure how I would use it. I think one of the major benefits of Revolut is for British citizens who live constantly under the threat of having their bank account closed at short notice if the bank suspects they are not U.K. resident. I have opened a Revolut account, very simple process, and would be interested to hear any reviews of Revolut, both good and bad. 4 Link to comment Share on other sites More sharing options...
Fat is a type of crazy Posted February 29 Share Posted February 29 (edited) Had a good experience with Wise sending to Thailand. I have a Wise Hello World debit card and they note you can take funds out by ATM with low fees or no fees if less than $700 per month in 2 transactions from Australia - has someone had experience if the Thai ATM's charge a large fee. Edited February 29 by Fat is a type of crazy Link to comment Share on other sites More sharing options...
Popular Post Wongkitlo Posted February 29 Popular Post Share Posted February 29 I found it is not so easy to send to Thai bank accounts by Revolut. From what I understand needs a,swift code while with Wise you select the bank from a list, put in the account number and send. 3 1 1 Link to comment Share on other sites More sharing options...
Popular Post anchadian Posted February 29 Popular Post Share Posted February 29 It's taking a considerable amount of time for Thailand to be on the list of available countries in which to receive the WISE debit card. I wish there was a workaround. 1 1 3 Link to comment Share on other sites More sharing options...
WorriedNoodle Posted February 29 Share Posted February 29 This thread doesn't seem to mention anywhere that opening a Revolut account needs an address outside Thailand as Thailand is not listed under the eligible countries during sign up process as it does for Wise? I am not sure how important the overseas address is - do they mail stuff there? Is it needed to get a Revolut card or do they mail to Thailand? 1 Link to comment Share on other sites More sharing options...
Popular Post george Posted February 29 Author Popular Post Share Posted February 29 22 minutes ago, WorriedNoodle said: This thread doesn't seem to mention anywhere that opening a Revolut account needs an address outside Thailand as Thailand is not listed under the eligible countries during sign up process as it does for Wise? I am not sure how important the overseas address is - do they mail stuff there? Is it needed to get a Revolut card or do they mail to Thailand? They only snail mail the physical card to Thailand at your request, but require an address in your home country, on file (TIN tax reasons). 1 2 1 Link to comment Share on other sites More sharing options...
Popular Post Henryford Posted February 29 Popular Post Share Posted February 29 You say one of WISE's strengths is fast speeds, often within a few days. I think that should be, often within a few seconds. 1 1 2 Link to comment Share on other sites More sharing options...
george Posted February 29 Author Share Posted February 29 1 hour ago, Henryford said: You say one of WISE's strengths is fast speeds, often within a few days. I think that should be, often within a few seconds. Thanks for highlighting that Wise strength (will add it in the OP). Does anyone know if Revolut is that fast as well. Link to comment Share on other sites More sharing options...
TroubleandGrumpy Posted February 29 Share Posted February 29 2 hours ago, Henryford said: You say one of WISE's strengths is fast speeds, often within a few days. I think that should be, often within a few seconds. The only time that is not the case with Wise (it does arrive very quickly) is if you send it on a Friday afternoon. I found that out when they advised the transfer would complete on Monday. I decided rates might go down over the weekend (had been going up) so I held it as it was (could have cancelled the transfer). Money arrived Monday morning at the rate committed to on Friday, and the exchange rate had gone down over the weekend (a rare win). 1 Link to comment Share on other sites More sharing options...
george Posted February 29 Author Share Posted February 29 6 minutes ago, TroubleandGrumpy said: The only time that is not the case with Wise (it does arrive very quickly) is if you send it on a Friday afternoon. I found that out when they advised the transfer would complete on Monday. I decided rates might go down over the weekend (had been going up) so I held it as it was (could have cancelled the transfer). Money arrived Monday morning at the rate committed to on Friday, and the exchange rate had gone down over the weekend (a rare win). Correct! Revolut does the same. 1 Link to comment Share on other sites More sharing options...
Lemsta69 Posted February 29 Share Posted February 29 9 minutes ago, TroubleandGrumpy said: The only time that is not the case with Wise (it does arrive very quickly) is if you send it on a Friday afternoon. Hmm...I sent some AUD to my Thai bank account last night, still waiting for the funds. Link to comment Share on other sites More sharing options...
TroubleandGrumpy Posted February 29 Share Posted February 29 22 minutes ago, Lemsta69 said: Hmm...I sent some AUD to my Thai bank account last night, still waiting for the funds. Then I would suggest it is probabley your Thai bank slowing things down. Which one? 1 1 Link to comment Share on other sites More sharing options...
Unify Posted February 29 Share Posted February 29 3 hours ago, Henryford said: You say one of WISE's strengths is fast speeds, often within a few days. I think that should be, often within a few seconds. Wise usually takes a few days for me. I rarely have a transfer get to Thailand on the same day. It depends where you transfer from, the time of the transfer, and the amount. 1 Link to comment Share on other sites More sharing options...
Lemsta69 Posted February 29 Share Posted February 29 12 minutes ago, TroubleandGrumpy said: Then I would suggest it is probabley your Thai bank slowing things down. Which one? That's beside the point. Fact is that delays happen at any time for any number of reasons other than the simplistic one you mentioned before. Link to comment Share on other sites More sharing options...
KannikaP Posted February 29 Share Posted February 29 8 minutes ago, Unify said: Wise usually takes a few days for me. I rarely have a transfer get to Thailand on the same day. It depends where you transfer from, the time of the transfer, and the amount. And it depends on the Reason for the transfer. Usually it is immediate, within an hour, but if you need the transfer to show as from a Foreign bank for Immigration purposes, the with Wise, click the appropriate reason and it should arrive at 14.02 the following day, if a Bangkok bank, shows as FTT. 1 1 Link to comment Share on other sites More sharing options...
Popular Post george Posted February 29 Author Popular Post Share Posted February 29 14 minutes ago, Lemsta69 said: That's beside the point. Fact is that delays happen at any time for any number of reasons other than the simplistic one you mentioned before. Some Thai banks are slower. I have found Kbank to be the fastest on inward remittances. 2 2 Link to comment Share on other sites More sharing options...
BenStark Posted February 29 Share Posted February 29 (edited) 16 minutes ago, Unify said: Wise usually takes a few days for me. I rarely have a transfer get to Thailand on the same day. It depends where you transfer from, the time of the transfer, and the amount. As well as the method you use to transfer the money to Wise. If you use the cheapest option, which is transfer from your bank account. it depends on your local bank. I know my local bank takes up to 48 hours, and longer during weekends, to execute a money transfer Edited February 29 by BenStark 1 Link to comment Share on other sites More sharing options...
TroubleandGrumpy Posted February 29 Share Posted February 29 10 minutes ago, Lemsta69 said: That's beside the point. Fact is that delays happen at any time for any number of reasons other than the simplistic one you mentioned before. That is exactly the point. Every single tranfer I have done for years using Wise to the Bangkok Bank has happened within an hour or two - often within a few minutes. What Thai bank matters. Link to comment Share on other sites More sharing options...
Popular Post McTavish Posted February 29 Popular Post Share Posted February 29 WISE tfr from NZ to Kasikorn a/c in less than 5 seconds. Card use when traveling is simple. For extended visits to say, Vietnam or UK, I buy VND or GBP in advance when the fx rate is in my favour. I even converted Wise USD a/c funds to VND when it suited and won on the fx twice. Love it! 1 1 1 Link to comment Share on other sites More sharing options...
TroubleandGrumpy Posted February 29 Share Posted February 29 5 minutes ago, BenStark said: As well as the method you use to transfer the money to Wise. If you use the cheapest option, which is transfer from your bank account. it depends on your local bank. I know my local bank takes up to 48 hours, and longer during weekends, to execute a money transfer Seems you are maybe talking about something that is different to the Wise bank/exchange service in Australia, and perhaps others are also talking about something different. In Australia Wise has a banking licence - they are a bank in Aust. I transfer money to my Wise account when the rates are good and I am ready to transfer it to Thailand - that is instantaneous in Australia. Then if/when I am happy with the THB rates I transfer whatever amount in the Wise account to the BKK bank account. 1 1 Link to comment Share on other sites More sharing options...
BenStark Posted February 29 Share Posted February 29 4 minutes ago, TroubleandGrumpy said: Seems you are maybe talking about something that is different to the Wise bank/exchange service in Australia, and perhaps others are also talking about something different. In Australia Wise has a banking licence - they are a bank in Aust. I transfer money to my Wise account when the rates are good and I am ready to transfer it to Thailand - that is instantaneous in Australia. Then if/when I am happy with the THB rates I transfer whatever amount in the Wise account to the BKK bank account. I was talking about the time it takes to get your money from your personal account to the Wise account. Wise has a license in every country it operates, as it does in my home country. If I select bank transfer, it takes 48 hours, and longer in the weekends, for the money from my bank to reach the Wise account in my homecountry. After that it may taken another 24 hours to reach my account in Thailand. If I select credit or debit card transfer, the whole process takes less than a minute 1 Link to comment Share on other sites More sharing options...
Powder Posted February 29 Share Posted February 29 If you have a Wise account, like me, it is a good one. Amounts to send below ±€1000,- arrive in a few seconds/ minutes. Above this amount can indeed take a few days. As far as I know it's because they are checking for money laundering. One issue I have: I had a debtcard and a virtual debt card. They are both blocked because someone tried to take advantage of my cards. Without success. Because of this matter I have a new problem: They blocked both cards, but because I left my home country and having not any longer an address, only in Thailand, Wise doesn't send me a new card or not even a virtual card. Also bec. of living in Thailand I cannot use Revolut!! Other options? i have no idea 1 Link to comment Share on other sites More sharing options...
TroubleandGrumpy Posted February 29 Share Posted February 29 5 minutes ago, BenStark said: I was talking about the time it takes to get your money from your personal account to the Wise account. Wise has a license in every country it operates, as it does in my home country. If I select bank transfer, it takes 48 hours, and longer in the weekends, for the money from my bank to reach the Wise account in my homecountry. After that it may taken another 24 hours to reach my account in Thailand. If I select credit or debit card transfer, the whole process takes less than a minute Can you transfer money in your bank account into your Wise account and leave it there for days/weeks - and how long does that take. In Australia I can and it is very quick - every time - rules of banking in Australia. What happens to you does not mean it always happens to others, or what others are saying is wrong. 1 1 Link to comment Share on other sites More sharing options...
scottiejohn Posted February 29 Share Posted February 29 (edited) 9 minutes ago, BenStark said: If I select credit or debit card transfer, the whole process takes less than a minute Same here from UK bank debit card to wise to BKK is over in minutes using the general monthly living expenses! Some times all three alerts from my UK bank telling me card has been used, wise telling me that money money has been sent and BKK telling me money has arrived are all sounding off at the same time. I can only remember one occasion and the last few years when it has taken longer than 10 minutes to arrive! PS; I am talking about transfers of less than 1,000 GBPs Edited February 29 by scottiejohn PS; added 1 1 Link to comment Share on other sites More sharing options...
TroubleandGrumpy Posted February 29 Share Posted February 29 5 minutes ago, Powder said: If you have a Wise account, like me, it is a good one. Amounts to send below ±€1000,- arrive in a few seconds/ minutes. Above this amount can indeed take a few days. As far as I know it's because they are checking for money laundering. One issue I have: I had a debtcard and a virtual debt card. They are both blocked because someone tried to take advantage of my cards. Without success. Because of this matter I have a new problem: They blocked both cards, but because I left my home country and having not any longer an address, only in Thailand, Wise doesn't send me a new card or not even a virtual card. Also bec. of living in Thailand I cannot use Revolut!! Other options? i have no idea Relative or Friend back home? Use their address? Link to comment Share on other sites More sharing options...
BenStark Posted February 29 Share Posted February 29 1 minute ago, TroubleandGrumpy said: Can you transfer money in your bank account into your Wise account and leave it there for days/weeks - and how long does that take. In Australia I can and it is very quick - every time - rules of banking in Australia. What happens to you does not mean it always happens to others, or what others are saying is wrong. Which part of, the time it takes to transfer your money from your bank to your Wise account depends on your local bank, is it that you don't understand? 1 1 Link to comment Share on other sites More sharing options...
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