Today I used the Wise app to make a transfer $$$ from my home bank to Thailand and after setting it up the usual it did not give me the option to choose "Funds for long stay in Thailand" (or whatever that option used to say). I thought well I guess the new tax laws caught up with Wise. After changing my option to "general monthly expenses"  it asked for a bunch of personal information... My profession, my salary, why I was sending money to Thailand... this time it gave me the option for "Funds for long stay in Thailand" and how much money I plan to send via Wise to Thailand (annually). 

 

This definitely a Tax law thing...   and no is not a scam... this is 100% the Wise app (I received the money within seconds as usual). The only thing I care is that the funds are viewed as coming from abroad (For Immigration/Visa purposes). 

Just checking....was it your bank that asked these questions or Wise?

Edited April 4, 20242 yr by Will B Good

8 minutes ago, JGon said:

This definitely a Tax law thing

 

No it's not. These payment providers often do AML/KYC stuff and want to know how much your estimated annual transfers will be. If you put too much then they close your account or ask for more details.

So it's AML/KYC - nothing to do with any potential tax return you might need to do next year

11 minutes ago, JGon said:

Today I used the Wise app to make a transfer $$$ from my home bank to Thailand and after setting it up the usual it did not give me the option to choose "Funds for long stay in Thailand" (or whatever that option used to say). I thought well I guess the new tax laws caught up with Wise. After changing my option to "general monthly expenses"  it asked for a bunch of personal information... My profession, my salary, why I was sending money to Thailand... this time it gave me the option for "Funds for long stay in Thailand" and how much money I plan to send via Wise to Thailand (annually). 

 

This definitely a Tax law thing...   and no is not a scam... this is 100% the Wise app (I received the money within seconds as usual). The only thing I care is that the funds are viewed as coming from abroad (For Immigration/Visa purposes). 

 

They are required by law to periodically ask those questions and have been doing it for years.

Profession->Manager, Salary->$100,000, Reason->General montlhy expenses. That's all they need to know and get from me (any institution that asks). It's not their business but regulations.

 

Put down whatever option you want, what business is it of theirs what your doing with your post tax dollars? I choose a different option every time. 

Edited April 4, 20242 yr by Startmeup

Use the Website and not the App. I transferred more then 50K this morning from Australia using  Payid. I used  Long Term Stay it arrived at 1400 coded with FTT. I need this code for my extension

56 minutes ago, Will B Good said:

Why?

 

 

They are fine as long as absolutely nothing goes wrong. If it does, it will be your worst financial nightmare, like it was for me. I had to stop using them, even though I loved their product for many years. They cannot be trusted, CS is an absolute joke.  Suggest you read their reviews, not the good ones.

They have millions and millions of USD from customers tied up that people cannot get. Consider the folks who started it, they are from Lithuania, very close to Russia, and Slavic's themselves. A breakaway state. You can make your own assessment.

8 minutes ago, rexpotter said:

they are from Lithuania,

I thought they were from Estonia?

interesting, wise never ask me for this. My payments always go through no problem

17 minutes ago, topt said:

I thought they were from Estonia?

 

Founded by Estonians, based in the UK.

Initiated a EUR to THB transfer yesterday,

Selected for longstay in Thailand as usual.

Money credited today as usual.

Shown as international transfer.

 

 

The only time you will ever have an issue with Wise is if your moving a large amount of money or moving money in a different manner to the way your normally do it.

A large sum was deposited in my Wise account after selling a car.
I had heard reports of people getting money trapped by Wise.

I emailed them before the transaction and asked them if there will be any issue.

They said there shouldn't be but if there is just be able to produce evidence of the car sale.

 

First send a test amount of say $100 to make sure you have the correct details.

Then send the full amount once you have received that and you know your sending it to where you want.
If it's not from an account with your name, in this case from a car dealership they may ask where the money came from.

They didn't even ask me in the end probably because I already touched base with them prior.

 

Unattributed hearsay post and reply has been removed

21 hours ago, Will B Good said:

Just checking....was it your bank that asked these questions or Wise?

Obviously Wise lol

20 hours ago, ripstanley said:

Use the Website and not the App. I transferred more then 50K this morning from Australia using  Payid. I used  Long Term Stay it arrived at 1400 coded with FTT. I need this code for my extension

No option there. The website never asked this questions.

21 hours ago, soi3eddie said:

Profession->Manager, Salary->$100,000, Reason->General montlhy expenses. That's all they need to know and get from me (any institution that asks). It's not their business but regulations.

 

Cool, very close to my inputs. As long as they don’t ask again.

13 hours ago, JGon said:

No option there. The website never asked this questions.

On my last transfer at the beginning of this month, I also encountered these questions and after answering, was as noted by the OP then given the purpose list which included the long stay Thailand option and proceeded on with the usual transfer process.  Funds arrived around 2pm as usual in my Bangkok Bank account coded FTT.   I use my desktop PC when I make the transfers.

On 4/4/2024 at 6:44 PM, JGon said:

Today I used the Wise app to make a transfer $$$ from my home bank to Thailand and after setting it up the usual it did not give me the option to choose "Funds for long stay in Thailand" (or whatever that option used to say). I thought well I guess the new tax laws caught up with Wise. After changing my option to "general monthly expenses"  it asked for a bunch of personal information... My profession, my salary, why I was sending money to Thailand... this time it gave me the option for "Funds for long stay in Thailand" and how much money I plan to send via Wise to Thailand (annually). 

 

This definitely a Tax law thing...   and no is not a scam... this is 100% the Wise app (I received the money within seconds as usual). The only thing I care is that the funds are viewed as coming from abroad (For Immigration/Visa purposes). 

This happened to me. It's just Wise updating their KYC. A pain, but nothing to worry about. It's possible they have to do it every x years.

Yep had the exact same thing within the past month. Always something new and intrusive, but what can ya do❓ However, things at Wise are so inconsistent now. My last transfer of $3725 from my US bank 2 weeks ago arrived same day in about 6 hours. Fastest ever. This past week, initiated a transfer of $4200 from the same bank on 2 April, but they claimed the money would take longer than expected for them to receive it...up to a week❗So checked my bank and Wise had withdrawn the funds on...April 2nd. WTF❓So I cancelled and got the refund today. Then initiated another transfer on 3 April for the same amount. Same thing. Says the money will take longer than expected. They say 9 April. And of course the rate at the time was much higher than it is currently. Ridiculous. 

Edited April 5, 20242 yr by Skeptic7

On 4/4/2024 at 8:13 PM, rexpotter said:

They have millions and millions of USD from customers tied up that people cannot get. Consider the folks who started it, they are from Lithuania, very close to Russia, and Slavic's themselves. A breakaway state. You can make your own assessment.

I don't understand your last 2 posts. Are they in reference to Wise? What is CS?

https://www.facebook.com/groups/wisesolutions/?ref=share

Edited April 6, 20242 yr by SmokeandIce
Add photo

I've tried 4 different options other than Long-term Stay In Thailand recently and all 4 were coded the same...International Transfer.

Tried it yesterday and it asked a few questions, nothing new, but it said it would take 4-5 days compared to the last time when it only took an hour. Not sure what is going on. 

On 4/5/2024 at 12:04 AM, Startmeup said:

The only time you will ever have an issue with Wise is if your moving a large amount of money or moving money in a different manner to the way your normally do it.

A large sum was deposited in my Wise account after selling a car.
I had heard reports of people getting money trapped by Wise.

I emailed them before the transaction and asked them if there will be any issue.

They said there shouldn't be but if there is just be able to produce evidence of the car sale.

 

First send a test amount of say $100 to make sure you have the correct details.

Then send the full amount once you have received that and you know your sending it to where you want.
If it's not from an account with your name, in this case from a car dealership they may ask where the money came from.

They didn't even ask me in the end probably because I already touched base with them prior.

 

I needed to bring in $10,000 USD for a home downpayment. Issues. Worked around by using two $5,000 transfers.

36 minutes ago, jcmj said:

Tried it yesterday and it asked a few questions, nothing new, but it said it would take 4-5 days compared to the last time when it only took an hour. Not sure what is going on. 

 

  This has happened to me for the past two months.  My transfers are ACH transfers from a linked credit union account.

 

  In each instance, once I was told it would take five days, I was offered the chance to cancel the transaction and use a different method (either debit card or SWIFT transfer) to make the transfer occur faster.  Naturally, these methods are more expensive.

 

  It would appear, on the surface, that WISE is slow-rolling some transfers in an attempt to incentivize one to choose an option that results in higher fees for WISE.

 

  

1 hour ago, jcmj said:

Tried it yesterday and it asked a few questions, nothing new, but it said it would take 4-5 days compared to the last time when it only took an hour. Not sure what is going on. 

It's a long weekend holiday In Thailand. Friday to Monday, some banks closed.

Edited April 6, 20242 yr by jimn

2 hours ago, bradiston said:

I don't understand your last 2 posts. Are they in reference to Wise? What is CS?

Me too, I haven't a clue about what he's saying CS? Russia, Lithuania?

 

Wise is now a recognised Bank in Australia.

4 hours ago, bradiston said:

I don't understand your last 2 posts. Are they in reference to Wise? What is CS?

 

 Customer Service.