Surprise questionnaire for this month Wise Transfer

[DrJack54]

April 4,   I transferred 1.9 million Baht and it arrived same day using wise.

Was asked zero questions apart from tick that it was being transferred into Thai bank in my name.

Always have to tick that.

[KannikaP]

4 hours ago, Skeptic7 said:

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

I made the mistake ONCE in five years of not clicking the Long Stay option. Money was instant, but classed as a local transfer. I cannot understand why yours are FTT when you click for example family & friends. 

[Apostle41]

Perhaps the slowness has to do with banks becoming digitalised? My bank in Oz has! 

[soisanuk]

2 hours ago, KannikaP said:

I made the mistake ONCE in five years of not clicking the Long Stay option. Money was instant, but classed as a local transfer. I cannot understand why yours are FTT when you click for example family & friends. 

Clicking the Long Stay option is to ensure Wise sends it to your bank if it is one of their partner banks (Bangkok Bank, Kasikorn Bank, & one other, I think it is TMB but not sure). 

 

If click on one of the other options, Wise may use any of their partner banks to effect the transfer, e.g. you have a Bangkok Bank account and they use Kasikorn to fund the transfer which will be coded by Bangkok Bank as a domestic transfer from another Thai bank.  They still could use Bangkok Bank to do the transfer and it would be coded FTT - the Long Stay option would ensure they use Bangkok Bank for the transfer, not another partner bank.

 

 

[KannikaP]

20 minutes ago, soisanuk said:

Clicking the Long Stay option is to ensure Wise sends it to your bank if it is one of their partner banks (Bangkok Bank, Kasikorn Bank, & one other, I think it is TMB but not sure). 

 

If click on one of the other options, Wise may use any of their partner banks to effect the transfer, e.g. you have a Bangkok Bank account and they use Kasikorn to fund the transfer which will be coded by Bangkok Bank as a domestic transfer from another Thai bank.  They still could use Bangkok Bank to do the transfer and it would be coded FTT - the Long Stay option would ensure they use Bangkok Bank for the transfer, not another partner bank.

 

 

If Long Stay or Buying Property is clicked, the transfer is NOT instant and arrives usually at 14.05 the next day as an International Transfer. All the other options usually arrive instantly as Local Transfers. Confirmed to me by Wise.

[Liverpool Lou]

4 hours ago, Coota said:

 

Wise is now a recognised Bank in Australia.

No, it is not, Wise Australia Pty Ltd. is regulated by the Australian Securities and Investments Commission (ASIC) and holds an Australian Financial Services Licence (AFSL) and Australian Prudential Regulation Authority (APRA) authorised as an Authorised Deposit-taking Institution (ADI) limited to a provider of purchased payment facilities (“PPF licence”). 

[KannikaP]

12 minutes ago, Liverpool Lou said:

No, it is not, Wise Australia Pty Ltd. is regulated by the Australian Securities and Investments Commission (ASIC) and holds an Australian Financial Services Licence (AFSL) and Australian Prudential Regulation Authority (APRA) authorised as an Authorised Deposit-taking Institution (ADI) limited to a provider of purchased payment facilities (“PPF licence”). 

Kinnel. ASIC, AFSL, APRA, ADI, PPF.

[Liverpool Lou]

11 minutes ago, KannikaP said:

24 minutes ago, Liverpool Lou said:

No, it is not, Wise Australia Pty Ltd. is regulated by the Australian Securities and Investments Commission (ASIC) and holds an Australian Financial Services Licence (AFSL) and Australian Prudential Regulation Authority (APRA) authorised as an Authorised Deposit-taking Institution (ADI) limited to a provider of purchased payment facilities (“PPF licence”). 

Expand  

Kinnel. ASIC, AFSL, APRA, ADI, PPF.

Moan to Wise, it's their quote.

[KannikaP]

2 minutes ago, Liverpool Lou said:

Moan to Wise, it's their quote.

Not moaning to you LL. 

[chilly07]

Did transfer yesterday using 'funds for long term stay' as usual-no questionnaire as usual. 

Wise would tell us if rules changed. Too much speculation especially as tax authorities probably monitoring web sites for ideas! 

[Coota]

4 hours ago, Liverpool Lou said:

No, it is not, Wise Australia Pty Ltd. is regulated by the Australian Securities and Investments Commission (ASIC) and holds an Australian Financial Services Licence (AFSL) and Australian Prudential Regulation Authority (APRA) authorised as an Authorised Deposit-taking Institution (ADI) limited to a provider of purchased payment facilities (“PPF licence”). 

Ta LL.

[billd766]

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 did make my assessment.

 

I chose Wise back in 2018 and I have never regretted it at all.

[Danny Australia]

I have been using Wise for years and their rate used to be the best.

Recently though, I have noticed that Western Union can have better transfer rates at times. Wise transfer fees have gone up a bit too. 

 

So, now whenever I intend to make a fund transfer, I simply check both sites and go with the best rate that day. 

[bradiston]

17 hours ago, TheAppletons said:

 

 Customer Service.

What about the rest of his posts? Any idea what he's on about?

[bradiston]

17 hours ago, DrJack54 said:

April 4,   I transferred 1.9 million Baht and it arrived same day using wise.

Was asked zero questions apart from tick that it was being transferred into Thai bank in my name.

Always have to tick that.

From where, to where? I didn't think you could transfer THB using Wise. Have to use Dee. You mean 1.9 m in exchange value? THB to THB is simple. Just use your bank(s).

[DrJack54]

1 hour ago, bradiston said:

Just use your bank(s).

Not best option 

I set up transfer in WISE. 

Aud to Thai baht. Wise does the exchange rate using mid market.

I then transfer aud from.my Oz bank to WISE

It lands not long afterwards

[bradiston]

26 minutes ago, DrJack54 said:

Not best option 

I set up transfer in WISE. 

Aud to Thai baht. Wise does the exchange rate using mid market.

I then transfer aud from.my Oz bank to WISE

It lands not long afterwards

Well, you didn't say from where to where.

 

Correct me if I'm wrong, you transferred AUD from your Ozzie bank into your AUD account with Wise. You then transferred the equivalent of 1.9 million THB AUD into your THB account in a Thai bank, using Wise's exchange rate and their fees.

 

Wise doesn't handle THB. Only Thai banks do.

[KannikaP]

13 hours ago, Danny Australia said:

I have been using Wise for years and their rate used to be the best.

Recently though, I have noticed that Western Union can have better transfer rates at times. Wise transfer fees have gone up a bit too. 

 

So, now whenever I intend to make a fund transfer, I simply check both sites and go with the best rate that day. 

Buy if you need it for Immigration, to show as coming from abroad, does WU transfer show this in your Thai Bank? Wise does IF you click the Long Stay button.

[Harveyboy]

I just click Donations charity from the list  I donate it all to my wife hope this gets me past the tax problem ha

[treetops]

On 4/6/2024 at 8:00 AM, soisanuk said:

Clicking the Long Stay option is to ensure Wise sends it to your bank if it is one of their partner banks (Bangkok Bank, Kasikorn Bank, & one other, I think it is TMB but not sure).

 

TMB used to be a partner but no longer.  Deemoney were added as one a couple of years ago and more recently Tranglo.